William Lyon Homes' Special Committee Finds General Lyon Offer Inadequate NEWPORT BEACH, Calif., June 20 /PRNewswire/ -- The Special Committee of the William Lyon Homes (NYSE: WLS; the "Company") Board of Directors ("Special Committee") announced today that it has determined that the previously announced proposal by General William Lyon ("General Lyon"), the controlling stockholder, Chairman of the Board and Chief Executive Officer of the Company, to acquire the outstanding publicly held minority interest in the Company's common stock for $82 per share in cash is inadequate. The conclusion of the Special Committee was reached after careful consideration, including a thorough review of the proposal with its independent financial advisor, Credit Suisse First Boston LLC, and its independent legal advisor, Skadden, Arps, Slate, Meagher & Flom LLP. William Lyon Homes is primarily engaged in the design, construction and sale of single family detached and attached homes in California, Arizona and Nevada and at March 31, 2005 had 36 sales locations. The Company's corporate headquarters are located in Newport Beach, California. For more information about the Company and its new home developments, please visit the Company's website at http://www.lyonhomes.com/. DATASOURCE: The Special Committee of the William Lyon Homes Board of Directors CONTACT: Brian McCarthy of Skadden, Arps, Slate, Meagher & Flom LLP, +1-213-687-5070 Web site: http://www.sasmf.com/ http://www.lyonhomes.com/

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