William Lyon Homes is primarily engaged in the design, construction and sale of single-family detached and attached homes in California, Arizona and Nevada. The Company conducts its homebuilding operations through five geographic divisions, such as Southern California, San Diego, Northern California, Arizona and Nevada, including wholly owned projects and projects being developed in consolidated and unconsolidated joint ventures. It primarily emphasizes sales to the entry-level and move-up homebuyer markets. During the year ended December 31, 2004, the average sales price for consolidated homes delivered was $514,400. Base sales prices for actively selling projects in 2004, ranged from $119,000 to $2,070,000. During 2004, approximately 67% of the home closings of the Company and its joint ventures were derived from its California operations. During the same time, William Lyon Homes had delivered 3,471 homes, including 1,024 from consolidated joint ventures. The Southern California Division consists of operations in the counties of Los Angeles, Orange and Ventura and portions of Riverside and San Bernardino Counties while the San Diego Division comprises San Diego County and portions of Riverside and San Bernardino Counties. The Northern California Division covers operations in Contra Costa, El Dorado, Santa Clara, Sacramento, San Joaquin, Solano, Placer and Stanislaus Counties while the Arizona Division handles operations in the Phoenix area. Operations in Las Vegas are under the Nevada Division. Duxford Financial, Inc., a wholly owned subsidiary of William Lyon Homes, has begun operations on December 1, 1994, as a mortgage broker/loan correspondent. The subsidiary also originates conventional, Federal Housing Administration (FHA) and Veteran's Administration (VA) loans serving the Company's operating regions. William Lyon Homes seeks to assist its homebuyers in obtaining financing by arranging with mortgage lenders to offer qualified buyers financing options. Substantially all homebuyers utilize long-term mortgage financing to purchase a home and mortgage lenders will usually make loans only to qualified borrowers. The Company's homes are typically sold before or during construction through sales contracts, which are usually accompanied by a small cash deposit. Such sales contracts are usually subject to certain contingencies, such as the buyer's ability to qualify for financing. The cancellation rate of buyers who contracted to buy a home but did not close escrow at the Company and its joint ventures' projects was approximately 17% during 2004. Homebuyers are provided with a one-year limited warranty covering workmanship and materials. William Lyon Homes also provides its homebuyers with a limited warranty that covers construction defects, as defined in the limited warranty agreement provided to each home buyer, for the length of its legal liability for such defects (which may be up to 10 years in some circumstances), as determined by the law of the state in which the Company builds. The limited warranty covering construction defects is transferable to subsequent buyers not under direct contract with the Company and requires that homebuyers agree to the definitions and procedures set forth in the warranty, including the submission of unresolved construction-related disputes to binding arbitration.

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