1. Preliminary Results Presentation – September 20071 Preliminary Results Presentation, Year to 30 th June 2007 Greg Fitzgerald - Chief Executive Frank Nelson - Finance Director Stephen Teagle - Affordable Housing Director

2. Preliminary Results Presentation – September 20072 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 2005 (the “Order”) or (b) any other persons to who it may otherwise lawfully be communicated, falling within Article 49(2) 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 2006, 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. Disclaimer

3. Preliminary Results Presentation – September 20073 Agenda Key Highlights Financial Review Operating Review Initiatives for the Future Summary and Outlook Regeneration Photo The Village, St Austell, Cornwall

4. Preliminary Results Presentation – September 20074 Key Highlights

5. Preliminary Results Presentation – September 20075 Key Highlights Profits substantially ahead of last year Gearing significantly below forecast Forward order book in construction maintained Strong in-hand sales position Land bank increased, resulting from success in regeneration

6. Preliminary Results Presentation – September 20076 Key Highlights Significant expansion of Affordable Housing and Regeneration activity Morrison and Chartdale acquisitions performing ahead of expectations Acquisition of Linden Pension legacy addressed Momentum in all divisions facilitating further growth

7. Preliminary Results Presentation – September 20077 New Structure Key Highlights

8. Preliminary Results Presentation – September 20078 Financial Overview

9. Preliminary Results Presentation – September 20079 Financial Overview Group revenue £1.4bn, up 65% Profit before tax Pre exceptional £53m, up 63% Post exceptional £60.2m, up 75% Earnings per share Pre exceptional 12.5p, up 29% Post exceptional 14.3p, up 32% Dividend 3p, up 20% Highlights

10. Preliminary Results Presentation – September 200710 Highlights Financial Overview Net debt £99m – strong construction performance Profit from operations (excluding Linden) up by 43% Return on average shareholders’ funds of 28% Pre exceptional tax charge reduced to 27.9% (post exceptional 27.6%) 5 year banking facility of £450m Progressing significant joint venture with HBOS

11. Preliminary Results Presentation – September 200711 Income Statement Financial Overview 20072006 £m Revenue1,409.7854.1 Profit from operations*62.838.3 JV interest and tax(0.3) Profit before finance costs, amortisation and exceptionals62.538.0 Intangibles amortisation(1.4) (0.5) Profit before exceptionals and finance costs61.137.5 Net finance costs(8.1) (5.0) Profit before exceptionals53.032.5 Exceptional items - £7.2m - property rationalisation3.9 - pensions, actuarial gain5.2- - restructuring costs(1.9) Profit before tax60.234.5 * Profit from operations is stated before finance costs, exceptional items, amortisation and share of joint ventures’ interest and tax

12. Preliminary Results Presentation – September 200712 Segmental Analysis to 30 th June 2007 – Primary Operating Profit Revenue (including JVs) £m Profit/(Loss) £m 200720062007 2006 Building667.012.3 Infrastructure410.79.8 Construction1077.7628.822.113.2 PPP Investments3.50.9(1.1)(1.6) Housebuilding345.9223.848.932.1 Group1.10.6(7.1)(5.4) 1,428.2854.162.8*38.3* Intangibles amortisation(1.4)(0.5) Less JV interest and tax(0.3) Net interest payable(8.1)(5.0) Profit before exceptionals53.032.5 Exceptional items7.22.0 Profit before tax60.234.5 * Profit from operations Financial Overview

13. Preliminary Results Presentation – September 200713 Segmental Analysis to 30 th June 2007 – Profit Before Tax Revenue (including JVs) £m Profit/(Loss) £m 200720062007 2006 Building667.015.7 Infrastructure410.710.5 Construction1,077.7628.826.214.5 PPP Investments3.50.9(1.4)(1.7) Housebuilding345.9223.826.420.7 Group1.10.63.5(0.2) 1,428.2854.154.7*33.3* Intangibles amortisation(1.4)(0.5) Less JV interest and tax(0.3) Profit before exceptionals53.032.5 Exceptional items7.22.0 Profit before tax60.234.5 * Management estimate of interest allocation Financial Overview

14. Preliminary Results Presentation – September 200714 Segmental Analysis to 30 th June 2007 – Operating Profit including Affordable Housing and Regeneration Revenue (including JVs) £m Profit/(Loss) £m 200720062007 2006 Building580.111.0 Infrastructure410.79.8 Construction990.8584.120.811.8 PPP Investments3.50.9(1.1)(1.6) Affordable Housing & Regeneration128.467.66.13.8 Housebuilding304.4200.944.129.7 Group1.10.6(7.1)(5.4) 1,428.2854.162.8*38.3* Intangibles amortisation(1.4)(0.5) Less JV interest and tax(0.3) Net interest payable(8.1)(5.0) Profit before exceptionals53.032.5 Exceptional items7.22.0 Profit before tax60.234.5 *Profit from operations Financial Overview

15. Preliminary Results Presentation – September 200715 Segmental Analysis to 30 th June 2007 - PBT including Affordable Housing and Regeneration Revenue (including JVs) £m Profit/(Loss) £m 200720062007 2006 Building580.114.0 Infrastructure410.710.5 Construction990.8584.124.512.9 PPP Investments3.50.9(1.4)(1.7) Affordable Housing & Regeneration128.467.64.32.8 Housebuilding304.4200.923.819.5 Group1.10.63.5(0.2) 1,428.2854.154.7*33.3* Intangibles amortisation(1.4)(0.5) Less JV interest and tax(0.3) Profit before exceptionals53.032.5 Exceptional items7.22.0 Profit before tax60.234.5 Financial Overview *Management estimate of interest allocation

16. Preliminary Results Presentation – September 200716 Financial Overview Share of the Cake – Net Profits 20062007 Excludes Group and PPP Investments

17. Preliminary Results Presentation – September 200717 Finance Costs Financial Overview 20072006 £m Finance Costs - Net interest payable1.61.9 - On unwinding of discount on creditors5.12.4 - Net return on asset of pension fund0.7 - Other0.7- Finance Costs8.15.0

18. Preliminary Results Presentation – September 200718 Balance Sheet Highlights Financial Overview 20072006 Shareholders’ funds £m306.6*120.1* Net (debt)/cash £m(98.7)16.0 Gearing32%N/A Interest cover - total (IFRS)8 x - bank23 x17 x Land £m547.6208.5 Work in progress £m157.374.1 Land creditors £m(145.5)(56.6) Deferred payment – Linden & Chartdale £m(43.9)(36.5) * Includes £18m net pension deficit (2006: £33m)

19. Preliminary Results Presentation – September 200719 2007 £m 2006 £m Operating cash flow10.418.2 Interest, tax and dividends(25.4)(19.8) Net proceeds from issue of shares147.048.8 Acquisitions (net of cash acquired)40.1(24.8) Repayment of borrowings acquired(261.0)- Proceeds from sale of fixed assets *19.611.1 Capital expenditure and investments(4.7)(3.3) Other(40.7)(1.8) Net cash (outflow)/inflow(114.7)28.4 Opening net cash/(debt)16.0(12.4) Closing net (debt)/cash(98.7)16.0 Cash Flow Summary Financial Overview * Includes proceeds from sale and leasebacks

20. Preliminary Results Presentation – September 200720 Linden Acquisition Financial Overview Linden Fair Value Pre-Acquisition* £m Fair Value £m Intangibles-11.1 Fixed Assets6.49.8 Developments272.6321.6 Other Assets26.6 Net Debt(159.8) Liabilities(105.7)(139.7) Deferred Tax(0.9)(11.0) Net Assets Acquired39.258.6 Goodwill52.2 110.8 Transaction Costs(2.3) Consideration108.5* Accounting in line with estimates at acquisition date *Deferred consideration of £13m

21. Preliminary Results Presentation – September 200721 Operating Review - Building

22. Preliminary Results Presentation – September 200722 Operating Review - Building All business units exceeded budget 84% of work secured for current year Further penetration of commercial market New FM business set up Key Highlights SABMiller, Woking

23. Preliminary Results Presentation – September 200723 Operating Review - Building Northern operation now fully established Progress on Highland and Northampton schools on track Recruitment of quality staff is challenging Market conditions remain strong Key Highlights Royal Northern College of Music, Manchester

24. Preliminary Results Presentation – September 200724 Forward Order Book £m SectorsTotal Health128.1 Education180.7 Prisons150.2 Commercial305.2 Interiors12.8 Other124.5 901.5 Operating Review - Building Excludes Affordable Housing

25. Preliminary Results Presentation – September 200725 Operating Review - Infrastructure

26. Preliminary Results Presentation – September 200726 Operating Review - Infrastructure Delivering upper quartile returns 85% of work secured for current year Creation of transport business from highways and rail activities Expanding geographical coverage through integration Key Highlights Handsacre Rail Project, Trent Valley

27. Preliminary Results Presentation – September 200727 Operating Review - Infrastructure Development of microrenewables capability New Framework wins including Environment Agency Good progress on Whitelee and Olympic contracts Excellent customer satisfaction results Buoyant market conditions Key Highlights Biosolids Treatment Works, Kings Lynn

28. Preliminary Results Presentation – September 200728 Operating Review - Infrastructure Forward Order Book £m SectorsTotal Water568.9 Highways217.0 Flood Alleviation107.3 Rail40.0 Waterways20.3 Remediation97.0 Communications10.7 Renewable Energy38.5 International21.3 Ground Engineering1.9 1,122.9

29. Preliminary Results Presentation – September 200729 Operating Review - Investments

30. Preliminary Results Presentation – September 200730 Operating Review - Investments Integration complete, optimising complementary skills Achieved financial close on SE Essex LIFT Preferred bidder on St Andrews Community Hospital Shortlisted on Birmingham Schools BSF Good pipeline of future projects New equity model in place Updated Directors’ Valuation Key Highlights Gaelic Primary School, Inverness

31. Preliminary Results Presentation – September 200731 Operating Review - Affordable Housing and Regeneration Stephen Teagle – Affordable Housing Director

32. Preliminary Results Presentation – September 200732 The Market Operating Review - Affordable Housing and Regeneration Increased public investment to improve supply Major releases of public sector land Broadening market engagement by Government Regeneration funding driving R&D in housing Estate regeneration displacing decent homes investment Hybrid GT model attractive to market Green Paper – Gun Wharf, Plymouth

33. Preliminary Results Presentation – September 200733 Operating Review - Affordable Housing and Regeneration New Photo Key Highlights - Regeneration Established dedicated team Expertise and capability aligned with market Secured 6 regeneration sites from EP (1,883 plots) Shortlisted on 2 further EP sites (530 plots) Further joint ventures (980 plots) with RSLs on estate regeneration First JV with National Grid Mixed use schemes being delivered across Group Yarborough Estate, Grimsby

34. Preliminary Results Presentation – September 200734 Operating Review - Affordable Housing and Regeneration Key Highlights – Affordable Frameworks with 25 RSLs Pre-qualified for National Grant Programme 08-11 Significant enhanced revenues achieved Early involvement in S106 negotiations Average selling price 06/07 £133k National Award winner

35. Preliminary Results Presentation – September 200735 Key Statistics - including Joint Ventures Operating Review - Affordable Housing and Regeneration 12 months to June 2007 20072006Increase % Units96058066% Revenue £m1286890% Profit from operations £m6.13.861% Margin %4.8%5.6%- In hand position August 07 £m18713440% Land bank August 07 units3,600976269%

36. Preliminary Results Presentation – September 200736 Operating Review - Affordable Housing and Regeneration New Photo Summary and Outlook Significant regeneration opportunities Further business focus to deliver growth Capitalise on operational synergies Access Government funding direct Emphasis on enhancing affordable margins Buoyant market with strong growth prospects Union Road, London

37. Preliminary Results Presentation – September 200737 Operating Review - Housebuilding

38. Preliminary Results Presentation – September 200738 Record Year Secured first housing development in Scotland National House Builder of the Year Acquisition of Linden Homes Consolidated position as Top Ten Housebuilder All business units re-branded Industry leading customer satisfaction Key Highlights Operating Review - Housebuilding

39. Preliminary Results Presentation – September 200739 Operating Review - Housebuilding Key Statistics - including Joint Ventures 12 months to June 2007 20072006Increase % Units1,21185442% Average Selling Price £0002392323% Income per sq. ft £2282242% Revenue £m30420151% Profit from operations £m44.129.748% Margin %14.5%14.8%- ROCE *19.5%20.8%- In hand position August 07 £m24397151% Land bank August 07 units7,600 3,139142% Strategic land August 07 acres1,508625141% * Includes private housing, S106 and regeneration (excluding contracting)

40. Preliminary Results Presentation – September 200740 Linden Acquisition Integration ahead of schedule Re-organisation costs in line with expectation Synergy savings and best practice ahead of forecast Linden London Developments established Merged business exceeding expectations Linden management fully integrated into enlarged business Fusion, Woking, Surrey Operating Review - Housebuilding

41. Preliminary Results Presentation – September 200741 Market Outlook Watercolour, Redhill, Surrey Operating Review - Housebuilding Challenging market with encouraging sales during summer Incentive levels within budgeted allowances Part exchange remains under control Little exposure to consortium sites Planning process continues to be difficult Increased land bank gives greater visibility

42. Preliminary Results Presentation – September 200742 Initiatives for the Future

43. Preliminary Results Presentation – September 200743 Initiatives Harness Group purchasing power Speculative housing in Scotland Development of microrenewable expertise Mixed tenure development in Partnerships Expand Facilities Management capability Strategic equity participation in PFI schemes Improved Incentive Scheme Initiatives for the Future Tesco, Welwyn Garden City

44. Preliminary Results Presentation – September 200744 Summary and Outlook

45. Preliminary Results Presentation – September 200745 Summary and Outlook Top 10 contractor and housebuilder All divisions performing well within challenging or strong market conditions Major focus on Affordable and Regeneration Housing Successful integration of major acquisitions Increased land bank providing greater flexibility and visibility Management team further strengthened Significant investment for the future Strong cash generation Confidence in 2007/08

46. Preliminary Results Presentation – September 200746 Preliminary Results Presentation Year to 30 th June 2007

47. Preliminary Results Presentation – September 200747 Appendix 1 Office Locations

48. Preliminary Results Presentation – September 200748 Appendix 2 Affordable Housing and Regeneration The combined Affordable Housing and Regeneration profit centre will comprise all turnover and profit from three sources: CONTRACTING 100% of affordable housing contracting Currently undertaken primarily by GT Partnerships, but also Midas and Stamford. ENABLING 100% of affordable housing Section 106 units  This includes all planning obligations arising from spec schemes where affordable housing comprises < 50%. This is irrespective of the contractual arrangements, or whether schemes are delivered via RSLs or the private sector. REGENERATION Mixed tenure regeneration  When publicly commissioned, these developments are generally characterised by a level of affordable provision in excess of local planning policy; may require public gap funding to proceed; and are often on brownfield sites, surplus public land, or within more fragile housing markets. Mixed tenure regeneration schemes incorporate profits arising from all elements; spec and affordable and any additional mixed use. It includes - all schemes where affordable housing represents 50% or more of a development - all RSL or public joint venture schemes - all publicly commissioned schemes e.g., EP sites For the purpose of these definitions, First Time Buyer Initiative and other publicly commissioned housing is defined as Affordable. The use of the term Regeneration is intended to illustrate those schemes which, whilst incorporating speculative sales risk, provide a different business risk profile. Profit arising from land sales which meets these policy definitions will also be incorporated, based on unit numbers within the segment.

49. Preliminary Results Presentation – September 200749 Housebuilding - Operational Structure Mike Dempsey Midlands Brendan Blythe North Pat Feighery Southern Toby Ballard Western Ian Baker Mids, S & SW Bill Cawse South West Chris Coates South East Paul Cooper South East Tom Nicholson Chiltern Ian Ralston Thames V Appendix 3