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WCI is emerging from chapter 11

What does that mean for me?

1. What does ‘confirmation of the plan’ mean?

On August 26, 2009 the Company’s Plan of Reorganization, which details how the Company’s debts will be restructured and how it will be able to meet its financial obligations once it emerges from chapter 11, was approved by the Bankruptcy Court. Confirmation of the Plan clears the way for WCI to emerge from chapter 11.

2. Ok. The Plan has been confirmed by the Court. When does the company officially emerge from chapter 11?

WCI expects to emerge from chapter 11 on September 3, 2009, the date the Plan becomes effective.

3. What does this mean to me?

Employees – You will continue to work, be paid and entitled to benefits according to company policy.

Members - We will continue to sell and deliver homes, maintain our communities, support the various associations and provide community amenities.

Shareholders -All outstanding shares of WCI’s common stock will be cancelled upon emergence in accordance with the Plan of Reorganization, and WCI will emerge as a privately held company.

Suppliers - We will continue to purchase supplies, materials and services as needed to support reorganized business operations and will pay for them in the ordinary course of business. Suppliers holding allowed, unsecured claims (class 4 claims) are entitled to a pro rata share of the Creditor Trust interests that will be established upon emergence.

Chinese Drywall Claimants — The Plan includes an agreement reached with the lead attorneys representing the Chinese drywall claimants. The terms of the agreement as described in the Plan provide for the creation of a Chinese Drywall Trust. Holders of allowed Chinese drywall claims are entitled to a pro rata share of the Chinese Drywall Trust interests.

4. What will be the Company’s cash position upon its emergence from chapter 11?

The company will have more than adequate liquidity to meet its working capital needs, including obligations to its employees and suppliers.

5. I filed a proof of claim against the company. How do I know my claim has been accepted; and if it has, when and how much can I expect to be paid?

Creditor recovery is outlined in the company’s Plan of Reorganization by claim classification. Please consult the Plan for specific information. In general, however:

• General Unsecured Claims (Class 4)- Holders of allowed general unsecured claim are entitled to a pro rata share of the Creditor Trust Interests as defined in the plan. The Trustee of the Creditor’s Trust, with the assistance of WCI Communities and its advisors will work after emergence to determine the pro rata distributions as required by the plan of reorganization. Upon creation of the Creditors Trust, it will be necessary for the Trustee to perform various tasks and activities to discharge all of its responsibilities, one of which will be making the pro rata distributions to holders of allowed claims. As such, specific dates and details related to distributions to claimants are not yet available.

• Chinese Drywall Claims (Class 5)- Holders of claimsarising out of allegedly defective drywallshould contact counsel for the Chinese Drywall Trust, which is handling all such claims, who will be appointed on or after the effective date. Prior to the effective date, Chinese Drywall claimants may contact Sandy Esserman at (214) 969-4910.

6. Convenience Class Claims (Class 6)– Holders of allowed general unsecured convenience claims are entitled to a cash payment in the amount of 2 percent of the allowed claim amount. The first distribution date, as defined in the plan is the effective date or 9/03/09. The company intends to commence processing payments to holders of allowed convenience class claims as soon as practical after emergence, and within the 10 days of the first distribution date as allowed for in the Plan. In addition, the company in accordance with the plan will make subsequent distributions as additional claims are allowed.

7. Will the senior management team be retained?

David Fry will become president and chief executive officer of the reorganized company. Mr. Fry joined WCI in 1995 and served as chief operating officer prior to being named interim president and CEO at the time of WCI’s bankruptcy filing in August 2008. The senior executive team is also being retained.

8. Who do I call if I have questions?

You may call the Help Line 1-800-924-1890

9. I want to get rid of my remaining shares. How/Where can I sell it?

Existing common stock will be cancelled as of 9/03/09 pursuant to the Plan of Reorganization.

10. Has WCI emerged as a public company? Will I be able to buy stock in the new company?

Upon emergence, the existing WCI common stock will be cancelled, and the Company will be privately held.

11. Why is a new Board of Directors being elected and who are the new Board members?

As part of the reorganization process, our ownership structure has changed and therefore, our Board will need to change accordingly. The board of directors of the reorganized company will consist of five members. Pursuant to the Plan of Reorganization, the prepetition lenders are entitled to select four of the new directors and the Unsecured Creditors’ Committee is entitled select one of the new directors.

12. Will WCI be building new homes or towers?

Upon emergence, new construction will be limited to a few, select communities based on market demand. The Plan of Reorganization, does however, provide flexibility to adjust operations going forward.

13. What about existing inventory? Are you planning to sell homes that have already been built?

WCI will continue to sell homes and condos that have already been built.

14. What will happen to WCI’s sales offices?

In general we will continue to operate sales centers where we have existing inventory.

15. What can members expect in terms of non-equity Clubs and general community maintenance?

WCI will continue to manage the amenity operations with a focus on providing a quality club experience in a fiscally responsible manner.

16. What impact does this have on the Real Estate Services division?

We will continue to manage our real estate services business and keep a watchful eye for strategic growth opportunities.