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William Lyon Homes Announces Pricing of Secondary Offering of 3,322,666 Shares of Class A Common Stock Offered by Paulson & Co. Inc.

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William Lyon Homes (NYSE:WLH) (the "Company") today announced the
pricing of the previously announced underwritten public offering by an
entity affiliated with Paulson & Co. Inc. ("Seller") of 3,322,666 shares
of the Company's Class A Common Stock in a registered public offering.
The Company will not sell any shares in this offering or receive any
portion of the proceeds from this offering. The offering is expected to
close on or about September 18, 2017, subject to customary closing
conditions.

Credit Suisse is acting as sole book-running manager and underwriter for
the offering, and may offer the shares of the Company's Class A Common
Stock purchased from Seller from time to time for sale in one or more
transactions on the NYSE, in the over-the-counter market, through
negotiated transactions or otherwise at market prices prevailing at the
time of sale, at prices related to prevailing market prices or at
negotiated prices.

The offering of these securities is being made pursuant to a shelf
registration statement which was declared effective by the Securities
and Exchange Commission ("SEC") on March 20, 2014. A preliminary
prospectus supplement relating to the offering has been filed with the
SEC. Copies of the preliminary prospectus supplement related to the
offering and accompanying prospectus may be obtained by contacting
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department,
One Madison Avenue, New York, New York, 10010, or by telephone at +1
(800) 221-1037, or by email at newyork.prospectus@credit-suisse.com.

This press release is neither an offer to sell nor a solicitation of an
offer to buy any Class A Common Stock, and shall not constitute an offer
or a solicitation of an offer to buy, or a sale of, the Class A Common
Stock in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any state or any jurisdiction.

Forward-Looking Statements

Statements contained in this release that state the Company's or
management's intentions, expectations or predictions of the future are
forward-looking statements. Specifically, the Company cannot assure you
that the proposed transaction described above will be consummated on the
terms currently contemplated, if at all. The forward-looking statements
involve risks and uncertainties and actual results may differ materially
from those projected or implied. Additional information concerning
factors that could cause actual results to differ materially is
contained from time to time in the Company's filings with the Securities
Exchange Commission, including, but not limited to, the Company's annual
report on Form 10-K for the year ended December 31, 2016, and its
quarterly reports on Form 10-Q for the quarters ended March 31, 2017 and
June 30, 2017. The Company disclaims any intention or obligation to
revise any forward-looking statements, including financial estimates,
whether as a result of new information, future events or otherwise.

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, the Inland Empire, the San Francisco Bay Area,
Phoenix, Las Vegas, Denver, Portland and Seattle. The Company has a
distinguished legacy of more than 60 years of homebuilding operations,
over which time it has sold in excess of 100,000 homes. The Company
markets and sells its homes under the William Lyon Homes brand in all of
its markets except for Washington and Oregon, where the Company operates
under the Polygon Northwest brand.

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