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Business Description
The Ryland Group, Inc. (Ryland) is a homebuilder and a mortgage-finance company. The Company consists of two business segments, homebuilding and financial services. It builds homes primarily for first-time buyers, as well as for move-up buyers. As of December 31, 2003, Ryland homes were available in over 330 communities in 27 markets across the United States. The Company's prices range from $90,000 to $500,000, with the average price of a Ryland home being $224,000. The Company's operations span all aspects of the home buying process, from design, construction and sale to mortgage origination, title insurance, settlement, escrow and homeowners insurance brokerage services. In addition, through its subsidiary Ryland Mortgage Company, the Company provides mortgage financing and related services for its homebuyers.

Financial Information
For the nine months ended 9/30/04, revenues increased 14% to $2.71 billion. Net income increased 36% to $211.9 million. Revenues reflect an increase in average closing prices of homes sold. Higher income also reflects an increase in gross profit margins due to a change in closing volume mix and the absence of a $5.1 million early debt retirement charge.