RYLAND PROFILE

Ryland is one of the nation's largest homebuilders and a leading mortgage-finance company. From its initial sale of 48 homes in Columbia, Maryland, in 1967, Ryland has expanded across the nation and now has building operations in 21 markets. Since its founding, the company has built approximately 160,000 homes. Ryland Mortgage Company, established in 1978, has provided mortgage-financing and related services for more than 145,000 homebuyers.

Ryland homes are priced from $80,000 to more than $400,000; the average price is $185,000. Ryland homes are available in more than 250 communities across the country, and appeal to entry-level, first- and second-move-up buyers, and active adults seeking homes for their retirement.

The combined operations of Ryland Homes and Ryland Mortgage Company span the significant aspects of the homebuying process-from the design, construction, and sale of single-family homes to competitive mortgage-financing programs, title search, settlement and escrow services, and homeowners insurance. Ryland's geographic diversity, financial strength, decentralized operating structure, and market-proven strategies are critical elements of the company's success. Together, they enhance Ryland's ability to take advantage of growth opportunities and provide maximum value for homebuyers in a variety of U.S. markets.

RYLAND MISSION

Our mission is to provide the highest level of satisfaction to customers, employees, and shareholders by

• Designing and building homes of the highest quality and value in attractive locations and with features most in demand by homebuyers.

• Offering reliable, efficient, and convenient mortgage financing and related services at competitive rates.

• Understanding customer needs and expectations.

• Continually improving our home designs and services.

• Being socially responsible.

On the Front Cover

The Chateau model in Boulder, Colorado, (priced from $249,990) is representative of the advances made by the company in 1998. Ryland enhanced profit margins and improved shareholder value through new, crisp products, innovative marketing techniques, and cost-effective construction processes. At the same time, the company continued to provide home designs that reflect today's changing lifestyles and to deliver the value and quality that customers demand. While we are proud of these successes, we are seeking to reach even greater heights in the years to come.