George Wimpey Plc Annual General Meeting 2006 The Royal College of Physicians Thursday 20 April 2006

Group Overview Peter Johnson Group Chief Executive

2005 results £m Tax Profit before tax Dividend cover DPS NAV per share EPS % 17.6p16.0p+ 10% 3.7x4.9x- 64.3p78.4p- 18% 389p340p+ 14% 31% - 3 * restated for IFRS and land sales Interest (71.0)(59.9)+ 19% Operating profit % Turnover 3,003.22, % *Change

2005 completions and prices 10,678- 5%£188,600- 2%UK private 1, %£98, %UK affordable 12,100- 1%£178,000- 4%UK total 4, %$312,700+ 8%US total 17,021+ 2%GROUP TOTAL NoChange£ / $Change CompletionsAve selling price 4

Turnover £m Operating profit Operating margin* Change £m Change UK US Other TOTAL 2, % %12.9% % % 18.0% 14.7% 20.0% 0.1-(9.9)- 33% 3, % % Segmental analysis *Exchange rate in 2005 $/£=1.82, 2004 $/£=1.83 *UK operating profits stated after charging £5m of restructuring costs 5

Balance sheet financing 6 Shareholders’ funds £m Net debt £m Capital employed £m Gearing Interest cover - reported Interest cover - underlying ROACE 1,544.41, ,066.31, %39% 6.2x8.3x 8.8x10.4x 22.3%28.9% Dec 2005 Dec 2004 * restated for IFRS

US Business Review

5 year review: Morrison Homes Completions Operating margin % Operating profit* $m Turnover* $m ASP $ , %4,422289,000 1, %4,921313, %2,900238, %3,197252, %3,661270,000 CAGR 22.3%46.8%--7.1% 8 * restated for IFRS and land sales

Some industry comparisons : Company Est PBT margins 2005 asp 2005 increase % US GAAP $000 % Toll Brothers NVR Morrison Standard Pacific DR Horton Hovnanian Pulte Ryland Centex Beazer Estimates from broker reports 9

Successful growth strategy  Focus on growth markets  Morrison markets account for 45% of job growth, 49% of population growth and 38% of 2005 H2 SF permits  Growth through satellites  3 satellites started in 2001 produced >20% 2005 completions  Growth through product development  Townhomes 12% Florida completions  Addressing underperforming businesses  Atlanta exited  Texas completions +47%, order book +55%  Strong landbank 10

Landbank in place to deliver growth 11

UK Business Review

2005 financial summary * restated for IFRS and land sales 13 Total completions Private completions Affordable completions Private ASP Total turnover £m Gross margin % Operating profit £m Operating margin % 12,100 10,678 12,232 11,274 1, £188,600£193,400 2,157.62, %26.1% %18.0% *

Causes of margin reduction  Selling prices  tough market: total transactions down 17%, 28% H1  change in mix: affordable housing, smaller homes/more flats  weak southern market  short order book  Short land bank: rapid unwinding of “stock profits”  Rising costs: esp energy related materials  Underperforming businesses and sites  Heavy second half volume weighting 14

Actions to improve margins  Strengthen sales position, processes and management  order book + 33% at 1 January,  southern markets first to recover  Acquisition of larger sites on better terms  Programme to drive down build and overhead costs  £ 20m cost savings achieved in 2005  organisation structure rationalised: two brands retained  plan for ongoing reduction in build costs in  Underperformers addressed: withdrawal from high-rise  Better H1/H2 volume balance 15

Landbank North Midlands 16,447 13,878 5,112 4, Owned and controlled plots Strategic acres 18,615 11,882 4,934 5,529 TOTAL 50,98514,16951,11917, South 20,66020,6227,1084,395

Summary and Outlook

5 year review 18 Group completions PBT £m Net worth £m Dividends per share Gearing 17,02116,654 16,57016,91714, ,544.41, p16.0p 34%39% ,439.11, p 36% 12.25p 45% 9.1p 40% 8.25p 49% IASUK GAAP  Profits increased by 141%  Dividends annual growth rate 21%  Balance sheet strengthened

Group outlook  US  economy projected to remain healthy  strong forward order book at start of year  total market projected to be down ~8%  return to use of incentives in most markets  Morrison located in markets with continuing employment growth  UK  market recovery has continued, esp in south  further cost saving opportunities identified and in place  strong forward order book starting to reduce use of incentives  prices moving up on selected sites 19

Summary  US growth strategy paid off in 2005  Morrison Homes outperformed in a strong market  But is facing tougher market conditions in 2006  UK results in 2005 affected by short land bank, weak market (esp in south) and some underperforming businesses  Weaknesses have been addressed, the forward land position is stronger and the market is improving, esp in the south  UK soundly based to rebalance volumes in H1 and begin to rebuild margins in stable and improved market in H2 20

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

Outcome of Proxy Voting John Robinson Chairman

Proxy vote for Resolution 1 Resolution 1: TO RECEIVE THE DIRECTORS’ REPORT AND ACCOUNTS Total votes 275,763,846 Votes in favour 272,133,325 Against 548,880 Abstentions 3,081,641 23

Proxy vote for Resolution 2 Resolution 2: TO APPROVE A DIVIDEND Total votes 275,763,846 Votes in favour 275,493,232 Against 0 Abstentions 270,614 24

Proxy vote for Resolution 3 Resolution 3: TO REAPPOINT JOHN ROBINSON Total votes 275,763,846 Votes in favour 273,199,986 Against 2,166,111 Abstentions 397,749 25

Proxy vote for Resolution 4 Resolution 4: TO REAPPOINT DAVID WILLIAMS Total votes 275,763,846 Votes in favour 275,345,414 Against 21,258 Abstentions 397,174 26

Proxy vote for Resolution 5 Resolution 5: TO REAPPOINT ANTHONY READING Total votes 275,763,846 Votes in favour 275,344,879 Against 20,591 Abstentions 398,376 27

Proxy vote for Resolution 6 Resolution 6: TO REAPPOINT ROBERT SHARPE Total votes 275,763,846 Votes in favour 275,338,628 Against 29,092 Abstentions 396,126 28

Proxy vote for Resolution 7 Resolution 7: TO REAPPOINT STEVE PARKER Total votes 275,763,846 Votes in favour 275,306,199 Against 180,892 Abstentions 276,755 29

Proxy vote for Resolution 8 Resolution 8: TO REAPPOINT PRICEWATERHOUSECOOPERS LLP AS AUDITORS Total votes 275,763,846 Votes in favour 275,105,847 Against 383,644 Abstentions 274,355 30

Proxy vote for Resolution 9 Resolution 9: TO GIVE THE DIRECTORS AUTHORITY TO ALLOT SHARES Total votes 275,763,846 Votes in favour 270,148,691 Against 5,335,313 Abstentions 279,842 31

Proxy vote for Resolution 10 Resolution 10: TO DISAPPLY PRE-EMPTION RIGHTS Total votes 275,763,846 Votes in favour 274,026,752 Against 1,713,196 Abstentions 23,898 32

Proxy vote for Resolution 11 Resolution 11: TO EMPOWER THE COMPANY TO MAKE MARKET PURCHASES OF ITS SHARES Total votes 275,763,846 Votes in favour 275,275,227 Against 207,538 Abstentions 281,081 33

Proxy vote for Resolution 12 Resolution 12: TO APPROVE THE REMUNERATION REPORT OF THE COMPANY Total votes 275,763,846 Votes in favour 268,310,278 Against 1,200,082 Abstentions 6,253,486 34

Proxy vote for Resolution 13 Resolution 13: TO AMEND THE ARTICLES OF ASSOCIATION CONCERNING DIRECTORS’ INDEMNITIES Total votes 275,763,846 Votes in favour 275,399,120 Against 53,154 Abstentions 311,572 35

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