"
"We believe that fully inclusive employment policies may be reasonably
expected to contribute positively to shareholder value," said Glenn Booraem,
Principal + Assistant Fund Controller for Vanguard.
Equality Forum's FORTUNE 500 Project, in collaboration with Professor
Louis Thomas of the Wharton School of University of Pennsylvania and Professor
Ian Ayres of Yale Law School, requests FORTUNE 500 companies to specifically
include sexual orientation in their workplace nondiscrimination policies.

housing families

ibb. The Company's
operating philosophy is to enhance the lives of seniors by striving to
provide the highest quality of care and services in well-operated
communities designed to improve and protect the quality of life,
independence, personal freedom , privacy, spirit, and dignity of its
residents.

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The replay of the presentation will
begin 3 hours after the presentation time and will be available until
March 18, 2005. With 149 million shares , Vanguard is the fourth-
largest institutional holder of Exxon Mobil shares.

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American Retirement Corporation to Present at the UBS Healthcare Services Conference on February 16 2005

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Established in 1978, the Company
believes that it is a leader in the operations and management of
senior living communities , including independent living communities,
continuing care retirement communities, free-standing assisted living
communities, and the development of specialized care programs for
residents with Alzheimer's and other forms of dementia.

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Eastern Standard Time, in New York City.equalityforum.

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Vanguard Will Vote Proxy for Sexual Orientation Nondiscrimination

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UBS provides an Audio Only webcast of the presentation via the
www.

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The Company is publicly traded on
the New York Stock Exchange .

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The Company owns
16 communities, leases 45 communities, and manages six communities
pursuant to management agreements. "After discussions with
Equality Forum, Vanguard determined that a supportive workplace for gay and
lesbian employees helps maximize shareholder interest.

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The audio transmission of the presentation will be
available live and by replay.

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At
the start of the project in 2003 , 323 companies (65%) provided
nondiscrimination protection.
Vanguard's letter stating their policy change, along with more information
on the FORTUNE 500 Project, can be found at:
http: //www. Equality Forum undertakes high impact
initiatives, produces documentary films, highlights GLBT history and presents
annually the largest national and international GLBT civil rights forum.

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com

COMPANY PROFILE

American Retirement Corporation is a national senior living and
health care services provider offering a broad range of care and
services to seniors, including independent living, assisted living,
skilled nursing and Alzheimer's care. Today, 460 of the FORTUNE 500 companies (92%)
now protect gay and lesbian employees.

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com website.com/fortune500.

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ubs.


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Exxon Mobil, number two on the FORTUNE 500 list, is one of only 40 of the
FORTUNE 500 companies that do not provide nondiscrimination protection for gay
and lesbian employees.

ABOUT EQUALITY FORUM
Equality Forum is a national nonprofit and 501(c)(3) GLBT organization
headquartered in Philadelphia.

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m. The Company currently operates 67 senior living communities
in 14 states, with an aggregate unit capacity of approximately 13,300
units and resident capacity of approximately 14 ,900.

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This decision will
influence other mutual funds and positively increase proxy support for sexual
orientation nondiscrimination protection.

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Business Editors
UBS Healthcare Services Conference

NASHVILLE, Tenn. The presentation slides will also be available after
the presentation through the investor relations section of the
American Retirement Corporation website: www. Exxon Mobil, others to be impacted by change in policy

PHILADELPHIA, Following discussions with Equality
Forum, a national gay, lesbian, bisexual and transgender (GLBT) civil rights
organization , The Vanguard Group has announced that it will vote in favor of
sexual orientation workplace protection in its proxy voting rights.
"Vanguard is the gold standard for protecting shareholder value, " said
Malcolm Lazin, Executive Director of Equality Forum.

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----American
Retirement Corporation (NYSE:ACR) a leading national provider of
senior living housing and care, today announced that Bill Sheriff,
Chairman, President and CEO, will make a presentation at the UBS
Healthcare Services Conference, on Wednesday, February 16, 2005 at
11:30 p.arclp.

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Access to this site is public (not password
protected). Vanguard
is the nation's second-largest mutual fund company, managing approximately
$880 billion in assets.

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