2. Interim Results for half year ended 30 June 2002 Wednesday 4 September 2002

3. Agenda WelcomeJohn Robinson IntroductionPeter Johnson H1 financial review Andrew Carr-Locke UK business reviewKeith Cushen US business reviewPeter Johnson Next steps and outlookPeter Johnson 2

4. Our objectives today: to demonstrate that  the actions taken over the past 21 months are bearing fruit  the UK restructuring programme is complete  the cost base is much improved  the landbank is getting into good shape  the culture is transformed  Morrison Homes goes from strength to strength  George Wimpey Plc has potential for significant further profit growth  results for 2002 are likely to be well ahead of market expectations 3

5. 2002 H1 financial review Andrew Carr-Locke Group Finance Director

6. First half results º restated for FRS 19 * before June 2001 exceptional items of £14.2m 2002 1st half 1,018 105.5 % change + 44 + 59 2001 1st half ° 707 66.2 Revenue £ m Operating profit * £ m 86.3 15.7 3.2 + 63 + 56 + 10 53.1 10.1 2.9 Earnings per share * p Dividend per share p Profit before tax * £ m Interest charge £ m(19.2)(13.1)+ 47 ROACE % 21.216.8 5

7. Segmental analysis £ m % change£ m % change 2001 1st half 2002 1st half 793 225 1,018 + 6890.5 + 2519.1 (4.1) + 59105.5 + 55 + 19 + 44 US ˜ GROUP UK Corporate 10.511.4 8.18.5 9.410.4 RevenueOperating profit *Operating margin ‘ % * before exceptionals ‘ after fair value adjustments ˜ exchange rate in 2002 $/£=1.45 6

8. First half completions No % change‘000 % change 5,298 405 + 19£140 + 4£63 + 27 + 71UK - social UK - pd 5,703+ 30 UK - total CompletionsAverage selling price 7,028+ 27 GROUP 1,325+ 4$245+ 16US 7

9. UK margin analysis £m % to sales£m % to sales 161.2 21.2 108.720.3Gross profit 2002 1st half2001 1st half (70.7)10.7(54.7)8.9Overhead costs 90.510.554.011.4Operating profit after FVIs 5.7--0.7Fair value items Operating profit before FVIs 96.212.154.010.5 8

10. Impact of FRS 19 86.3 (27.6) 32 15.6 38.9 (8.8) 23 - 2002 1st half 2001 1st half previously published 2001 1st half restated 38.9 (12.4) 32 30.6 Profit before tax £ m Tax £ m Tax rate % Balance sheet tax asset £ m 9

11. UK pensions  1999 valuation £47 m surplus  actuarial valuation £45 m deficit on unchanged assumptions  actuarial valuation £74 m deficit on conservative assumptions  defined benefit scheme -  closed to new members from 1 January 2002  benefits/contributions modified from 1 January 2003 following consultation  2002 SSAP 24 charge £13 m as expected in March 10

12. Cash flow highlights 2002 106 (237) 2001 52 (261) Operating profit after exceptionals (85)(15)Acquisitions (25) (28) (43) (14) (30) (181) Tax CASH OUTFLOW BEFORE FINANCING Funding costs Land spend 243 (17) 148 (61) Land realisations Other working capital £ m 11

13. Balance sheet capital employed 2002 June 2001 June £ m 2318 1,093 337 16 (59) 831 305 31 (50) Deferred consideration ASSETS EMPLOYED Fixed assets Land (net of creditors) Other current assets Tax and provisions Deferred tax (161) 1,249 0 1,135 12

14. Balance sheet financing 2002 June 833 416 1,249 2001 June 725 410 1,135 Shareholders funds Interest cover (times) Gearing Net debt £ m Capital employed £ m £ m 50% 5.5 57% 5.1 Interest cover (times) net of imputed interest 8.2 5.1 13

15. Land owned and controlled ‡ at 12 month build rate Total land value £ m Short term land bank in years ‡ Short term plots Plot change since prior December June 2002 1,133 42,303 + 1,736 3.3 June 2001 790 31,920 - 1,530 3.0 June 2002 120 12,536 + 301 4.1 June 2001 116 11,500 + 1,530 4.1 UKUS 14

16. Financial summary  UK operating margin † increased from 10.5% to 12.1%  Group PBT* up 63% to £86 m  gearing 50% vs 57%  interest cover 8 times before imputed McAlpine charge  12 month ROACE up to 21.2% from 16.8%  12 month ROE up to 18.4% from 15.0% * before exceptionals † before fair value adjustments 15

17. UK business performance Keith Cushen George Wimpey UK Managing Director

18. Financial summary + 30 + 55 + 19 + 68 4,9974,398 532512 109118 54.454.0 10.210.5 5,703 793 140 90.5 12.1 ASP £000 Completions Operating margin * % Revenue £ m Operating profit £ m 2001 - 2002 1st half % change 2000 1st half 2001 1st half 2002 1st half 2001 full year 11,537 1,406 123 173.6 12.4 * Before Fair Value Items 17

19. Market and sales  national market strong throughout H1  benefit of additional outlets from McAlpine acquisition  visitor levels 33% higher than H1 2001  first half selling rates increased by 12%  limited exposure to Central London  <4% of George Wimpey sales to buy-to-let 18

20. Restructuring complete  £40 m overhead savings following integration of Wimpey Homes and McLean Homes and acquisition of McAlpine Homes fully achieved  £20 m of build cost savings identified and in hand  majority now on track to be achieved in 2002  new organisation structure in place for whole of H1 2002  Wimpey Homes, McLean Homes and McAlpine Homes now fully integrated and benefits being achieved ahead of expectations 19

21. McAlpine Homes fully integrated  build time being reduced from 24 weeks to George Wimpey standard 13 - 15 weeks  high inherited levels of work in progress reduced  large range of McAlpine house types being rationalised  George Wimpey processes introduced  house types being value engineered  prefabricated components introduced, eg: -floor and joist sets -plastic plumbing -door sets  options being introduced to continuing sites 20

22. Restructuring plus McAlpine transforming the business  short term landbank refocused  better balance of prime and secondary locations  land purchased in H1 2002 sustains new geographic mix  average selling price up 19% to £140,000  15% of sales in H1 in excess of £200,000  land purchased in H1 2002 supports higher priced products  >90% of land requirements for 2003 now met  land now being bought at significantly better margins 21

23. Land repositioning Midlands North South 3.3 years42,303 plotsLandbank at June 2002 49% 19% 42% 22% 32%36% Dec 2000 Dec 2001 41% 22% 37% June 2002 Owned and controlled plots 28% 35% 37% 1st half 2002 LPE approved plots 34% 29% 37% 1st half 2001 22

24. Restructuring plus McAlpine transforming the business  short term landbank refocused  better balance of prime and secondary locations  land purchased in H1 2002 sustains new geographic mix  average selling price up 19% to £140,000  15% of sales in H1 in excess of £200,000  land purchased in H1 2002 supports higher priced products  >90% of land requirements for 2003 now met  land now being bought at significantly better margins 23

25. Selling price increase % change + 30 + 1 + 18 + 19 + 55 2002 1st half 5,703 1,062 132.3 140 793 2001 1st half 4,398 1,051 112.6 118 512 Completions TURNOVER £ m Average square footage per unit Average selling price £ per square foot Average selling price per unit £000 24

26. Restructuring plus McAlpine transforming the business  short term landbank refocused  better balance of prime and secondary locations  land purchased in H1 2002 sustains new geographic mix  average selling price up 19% to £140,000  15% of sales in H1 in excess of £200,000  land purchased in H1 2002 supports higher priced products  >90% of land requirements for 2003 now met  land now being bought at significantly better margins 25

27. Land purchase margins 26

28. George Wimpey margin improvement plan Reducing costs  land being acquired on improved margins  benchmarking across all businesses driving cost improvement  purchasing efficiencies being achieved  value engineering reducing build costs  continued introduction of prefabricated components 27

29. George Wimpey margin improvement plan Increasing achieved selling prices  entry into higher priced product and locations  large increase in proportion of apartments sold  number of legals over £200,000 increased by 177%  development of customer options  new upgraded options marketing suites introduced  new products trialled and introduced  relationships with suppliers being developed  options introduced to ongoing McAlpine sites  average selling prices on order book >£153,000  up 23% on order book at August 2001 28

30. Product mix and price range 2000 1st half % 6 72 24 4 2002 1st half % 18 50 35 15 2001 1st half % 9 67 26 7 Completions from - apartments Completions > £200,000 14 1013 1 and 2 bed houses Completions £0 -125,000 Completions £125,000 - 200,000 29 26 3 bed houses 51 4652 4 + bed houses 29

31. George Wimpey margin improvement plan Increasing achieved selling prices  entry into higher priced product and locations  large increase in proportion of apartments sold  number of legals over £200,000 increased by 177%  development of customer options  new upgraded options marketing suites introduced  new products trialled and introduced  relationships with suppliers being developed  options introduced to ongoing McAlpine sites  average selling prices on order book >£153,000  up 23% on order book at August 2001 30

32. Options revenue per completion 3,717 1,690 3,224 + 13 - 2 3,295 Total George Wimpey Former George Wimpey outlets Former McAlpine outlets 2002 1st half £ % change 2001 1st half £ 17.1+ 2513.7TOTAL SALES REVENUE £ m 0 3,295 31

33. George Wimpey margin improvement plan Increasing achieved selling prices  entry into higher priced product and locations  large increase in proportion of apartments sold  number of legals over £200,000 increased by 177%  development of customer options  new upgraded options marketing suites introduced  new products trialled and introduced  relationships with suppliers being developed  options introduced to ongoing McAlpine sites  average selling prices on order book >£153,000  up 23% on order book at August 2001 32

34. George Wimpey average selling price 33

35. George Wimpey One business one brand  new brand developed to support single business focus on customer  new brand will be rolled out during H2 2002  all rebranding costs charged to H1 profits  new customer management and service procedures introduced to raise service levels to best in the industry 34

36. US business performance Peter Johnson Chief Executive

37. Financial summary + 16 + 20 + 4 + 25 9471,142 221272 224236 12.222.1 5.58.1 1,325 326 245 27.7 8.5 ASP $000 Legal completions Operating margin % Revenue $ m Operating profit $ m 2001 - 2002 1st half % change 2000 1st half 2001 1st half 2002 1st half 2001 full year 2,900 693 238 66.4 9.6 36

38. Market US economy  recovery slower and more uncertain than expected  unemployment has remained below 6% throughout H1 2002  30 year mortgage rate at a 32 year low of 6.22% US Housing market  2002 revised forecast stronger than anticipated  single family starts up 3.6% to ~1.32 million units  supported by strong underlying demographic trends Morrison Markets  Atlanta, Dallas and Phoenix markets affected by low net job growth  Florida and California markets strong throughout H1 37

39. Morrison Homes sales performance  average number of outlets up 22% on H1 2001  visitor levels up 54% on H1 2001  selling rate 10% down on very strong H1 2001  selling prices up 4% on H1 2001  average square foot unchanged  $ per square foot up from $98 to $102 38

40. Morrison Homes margin improvement plan  H1 margin 8.5% vs 2001 8.1% and 2000 5.5%  return on capital >20% for second year running  cost reduction/efficiency initiatives introduced  purchasing initiatives to benefit from regional strengths  house type value engineering introduced  systems improvement to reduce build times  strategy refocus to leverage existing overheads 39

41. Morrison Homes margin improvement plan  improved market offering  new products introduced into strong executive entry level market  continued development of customer options and services -extension of Signature Selection Centers -options up 3.6% to $24,200 per customer, 9.9% of sales -Morrison Financial Services and Title businesses expanded 40

42. Next steps Peter Johnson Chief Executive

43. Next steps  UK focus remains on long term margin growth rather than volume  UK margin growth from  improved land purchase terms  tight cost control  growth in higher price product  growth in options  US focus on margin and volume growth through expansion within existing markets  US business and future strategy to be presented by Morrison management team at investor seminar on 4 October 42

44. Outlook Peter Johnson Chief Executive

45. Outlook: current trading  visitor levels in July and August remain strong:  up 31% on 2001 in the UK  up 43% on 2001 in the US  the order book at the end of August is also very strong:  in the UK up 23% by volume and 50% by value on August 2001  the asp on the UK order book up 23% on August 2001 to > £153,000  in the US up 10% by volume and 19% by value on August 2001  the asp on the US order book up 8% on August 2001 to $261,000 44

46. Outlook  healthy conditions have continued in George Wimpey markets  affordability remains good and demand high in UK and US  visitor levels remain strong  costs remain under good control in both businesses  our forward order books are at record levels  current completions are showing improved margins  barring unforeseen events, the result for the year should be well ahead of current market forecasts 45

48. Appendix To Interim Results Presentation for half year to 30 June 2002 4 September 2002

49. Published results 2001 1st half 2002 1st half 66.2105.5 (13.1)(19.2) 53.186.3 (14.2)- 38.986.3 5.18.2 Operating profit before exceptionals Profit before tax Interest cover before exceptionals Interest charge Exceptionals £ m PBT before exceptionals 47

50. Cash flow highlights 2002 106 (237) 243 (17) (85) (25) (28) (43) 2001 52 (261) 148 (61) (15) (14) (30) (181) Operating Profit after Exceptionals Acquisitions Tax CASH OUTFLOW BEFORE FINANCING Funding Costs Land Spend Land Realisations Other Working Capital £m 48

51. Balance sheet 2002 June 833 416 1,249 23 2001 June 725 410 1,135 18 1,093 337 16 (59) 831 305 31 (50) Shareholders funds Deferred consideration ASSETS EMPLOYED Shareholders funds Gearing Net debt CAPITAL EMPLOYED Fixed assets £m Land (net of creditors) Other current assets Tax and provisions Deferred tax (161) 1,249 50% 222p 0 1,135 57% 195p 49

52. World-wide sales 7,597 284 7,881 1,884 9,765 271308 -- 271308 89109 360417 5,978 282 6,260 1,698 7,958 UK - total UK -pd GROUP UK - social US 2002 1st half 2001 1st half 2002 1st half 2001 1st half 2001 1st half 2002 1st half 0.850.95 -- -- 0.730.66 0.850.90 SalesAve sitesSelling rate per outlet / week 50

53. UK housing PD activity analysis 308 1,062 132.3 283277 1,0271,036 125.1118.2 271 1,051 112.6 Average selling price £ / sq ft Average number of sites Average house size sq ft 2002 1st half 2001 2nd half 2001 Year 2001 1st half 51

54. UK housing turnover analysis 2001 2nd half 2001 Year 6,768 10,929 125.1 122.6 847 1,339 381 608 60 61 23 37 24 30 1,406 894 2002 1st half 5,298 140.4 744 405 63 25 2001 1st half 4,161 118.3 492 237 60 14 24 793 6 512 PD - volume ave price £000 turnover £ m TOTAL £ m Other turnover (mainly land sales) ave price £000 turnover £ m Partnership - volume 52

55. UK housing margin analysis 2001 2nd half 2001 Year 20.120.5 179.7288.4 (22.1)(44.8) (38.0)(70.0) 119.6173.6 13.412.4 0.9 12.413.5 2002 1st half 20.3 161.2 (27.8) (42.9) 90.5 11.4 5.7 12.1 2001 1st half 21.2 108.7 (22.7) (32.0) 54.0 10.5 - Gross margin % OPERATING PROFIT £ m Operating margin % OP MARGIN % before FVI Fair value items (FVI) £ m Gross profit £ m Selling expenses £ m Overhead costs £ m 53

56. UK housing product mix 2001 2nd half % 2001 Year % 1211 12 19 88 4950 2002 1st half % 18 10 19 7 100 2001 1st half % 9 13 18 8 52 Flats 4 and 5 bedroom houses 1 and 2 bedroom houses 3 bed semi / terraced 3 bed detached 46 100 54

57. UK housing geographic mix 2002 1st half 12 28 24 25 100 2001 2nd half 2001 Year 13 3332 2122 23 10 2001 1st half 13 29 25 23 10 Scotland South West / Wales North Midlands South East 11 100 % LEGALS BY AREA 55

58. UK housing price mix 2002 1st half 1 10 20 2001 2nd half 2001 Year 02 15 2526 2001 1st half 3 15 29 0 - 50 51 - 75 76 - 100 % LEGALS BY PRICE £000 19 11 2322 1715 20 13126 - 150 101 - 125 17 888151 - 175 7 100 55 77 5 7 201 + 176 - 200 15 100 56

59. UK housing long term land 3,550 12,750 16,300 7888 2225 100113 22 78 100TOTAL Freehold Option 6531 3517 10048 2002 1st half2001 1st half Gross Acres% Value £ m% % Value £ m % Gross Acres 232,500 778,200 10010,700 57

60. UK housing short term land 2001 2nd half 2001 Year 23,860 24,000 15,256 19,277 (6,768) (10,929) 32,348 8,219 40,567 2002 1st half 32,348 2,738 (5,298) 29,788 12,515 42,303 2001 1st half 24,000 4,021 (4,141) 23,860 8,060 31,920 Start of period Controlled TOTAL LAND BANK Net additions Legal completions End of period OWNED PLOTS 58

61. UK housing land 32,34824,0001,06232.8 Opening land bank 2002 1st half2001 1st half Plots Value £ m Cost per plot £000 Value £ m Cost per plot £000 68828.7 (5,298) 29,788 (4,161)(190) 23,8601020 (35.9) 34.2 END OF PERIOD Legal completions (108)(26.0) 74231.1 4,139 (1,401) 4,040192 (19)(44) 46.4 (31.4) Land sales / LT land Additions 16741.3 (5)- 59

62. US housing PD activity analysis 109 2,393 102.4 10597 2,3562,372 101.4100.2 2002 1st half 2001 2nd half 2001 Year 2001 1st half 89 2,396 98.4 Average no of sites Average house size sq ft Average selling price $/sq ft 60

63. US housing turnover analysis 1,7582,900 2001 2nd half 2001 Year 239238 420689 14 421693 1,325 2002 1st half 2001 1st half 1,142PD - volume 245 324 236 269 ave price $000 turnover $ m 2 326 3 272 Other -$ m TOTAL$ m 61

64. US housing margin analysis 2001 2nd half 2001 Year 21.9 21.6 91.9 149.1 0.1 0.3 92.0 149.4 (25.0) (41.9) (22.7) (41.1) 44.3 66.4 9.6 10.5 2002 1st half 21.1 68.3 1.5 69.8 (20.3) (21.8) 2001 1st half 21.2 57.2 0.2 57.4 (16.9) (18.4) 27.7 8.5 22.1 8.1 PD -margin % Selling expenses $ m Overhead costs $ m Operating margin % OPERATING PROFIT $ m profit $ m Other - profit $ m TOTAL GROSS PROFIT $ m 62

65. US housing legals 535853 2001 2nd half 2001 Year 6661,048 298535 259464 1,7582,900 433 2002 1st half 2001 1st half 318Western US 509 219 382 237 Florida Texas 164 1,325 205 1,142 Georgia TOTAL 63

66. US housing short term land 2002 1st half 10,160 1,801 (1,325) 10,636 1900 12,536 2001 2nd half 2001 Year 9,8608,330 2,0584,730 (1,758)(2,900) 10,160 2,075 12,235 2001 1st half 8,330 2,672 (1,142) 9,860 1,640 11,500 56 65132 67 Owned start of period Controlled TOTAL LAND BANK LAND SPEND $ m net additions legal completions end of period 64