1. George Wimpey Plc Annual General Meeting 2004 The Royal Aeronautical Society Thursday 22 April 2004

2. Group overview Peter Johnson Group Chief Executive

3. Share price performance re-based from Oct 2000 Jan 2001Jan 2002Jan 2003 50 100 150 200 250 300 350 George Wimpey Construction & Building MaterialsFTSE 100 Jan 2004 3

4. 2003 results Turnover Operating profit Interest Profit before tax 2,6002,879 +11% 330430 +30% (38)(52) +37% 286378 +32% Pre-exceptional EPS DPS Dividend cover 52.2p68.5p +31% 9.10p12.25p +35% 5.7x5.6x - 20022003 Change £m 4

5. Completions No Change £ / $ Change Ave selling price GW private GW social Laing private Laing social UK total US total GROUP TOTAL 11,228 -8% £167,900 +14% 585 -48% £78,800 +7% 975 N/A £315,000 N/A 121 N/A £109,000 N/A 12,909 -6% £174,200 +20% 3,661 +15% $270,000 +7% 16,570 -2% 2003 completions 5

6. 20022003 Shareholders’ funds £m Net debt £m Capital employed £m 9431,170 376529 1,3191,699 ROACE Gearing Interest cover 40%45% 8.7x8.3x 26.5%28.5% Balance sheet - financing 6

7. US Business Review

8. Financial summary 8 3,6613,197 +15% Legal completions $270,000$252,000 +7% Ave selling price $998m$806m +24% Turnover $119m$81m +47% Operating profit 11.9%10.0% +1.9pp Operating margin 20032002 Change

9. Completions Operating margin % Operating profit $m Turnover $m ASP $ 2003 1999 2000 2001 2002 99811911.9%3,661270,000 510418.1%2,586197,000 615538.6%2,638227,000 693669.6%2,900238,000 8068110.0%3,197252,000 Five year review 9

10. Land spend $m 203 Plots owned / under option 15,304 Plots controlled 1,663 Total landbank 16,967 11,796 1,643 13,439 173 20032002 10 Land  More than 25% increase in total landbank  All land in place for anticipated 2004 completions

11. 2003 highlights 11  Margin increased to 11.9%  New divisions in Jacksonville and Central Valley, N California  Options revenues approaching $100m - >10% of turnover  Morrison in top quartile of builders for customer satisfaction  Steve Parker appointed Chief Operating Officer

12. UK Business Review

13. George Wimpey 20032002 Financial summary Laing Homes 20032002 2 13 Total completions Turnover Private ASP Operating profit Operating margin 13,274 1 11,813 £1,930m£1,933m £147,900£167,900 £270m£330m 14.0%17.1% 1,4901,096 £399m£337m £276,000£315,200 £43m£42m 10.7%12.4% Private completions 12,14511,2281,286975 1 Restated to include social contract partnership completions 2 Laing 2002 full year pro forma numbers

14. Private Completions Operating margin % Operating profit £m Turnover £m ASP £ 1,93333017.1%11,228167,900 1,161988.4%11,63096,700 1,25414311.4%10,823112,500 1,40617412.4%10,929122,600 1,93027014.0%12,145147,900 Five year review for GW excluding Laing Homes 14 2003 1999 2000 2001 2002

15. Total completions Private ASP Landbank (plots) Regional businesses Landbank (years) Regional review 2003 13,526 £148,000 3,988 7 North 3.4 14,522 £159,000 4,242 8 Midlands 3.4 15,539 £203,000 3,583 8 South 4.3 15

16. 2003 highlights  Margins increased to 17.1% in George Wimpey and 12.4% in Laing  Laing integration well under way  organisation streamlined, costs reduced, land position improved  projected cost savings increased to at least £12m  Laing Homes will help sustain volume growth  Exposure to high price points remains limited ~90% < £250,000  Options revenues approaching £60m - new options centres open  MORI poll shows GW at top of industry customer satisfaction ratings  Peter Redfern has successfully stepped into Keith Cushen’s large role 16

17. The Barker Review  Identifies need for increased housing to meet household growth  Identifies planning as major cause of housing shortage  Recommends actions to increase housing supply  Recommends taxation of planning gain: not a tax on housebuilders  Implementation will be slow: George Wimpey fully involved in discussions  Longer term benefits in form of increasing volumes: will take time  Other recommendations - improved customer satisfaction, increased training, areas where George Wimpey is already industry leader 17

18. Summary and outlook

19. Highlights of 2003  Profit before tax up 30%  Margins increased across all businesses  George Wimpey up from 14% to 17.1%  Laing Homes up from 10.7% to 12.4%  Morrison Homes up from 10% to 11.9%  Return on Capital up from 26.5% to 28.5%  Year end gearing sound at 45%  Full year dividend up 35% to 12.25p; progressive policy confirmed  Land positions strengthened in all businesses 19

20. A good outlook for 2004...  Favourable political and economic climate  Barker review offers upside to growth and valuations  2004 budget did not impose feared taxation  affordability remains good  New outlets opening on plan  George Wimpey 56 new outlets opened by end of March  Laing Homes outlets open up around 10% on 2003  Morrison Homes 14 new outlets opened by end of March  A strong start to the year  visitor levels and reservations strong through week 16  completions / sales at margins in line with 2003 or better Board remains confident of further progress during 2004 20

21. Outcome of Proxy voting John Robinson Chairman

22. Proxy vote for Resolution 1 Resolution 1: TO RECEIVE THE DIRECTORS’ REPORT AND ACCOUNTS Total votes 222,396,315 Votes in favour 220,582,153 Against 398,731 Abstentions 1,415,431

23. Proxy vote for Resolution 2 Resolution 2: TO APPROVE THE DIVIDEND Total votes 222,396,315 Votes in favour 222,368,128 Against 674 Abstentions 27,513

24. Proxy vote for Resolution 3 Resolution 3: TO RE-ELECT MR J H ROBINSON Total votes 222,396,315 Votes in favour 216,823,747 Against 2,017,460 Abstentions 3,555,108

25. Proxy vote for Resolution 4 Resolution 4: TO RE-ELECT MR J M BLACKBURN Total votes 222,396,315 Votes in favour 221,595,008 Against 567,661 Abstentions 233,646

26. Proxy vote for Resolution 5 Resolution 5: TO RE-ELECT MR D M WILLIAMS Total votes 222,396,315 Votes in favour 221,590,960 Against 571,123 Abstentions 234,232

27. Proxy vote for Resolution 6 Resolution 6: TO RE-APPOINT BARONESS DEAN OF THORNTON-LE-FYLDE Total votes 222,396,315 Votes in favour 221,532,924 Against 607,374 Abstentions 256,017

28. Proxy vote for Resolution 7 Resolution 7: TO RE-APPOINT PRICEWATERHOUSECOOPERS AS AUDITORS Total votes 222,396,315 Votes in favour 221,410,288 Against 752,285 Abstentions 233,742

29. Proxy vote for Resolution 8 Resolution 8: TO ALLOT SHARES Total votes 222,396,315 Votes in favour 221,754,336 Against 591,441 Abstentions 50,538

30. Proxy vote for Resolution 9 Resolution 9: TO DISAPPLY PRE-EMPTION RIGHTS Total votes 222,396,315 Votes in favour 222,097,371 Against 34,993 Abstentions 263,951

31. Proxy vote for Resolution 10 Resolution 10: TO EMPOWER THE COMPANY TO MAKE MARKET PURCHASES OF ITS SHARES Total votes 222,396,315 Votes in favour 222,332,826 Against 16,828 Abstentions 46,661

32. Proxy vote for Resolution 11 Resolution 11: TO APPROVE THE REMUNERATION REPORT OF THE COMPANY Total votes 222,396,315 Votes in favour 200,176,062 Against 10,211,483 Abstentions 12,008,770

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