Disclaimer This presentation is being made only to and is directed at (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the "Order") or (b) any other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1)of the Order (all such persons being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this presentation or any of its comments. The financial information set out in this document does not constitute the Company's statutory accounts. Statutory accounts for 2002, which received an auditors' report that was unqualified and did not contain any statement concerning accounting records or failure to obtain necessary information and explanations, have been filed with the Registrar of Companies.

George Wimpey Plc Interim Results for the half year ended 30 June 2003 Wednesday 30 July 2003

Welcome John Robinson Chairman

Agenda  Introduction Peter Johnson  H1 Financial ReviewAndrew Carr-Locke  UK Business ReviewKeith Cushen  US Business ReviewPeter Johnson  Summary and OutlookPeter Johnson

Introduction Peter Johnson Group Chief Executive

Highlights  A strong set of H1 results in both UK and US.  Operating profit:George Wimpey core business up 26% £12m contribution from Laing in line with expectations Morrison up 64% in dollar terms  Operating margins increased ahead of plan  from 11.4% to 16.5% in George Wimpey UK  from 8.5% to 11.1% in Morrison Homes  Full year outlook around top end of market expectations  strong order books in both UK and US  improved land positions in both UK and US  Confidence reflected in strengthened dividend policy 7

H financial review Andrew Carr-Locke Group Finance Director

H Change Turnover Operating profit Interest charge Profit before tax Earnings per share Dividend per share ROACE* 1,017+4% % (19.2)+32% % 15.7p+43% 3.2p+19% 21.2% £m First half results H , (25.3) p 3.8p 24.1% *Last 12 months, before exceptionals 9

Turnover £m Operating profit 1 Operating margin 1 Change £m Change H H George Wimpey Laing Homes Morrison Homes 2 Group TOTAL 691 (13)% % 16.5%11.4% % % % 11.1%8.5% - - (6) - 1,059 +4% % Segmental analysis 1 After fair value items 2 Exchange rate in 2002 $/£=1.45, 2003 $/£= See appendix: (vii) (viii) (xvi) (xxi) (xxii)

Completions NoChange£ / $Change Ave selling price GW PD GW social 1 Laing PD Laing social UK total US total GROUP TOTAL 4,125 (22)% £163, % 245 (49)% £75, % £331, £102, ,689 (19)% 1, % $266,000 +9% 6,210 (13)% First half completions 1 Includes contract partnership 11 See appendix: (vii) (xvi) (xxi)

Strengthened dividend policy  Over past two years earnings growth of 40% p.a. has been achieved compared with dividend growth of 10% p.a.  UK restructuring has created a strong business now delivering improved results  A high degree of political and economic uncertainty reduced  UK outlook sound, US outlook good  margins risen to industry levels  strong forward order books  Confidence in continued earnings growth reflected in revised dividend policy enhancing long term value for shareholders  ensuring prudent balance sheet structure  enhancing dividend growth rate to reduce cover over time 12

Operating profit Land spend Acquisitions Land realisations Other working capital Tax Funding costs CASH OUTFLOW BEFORE FINANCING H H (482)(237) (120)(85) (157)(17) (54)(25) (34)(28) (445)(43) £m Cash flow summary 13

June 2003 June 2002 Fixed assets Land Other current assets Tax and provisions Deferred consideration TOTAL NET ASSETS ,6421, (66)(43) (92)(161) 1,8341,249 £m Balance sheet - net assets 14 Land creditors(168)(164) See appendix: (iv)

£m Analysis of increase in assets in last 12 months 1 Net of creditors 2 Net of creditors, since acquisition 15 McAlpine payments Investment in land 1 Investment in WIP Acquisition payments Other working capital Investment in land Sub-total TOTAL 163 George Wimpey Laing Homes Morrison Homes Corporate Sub-total Investment in land 2 Other mainly exchange Sub-total (23) (10) (6) 585

June 2003 June 2002 Shareholder’s funds £m Net debt £m Capital employed £m 1, ,8341,249 Gearing Interest cover* 79%50% 8.5x6.6x Underlying interest cover* net of imputed interest 10.5x9.5x Balance sheet - financing *Last 12 months, before exceptionals 16 See appendix: (iv)

Land owned and controlled PD and social housing Total land value £m 1,2091,133 Short term plots 42,56242,303 Controlled plots 11,95712,515 Short term landbank in years , ,32512,536 2,7511, GW June 2003 June 2002 June 2003 June 2002 LaingMorrison June 2003 June Owned plots 30,60529,7883,214-12,57410,636 See appendix: (xii) (xiii) (xiv) (xix) (xxiv)

Financial summary  Group PBT +42% despite reduction in UK first half volumes  Operating margins H to H1 2003:  George Wimpey 11.4% to 16.5%  Morrison Homes 8.5% to 11.1%  Dividend  increase in dividend growth reflects confidence in the future and commitment to reduce dividend cover over time  Increased gearing (debt/equity) to 79%  Improved interest cover, underlying cover increased from 9.5x to 10.5x 18

UK business review Keith Cushen Chief Executive, George Wimpey UK

George WimpeyLaing Homes H H Legal completions Turnover £m PD ave selling price Operating profit £m Operating margin* 4,3705, £163,000£140, %11.4% 319 £331, % 20 Financial summary * after fair value items See appendix: (vi) (vii) (viii) (xi)

Highlights  Restructuring now complete  common approach across all businesses  strong management team in place  continuous improvement the order of the day  Land bought earlier in the year and on better terms  to accommodate lengthier planning process  to deliver 2004/2005 outlets  >90% of 2004 plots now in place  and continuing to buy land at improving margins  Business well in control of costs  both materials and labour costs remain stable  cost lessons of PPG3 learnt and reflected in current practices 21

UK housing market  Short term factors  affordability - interest rates lowest since 1955  high employment - continued job creation in public sector  Long term factors  demand - population growth, immigration, ageing population  supply - restricted by planning regime  continued housing shortfall, c.40,000 units in 2002  House price inflation returning to sustainable levels  still experiencing increases in the north  moderate increases in the midlands  levelling off in the south 22

UK Options Total UK options turnover £21.2 million +24%  Laing Homes only recently introduced - opportunity for the future  First Regional Options Centre in Edinburgh - £9,500 per customer  two new centres to be opened in 2003, a further three in 2004  Improving services offered to customers making it even easier to buy a George Wimpey home - financial services joint venture established 23 Revenue per plot £9,133 George Wimpey£4,860 Laing Homes£3,565 Low:GW Midland£2,865 Average: High:GW East London

George Wimpey

Visitors per site per week Sales per week Visitors per site per week Sales per week Visitors per site per week Sales per week 2003 a ‘normal’ market GW H H H  Average weekly visitors above 2002  very strong in the North  H sales per outlet slightly behind H  North and Midlands above last year  certain markets in south remain behind 2002  for whole of core business, sales rates experienced in June and July ahead of 2002  Incentives remain at ‘normal’ levels  at week 29 use of P/X and APP at lowest levels ytd 25

George Wimpey sales rates Week no Sales per week per site

H £m % to sales £m % to sales H Gross profit Fair value items Overhead costs % % % % (72.8) 10.5% (70.7) 8.9% Operating profit before fair value items Operating profit after fair value items % % % % Margin reconciliation 27 See appendix: (viii)

Land purchase margins 28 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% H1 2000H2 2000H1 2001H2 2001H1 2002H2 2002H PBIT%

Landbank  Land being bought earlier in the year to allow for extra planning time  time taken to gain planning approval has increased by a third in past two years  George Wimpey have continued to buy land in the right locations at the right price  as promised strategic landbank now delivering land into short term landbank 29 H % landbank H North Midlands South 31% 35% 34% 32% See appendix: (xii) (xiii) (xiv)

SAS Headquarters Hereford  September 2000: Site identified as mixed-use site in local plan LPE drawn up  March 2001: site purchased unconditionally for £5.75 million  500 plots anticipated  assumed value with planning permission £12 million  July 2002  outline planning granted for 160 units subject to S106 agreement  S106 agreement expected to be complete by end of August 2003  September 2003: demolition planned to start, infrastructure construction commencing October 2003  September 2003 outline consent for remainder of site expected 30

H % completions from: H H Apartments 1 & 2 bed houses 3 bed houses 4 & 5 bed houses 21% 8% 26% 45% 18% 10% 26% 46% 9% 13% 26% 52% 31 Product mix  Impact of PPG3: increase in apartments, attached and 3 storey products  increase in coverage c.12,000 sqft per acre - 17,000 sqft per acre  changing dynamics of business, different process, build and sales programme  still broad spread  54% brownfield completions H See appendix: (ix)

Laing Homes

33 In line with expectations  Laing Homes benefiting from George Wimpey business improvement experiences in benchmarking and sharing best practice  Immediate integration plans complete  removal of centralised functions and overhead  Cost savings analysis now complete - savings being implemented in  homestyle  sales and marketing  procurement  overheads  standard detailing  £10 million on target for 2004  Increased investment in land, being acquired on improved margins  Experienced management team retained after acquisition

Market conditions  All price points selling equally  Visitor rates similar to 2002  Sales rates down on 2002  Investors starting to return  June and July ahead of 2002 for both visitors and sales < Nov / Dec Total % PD completions £000 H % See appendix: (xvii)

35 Platform for growth  Programme of land investment since acquisition  100% of plots for 2004 now owned or controlled  70% of plots for 2005 now owned or controlled  Land now being purchased at better margins  increased hurdle rates, coming in line with George Wimpey  Potential for increased options revenue  learning from shared experiences with George Wimpey and Morrison  Operating margins targeted to return to historic levels (c.16%) over time  Improving trend in visitor and sales rates

UK summary

37 We have created a strong business  Simple strategy for improvement over past 2 1 / 2 years  created the right business structure  introduced strong discipline of cost control  delivered significant sustainable improvement in operating margin ahead of plan  acquired Laing Homes premium brand  improved customer focus to provide opportunities for the future  received 30% of NHBC ‘Pride in the Job’ awards  Combined George Wimpey and Laing Homes order book >£1bn  outlets at June 2003 in line with June 2002  targeting H volumes for H2 2003

US business review Peter Johnson

US housing market Positive outlook for US housing and Morrison markets, in particular: Short term factors  continuing low 30-year mortgage rates  job and income growth predicted for H  NAHB predicts record new homes sales in 2003, just under 1m units  Florida and California staying strong; Texas, Phoenix picking up Long term factors  demand set to remain high (~1m SF houses) until at least 2020  record 9 million 1990’s immigrants entering house ownership market  echo baby boomers - 60m births 1979 to also entering market  ageing population with record home ownership - up to 68%  continuing job and retirement migration to south and west 39

Immigration and birth rates ,035,039 2,515,479 3,321,677 7,338,062 9,095,417 4,493, ,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000, 's1950's1960's1970's1980's1990's No. immigrants 2,500,000 2,700,000 2,900,000 3,100,000 3,300,000 3,500,000 3,700,000 3,900,000 4,100,000 4,300,000 4,500,000 No. births ImmigrantsBirth Rate Baby Boom Echo Boom 40

Financial summary 41 Legal completions Revenue $m Ave selling price Operating profit $m Operating margin % H1 2003H % change 1,5211,325+15% % $266,000$245,000+9% % pp See appendix: (xxi) (xxii)

Margin reconciliation 42 H $m % to sales $m % to sales H Gross profit Selling expenses Overhead costs % % (23.9) (5.9)% (20.3) (6.2)% (24.7) (6.0)% (21.8) (6.7)% OPERATING PROFIT % % See appendix: (xxii)

Profit growth underpinned  Outlet numbers broadly level, but improved sales rates  H1 volume up 15%  order book c.$440m; >85% of years completions in hand  San Antonio exited; improvement plans in place in Dallas and Atlanta  poor outlets being sold out  new sites at better margins  asset levels reduced until performance is improved  Land acquired at improved margins to meet 2004 volume growth  c.90% of 2004 plots in hand to deliver further volume growth  options and higher asset turn limit cash required to sustain growth 43

Summary and outlook Peter Johnson

Next steps Actions taken provide platform for growth in 2003 and beyond  George Wimpey operating margins at sustainable levels  costs well under control in a low-inflation environment  land programme in place to allow steady growth in UK volumes  longer term profit growth from Laing Homes cost reduction programme and improved land purchase terms  ongoing growth in options and options related income  Morrison well-placed to sustain strong volume and profit growth 45

Outlook  Market conditions remain healthy in both UK and US  Encouraging recent sales rates in both markets  UK  GW order book and current sales at margins similar to H1  H2 volumes likely to be similar to or slightly ahead of H  Laing Homes 2003 full year results expected to be in line with 2002  Morrison Homes  strong order book and current sales support full year volume growth  order book and current sales at margins similar to H1 The Board is confident of achieving full year results around the top end of market expectations 46

Appendix To interim results presentation for half year to 30 June July 2003

H1 2003H Operating profit Interest charge (25.3)(19.2) Profit before tax Interest cover last 12 months x6.6x £m Published results ii

Operating profit Land spend Acquisitions and disposals Land realisations Other working capital Tax Funding costs CASH OUTFLOW BEFORE FINANCING H H (482)(237) (120)(85) (157)(17) (54)(25) (34)(28) (445)(43) £m Cash flow summary iii

Balance sheet Shareholders funds Net debt CAPITAL EMPLOYED Fixed assets Land Other current assets Deferred Tax Tax and provisions Deferred consideration ASSETS EMPLOYED Gearing Shareholder’s funds 1, ,8341, ,6421, (82)(59) (92)(161) 1,8341,249 79%50% 268p222p June 2003 June 2002 £m iv Land creditors (168)(164)

GW social Sales H Ave sites Per outlet / per week H H H H H World-wide sales GW PD Laing PD Laing social UK TOTAL 6,3717, ,2347, US TOTAL GROUP TOTAL 1,9381, ,1729, v

H H H full year Ave house size sqft 1,0561,0621,0581,059 Ave selling price £ / sqft George Wimpey - PD completions analysis vi

H H H full year George Wimpey - turnover analysis PD - volume ave price £000s 4,1255,2986,84712, turnover £m ,0521,796 Partnership* - volume ave price £000s , turnover £m Other turnover mainly land sales TOTAL £m ,1371,930 * includes contracting partnership vii

H H H full year George Wimpey - margin analysis Gross margin % Gross profit £m Selling expenses £m(29.8)(27.8)(29.1)(56.9) Overhead costs £m OPERATING PROFIT £m (43.0)(42.9)(47.4)(90.3) Operating margin % Fair value items (FVI) £m OP MARGIN % before FVI viii

H H H full year George Wimpey - product mix Flats 1 & 2 bedroom houses bed semi / terraced19 3 bed detached 4 & 5 bedroom houses % ix

H H H full year % completions by price £000s x George Wimpey - price mix

North Midlands South Total George Wimpey - geographic mix xi Legals H1 2003H Legals Size sqft ASP £000 1,5091, ,8861, ,5281, ,8431, ,0881, ,5691, ,1251, ,2981, Size sqft ASP £000 Legals H ,4281, ,3241, ,0951, ,8471, Size sqft ASP £000

Owned and controlled plots June 2003 June 2002 North Midlands South Total 13,31114,344 14,81114,533 14,44013,426 42,56242,303 Long term acres June* 2003 June ,9905,847 5,5323,822 8,3226,631 18,84416,300 George Wimpey - land xii * includes transfer of Laing Homes’ long term acres

H H H full year George Wimpey - short term land xiii Start of period Net additions 29,53632,34829,78832,348 5,1942,7386,5959,333 Legal completions(4,125)(5,298)(6,847)(12,145) End of period CONTROLLED 30,60529,78829,536 11,95712,51511,396 TOTAL LANDBANK42,56242,30340,932 OWNED

Plots H1 2003H Plots Cost per plot £k Value £m Opening landbank 29, ,02532, ,062 Net additions 5, , Legal completions (4,125)(37.5)(155)(5,298)(35.9)(190) End of period 30, ,09929, ,020 Cost per plot £k Value £m George Wimpey - owned land xiv

H full year Ave house size sqft 1,3171,138 Ave selling price £ / sqft Laing Homes - PD completions analysis xv

H H H full year Laing Homes - turnover analysis PD - volume ave price £000s , turnover £m Social- volume ave price £000s turnover £m Other turnover mainly land sales TOTAL £m xvi

H full year Flats 3 bed & 5 bed Completions % Laing Homes - product mix xvii

xviii TOTAL H % 2002 full year % , £ 000s Laing Homes - price mix

June 2003 Dec 2002 Owned Controlled 3,2142, TOTAL LANDBANK 4,1263,613 Laing Homes - land xix Plots

Ave house size sqft H H H full year 2,3442,3932,4172,407 Ave selling price $ / sqft Morrison Homes - PD completions analysis xx

H H H full year Morrison Homes - turnover analysis PD - volume ave price $000s 1,5211,3251,8723, turnover $m Other turnover5202 TOTAL $m xxi

H H H full year Morrison Homes - margin analysis Gross margin % Gross profit $m Selling expenses $m(23.9)(20.3)(26.9)(47.2) Overhead costs $m OPERATING PROFIT $m (24.7)(21.8)(26.3)(48.1) Operating margin % xxii

Morrison Homes - regional performance Turnover H $m H $m West Southeast Southwest 7753 Corporate -- Total H $m H $m (5.1)(5.6) Operating profit Operating margin H % H % xxiii

H H H full year Morrison Homes - short term land Start of period Net additions 11,79610,16010,63610,160 2,2991,8013,0324,833 Legal completions (1,521)(1,325)(1,872)(3,197) End of period CONTROLLED 12,57410,63611,796 2,7511,9001,643 TOTAL LAND BANK 15,32512,53613,439 LAND SPEND $m OWNED AND OPTIONS xxiv

West Southeast H H H full year , ,541 Southwest Morrison Homes - legal completions xxv TOTAL 1,5211,3251,8723,197

West Southeast H H H full year Southwest Morrison Homes - average selling price xxvi TOTAL $ 000s