Press Release

THE CONSTRUCTION OF BUILDER MODELS UNDERWAY AT NEW HAVRE DE GRACE COMMUNITY

Columbia, MD - Thursday, June 9, 2005 - In a statement issued today, Brenda Desjardins, on behalf of The Residences at Bulle Rock, announced that construction of the builders' models is underway. The Residences at Bulle Rock is an exquisite new community located in Havre de Grace, Maryland, offering resort-style amenities and situated around the award-winning, Pete Dye-designed public golf course. The community's builders include Clark Turner, D.R. Horton, NVHomes, Ryan Homes and Ryland Homes.

The Residences at Bulle Rock is a gated community located in Havre de Grace less than one mile off I-95 between Baltimore, Maryland, and Wilmington, Delaware, and will contain 25 individual neighborhoods - all named after significant facets of the area's rich heritage. The community will offer a diverse mix of housing options, including single family homes -- attached and detached -- townhomes and condominiums, all showcasing first floor master bedrooms.

The five award-winning builders at The Residences at Bulle Rock will offer a wide array of styles and choices to meet the lifestyle expectations of the individual homebuyer. An overview of models and starting prices is as follows:

Clark Turner:
• Villas and Single Family Homes priced from the $400's

D.R. Horton:
• Single Family Homes priced from the upper $300's
• Villas priced from the lower to mid-$300's

NVHomes:
• Single Family Homes priced from the mid-$400's
• Villas priced from the upper $300's

Ryan Homes:
• Single Family Homes priced from the upper $300's
• Condominiums priced from the mid-$200's

Ryland Homes:
• 2-Car Garage Villas priced from the lower to mid-$300's

Upon completion, the development will contain approximately 2,000 homes - all surrounding the Bulle Rock golf course, which is recognized as the best public course in the state of Maryland and listed as the third finest public course in the country by Zagat. Additionally, the course is also recognized by the readers of Golf Digest as one of only 16 courses in North America to receive a five star rating and is now home to the McDonald's LPGA Championship presented by Coca-Cola. The tournament takes place June 6-12, 2005.

Manekin LLC, Clark Turner Companies and H&S Properties Development Corporation, three of the region's most accomplished real estate companies, have partnered to create The Residences at Bulle Rock, which will be the region's finest community. The community offers the setting of a small town waterfront environment, yet is convenient to big city resources. Just a few miles from the Chesapeake Bay, this serene community will attract those buyers with a priority for location and a desire for a full, diversified lifestyle.

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