Sun Communities Announces Extension of Consent Date and Change of Tender Offer Consideration for Its Cash Tender Offer and Consent Solicitation for Its Unsecured Notes

Business Wire, April 23, 2004

Business Editors/Real Estate Writers

SOUTHFIELD, Mich.--(BUSINESS WIRE)--April 23, 2004

Sun Communities, Inc. (NYSE:SUI) (the "Company") and Sun Communities Operating Limited Partnership, a majority-owned subsidiary of the Company ("SCOLP"), today announced the extension of the Consent Date and change of the Tender Offer Consideration in connection with their previously announced tender offer and consent solicitation in respect of any and all of SCOLP's outstanding unsecured notes (the "Notes").

The Consent Date has been extended to 5:00 p.m., New York City time, on April 27, 2004, unless such date is further extended in the Company's sole discretion. The Price Determination Date is expected to be April 28, 2004.

As previously announced, the Tender Offer Consideration will be determined by reference to the applicable fixed spread over the yield to maturity of the applicable U.S. Treasury reference security on the date after the Consent Date. The applicable fixed spread for all of the Notes has been changed to 25 basis points.

The terms of the tender offer and consent solicitation, except for the new Consent Date and the new applicable fixed spread, are described in the Offer to Purchase and Consent Solicitation Statement, dated April 8, 2004. This announcement amends and supplements the Offer to Purchase and Consent Solicitation Statement solely with respect to the Consent Date and the applicable fixed spread. All other terms and conditions of the Offer and Consent Solicitation Statement remain in full force and effect.

The Company has retained Lehman Brothers Inc. and Banc One Capital Markets, Inc. to act as the dealer managers in connection with the tender offer and as the solicitation agents in connection with the consent solicitation. Questions regarding the tender offer or consent solicitation should be directed to Lehman Brothers Inc. at (800) 438-3242 or (212) 528-7581 (collect). Requests for assistance or additional sets of the offer materials may be directed to DF King & Co., Inc., the information agent and tender agent for the tender offer and consent solicitation, at (800) 431-9642 (banks and brokers may also call (212) 269-5550 (collect)).

This press release does not constitute an offer to purchase, a solicitation of an acceptance of the tender offer or a solicitation of Consents with respect to the Notes, which may be made only pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement and related documents.

Sun Communities currently owns and operates a portfolio of 127 communities mainly in the Midwest and Southeast United States. The Company's properties are comprised of over 43,910 developed sites and approximately 6,850 additional sites available for development.

For more information about Sun Communities, Inc.

visit our website at www.suncommunities.com