EFTA Document EFTA01385543

Deutsche Bank Risks ■ Bovis Homes - BVS.L: Downside risks include the lesser availability and affordability of mortgages, which is a determinant of housing demand. Economic factors such as the higher unemployment rate and consumer confidence also have a demand influence. Political factors such as lower government funding and policy on planning have an influence on demand and supply. Company-specific risks include the later timing and lower profitability of new land including some large s