EBDT Bridge EBDT Increase

2010 3rd QTR vs. 2009 3rd QTR

Variances are pre-tax in millions with taxes shown separately EBDT Decrease

110.0
2.8
5.4
3.1
105.0
Corporate
4.0 was down
$1.4 million
100.0
4.3 Land
Segment 3.3
was up 4.7
95.0 $1.7
5.0 22.0 million
3.1
90.0
90 0 Combined Commercial and Residential 10.4
10 4
Segments were down $2.5 million
5.7

1.9 90.7
85.0 3.6
85.6

80.0
2009 Participation

Nets operations
New property openings

NOI on mature portfolio

Hedging Income/ Loss

extinguishment of debt

extinguishment of debt

Corporate interest

extinguishment of debt
Land operations
Other
2009 3rd QTR

Project write-offs

Taxes

2010 3rd QTR

Property sales

Gain on early

Gain on early

Gain on early
payment

.
This graph reflects earnings before depreciation, amortization and deferred taxes ("EBDT") a non‐GAAP measure.  For a more thorough discussion of the Company's use of EBDT and a 
reconciliation of EBDT  to net earnings (loss), the most comparable financial measure calculated in accordance with GAAP, please see pages  22 ‐ 23  and 26 ‐ 27 of the Supplemental 
Package for the Nine Months Ended October 31, 2010, located on the Company's website under SEC Filings.