WLS Welsh Property Trust Common Stock

Reaffirms Intention to Proceed With Previously Announced Merger Following Receipt of Additional Tendered Shares NEWPORT BEACH, Calif., June 13 /PRNewswire/ -- General William Lyon today acknowledged the action taken by the New York Stock Exchange to suspend trading of the common stock of William Lyon Homes (NYSE:WLS), but reaffirmed his intention to complete the previously announced short-form merger with the Company following receipt of additional shares pursuant to his recent tender offer. 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. The NYSE has announced that it has information indicating that the amount of publicly held shares available for trading is not sufficient for auction market trading. The NYSE also indicated that it intends to make application to the Securities and Exchange Commission to delist the Company's common stock. The NYSE has informed the Company that these actions will not affect the eligibility for trading of William Lyon Homes 10 3/4% Senior Notes due April 1, 2013 (symbol: WLS 13) or 7 1/2% Senior Notes due February 15, 2014 (symbol: WLS 14). General Lyon intends to complete the short-form merger as soon as practicable following receipt by the depositary of a number of remaining shares tendered through guaranteed delivery procedures sufficient to cause General Lyon's ownership, together with that of The William Harwell Lyon 1987 Trust and The William Harwell Lyon Separate Property Trust, to represent at least 90% of the Company's outstanding shares. Several institutions have satisfied their delivery obligations in whole or in part, and eligible guarantor institutions which have not yet fulfilled their commitment to deliver shares should immediately 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. General Lyon intends to vigorously enforce his rights against those institutions which have failed to honor their guaranteed delivery obligations in full. 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 Inc., +1-212-440-9921, for General William Lyon

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