Paul Hastings Advises Ashton Woods on Successful Completion of Exchange Offer and Capital Restructuring Plan

February 25, 2009

Atlanta, GA (February 25, 2009)

Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm served as lead transaction counsel for Ashton Woods USA LLC, a premier homebuilder, in the successful completion of its exchange offer for its senior subordinated notes, senior credit facility amendment and capital restructuring plan. The transaction closed on February 23, 2009.

In connection with the restructuring plan, all prior defaults under the companys senior credit facility and $125 million 9.5% Senior Subordinated Notes due 2015 were either waived or cured. The restructuring plan was designed to align the companys capital structure with the current economic environment.

Atlanta partner Elizabeth Noe led the Paul Hastings team, which included partners Kevin Conboy and Charlie Sharbaugh. Ms. Noe led the exchange offer for the companys senior subordinated notes. Mr. Conboy and Mr. Sharbaugh led the amendment of the companys credit facility.

About Ashton Woods LLC: With headquarters in Atlanta, Georgia, Ashton Woods is a premier builder of energy efficient, single-family detached, town homes and stacked flat condominium homes.

Paul, Hastings, Janofsky & Walker LLP is a leading international law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.