Press Release

THE RESIDENCES AT BULLE ROCK WELCOMES ITS FIRST RESIDENTS

Columbia, MD – Monday, August 15, 2005 – In a statement issued today, Brenda Desjardins, on behalf of The Residences at Bulle Rock, announced that the community recently welcomed its first residents. The new homeowners moved into a luxury single family home, the Del Ray model, built by Ryan Homes -- one of five builders constructing homes at The Residences at Bulle Rock, 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 Del Ray model is an elegantly designed, four bedroom, three bathroom home, complete with a first floor owner’s suite, a two-story family room, hardwood floors throughout and a spectacular kitchen featuring maple cabinets and granite countertops. Greg Cullison, General Manager for Ryan Homes, stated, “We are extremely excited about our first settlement and are confident that the community will exceed the buyer’s expectations.”

The Residences at Bulle Rock, a gated community, will contain approximately 2,000 homes priced from the mid-$200’s and is less than one mile off I-95 between Baltimore, Maryland, and Wilmington, Delaware. The 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. In addition to Ryan Homes, the community's other builders include Clark Turner, D.R. Horton, NVHomes and Ryland Homes.

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®.

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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