WLS Welsh Property Trust Common Stock

Merger to be Completed Following Receipt of Tendered Shares NEWPORT BEACH, Calif., May 25 /PRNewswire/ -- General William Lyon today affirmed his intention to complete the previously announced short-form merger with William Lyon Homes (NYSE:WLS). Upon completion of the merger, stockholders of William Lyon Homes, other than General Lyon and certain of his affiliates, will receive the merger consideration of $109.00 net per share in cash, which is the same price paid by General Lyon in his recent tender offer to purchase all of the outstanding shares of William Lyon Homes not already owned by him. Based on information provided by Computershare Trust Company of New York, the depositary for the tender offer, General Lyon had previously announced that the shares tendered in the offer, together with the shares already owned by General Lyon, The William Harwell Lyon 1987 Trust and The William Harwell Lyon Separate Property Trust (the "Trusts"), represent over 90% of the outstanding shares of William Lyon Homes, which would be sufficient to enable General Lyon to effect a short-form merger with the Company under Delaware law. However, a portion of the shares tendered in the offer was tendered through guaranteed delivery procedures, and certain stockholders and eligible guarantor institutions have required additional time to satisfy their delivery obligations. Since the commencement of the tender offer, neither General Lyon nor any of his family members or affiliates (including the Trusts) have purchased shares of William Lyon Homes other than shares delivered pursuant to the terms of the tender offer. General Lyon intends to complete his acquisition of the remaining shares of the Company through the short-form merger as soon as practicable following receipt by the depositary of the remaining shares tendered through guaranteed delivery procedures. Stockholders and eligible guarantor institutions which have not yet fulfilled their commitment to deliver shares should promptly comply with their guaranteed delivery obligations. Questions can be directed to Georgeson Shareholder Communications Inc., the information agent for the tender offer, at (800) 868-1362. This press release is intended for informational purposes only and is not an offer to buy, a solicitation of an offer to sell or a recommendation to sell any shares of William Lyon Homes common stock. DATASOURCE: General William Lyon CONTACT: Thomas Cronin of Georgeson Shareholder Communications, +1-212-440-9921, , for General William Lyon

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