Market Overview

William Lyon Homes Announces Registered Exchange Offer for 6.00% Senior Notes Due 2023

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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 $350 million aggregate principal
amount of outstanding 6.00% Senior Notes due 2023 (the "Private Notes")
issued on March 9, 2018 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 6.00% Senior Notes due 2023 (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 5:00 p.m., New York City time, on the
evening of September 5, 2018, 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 Private Notes tendered in the exchange offer may be withdrawn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, (800)
934-6802.

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, Oregon and Texas. Its core markets include
Orange County, Los Angeles, the Inland Empire, the San Francisco Bay
Area, Phoenix, Las Vegas, Denver, Portland, Seattle, Austin and San
Antonio. The Company has a distinguished legacy of more than 60 years of
homebuilding operations, over which time it has sold in excess of
104,000 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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