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

2. Group Overview Peter Johnson Group Chief Executive

3. 2005 results £m Tax Profit before tax Dividend cover DPS NAV per share EPS 366.5437.6- 16% 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 437.5497.5- 12% Turnover 3,003.22,976.0+ 1% 20052004*Change

4. 2005 completions and prices 10,678- 5%£188,600- 2%UK private 1,422+ 48%£98,600+ 10%UK affordable 12,100- 1%£178,000- 4%UK total 4,921+ 11%$312,700+ 8%US total 17,021+ 2%GROUP TOTAL NoChange£ / $Change CompletionsAve selling price 4

5. Turnover £m Operating profit Operating margin* Change £m Change 20052004 UK US Other TOTAL 2,157.6- 5%278.0- 32%12.9% 845.5+ 21%169.4+ 65% 18.0% 14.7% 20.0% 0.1-(9.9)- 33% 3,003.2+ 1%437.5- 12% Segmental analysis *Exchange rate in 2005 $/£=1.82, 2004 $/£=1.83 *UK operating profits stated after charging £5m of restructuring costs 5

6. Balance sheet financing 6 Shareholders’ funds £m Net debt £m Capital employed £m Gearing Interest cover - reported Interest cover - underlying ROACE 1,544.41,331.4 521.9520.9 2,066.31,852.3 34%39% 6.2x8.3x 8.8x10.4x 22.3%28.9% Dec 2005 Dec 2004 * restated for IFRS

7. US Business Review

8. 5 year review: Morrison Homes Completions Operating margin % Operating profit* $m Turnover* $m ASP $ 2004 2005 2001 2002 2003 1,277.3188.314.7%4,422289,000 1,538.8308.320.0%4,921313,000 687.766.49.7%2,900238,000 804.780.710.0%3,197252,000 988.3118.612.0%3,661270,000 CAGR 22.3%46.8%--7.1% 8 * restated for IFRS and land sales

9. Some industry comparisons : Company Est PBT margins 2005 asp 2005 increase % US GAAP $000 % Toll Brothers 21.6 654 13 NVR 21.0 376 13 Morrison 18.5 313 8 Standard Pacific 17.6 352 -6 DR Horton 17.0263 9 Hovnanian 16.7319 14 Pulte 15.8 316 10 Ryland 15.6274 9 Centex 14.4 297 10 Beazer 12.227117 Estimates from broker reports 9

10. 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

11. Landbank in place to deliver growth 11

12. UK Business Review

13. 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 1,422958 £188,600£193,400 2,157.62,277.9 21.5%26.1% 278.0409.4 12.9%18.0% 20052004*

14. 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

15. 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 2006+  Underperformers addressed: withdrawal from high-rise  Better H1/H2 volume balance 15

16. Landbank North Midlands 16,447 13,878 5,112 4,662 2005200420052004 Owned and controlled plots Strategic acres 18,615 11,882 4,934 5,529 TOTAL 50,98514,16951,11917,571 16 South 20,66020,6227,1084,395

17. Summary and Outlook

18. 5 year review 18 Group completions PBT £m Net worth £m Dividends per share Gearing 17,02116,654 16,57016,91714,437 366.5437.6 1,544.41,331.4 17.6p16.0p 34%39% 450.7378.2285.9152.0 1,439.11,168.4944.6783.3 16.0p 36% 12.25p 45% 9.1p 40% 8.25p 49% 20052004 200320022001 IASUK GAAP  Profits increased by 141%  Dividends annual growth rate 21%  Balance sheet strengthened

19. 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

20. 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

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

22. Outcome of Proxy Voting John Robinson Chairman

23. 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

24. 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

25. 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

26. 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

27. 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

28. 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

29. 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

30. 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

31. 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

32. 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

33. 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

34. 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

35. 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

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