William Lyon Homes Announces Registered Exchange Offer for 7.00% Senior Notes Due 2022

William Lyon Homes, Inc. (the “Company”), a wholly owned subsidiary of William Lyon Homes (NYSE:WLH), today announced that it has commenced a registered exchange offer for the $300 million aggregate principal amount of outstanding 7.00% Senior Notes due 2022 (the “Private Notes”) issued on August 11, 2014 in a private placement that was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Holders of the Private Notes may exchange them for an equal principal amount of newly issued 7.00% Senior Notes due 2022 (the “Exchange Notes”) in an exchange offer that is registered under the Securities Act pursuant to an effective registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission (the “SEC”).

When it issued the Private Notes, the Company agreed to file with the SEC a registration statement relating to the exchange offer under which the Company would offer the Exchange Notes, containing substantially identical terms to the Private Notes, in exchange for Private Notes that are tendered by the holders of those notes.

Private Notes not tendered for exchange in the exchange offer will remain outstanding and continue to accrue interest, but will not retain any rights under the registration rights agreement, except in limited circumstances. The terms of the exchange offer are contained in the exchange offer prospectus and related letter of transmittal.

The exchange offer will expire at midnight, New York City time, in the evening of January 27, 2015, unless extended or terminated. Tenders of the Private Notes must be properly made before the exchange offer expires. Private Notes tendered in the exchange offer may be withdrawn at any time before the expiration time by following the procedures set forth in the exchange offer prospectus.

Documents describing the terms of the exchange offer, including the prospectus and transmittal materials for making tenders, can be obtained from the exchange agent, U.S. Bank National Association, 60 Livingston Avenue, St. Paul, MN, 55107, Attention: Specialized Finance, [phone].

This news release does not constitute an offer to sell any securities or a solicitation of an offer to buy any securities.

The exchange offer will be made only by means of a written prospectus and the related letter of transmittal.

About William Lyon Homes

William Lyon Homes is one of the largest Western U.S. regional homebuilders. Headquartered in Newport Beach, California, the Company is primarily engaged in the design, construction, marketing and sale of single-family detached and attached homes in California, Arizona, Nevada, Colorado, Washington and Oregon. Its core markets include Orange County, Los Angeles, San Diego, the San Francisco Bay Area, Phoenix, Las Vegas, Denver, Seattle and Portland. The Company has a distinguished legacy of more than 58 years of homebuilding operations, over which time it has sold in excess of 93,000 homes. The Company markets and sells its homes under the William Lyon Homes brand in all of its markets except for Colorado, where the Company operates under the Village Homes brand, and Washington and Oregon, where the Company operates under the Polygon Northwest brand.

Financial Profiles, Inc.Larry Clark, (310) [e-mail] Mueller, (310) [e-mail]