GEORGE WIMPEY PLC Interim Results for the half year ended 30 June 2001 Tuesday 31 July 2001

2001 Interim Results Headlines performance on track… ° operating profit up 13% to £66.2 m ° PBT up 11% to £53.1 m …in both businesses ° UK operating profit close to last year at £54 m ° US operating profit up 81% to $22.1 m restructuring continues ahead of plan ° bulk of £20 m forecast savings in 2001 ° additional cost savings of £15 m by 2003

Agenda H1 Financial Review Andrew Carr-Locke Business ReviewsPeter Johnson Summary and Outlook Peter Johnson

2001 H1 Financial Review Andrew Carr-Locke

2001 First half results JuneJune % change revenue £ m operating profit* £ m exceptional items £ m (14.2)-- profit before tax* £ m earnings per share* p dividend per share p * before exceptionals

First half results operating profit before exceptionals up 13% to £66.2 m UK restructuring completed, majority of £20 m savings to be seen in 2001 US profits up 81% in dollar terms

First half results interest cover 5.1 times tax rate 23% EPS before exceptionals up 12% to 11p interim dividend up 9.4% to 2.9p

First half cash flow cash outflow of £181 m (2000:£146 m) end June gearing 59% (2000:55%) land spend £261 m, same as last year acquisition of Richardson Homes in Denver for $22 m

Balance sheet Over last 12 months net debt up £76 m to £410 m shareholders’ funds up £83 m to £694 m return on equity before exceptionals 17.7% (2000:17%) net assets up 21p to 187p land holdings up £136 m

Exceptional operating costs £ m redundancies 6 asset write-downs and IT 2 property voids and office move costs 5 transition costs 1 14

Segmental analysis Operating Operating Revenue Profit Margin % % % £m Change £m Change % Increase UK * USA Corp 6 - (3.1) Group * * Before exceptionals

Segmental analysis US revenue up 34%, 23% in dollar terms US profits up 96%, 81% in dollar terms US margins up 2.6% to 8.1% UK margins improve 0.3% to 10.5% corporate costs below last year’s £3.6 m

2001 completions Completions Ave Price % % NoChange£/$000 Change UK:PD £ Social £ UK:Total £ USA: $ Group Total £

UK completions lower UK completions due to fewer outlets coming into the year UK average selling prices up 8% to £118,000 selling rate up 9% on last year average size up 2%, 60% detached volume of sales proceeding up 12% on last year

US completions US completions up 21% US average selling prices up 6% to $236,000 acquisition of Richardson Homes Denver, Jacksonville start-up volume of sales proceeding up 12% on last year outlets 89, up 17%, selling rate good average size 2,400 square feet

Land UKUSA land spend £ m22247* short term plots31,92011,500 change since December(1,530)1,530 land bank in years * Includes Richardson Homes land £8 m

Financial summary results show further improvements achieved benefits from UK restructuring US growing successfully strong interest and dividend cover second half looking good

Business Review Peter Johnson

UK: market Short-term cautious; longer term positive strong through H1 - prices > expectations site visitors and selling rates remain healthy national affordability near long run average London above average, but no problems yet South somewhat above average - but supported by planning driven shortages longer term outlook very favourable

UK: progress on restructuring “Major focus is to ensure restructuring programme delivers on promises made” excellent progress made action to integrate fast and lock in cost savings running rate of savings already at £20 m great majority will be achieved in 2001 restructuring costs held to £14.2 m vs forecast £15 m

UK: progress on restructuring “Seek opportunities to improve margins: gain further benefits from our scale ” substantial potential quantified land acquired at better margins procurement and build cost savings projected at £15 m by 2003 group overheads down

UK: progress on restructuring “Seek opportunities to improve margins: increase sales of options and extras” potential for substantial improvement sales of options £3,300 per house H cf £3,100 per house for whole of 2000 new marketing suites being introduced following business review big potential in Wimpey Homes businesses

UK: progress on restructuring “Seek opportunities to improve margins: increase exposure to higher margin markets” continued progress: much more to do average size up 2% detached + flats up from 66% to 69% selling prices up 8% to £118,000 >£100,000 up from 45% to 53% average plot cost up 31% to £40,000

USA: market Short term cautious; longer term positive most markets continued strong through H1 weaknesses limited to hi-tech locations - esp Austin and Sacramento; Florida strong recent consensus forecast for new single family home sales for 2001 is 2.7% decline strong underlying demand vs supply longer term outlook favourable

USA: progress on strategy Growth sustained: 89 communities vs 76 in H and 84 in H market position held - 2,389 sq ft vs 2,397 H and 2,319 H new business established in Jacksonville Richardson Homes acquired in Denver additional profits from land title joint venture in Florida

Summary and Outlook Peter Johnson

A sound business UK quality sustained: 66 NHBC Quality Awards in 2001 product base improving: much more to do USA first class business - strong in local markets excellent management team culture based on customer - lessons to learn

Better margins: encouraging initial progress UK restructuring complete without major mishaps and ahead of plan substantial further benefits identified business culture transformed: ° new management team in place ° decision making streamlined ° office relocation within 8 weeks ° UK and US now working together

Outlook UK market most likely to remain stable ° market indicators mixed but mostly positive ° some short-term risk in London and south-east ° continued price inflation expected elsewhere most local US markets remain robust strong order book for second half ° sales proceeding up 12% - UK and 12% - USA ° visitor levels remain strong ° focus on getting outlets open for 2002

GEORGE WIMPEY PLC Interim Results for the half year ended 30 June 2001 Tuesday 31 July 2001