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Press release from Business Wire

Ryland Homes announces the Acquisition of the Operations of Timberstone Homes in Charlotte and Raleigh and 504 Lots from Westport Homes in Indianapolis

Thursday, June 21, 2012

Ryland Homes announces the Acquisition of the Operations of Timberstone Homes in Charlotte and Raleigh and 504 Lots from Westport Homes in Indianapolis12:14 EDT Thursday, June 21, 2012 CHARLOTTE, N.C. (Business Wire) -- The Ryland Group, Inc. today announced that it has entered into an agreement to acquire the Charlotte and Raleigh operations and assets of Timberstone Homes. It is anticipated that the transaction will close within the next 10 days. Earlier this year, Ryland also purchased significant land assets from Westport Homes in Indianapolis, providing Ryland with an additional 504 lots for future delivery. It is anticipated that most of Timberstone's current workforce will be offered the opportunity to continue their employment with Ryland's Charlotte and Raleigh teams. In 2011, Timberstone ranked as the 9th largest builder in Charlotte. The Timberstone acquisition provides Ryland with approximately 870 additional lots and homes for future sales, 154 homes currently sold and under construction for delivery, and 17 professionally decorated model homes. “We are pleased to announce this acquisition, in addition to our earlier purchase of the Indianapolis assets, which is consistent with our strategy of building on our existing market experience, while at the same time, leveraging the talent from another highly reputable homebuilder,” said Larry Nicholson, Ryland's CEO and President. Existing Timberstone customers will have their customer service and warranty obligations addressed by Ryland under a contractual relationship between Ryland and Timberstone. Headquartered in Southern California, Ryland is one of the nation's largest homebuilders and a leading mortgage-finance company. Since its founding in 1967, Ryland has built more than 295,000 homes and financed more than 245,000 mortgages. The company currently operates in 13 states across the country and is listed on the New York Stock Exchange under the symbol “RYL”. For more information, please visit www.ryland.com. For more information, please contact Drew Mackintosh, Vice President of Investor Relations and Communication at Drew.Mackintosh@ryland.com. Ryland HomesDrew MackintoshVice President of Investor Relations and Communication805-367-3722Drew.Mackintosh@Ryland.comwww.ryland.com