Press Release

NEW RESORT COMMUNITY PLANNED FOR HAVRE DE GRACE

(Columbia, MD) - Wednesday, December 22, 2004 - In a statement issued today, Richard Alter, on behalf of H&S Properties, Manekin Corporation and Clark Turner, announced the construction of a new master planned community, The Residences at Bulle Rock — a year-round, all-inclusive residence situated around the award-winning, Pete Dye-designed public golf course located in Havre de Grace, Maryland.

The Residences at Bulle Rock will offer homeowners a year-round lifestyle and will feature resort-style amenities such as a 37,000 square foot clubhouse, indoor and outdoor pools, a luxurious spa facility that includes saunas and a Jacuzzi, a health and wellness center, extensive walking trails, tennis courts and a planned marina and yacht club. Additionally, residents can enjoy activities such as bocce ball, billiards, relaxing in the spa and meeting with friends in the on-site café. Adding to the ambiance of this lifestyle community, the development contains the Pete Dye-designed public golf course - 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 will be home to the McDonald's LPGA Championship presented by Coca-Cola beginning in Spring 2005.

The Residences at Bulle Rock will be located less than one mile off I-95 between Baltimore, Maryland and Wilmington, Delaware and will feature homes built by recognized, award-winning builders such as Clark Turner, D.R. Horton, NVHomes, Ryan Homes and Ryland Homes. This gated community will contain 25 individual neighborhoods - all named after significant facets of the area's rich heritage - and will offer a diverse mix of housing options, including single family homes — attached and detached — townhomes and condominiums, all showcasing first floor master bedrooms. Upon completion, the development will contain approximately 2,000 homes priced from the lower $300's. The Welcome Center opened October 16, 2004.

The city of Havre de Grace is a historic town located directly on the Chesapeake Bay waterfront with a boardwalk promenade and a mix of restaurants, cafés, specialty and antique shops. The city also possesses many historical sites, including the Decoy Museum, the Bayou Hotel, the O'Neill House and the Rodgers House.

The Residences at Bulle Rock offers not only a home, but also a sought-after lifestyle. The development offers the setting of a small town 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 but a desire for a full, diversified lifestyle.

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