George Wimpey Plc Annual General Meeting 2004 The Royal Aeronautical Society Thursday 22 April 2004

Group overview Peter Johnson Group Chief Executive

Share price performance re-based from Oct 2000 Jan 2001Jan 2002Jan George Wimpey Construction & Building MaterialsFTSE 100 Jan

2003 results Turnover Operating profit Interest Profit before tax 2,6002, % % (38)(52) +37% % Pre-exceptional EPS DPS Dividend cover 52.2p68.5p +31% 9.10p12.25p +35% 5.7x5.6x Change £m 4

Completions No Change £ / $ Change Ave selling price GW private GW social Laing private Laing social UK total US total GROUP TOTAL 11,228 -8% £167, % % £78,800 +7% 975 N/A £315,000 N/A 121 N/A £109,000 N/A 12,909 -6% £174, % 3, % $270,000 +7% 16,570 -2% 2003 completions 5

Shareholders’ funds £m Net debt £m Capital employed £m 9431, ,3191,699 ROACE Gearing Interest cover 40%45% 8.7x8.3x 26.5%28.5% Balance sheet - financing 6

US Business Review

Financial summary 8 3,6613, % Legal completions $270,000$252,000 +7% Ave selling price $998m$806m +24% Turnover $119m$81m +47% Operating profit 11.9%10.0% +1.9pp Operating margin Change

Completions Operating margin % Operating profit $m Turnover $m ASP $ %3,661270, %2,586197, %2,638227, %2,900238, %3,197252,000 Five year review 9

Land spend $m 203 Plots owned / under option 15,304 Plots controlled 1,663 Total landbank 16,967 11,796 1,643 13, Land  More than 25% increase in total landbank  All land in place for anticipated 2004 completions

2003 highlights 11  Margin increased to 11.9%  New divisions in Jacksonville and Central Valley, N California  Options revenues approaching $100m - >10% of turnover  Morrison in top quartile of builders for customer satisfaction  Steve Parker appointed Chief Operating Officer

UK Business Review

George Wimpey Financial summary Laing Homes Total completions Turnover Private ASP Operating profit Operating margin 13, ,813 £1,930m£1,933m £147,900£167,900 £270m£330m 14.0%17.1% 1,4901,096 £399m£337m £276,000£315,200 £43m£42m 10.7%12.4% Private completions 12,14511,2281, Restated to include social contract partnership completions 2 Laing 2002 full year pro forma numbers

Private Completions Operating margin % Operating profit £m Turnover £m ASP £ 1, %11,228167,900 1, %11,63096,700 1, %10,823112,500 1, %10,929122,600 1, %12,145147,900 Five year review for GW excluding Laing Homes

Total completions Private ASP Landbank (plots) Regional businesses Landbank (years) Regional review ,526 £148,000 3,988 7 North ,522 £159,000 4,242 8 Midlands ,539 £203,000 3,583 8 South

2003 highlights  Margins increased to 17.1% in George Wimpey and 12.4% in Laing  Laing integration well under way  organisation streamlined, costs reduced, land position improved  projected cost savings increased to at least £12m  Laing Homes will help sustain volume growth  Exposure to high price points remains limited ~90% < £250,000  Options revenues approaching £60m - new options centres open  MORI poll shows GW at top of industry customer satisfaction ratings  Peter Redfern has successfully stepped into Keith Cushen’s large role 16

The Barker Review  Identifies need for increased housing to meet household growth  Identifies planning as major cause of housing shortage  Recommends actions to increase housing supply  Recommends taxation of planning gain: not a tax on housebuilders  Implementation will be slow: George Wimpey fully involved in discussions  Longer term benefits in form of increasing volumes: will take time  Other recommendations - improved customer satisfaction, increased training, areas where George Wimpey is already industry leader 17

Summary and outlook

Highlights of 2003  Profit before tax up 30%  Margins increased across all businesses  George Wimpey up from 14% to 17.1%  Laing Homes up from 10.7% to 12.4%  Morrison Homes up from 10% to 11.9%  Return on Capital up from 26.5% to 28.5%  Year end gearing sound at 45%  Full year dividend up 35% to 12.25p; progressive policy confirmed  Land positions strengthened in all businesses 19

A good outlook for  Favourable political and economic climate  Barker review offers upside to growth and valuations  2004 budget did not impose feared taxation  affordability remains good  New outlets opening on plan  George Wimpey 56 new outlets opened by end of March  Laing Homes outlets open up around 10% on 2003  Morrison Homes 14 new outlets opened by end of March  A strong start to the year  visitor levels and reservations strong through week 16  completions / sales at margins in line with 2003 or better Board remains confident of further progress during

Presentation title / Audience / Location / Date / © George Wimpey 2002