WLS Welsh Property Trust Common Stock

William Lyon Homes (NYSE:WLS) expects to release fourth quarter and year end 2005 earnings results on Wednesday, March 1, 2005, before the market opens. The conference call will be held on Thursday, March 2, 2006 at 11:00 a.m. Pacific Time. The dial-in number is (866) 271-6130 (enter passcode number 55617682). Participants may call in beginning at 10:45 a.m. Pacific Time. In addition, the call will be broadcast from William Lyon Homes' website at www.lyonhomes.com in the "Investor Relations" section of the site. The call will be recorded and replayed beginning on March 2, 2006 at 1:00 p.m. Pacific Time, through midnight on March 24, 2006. The dial-in number for the replay is (888) 286-8010 (enter passcode number 59691124). Replays of the call will also be available on the Company's website approximately two hours after broadcast. William Lyon Homes is primarily engaged in the design, construction and sales of new single-family detached and attached homes in California, Arizona and Nevada. 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 www.lyonhomes.com.