On November 7, 2012, the Board of Directors of William Lyon Homes appointed Michael Barr to fill the newly created Board seat, which was created in accordance with the company's adoption of its Second Amended and restated Certificate of Incorporation. Mr. Barr has been appointed to serve as a member of the Board until the company's next annual meeting of stockholders. Mr. Barr was also appointed to serve as a member of the Board's Nominating and Corporate Governance Committee and Compensation Committee.

Mr. Barr is the Portfolio Manager for the Paulson Real Estate Funds, an affiliate of Paulson, where he is responsible for all aspects of the real estate private equity business. He also is a Partner in Paulson, which he joined in 2008.