ACA Capital Appoints Robert Moravec as Vice President, Corporate Credit.

NEW YORK -- ACA Capital Holdings, Inc. (NYSE: ACA) today announced that Robert Moravec has joined the Company as a Vice President, Corporate Credit. Mr. Moravec will report to John Haltmaier, Managing Director, Corporate Credit. ACA Capital's Corporate Credit team supports the Company's CDO Asset Management and Structured Credit businesses by analyzing and managing the entire range of corporate credits, including leveraged loans and corporate credit default swaps.

"We are pleased to have Robert join ACA Capital," said Ted Gilpin, Executive Vice President and Chief Financial Officer of ACA Capital. "Robert's addition illustrates ACA Capital's focus on the continued expansion of our structured finance credit capabilities. He brings more than 13 years of experience primarily covering media and telecommunications companies, including distressed credits, and has worked on both the sell and buy side."

Mr. Moravec comes to ACA Capital from ING Capital where he was a Director handling banking relationships with media and telecommunications customers. Prior to ING, he was a Vice President in the Restructuring Advisory group at The Bank of Tokyo-Mitsubishi and a Vice President in the Global Telecommunications and Media Group at J.P. Morgan Chase. Mr. Moravec holds an M.B.A. in Finance from the J.L. Kellogg School of Management, Northwestern University, where he graduated with distinction, and a B.A. in Economics from Carleton College.

ACA Capital is a holding company that provides asset management services and credit protection products to participants in the global credit derivatives markets, structured finance capital markets and municipal finance capital markets. ACA Capital's asset management services are provided through its asset management subsidiaries, ACA Management, L.L.C. and ACA Capital Management (U.K.) Pte. Limited, and its credit protection products are provided through its "A" rated financial guaranty insurance subsidiary, ACA Financial Guaranty Corporation. ACA Capital Management (U.K.) Pte. Limited is authorized and regulated by the Financial Services Authority. More information can be found at www.aca.com.