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 2

George Wimpey Plc Interim Results for the 26 weeks to 3 July 2005 Tuesday 6 September 2005

Welcome John Robinson Chairman

Agenda  H1 Financial ReviewAndrew Carr-Locke  UK Business ReviewPete Redfern  US Business ReviewPeter Johnson  Strategy and OutlookPeter Johnson 5

H financial review Andrew Carr-Locke Group Finance Director

IAS reconciliation Income statement (34.2)(27.3)(27.9)(23.1) (37.9)(41.0)(47.8)(49.1) Operating profit Interest PBT Tax Profit after tax IASUK GAAP*IASUK GAAP* H1 2005H £m *Consistent 2004 UK GAAP basis

First half results *restated for IAS**last 12 months Turnover1,190-2%1,220 Operating profit %181.8 Interest charge(34.2)+23%(27.9) Profit before tax %153.9 Earnings per share21.5p-22%27.7p NAV per share348p+52p296p Dividend per share5.7p+10%5.2p ROACE**22.7%25.6% H Change H1 2004* £m 8

Segmental analysis *Exchange rate in 2005 $/£=1.87, 2004 $/£=1.81 GWUK % % 12.4%16.4% Morrison Homes * % % 16.4%12.4% Other - - (5) - Total 1,190 -2% % £m Change £m Change H H Turnover Operating profit Operating margin 9

First half completions 4,154-11%£194,000- GWUK private 422-6%£88,000+2% GWUK affordable 4,576-10%£185,000- GWUK 1,996+16%$302,000+9% Morrison Homes 6,572-3% GROUP TOTAL NoChange£ / $Change CompletionsAve selling price 10

Cash flow summary *restated for IAS H1 2004* H £m Operating profit Land spend Land realisations Other working capital movements CASH INFLOW FROM OPERATIONS (462)(502) 284 (137)(134) (133)(195) Tax Dividends Exchange rate effects Other movements INCREASE IN NET DEBT (55) (16)(41) 5(31) (3)(11) (225)(360) Interest(23)(27) 11

Balance sheet - net assets 30 Jun 2004* 3 Jul 2005 Fixed assets and joint ventures Land Land creditors Other net operating assets Tax and provisions Net pension deficit TOTAL NET ASSETS EMPLOYED ,7672,136 (147)(240) (63)(94) (129)(145) 1,9082,248 £m * restated for IAS 12

Balance sheet - financing * restated for IAS Shareholders’ funds £m1,3671,154 3 Jul June 2004* Net debt £m Capital employed £m2,2481,908 Gearing64%65% Interest cover last 12 months 7.1x7.6x Cash interest cover last 12 months 9.4x9.8x 13

Financial summary  Results now published under IAS  Challenging market conditions in the UK  GWUK margins down 4.0pp, volumes down 10%  Continued strength in the US  Morrison margins up 4.0pp, volumes up 16%  Group PBT down 21% at £122m  Gearing in line with prior year at 64%  ROCE at 22.7% remains healthily above cost of capital  Half year dividend increased by 10% to 5.7p 14

Impact of IAS Interest charge – net payable H £m H UK GAAP basis* Interest charge on discounted pension liabilities under IAS 19 Reallocate JV interest Interest charge on discounted land creditors Notional interest expense booked to cost of inventory Movement on interest rate derivatives IAS basis (27.3)(23.1) (4.2)(4.0) 0.6- (3.1)(1.4) (1.3)- (34.2)(27.9) 15 *Consistent 2004 UK GAAP basis

Financial summary  Results now published under IAS  Challenging market conditions in the UK  GWUK margins down 4.0pp, volumes down 10%  Continued strength in the US  Morrison margins up 4.0pp, volumes up 16%  Group PBT down 21% at £122m  Gearing in line with prior year at 64%  ROCE at 22.7% remains healthily above cost of capital  Half year dividend increased by 10% to 5.7p 16

UK business review Pete Redfern Chief Executive, GWUK

Financial summary Total completions Private completions Private ASP Turnover £m Gross margin % 4,1774, ,7934, £182,900£183,600£316,400£308, %26.8%20.3%23.1% George Wimpey H1 2005H1 2004H1 2005H Laing Homes Operating profit £m Operating margin % %16.4% GWUK H1 2005H1 2004* * restated for IAS 18

UK market conditions  Market continues to be  tough but steady  very price sensitive and incentive led  Second hand market (down 30%) affecting new build sales and conversion rates.  Summer visitor levels are slightly better than last year  cancellation rates below peak in November 2004  Geographically no clear difference in market conditions,  in the South slightly more confidence in the short term  Apartment market is particularly price sensitive - occupier and investor 19

Ave weekly sales rates GWUK 2003 – JanFebMarAprMayJunJulAugSepOctNovDec Sales per site per week 20

Net sales prices on reservations GWUK 2003 – JanFebMarAprMayJunJulAugSepOctNovDec ASP achieved on reservations £000s 21

Price points £0-50k£51-100k£ k£ k£ k£ k£ k£500k+ Price band Total completions 22

Product mix Apartments 2 / 3 bed houses 4 / 5 bed houses H H H %29%32% 29%35% 34%42%33% 100% PD completions % 23

Margin reconciliation 100% - Turnover 26.5%23.9%24.2%(2.6)% Land costs 49.7% 49.5%0.0% Build & other costs 4.7%3.8%3.3%(0.9)% Direct selling expenses 6.6%6.1%5.2%(0.5)% Overhead costs 12.4%16.4%17.8%(4.0)% Operating profit Change H1 2005H1 2004FY

Build Costs  Underlying cost pressures remain, pressure on labour rates and availability has reduced  Material cost pressure remains high, driven by higher energy and other input costs, partly balanced by scale  Cost management program enabled us to hold build costs  Confident of £20m cost saving program, c.£17m impacts on 2005 with much of the balance locked up in WIP and build  Key initiative is rationalisation of house types  September every business had own house designs  no core national range since 2001  today - a ‘preferred range’ of 30 products 25

Landbank North Midlands South City Laing TOTAL 15,555 12,360 6,258 16,648 3,559 54,380 4,784 5, , ,331 Jun 2005Jun 2004Jun 2005Jun 2004 Owned and controlled plots Long term acres 15,630 12,147 4,648 16,078 2,398 50,901 4,908 5, , ,  Planning approvals achieved on 14,500 plots in last 12 months

Land cost  Cost per plot of 2005 acquisitions is higher due to Laing / South mix  Continued focus on larger sites where competition slightly reduced and scale gives advantage  Significant skills developed since 2003 on partnership schemes like Bracknell and Dartford ASP £000s Cost per plot £000s H1 2005Landbank Land value % ASP %27.8% For PD owned plots only 27

Bracknell case study  Existing planning consent PD units, 146 affordable units  Phased land payment terms, above standard gross margin  Pursuing enhanced planning application, including 38% affordable provision  c.£260k average selling price  Mix includes  c.20% 1&2 bed apartments  2-5 bed houses  EcoHomes ‘Very Good’  Anticipated site start Feb 06  based on existing consent 28

Dartford case study  794 private development units, 340 affordable units  Phased land payment terms, above standard gross margin  39% apartments across the development  c.£230k average selling price  Design codes for integrated mixed use development  Land acquired fully serviced  ‘Fastrack’ - dedicated transport service  Anticipated site start mid 06 29

Summary  Challenging first half  market tough, use of incentives essential  order book at 90% of expected full year volumes, margins below first half  build cost pressures significant but balanced by savings  Outlook for H2  early to call autumn market  balance between customer demand and supply availability is critical factor  cost pressures remain but mitigated by savings  operating margins improved by volume weighting 30

US business review Peter Johnson Group Chief Executive

US housing market continued healthy economic data…  Employment  240,000+ new jobs in July, 169,000 in August  unemployment at four-year low  Consumer confidence  up to in August (vs max 2004 and 2005)  30-year mortgage rates  5.71% - still near record lows 32

US housing market underpinned by demographics Source: CSFB % 63% 64% 65% 66% 67% 68% 69% 70% 71% E A homeownership rate of 70% in 2010 would imply the creation of c.1.28m households pa from , compared to the 800,000 created pa from US Homeownership rates 33

Morrison Homes H1 performance  More outlets open in continuing businesses  1 Jan = 89 outlets 1 Sep = 98 outlets Visitor rates per site Ave selling price Sales rates per site H1 2004H1 2005Change % $278,000$302,000+9% % 34

Financial summary Legal completions Revenue $m Ave selling price Operating profit $m Operating margin % H1 2004*H1 2005Change 1,7141,996+16% % $278,000$302,000+9% % 12.4%16.4%+4.0pp * restated for IAS 35

Margin performance  Margins above these levels in sales proceeding  Implied operating margin LPEs year to date = 16.5%  H1 cost inflation c.7% annualised (Source: CSFB)  Some labour and material shortages in strongest markets Gross margin Operating margin 27.1% 16.4% 24.0% 12.4% H1 2005H pp +4.0pp Change 36

Land  Land in place for growth in 2006 and largely in place for 2007  Good regional balance Plots owned / under option Plots controlled Total landbank 19,661 3,058 22,719 18,892 2,687 21,579 17,456 2,606 20,062 Jun 05Dec 04Jun 04 Net additions (plots, last 6 months) Land spend $m (last 6 months) 2, , ,

Progress on strategy: four platforms for growth  Focus on growing markets  major beneficiaries of underlying trends  Establish satellites in neighbouring markets  land in place to support 2006 growth in Reno, Ft Myers and Daytona Beach  Product development  continued success of townhome product  Performance improvement in Texas and exit from Atlanta  Texas completions + sales proceeding up 53% in H1  Atlanta exit largely complete 38

Morrison Homes markets major beneficiaries of underlying trends California Florida Texas Arizona Colorado TOTAL Total US Morrison Markets ,947 32% Job Growth last 12 mths Rank % SF Permits H Rank 000s 39

Morrison Homes markets major beneficiaries of underlying trends California Florida Texas Arizona Colorado TOTAL Total US Morrison Markets ,947 32% Job Growth last 12 mths Rank % SF Permits H Rank 000s 1,004 1, ,450 Morrison completions last 12 mths 40

Progress on strategy: four platforms for growth  Focus on growing markets  major beneficiaries of underlying trends  Establish satellites in neighbouring markets  land in place to support 2006 growth in Reno, Ft Myers and Daytona Beach  Product development  continued success of townhome product  Performance improvement in Texas and exit from Atlanta  Texas completions + sales proceeding up 53% in H1  Atlanta exit largely complete 41

Summary  Excellent first half performance  visitor levels, sales rates, selling prices all up  Strongly placed for second half  94% sold or completed for 2005  order book margins and prices above first half  volumes may be held back by materials shortages  Well-positioned for continued growth  land already in place to support continuing volume growth in 2006 and largely in place for

Strategy and outlook Peter Johnson Group Chief Executive

Strategy Market background UK  underpinned by continuing supply shortfall  price growth likely to be limited  opportunities at lower price points US  underpinned by demographics and economy  remains strong with wide regional variations  will come off peak but remain at historically high levels 44

Strategy UK - focus remains on volume growth  plans in place to deliver through  expanding existing regions  new Laing regions  new George Wimpey satellites  Government initiatives offer potential for new business  implementation depends on market and land prices US - sustained volume growth  “four platforms” growth plan in place  land and detailed business plans in place to support growth  these plans could deliver 10,000 unit business within 5 years 45

Outlook UK  current sales rates ahead of same period 2004  premature to draw conclusions on autumn market  if sales rates sustained, full year total volumes similar to 2004  by 1 September 90% completed or in order book  margins in order book below first half actuals US  visitor and sales rates remaining strong  full year volumes still expected to be up c.10%  small volume risk from materials and labour shortages  by 1 September 94% completed or in order book  margins and prices in order book above first half actuals 46

George Wimpey Plc Interim Results for the 26 weeks to 3 July 2005 APPENDIX

Impact of IAS Balance sheet ,1362,1431,7671,771 (240)(244)(147)(151) (94)(103)(63)(69) Fixed assets & JVs Land Land creditors Other current assets* Tax & provisions IASUK GAAPIASUK GAAP H1 2005H (145)-(129)- Net pension deficit / SSAP 24 prepaid 2,2482,3841,9082,032 TOTAL NET ASSETS EMPLOYED £m *Primarily elimination of interim dividend for IAS

Group reservations GWUK private GWUK affordable GWUK TOTAL US TOTAL GROUP TOTAL 5,936 1,201 7,137 2,804 9,941 6, ,476 2,932 10, H H ReservationsAve sites Per outlet / per week H H H H

H H H full year GWUK - turnover analysis Private - volume ave price £000s 4,1544,6436,63111, turnover £m ,2762,181 Affordable - volume ave price £000s turnover £m Other turnover TOTAL £m ,3492,301 50

GWUK - margin analysis Gross profit £m Gross margin % Selling expenses £m Overhead costs £m OPERATING PROFIT £m Operating margin % % (40.5) (56.5) % % (36.2) (57.6) % % (39.8) (59.4) % % (76.0) (117.0) % H H1 2004* H2 2004* 2004 full year* 51 * restated for IAS

GWUK - PD product mix H H H full year Apartments 2 / 3 bed houses 34%29%32%31% 32%29%35%32% 4 / 5 bed houses34%42%33%37% 100 Completions % 52

GWUK - PD price mix £0 – 50k08 £51 – 100k £101 – 150k £151 – 200k £201 – 250k £251 – 300k £301 – 500k £500k H1 2005H Total4,1544,643 0% 4% 30% 32% 19% 8% 6% 1% 100% 0% 7% 29% 30% 18% 7% 8% 1% 100% Completions% % 53

GWUK - PD activity analysis Ave house size sqft Ave selling price £ / sqft H full year 1,0691, H , H ,

GWUK - PD geographic mix Legals H1 2005H Legals Size sqft ASP £000 Size sqft ASP £000 Legals H Size sqft ASP £000 North Midlands South Laing 1,2051, ,4591, , ,5931, , ,0551, , , ,1231, , , , City Total 4,1541, ,6431, ,6311,

GWUK - landbank by region Owned and controlled plots June 2005 June 2004 Long term acres June 2005 June 2004 North Midlands South Laing 15,55515,630 12,36012,147 16,64816,078 6,2584,648 4,7844,908 5,3295,497 6,2187, City3,5592,398-- Total54,38050,90116,33118,125 56

GWUK - short term land H H H full year OWNED - Start of period Net additions 37,22233,55934,19133,559 7,1385,72510,17015,895 Legal completions(4,576)(5,093)(7,139)(12,232) End of period CONTROLLED 39,78434,19137,222 14,59616,71013,897 TOTAL LANDBANK54,38050,90151,119 57

GWUK - owned land Plots H H Plots Cost per plot £k Value £m Opening landbank 33, ,497 37, ,698 Additions 5, , Completions (5,093)(44.6)(227) (4,576)(47.9)(219) End of period 34, ,542 39, ,852 Short term Cost per plot £k Value £m Long term AcresValue £m AcresValue £m End of period 18, ,

H H H full year Morrison Homes - turnover analysis Volume Ave selling price $000s 1,9961,7142,7084, Turnover $m ,277 Other turnover TOTAL $m ,290 59

Morrison Homes - margin analysis Gross profit $m Gross margin % Selling expenses $m Overhead costs $m OPERATING PROFIT $m Operating margin % % (31.6) (34.8) % % (26.7) (29.4) % % (37.3) (35.2) % % (64.0) (64.6) % H H1 2004* H2 2004* 2004 full year* 60 * restated for IAS

Morrison Homes - price mix $0 – 200k $201 – 250k $251 – 300k $301 – 350k $351 – 400k $401 – 450k17275 $451 – 500k12820 $500k H1 2005H Total1,9961,714 19% 20% 17% 13% 11% 9% 6% 5% 100% 20% 26% 19% 16% 11% 4% 1% 3% 100% Completions% % 61

Morrison Homes - activity analysis Ave house size sqft Ave selling price $ / sqft H full year 2,4092, H , H ,

Morrison Homes - geographic mix H H H full year West Southeast , ,2762,092 Southwest ,200 TOTAL 1,9961,7142,7084,422 West Southeast Southwest TOTAL Average selling price Completions 63

Morrison Homes - regional performance Turnover H $m H $m West Southeast Southwest Corporate Total H $m H $m (6.0) Operating profit* 60.3 Operating margin H % H % 21.0% 11.6% 8.0% % (10.6) % 14.8% 11.3% % 64 * restated for IAS

Morrison Homes - short term land H H H full year Start of period Net additions 18,89215,30417,45615,304 2,7653,8664,1448,010 Legal completions (1,996)(1,714)(2,708)(4,422) End of period 19,66117,45618,892 3,0582,6062,687 TOTAL LAND BANK 22,71920,06221,579 LAND SPEND $m OWNED AND OPTIONS CONTROLLED 65