Rule 8 - Ryland Group PLC

Guinness Peat Group PLC
24 January 2003


Disclosure of Interest in Shares Pursuant to Rule 8.3 of the City Code on 
Takeovers and Mergers.

Guinness Peat Group plc and its subsidiary companies ("the Group") hereby notify
Ryland Group plc ("Ryland Group") that following a market purchase of 25,000
Ordinary 10 pence shares of Ryland Group ("Shares") on 23 January 2003 at a
price of £1.05, the Group's interest in the Shares now amounts to 843,300 Shares
representing 2.845% of the issued share capital.

The Group has an interest by virtue of being a rule 8.3 shareholder of Ryland
Group. No member of the Group is party to any agreement or arrangement relating
to the exercise of any rights conferred by holding the Shares subject to this
notification.

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