1 George Wimpey Plc Interim Results for the half year ended 2 July August 2006

Interim Results for half year ended 2 July Disclaimer The information in this presentation does not constitute an offer to sell or an invitation to buy shares in George Wimpey Plc or any other invitation or inducement to engage in investment activities Past performance cannot be relied upon as a guide to future performance.

3 Welcome and introduction John Robinson (Chairman)

Interim Results for half year ended 2 July Agenda Interim highlights / group strategyPeter Redfern Half financial reviewAndrew Carr-Locke US housing / UK housingPeter Redfern Group outlook Peter Redfern Questions and answers

5 Interim highlights and strategy Peter Redfern (Group Chief Executive)

Interim Results for half year ended 2 July Interim highlights Group profit before tax £152.3m+ 25% Strong first half from Morrison Homes $125.3m PBIT + 23% Gearing reduced to 43% from 64% June 2005 Group completions increased to 7,822 – highest for 25 years Group landbank grown to 78,192 plots – strongest ever position Lowest UK plot acquisition cost since 2002 Improving margins in UK order book

Interim Results for half year ended 2 July Group strategy Objectives Focus on residential development in our two key markets –UK where supply demand balance underpins good market –US where demographic growth provides great opportunities Objective to be the leading housebuilder in the UK and in each of the regional markets we choose in the US Increase emphasis on ways of adding value –medium term margin growth and stability –value adding processes –steady volume growth

Interim Results for half year ended 2 July US housing Building a leading competitive business Existing strengths –positions in five states with excellent medium term prospects –a strong brand in Morrison Homes for quality –a delivery and growth culture –committed management team with a long term view Our goals are to –build on our regional positions to create regional leadership –continue to select the right markets for our business –take opportunity from market slow down to build business –increase focus on operating efficiency

Interim Results for half year ended 2 July UK housing Building a leading competitive position Existing strengths –large scale presence in most key markets –strong build cost and overhead base –lead position in customer service and build quality –committed management team with long term view Our goals are to –change the mix and source of land to reduce our real land cost –capitalise on our scale to become the leader in operating efficiency and effectiveness –operate with a longer term view

10 H1 financial review Andrew Carr-Locke (Group Finance Director)

Interim Results for half year ended 2 July First half results £mH1 2006H1 2005Change Turnover1,3971,169¹+ 19% Operating profit % Joint ventures(0.5)(0.7)– 29% Interest(26.1)(34.2)– 24% Profit before tax % Tax31.5%31.0% EPS26.3p21.5p+ 22% NAV per share405p348p+ 17% DPS6.3p5.7p+ 10.5% ROACE*20.2%22.7% *last 12 months ¹restated for change in land sales reporting

Interim Results for half year ended 2 July Segmental analysis First half 2006 TurnoverOperating profitOperating margin £mChange£mChangeH H1 2005¹ UK1, %115+ 7%11.2%12.7% US* %70+ 28%19.1%16.9% Other-(6) TOTAL1, % % *exchange rate in 2006 £:$ £:$1.87 ¹restated for change in land sales reporting

Interim Results for half year ended 2 July Completions First half 2006 CompletionsAve selling price NoChange£ / $Change UK private5, %£187,200– 4% UK affordable %£91,700+ 5% UK total5, %£175,500– 5% US1,968– 1%$333, % GROUP TOTAL7, %

Interim Results for half year ended 2 July Interest charge £mH1 2006H1 2005Change Loans – 11% Pensions – 7% Derivatives(3.1)1.3 Other – 17% TOTAL – 24%

Interim Results for half year ended 2 July Cash flow summary £mH1 2006H Operating profit Land realisations Replacement land spend(353)(294) Other working capital movements(109)(134) Cash inflow before growth10613 Growth land spend(171)(208) Cash inflow from operations(65)(195) Interest / tax(83)(82) Dividends(46)(41) Exchange rate / other18(42) Increase in net debt(176)(360)

Interim Results for half year ended 2 July Balance sheet Net assets £m2 July July 2005 Fixed assets and joint ventures6345 Land2,2382,136 Land creditors(369)(240) Other net operating assets Tax and provisions(92)(94) Net pension deficit(115)(145) TOTAL NET ASSETS EMPLOYED2,3102,248

Interim Results for half year ended 2 July Balance sheet Financing 2 July July 2005 Shareholders’ funds £m1,6121,367 Net debt £m Capital employed £m2,3102,248 Gearing43%64% Interest cover last 12 months 7.3 x7.1 x Cash interest cover last 12 months 9.7 x9.4 x

Interim Results for half year ended 2 July Financial summary First half 2006 Group profit before tax £152.3 m + 25% UK operating profit£114.9 m + 7% US operating profit $125.3 m + 23% ROACE- last 12 months20.2% (2005: 22.7%) Gearing 43% (2005: 64%) Shareholders’ funds on June 2005 £1,612 m + 18% Interim dividend increased from 5.7p to 6.3p %

19 US housing Peter Redfern (Group Chief Executive)

Interim Results for half year ended 2 July US housing Financial summary H1 2006H1 2005Change Legal completions1,9681,996- 1% Ave selling price$333,000$302, % Revenue $m % Operating profit $m % Operating margin19.1%16.9% Completions increased by 3% excluding Atlanta

Interim Results for half year ended 2 July Short term market conditions Total US stock position June 2006June 2005 Existing homes3.73 m2.65 m Months’ supply New homes0.57 m0.45 m Months’ supply Source: NAR / US Census Bureau High level of housing stock needs to clear –41% increase in existing home inventory –27% increase in new home inventory –4.5 – 5 months’ supply of new homes is healthy demand / supply balance Level varies significantly by region New homes includes homes completed, under construction and not yet started

Interim Results for half year ended 2 July Market conditions US 2006 Market strength affected by –steep price rises mid 2004 to October 2005 –media speculation about ‘crash’ –interest rate rises and concerns about future rises –significant reduction in investor sales Still a good long term environment –1.85 m new jobs added since May % –136.4 m total employment market –4.6% unemployment - lowest level for 10 years –target of 70% home owners by 2010, 1.28 m new home owners per year

Interim Results for half year ended 2 July US housing Short term market impact Compared with H –H1 visitor levels down 33% –H1 sales rates down by 33% –H1 net prices down by 2.5% A business of two parts –Florida, California, Phoenix slowing visitor levels and sales rates well down significant increase in cancellation rates incentives increased –Texas and Denver some strengthening visitor levels and sales rates well up incentives still necessary but at normal levels

Interim Results for half year ended 2 July US housing Average weekly sales rates

Interim Results for half year ended 2 July Managing the slowing market Sales Maintaining higher outlet numbers –outlets currently up 19% –driven by 20% increase in first half outlet openings and slower sales rates Presenting well structured incentives –reduce up front funding costs –targeted at local market conditions Continuous review and strengthening of sales people –new Sales and Marketing Director with extensive industry experience –retraining and refreshing of staff Careful management of order book

Interim Results for half year ended 2 July Overheads –review of overheads within all businesses –reducing headcount without affecting ability to grow in the future Procurement –purchasing function greater accountability for cost reductions –regional purchasing councils introduced –cost savings of 3 - 5% targeted from all suppliers –opportunities learnt from UK business Review of product and specification, particularly of lower end product Managing the slowing market Costs

Interim Results for half year ended 2 July Managing the slowing market Product and specification Affordability in many markets has become stretched –introduced townhomes into Florida in 2004 to address affordability issues Essential to stay in the core of the market with the right product Increase in higher density product across all divisions –townhomes being considered for Texas / California markets –low rise condominiums being considered for Florida –‘four pack’ higher density homes introduced in Sacramento Products redesigned to reduce costs without affecting appearance and appeal

Interim Results for half year ended 2 July US housing Cost of land acquired H1 2006Landbank Average plot cost$43,200$43,500 H full yr2004 full yr2003 full yr Cost per plot of land acquired$59,100$53,300$40,900$37,300 Cost per plot as % of ASP on completions17.8%17.0%14.2%13.8%

Interim Results for half year ended 2 July US housing Objectives Medium term aim to become ‘Top 3’ in each of our selected markets by –developing the right relationships –being selective about land –creating longer term land opportunities –having the right products in the right market segments Significant opportunity for regional scale - Morrison Homes 19 th largest housebuilder in 2005

Interim Results for half year ended 2 July US housing Going forward Remains difficult to predict market outcome for 2006 –visitor levels and sales rates below 2005 –completions for H2 expected to be below H –margins and prices starting to reflect changing market conditions –order book for completions in 2006 at week 29 16% lower by volume and 13% lower by value Morrison business in good shape –strong land bank with good proportion of historical land cost –strong management team in centre and regions –opportunities for advantage from weaker market –focus on new operational efficiencies

31 UK housing Peter Redfern (Group Chief Executive)

Interim Results for half year ended 2 July UK housing Financial summary H1 2006H1 2005Change Legal completions – total5,8544, % Private5,1384, % Affordable % Ave selling price – total£175,500£184,600– 5% Private£187,200£194,500– 4% Affordable£91,700£87,700+ 5% Revenue £m1, % Operating profit £m % Operating margin11.2%12.7%

Interim Results for half year ended 2 July Market conditions UK 2006 Market stable throughout period Buyer confidence improved from Q onwards Affordability constraints in many areas –prices remain competitive Southern markets showing greatest strength George Wimpey performance benefiting from stronger order book and improved sales position Gross margins in order book up more than 1% on December

Interim Results for half year ended 2 July Update on actions taken in December 2005 Delivering on promises Now complete –addressed underperforming businesses –rationalised business structure to improve delivery and reduce overhead cost Continuous improvement building on H progress –increasing margin –H1 / H2 volume balance –reducing build costs –land processes, people and culture

Interim Results for half year ended 2 July Increasing UK margins 30 June 2006 order book up more than 1% on 31 December 2005 Future improvement from –improving selling prices –continuous cost reduction –improvement in landbank Consistent rather than overnight improvement

Interim Results for half year ended 2 July H1 / H2 balance The benefits Reduces risk and volatility in earnings Improved cash position –increases land capacity –reduces need for stop start land acquisition Not hand to mouth on sales –reduces impact of discounting in run up to year end ‘Evenflow’ business gives efficiency in build costs and procurement Reduces management distraction from long term view of the business

Interim Results for half year ended 2 July UK housing Improving cost base Objective to achieve build cost reductions to more than offset inflation and regulation changes Net cost movement H v H – down 1% per plot Following £20 m cost savings delivered 2004/5 cost reduction process renewed –Director of Procurement appointed –brief to undertake complete review of our supply chain –new focus on sales costs where benchmarking shows opportunity –preferred house type designs increasingly used on new sites acquired

Interim Results for half year ended 2 July Strengthening land position Quality as well as quantity Objective to reduce real cost of land going forward Consistency of land acquisition approach – tougher process, not slower process Focus on ‘value added’ land rather than sourcing next year’s business Short term ‘retail land’ –existing strength within business –people and process in place Medium term ‘value added’ land –increased focus since late 2003 –people and processes in place –benefits starting to come through Longer term ‘value added’ land –new focus since early 2006

Interim Results for half year ended 2 July UK housing Source of owned and controlled landbank Optimum mix 40% short term 30% medium term 30% long term

Interim Results for half year ended 2 July UK housing Strengthened owned land position Cost per plotH1 2006H Opening landbank£46,500£45,400 Acquired£43,800£52,200 Completions£50,100£47,700 Closing landbank£45,500£46,300 H completions Landbank (owned plots) Ave selling price£175,500£179,900 Cost per plot£50,100£45,500 Land value % ASP28.5%25.3% Plot cost in landbank below that of completions Land value as % of ASP 3.2% lower in forward landbank

Interim Results for half year ended 2 July UK housing Cost of land acquired H full yr2004 full yr2003 full yr2002 full yr Cost per plot of land acquired£43,800£49,900£46,500£53,200£48,400 ASP on completions£175,500£178,000£185,300£174,300£145,600 Cost per plot as % of ASP on completions25.0%28.0%25.1%30.5%33.2%

Interim Results for half year ended 2 July UK housing Going forward Market conditions remain stable –visitor levels and sales rates at normal seasonal levels Completions for H2 expected to be similar to H –total UK completions for 2006 expected to show some progress Margins in order book showing improvement on H1 Order book at week 29 –total order book up 5% by volume –private order book 8% by volume

43 Group outlook Peter Redfern (Group Chief Executive)

Interim Results for half year ended 2 July George Wimpey Plc Outlook Group outcome for the year expected to be in line with our expectations US –long term fundamentals remain good, still difficult to predict outlook for full year –continue to strengthen regional positions for long term growth –short term focus on reducing costs optimising sales UK –market remains stable, completions expected to show progress on 2005 –focus on margin improvement strong sales performance improved land buying reducing costs Objective to be the leading housebuilder in the UK and regional markets we choose in the US

45 George Wimpey Plc Interim Results for the half year ended 2 July 2006 APPENDIX

Interim Results for half year ended 2 July George Wimpey Plc Undeveloped land disposals £000sH1 2006H Land sales UK16,19311,768 US1,8409,480 TOTAL18,03321,248 Profit UK10,6455,622 US-1,707 TOTAL10,6457,329 Land sales are not included in revenue. Profits on land sales are included in net operating expenses

Interim Results for half year ended 2 July George Wimpey Plc Group reservations ReservationsAve outletsPer outlet / per week H H H H H H UK private6,6935, UK affordable5941,201 UK TOTAL7,2877,137 US TOTAL2,0482, GROUP TOTAL9,3359,

Interim Results for half year ended 2 July UK housing Turnover analysis H1 2006H1 2005H full yr Private volume 5,1384,1546,52410,678 ASP £000s turnover £m ,2062,014 Affordable volume ,0001,422 ASP £000s turnover £m Other turnover £m 3224 TOTAL volume 5,8544,5767,52412,100 ASP £000s turnover £m 1, ,3112,158

Interim Results for half year ended 2 July UK housing Margin analysis H1 2006H1 2005H full yr Gross profit £m Gross margin %19.3%23.5%20.3%21.5% Direct selling £m(43.0)(40.5)(45.7)(86.2) Overhead costs(51.8)(56.3)(58.3)(114.6) Land profits Operating profit £m Operating margin %11.2%12.7%13.1%12.9% JV results(0.5)(0.7)(0.1)(0.8) Profit before interest

Interim Results for half year ended 2 July UK housing Private development product mix Completions %H1 2006H1 2005H full yr Apartments40%34%37%36% 1 / 2 / 3 bed houses31%32% 4 / 5 bed houses29%34%31%32% 100%

Interim Results for half year ended 2 July UK housing Private development activity analysis H1 2006H1 2005H full yr Ave house size sq ft 9711, ASP £ / sq ft

Interim Results for half year ended 2 July UK housing Private development price mix H1 2006H Completions% % £51 – 100k2475%1624% £101 – 150k1,68733%1,25030% £151 – 200k1,58431%1,32532% £201 – 250k85116%79219% £251 – 300k4278%3118% £301 – 500k3116%2686% £500k +311%461% TOTAL5,138100%4,154100%

Interim Results for half year ended 2 July UK housing Private development geographic mix H1 2006H1 2005H LegalsSize sq ft ASP £000 LegalsSize sq ft ASP £000 LegalsSize sq ft ASP £000 North1,6941, ,4171, ,3961, Midlands1, ,1971, , South1, ,4611, , City TOTAL5, ,1541, ,

Interim Results for half year ended 2 July UK housing Private development average weekly sales rates

Interim Results for half year ended 2 July UK housing Private development net sales prices on reservations

Interim Results for half year ended 2 July UK housing Landbank by region Owned and controlled plots Strategic acres June 2006June 2005June 2006June 2005 North16,27017,4394,9834,784 Midlands17,39612,0454,5325,329 South18,71821,3374,2506,218 City2,1333,559 TOTAL54,51754,38013,76516,331

Interim Results for half year ended 2 July UK housing Short term land (private and affordable) OWNEDH1 2006H1 2005H full yr Start of period39,44137,22239,78437,222 Net acquired8,1017,1387,18114,319 Legal completions(5,854)(4,576)(7,524)(12,100) End of period41,68839,78439,441 CONTROLLED12,82914,59611,544 TOTAL LANDBANK54,51754,38050,985

Interim Results for half year ended 2 July UK housing Owned land (private and affordable) H1 2006H Short termPlotsCost per plot £k Value £m PlotsCost per plot £k Value £m Opening landbank39, ,83337, ,690 Additions8, , Completions(5,854)(50.1)(293)(4,576)(47.7)(218) End of period41, ,89539, ,844 Strategic Acres Value £m End of period 13, ,331 49

Interim Results for half year ended 2 July Outline planning consent - 1,400 units (acquisition based on 1,250) all private Phased land payments £163,000 projected average selling price HomeZone principles - where pedestrians are given priority over cars Mix includes – detached homes – apartments – PPG3 style compact housing First completion anticipated July 2007 Medium term land New Stoke Urban Village, Coventry

Interim Results for half year ended 2 July Long term land Bells Lane, Hoo St Werbergh, Kent Strategic land site – option dates back to 1997 Planning process on-going since early 2003 Phase 1 - granted detailed consent July 2005 Phase 2 - scheduled to go to committee with recommendation for approval July 2006 Phased payments Due to start on site in August 2006

Interim Results for half year ended 2 July Latham’s Yard, Hackney Altius and Riverside Wharf Shared development: GW East London and GW North Thames Utilising both brands: George Wimpey and Laing Homes Total 665 homes – includes affordable and live-work units – range from studio apartments to 3 bedroom mews Phased payment Within walking distance of the Olympic Village

Interim Results for half year ended 2 July University of East London, Barking The Academy Bought with planning brief but no formal planning consents Phased payments Bought with London & Quadrant Group –Limited Liability Partnership between GW and L&Q Group on private element –also unconditional partners for affordable element First completion anticipated early 2008 Project due to be completed 2012

Interim Results for half year ended 2 July Impact of dollar H1 2006H1 2005Change Morrison Homes $ turnover % Morrison Homes $ op profit % Ave exchange rate Morrison Homes £ turnover % Morrison Homes £ op profit %

Interim Results for half year ended 2 July US housing Turnover analysis H1 2006H1 2005H full yr Volume1,9681,9962,9254,921 ASP $000s Turnover $m ,539

Interim Results for half year ended 2 July US housing Margin analysis H1 2006H1 2005H full yr Gross profit $m Gross margin %30.7%27.1%30.6%29.2% Direct selling $m(36.7)(31.6)(41.2)(72.8) Overhead costs $m(39.4)(36.4)(40.6)(77.0) Land profits-1.6- Operating profit $m Operating margin %19.1%16.9%22%20.0%

Interim Results for half year ended 2 July US housing Activity analysis H1 2006H1 2005H full yr Ave house size sq ft 2,4232,3552,2632,299 ASP $ / sq ft

Interim Results for half year ended 2 July US housing Price mix H1 2006H Completions% % $0 – 200k30716%39019% $201 – 250k21511%39520% $251 – 300k24312%33217% $301 – 350k38219%26513% $351 – 400k32517%21511% $401 – 450k22611%1729% $451 – 500k1226%1286% $500k +1488%995% Total1,968100%1,996100%

Interim Results for half year ended 2 July US housing Geographic mix CompletionsH1 2006H1 2005H full yr West ,187 Southeast ,3212,253 Southwest ,481 TOTAL1,9681,9962,9254,921 Average selling price $000 West Southeast Southwest TOTAL

Interim Results for half year ended 2 July US housing Regional performance TurnoverOperating profitOperating margin H $m H $m H $m H $m H % H % West %28.7% Southeast %14.9% Southwest %11.7% Corporate--(9.7)(10.6)-- TOTAL %16.9%

Interim Results for half year ended 2 July US housing Short term land Owned and optionsH1 2006H1 2005H full yr Start of period20,81218,89219,66118,892 Additions1,2922,7654,0766,841 Legal completions(1,968)(1,996)(2,925)(4,921) End of period20,13619,66120,812 Controlled End of period3,5393,0582,702 TOTAL LANDBANK23,67522,71923,514 LAND SPEND $m