% 8% 9% 10% Dividend yield We see margin upside from the land bank, with land trailing house prices 120 110 100 90 80 70 60 50 40 30 —Halifax HPI Greenfield land N- CO O) a r r in g U) U) 8 1- N- a a o V) 0) U) U) N- 0 O O O 0? W O) O))2 9 9 0 0 -L -L 1 ' 3 -L 1 2, mci o tues