Enterprise Acquisition, ARMOUR Residential REIT Announce Approval of Merger Transaction

BOCA RATON, Fla. -- Enterprise Acquisition Corp. ("Enterprise") (NYSE Amex: EST; EST.U; EST.WS) and ARMOUR Residential REIT, Inc. ("ARMOUR") announced that Enterprise's stockholders today approved the proposed merger transaction with ARMOUR at Enterprise's special meeting of stockholders. The closing of the transaction is anticipated to occur on November 5, 2009.

In addition to approving the business combination, Enterprise's warrantholders also approved amendments to its warrants to (a) increase the exercise price of the warrants to $11.00 per share and (b) extend the expiration date of the warrants to November 7, 2013.

ARMOUR Residential REIT, Inc.

ARMOUR is a Maryland corporation focused on investing in residential mortgage-backed securities. ARMOUR will commence operations upon completion of the merger transaction described above. ARMOUR will be externally managed and advised by ARMOUR Residential Management LLC, a Delaware limited liability company ("ARRM"). ARMOUR intends to elect and qualify to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with ARMOUR's taxable year ending December 31, 2009.

Enterprise Acquisition Corp.

Enterprise (www.enterpriseacq.com) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more operating businesses. Upon consummation of the merger transaction described above, Enterprise will become a wholly-owned subsidiary of ARMOUR.