1. 1 George Wimpey Plc Interim Results for the half year ended 2 July 2006 1 August 2006

2. Interim Results for half year ended 2 July 2006 2 Disclaimer The information in this presentation does not constitute an offer to sell or an invitation to buy shares in George Wimpey Plc or any other invitation or inducement to engage in investment activities Past performance cannot be relied upon as a guide to future performance.

3. 3 Welcome and introduction John Robinson (Chairman)

4. Interim Results for half year ended 2 July 2006 4 Agenda Interim highlights / group strategyPeter Redfern Half 1 2006 financial reviewAndrew Carr-Locke US housing / UK housingPeter Redfern Group outlook Peter Redfern Questions and answers

5. 5 Interim highlights and strategy Peter Redfern (Group Chief Executive)

6. Interim Results for half year ended 2 July 2006 6 Interim highlights Group profit before tax £152.3m+ 25% Strong first half from Morrison Homes $125.3m PBIT + 23% Gearing reduced to 43% from 64% June 2005 Group completions increased to 7,822 – highest for 25 years Group landbank grown to 78,192 plots – strongest ever position Lowest UK plot acquisition cost since 2002 Improving margins in UK order book

7. Interim Results for half year ended 2 July 2006 7 Group strategy Objectives Focus on residential development in our two key markets –UK where supply demand balance underpins good market –US where demographic growth provides great opportunities Objective to be the leading housebuilder in the UK and in each of the regional markets we choose in the US Increase emphasis on ways of adding value –medium term margin growth and stability –value adding processes –steady volume growth

8. Interim Results for half year ended 2 July 2006 8 US housing Building a leading competitive business Existing strengths –positions in five states with excellent medium term prospects –a strong brand in Morrison Homes for quality –a delivery and growth culture –committed management team with a long term view Our goals are to –build on our regional positions to create regional leadership –continue to select the right markets for our business –take opportunity from market slow down to build business –increase focus on operating efficiency

9. Interim Results for half year ended 2 July 2006 9 UK housing Building a leading competitive position Existing strengths –large scale presence in most key markets –strong build cost and overhead base –lead position in customer service and build quality –committed management team with long term view Our goals are to –change the mix and source of land to reduce our real land cost –capitalise on our scale to become the leader in operating efficiency and effectiveness –operate with a longer term view

10. 10 H1 financial review Andrew Carr-Locke (Group Finance Director)

11. Interim Results for half year ended 2 July 2006 11 2006 First half results £mH1 2006H1 2005Change Turnover1,3971,169¹+ 19% Operating profit178.9157.2+ 14% Joint ventures(0.5)(0.7)– 29% Interest(26.1)(34.2)– 24% Profit before tax152.3122.3+ 25% Tax31.5%31.0% EPS26.3p21.5p+ 22% NAV per share405p348p+ 17% DPS6.3p5.7p+ 10.5% ROACE*20.2%22.7% *last 12 months ¹restated for change in land sales reporting

12. Interim Results for half year ended 2 July 2006 12 Segmental analysis First half 2006 TurnoverOperating profitOperating margin £mChange£mChangeH1 2006 H1 2005¹ UK1,031+ 22%115+ 7%11.2%12.7% US*366+ 14%70+ 28%19.1%16.9% Other-(6) TOTAL1,397+ 19%179+ 14% *exchange rate in 2006 £:$1.79. 2005 £:$1.87 ¹restated for change in land sales reporting

13. Interim Results for half year ended 2 July 2006 13 Completions First half 2006 CompletionsAve selling price NoChange£ / $Change UK private5,138+ 24%£187,200– 4% UK affordable716+ 70%£91,700+ 5% UK total5,854+ 28%£175,500– 5% US1,968– 1%$333,000+ 10% GROUP TOTAL7,822+ 19%

14. Interim Results for half year ended 2 July 2006 14 Interest charge £mH1 2006H1 2005Change Loans22.325.1– 11% Pensions3.94.2 – 7% Derivatives(3.1)1.3 Other3.03.6 – 17% TOTAL26.134.2 – 24%

15. Interim Results for half year ended 2 July 2006 15 Cash flow summary £mH1 2006H1 2005 Operating profit179157 Land realisations389284 Replacement land spend(353)(294) Other working capital movements(109)(134) Cash inflow before growth10613 Growth land spend(171)(208) Cash inflow from operations(65)(195) Interest / tax(83)(82) Dividends(46)(41) Exchange rate / other18(42) Increase in net debt(176)(360)

16. Interim Results for half year ended 2 July 2006 16 Balance sheet Net assets £m2 July 20063 July 2005 Fixed assets and joint ventures6345 Land2,2382,136 Land creditors(369)(240) Other net operating assets585546 Tax and provisions(92)(94) Net pension deficit(115)(145) TOTAL NET ASSETS EMPLOYED2,3102,248

17. Interim Results for half year ended 2 July 2006 17 Balance sheet Financing 2 July 20063 July 2005 Shareholders’ funds £m1,6121,367 Net debt £m698881 Capital employed £m2,3102,248 Gearing43%64% Interest cover last 12 months 7.3 x7.1 x Cash interest cover last 12 months 9.7 x9.4 x

18. Interim Results for half year ended 2 July 2006 18 Financial summary First half 2006 Group profit before tax £152.3 m + 25% UK operating profit£114.9 m + 7% US operating profit $125.3 m + 23% ROACE- last 12 months20.2% (2005: 22.7%) Gearing 43% (2005: 64%) Shareholders’ funds on June 2005 £1,612 m + 18% Interim dividend increased from 5.7p to 6.3p + 10.5%

19. 19 US housing Peter Redfern (Group Chief Executive)

20. Interim Results for half year ended 2 July 2006 20 US housing Financial summary H1 2006H1 2005Change Legal completions1,9681,996- 1% Ave selling price$333,000$302,000+ 10% Revenue $m655.5602.8+ 9% Operating profit $m125.3101.9+ 23% Operating margin19.1%16.9% Completions increased by 3% excluding Atlanta

21. Interim Results for half year ended 2 July 2006 21 Short term market conditions Total US stock position June 2006June 2005 Existing homes3.73 m2.65 m Months’ supply6.84.3 New homes0.57 m0.45 m Months’ supply6.14.2 Source: NAR / US Census Bureau High level of housing stock needs to clear –41% increase in existing home inventory –27% increase in new home inventory –4.5 – 5 months’ supply of new homes is healthy demand / supply balance Level varies significantly by region New homes includes homes completed, under construction and not yet started

22. Interim Results for half year ended 2 July 2006 22 Market conditions US 2006 Market strength affected by –steep price rises mid 2004 to October 2005 –media speculation about ‘crash’ –interest rate rises and concerns about future rises –significant reduction in investor sales Still a good long term environment –1.85 m new jobs added since May 2005 + 1.37% –136.4 m total employment market –4.6% unemployment - lowest level for 10 years –target of 70% home owners by 2010, 1.28 m new home owners per year

23. Interim Results for half year ended 2 July 2006 23 US housing Short term market impact Compared with H1 2005 –H1 visitor levels down 33% –H1 sales rates down by 33% –H1 net prices down by 2.5% A business of two parts –Florida, California, Phoenix slowing visitor levels and sales rates well down significant increase in cancellation rates incentives increased –Texas and Denver some strengthening visitor levels and sales rates well up incentives still necessary but at normal levels

24. Interim Results for half year ended 2 July 2006 24 US housing Average weekly sales rates

25. Interim Results for half year ended 2 July 2006 25 Managing the slowing market Sales Maintaining higher outlet numbers –outlets currently up 19% –driven by 20% increase in first half outlet openings and slower sales rates Presenting well structured incentives –reduce up front funding costs –targeted at local market conditions Continuous review and strengthening of sales people –new Sales and Marketing Director with extensive industry experience –retraining and refreshing of staff Careful management of order book

26. Interim Results for half year ended 2 July 2006 26 Overheads –review of overheads within all businesses –reducing headcount without affecting ability to grow in the future Procurement –purchasing function greater accountability for cost reductions –regional purchasing councils introduced –cost savings of 3 - 5% targeted from all suppliers –opportunities learnt from UK business Review of product and specification, particularly of lower end product Managing the slowing market Costs

27. Interim Results for half year ended 2 July 2006 27 Managing the slowing market Product and specification Affordability in many markets has become stretched –introduced townhomes into Florida in 2004 to address affordability issues Essential to stay in the core of the market with the right product Increase in higher density product across all divisions –townhomes being considered for Texas / California markets –low rise condominiums being considered for Florida –‘four pack’ higher density homes introduced in Sacramento Products redesigned to reduce costs without affecting appearance and appeal

28. Interim Results for half year ended 2 July 2006 28 US housing Cost of land acquired H1 2006Landbank Average plot cost$43,200$43,500 H1 20062005 full yr2004 full yr2003 full yr Cost per plot of land acquired$59,100$53,300$40,900$37,300 Cost per plot as % of ASP on completions17.8%17.0%14.2%13.8%

29. Interim Results for half year ended 2 July 2006 29 US housing Objectives Medium term aim to become ‘Top 3’ in each of our selected markets by –developing the right relationships –being selective about land –creating longer term land opportunities –having the right products in the right market segments Significant opportunity for regional scale - Morrison Homes 19 th largest housebuilder in 2005

30. Interim Results for half year ended 2 July 2006 30 US housing Going forward Remains difficult to predict market outcome for 2006 –visitor levels and sales rates below 2005 –completions for H2 expected to be below H2 2005 –margins and prices starting to reflect changing market conditions –order book for completions in 2006 at week 29 16% lower by volume and 13% lower by value Morrison business in good shape –strong land bank with good proportion of historical land cost –strong management team in centre and regions –opportunities for advantage from weaker market –focus on new operational efficiencies

31. 31 UK housing Peter Redfern (Group Chief Executive)

32. Interim Results for half year ended 2 July 2006 32 UK housing Financial summary H1 2006H1 2005Change Legal completions – total5,8544,576+ 28% Private5,1384,154+ 24% Affordable716422+ 70% Ave selling price – total£175,500£184,600– 5% Private£187,200£194,500– 4% Affordable£91,700£87,700+ 5% Revenue £m1,030.4846.6+ 22% Operating profit £m114.9107.4+ 7% Operating margin11.2%12.7%

33. Interim Results for half year ended 2 July 2006 33 Market conditions UK 2006 Market stable throughout period Buyer confidence improved from Q4 2005 onwards Affordability constraints in many areas –prices remain competitive Southern markets showing greatest strength George Wimpey performance benefiting from stronger order book and improved sales position Gross margins in order book up more than 1% on December

34. Interim Results for half year ended 2 July 2006 34 Update on actions taken in December 2005 Delivering on promises Now complete –addressed underperforming businesses –rationalised business structure to improve delivery and reduce overhead cost Continuous improvement building on H1 2006 progress –increasing margin –H1 / H2 volume balance –reducing build costs –land processes, people and culture

35. Interim Results for half year ended 2 July 2006 35 Increasing UK margins 30 June 2006 order book up more than 1% on 31 December 2005 Future improvement from –improving selling prices –continuous cost reduction –improvement in landbank Consistent rather than overnight improvement

36. Interim Results for half year ended 2 July 2006 36 H1 / H2 balance The benefits Reduces risk and volatility in earnings Improved cash position –increases land capacity –reduces need for stop start land acquisition Not hand to mouth on sales –reduces impact of discounting in run up to year end ‘Evenflow’ business gives efficiency in build costs and procurement Reduces management distraction from long term view of the business

37. Interim Results for half year ended 2 July 2006 37 UK housing Improving cost base Objective to achieve build cost reductions to more than offset inflation and regulation changes Net cost movement H1 2006 v H1 2005 – down 1% per plot Following £20 m cost savings delivered 2004/5 cost reduction process renewed –Director of Procurement appointed –brief to undertake complete review of our supply chain –new focus on sales costs where benchmarking shows opportunity –preferred house type designs increasingly used on new sites acquired

38. Interim Results for half year ended 2 July 2006 38 Strengthening land position Quality as well as quantity Objective to reduce real cost of land going forward Consistency of land acquisition approach – tougher process, not slower process Focus on ‘value added’ land rather than sourcing next year’s business Short term ‘retail land’ –existing strength within business –people and process in place Medium term ‘value added’ land –increased focus since late 2003 –people and processes in place –benefits starting to come through Longer term ‘value added’ land –new focus since early 2006

39. Interim Results for half year ended 2 July 2006 39 UK housing Source of owned and controlled landbank Optimum mix 40% short term 30% medium term 30% long term

40. Interim Results for half year ended 2 July 2006 40 UK housing Strengthened owned land position Cost per plotH1 2006H1 2005 Opening landbank£46,500£45,400 Acquired£43,800£52,200 Completions£50,100£47,700 Closing landbank£45,500£46,300 H1 2006 completions Landbank (owned plots) Ave selling price£175,500£179,900 Cost per plot£50,100£45,500 Land value % ASP28.5%25.3% Plot cost in landbank below that of completions Land value as % of ASP 3.2% lower in forward landbank

41. Interim Results for half year ended 2 July 2006 41 UK housing Cost of land acquired H1 20062005 full yr2004 full yr2003 full yr2002 full yr Cost per plot of land acquired£43,800£49,900£46,500£53,200£48,400 ASP on completions£175,500£178,000£185,300£174,300£145,600 Cost per plot as % of ASP on completions25.0%28.0%25.1%30.5%33.2%

42. Interim Results for half year ended 2 July 2006 42 UK housing Going forward Market conditions remain stable –visitor levels and sales rates at normal seasonal levels Completions for H2 expected to be similar to H2 2005 –total UK completions for 2006 expected to show some progress Margins in order book showing improvement on H1 Order book at week 29 –total order book up 5% by volume –private order book 8% by volume

43. 43 Group outlook Peter Redfern (Group Chief Executive)

44. Interim Results for half year ended 2 July 2006 44 George Wimpey Plc Outlook Group outcome for the year expected to be in line with our expectations US –long term fundamentals remain good, still difficult to predict outlook for full year –continue to strengthen regional positions for long term growth –short term focus on reducing costs optimising sales UK –market remains stable, completions expected to show progress on 2005 –focus on margin improvement strong sales performance improved land buying reducing costs Objective to be the leading housebuilder in the UK and regional markets we choose in the US

45. 45 George Wimpey Plc Interim Results for the half year ended 2 July 2006 APPENDIX

46. Interim Results for half year ended 2 July 2006 46 George Wimpey Plc Undeveloped land disposals £000sH1 2006H1 2005 Land sales UK16,19311,768 US1,8409,480 TOTAL18,03321,248 Profit UK10,6455,622 US-1,707 TOTAL10,6457,329 Land sales are not included in revenue. Profits on land sales are included in net operating expenses

47. Interim Results for half year ended 2 July 2006 47 George Wimpey Plc Group reservations ReservationsAve outletsPer outlet / per week H1 2006 H1 2005 H1 2006 H1 2005 H1 2006 H1 2005 UK private6,6935,9362863210.900.71 UK affordable5941,201 UK TOTAL7,2877,137 US TOTAL2,0482,804102940.771.16 GROUP TOTAL9,3359,941388414

48. Interim Results for half year ended 2 July 2006 48 UK housing Turnover analysis H1 2006H1 2005H2 20052005 full yr Private volume 5,1384,1546,52410,678 ASP £000s 187.2194.5184.8188.6 turnover £m 9628081,2062,014 Affordable volume 7164221,0001,422 ASP £000s 91.787.7103.398.6 turnover £m 6637103140 Other turnover £m 3224 TOTAL volume 5,8544,5767,52412,100 ASP £000s 175.5184.6174.0178.0 turnover £m 1,0318471,3112,158

49. Interim Results for half year ended 2 July 2006 49 UK housing Margin analysis H1 2006H1 2005H2 20052005 full yr Gross profit £m199.1198.6265.6464.2 Gross margin %19.3%23.5%20.3%21.5% Direct selling £m(43.0)(40.5)(45.7)(86.2) Overhead costs(51.8)(56.3)(58.3)(114.6) Land profits10.65.69.815.4 Operating profit £m114.9107.4171.4278.8 Operating margin %11.2%12.7%13.1%12.9% JV results(0.5)(0.7)(0.1)(0.8) Profit before interest114.4106.7171.3278.0

50. Interim Results for half year ended 2 July 2006 50 UK housing Private development product mix Completions %H1 2006H1 2005H2 20052005 full yr Apartments40%34%37%36% 1 / 2 / 3 bed houses31%32% 4 / 5 bed houses29%34%31%32% 100%

51. Interim Results for half year ended 2 July 2006 51 UK housing Private development activity analysis H1 2006H1 2005H2 20052005 full yr Ave house size sq ft 9711,015980994 ASP £ / sq ft 193192188189

52. Interim Results for half year ended 2 July 2006 52 UK housing Private development price mix H1 2006H1 2005 Completions% % £51 – 100k2475%1624% £101 – 150k1,68733%1,25030% £151 – 200k1,58431%1,32532% £201 – 250k85116%79219% £251 – 300k4278%3118% £301 – 500k3116%2686% £500k +311%461% TOTAL5,138100%4,154100%

53. Interim Results for half year ended 2 July 2006 53 UK housing Private development geographic mix H1 2006H1 2005H2 2005 LegalsSize sq ft ASP £000 LegalsSize sq ft ASP £000 LegalsSize sq ft ASP £000 North1,6941,0591681,4171,0531702,3961,037165 Midlands1,5479391691,1971,0081761,882937167 South1,7759502271,4611,0012312,138981222 City12273822279713242108473163 TOTAL5,1389711874,1541,0151956,524980185

54. Interim Results for half year ended 2 July 2006 54 UK housing Private development average weekly sales rates

55. Interim Results for half year ended 2 July 2006 55 UK housing Private development net sales prices on reservations

56. Interim Results for half year ended 2 July 2006 56 UK housing Landbank by region Owned and controlled plots Strategic acres June 2006June 2005June 2006June 2005 North16,27017,4394,9834,784 Midlands17,39612,0454,5325,329 South18,71821,3374,2506,218 City2,1333,559 TOTAL54,51754,38013,76516,331

57. Interim Results for half year ended 2 July 2006 57 UK housing Short term land (private and affordable) OWNEDH1 2006H1 2005H2 20052005 full yr Start of period39,44137,22239,78437,222 Net acquired8,1017,1387,18114,319 Legal completions(5,854)(4,576)(7,524)(12,100) End of period41,68839,78439,441 CONTROLLED12,82914,59611,544 TOTAL LANDBANK54,51754,38050,985

58. Interim Results for half year ended 2 July 2006 58 UK housing Owned land (private and affordable) H1 2006H1 2005 Short termPlotsCost per plot £k Value £m PlotsCost per plot £k Value £m Opening landbank39,44146.51,83337,22245.41,690 Additions8,10143.83557,13852.2372 Completions(5,854)(50.1)(293)(4,576)(47.7)(218) End of period41,68845.51,89539,78446.31,844 Strategic Acres Value £m End of period 13,765 61 16,331 49

59. Interim Results for half year ended 2 July 2006 59 Outline planning consent - 1,400 units (acquisition based on 1,250) all private Phased land payments £163,000 projected average selling price HomeZone principles - where pedestrians are given priority over cars Mix includes – detached homes – apartments – PPG3 style compact housing First completion anticipated July 2007 Medium term land New Stoke Urban Village, Coventry

60. Interim Results for half year ended 2 July 2006 60 Long term land Bells Lane, Hoo St Werbergh, Kent Strategic land site – option dates back to 1997 Planning process on-going since early 2003 Phase 1 - granted detailed consent July 2005 Phase 2 - scheduled to go to committee with recommendation for approval July 2006 Phased payments Due to start on site in August 2006

61. Interim Results for half year ended 2 July 2006 61 Latham’s Yard, Hackney Altius and Riverside Wharf Shared development: GW East London and GW North Thames Utilising both brands: George Wimpey and Laing Homes Total 665 homes – includes affordable and live-work units – range from studio apartments to 3 bedroom mews Phased payment Within walking distance of the Olympic Village

62. Interim Results for half year ended 2 July 2006 62 University of East London, Barking The Academy Bought with planning brief but no formal planning consents Phased payments Bought with London & Quadrant Group –Limited Liability Partnership between GW and L&Q Group on private element –also unconditional partners for affordable element First completion anticipated early 2008 Project due to be completed 2012

63. Interim Results for half year ended 2 July 2006 63 Impact of dollar H1 2006H1 2005Change Morrison Homes $ turnover655.5602.89% Morrison Homes $ op profit125.3101.923% Ave exchange rate1.791.87 Morrison Homes £ turnover366.2322.414% Morrison Homes £ op profit70.054.528%

64. Interim Results for half year ended 2 July 2006 64 US housing Turnover analysis H1 2006H1 2005H2 20052005 full yr Volume1,9681,9962,9254,921 ASP $000s333302320313 Turnover $m6556039361,539

65. Interim Results for half year ended 2 July 2006 65 US housing Margin analysis H1 2006H1 2005H2 20052005 full yr Gross profit $m201.4168.3288.2456.5 Gross margin %30.7%27.1%30.6%29.2% Direct selling $m(36.7)(31.6)(41.2)(72.8) Overhead costs $m(39.4)(36.4)(40.6)(77.0) Land profits-1.6- Operating profit $m125.3101.9206.4308.3 Operating margin %19.1%16.9%22%20.0%

66. Interim Results for half year ended 2 July 2006 66 US housing Activity analysis H1 2006H1 2005H2 20052005 full yr Ave house size sq ft 2,4232,3552,2632,299 ASP $ / sq ft 137.5128.2141.0136.0

67. Interim Results for half year ended 2 July 2006 67 US housing Price mix H1 2006H1 2005 Completions% % $0 – 200k30716%39019% $201 – 250k21511%39520% $251 – 300k24312%33217% $301 – 350k38219%26513% $351 – 400k32517%21511% $401 – 450k22611%1729% $451 – 500k1226%1286% $500k +1488%995% Total1,968100%1,996100%

68. Interim Results for half year ended 2 July 2006 68 US housing Geographic mix CompletionsH1 2006H1 2005H2 20052005 full yr West3844607271,187 Southeast7909321,3212,253 Southwest7946048771,481 TOTAL1,9681,9962,9254,921 Average selling price $000 West422428430429 Southeast365282313300 Southwest259237240239 TOTAL333302320313

69. Interim Results for half year ended 2 July 2006 69 US housing Regional performance TurnoverOperating profitOperating margin H1 2006 $m H1 2005 $m H1 2006 $m H1 2005 $m H1 2006 % H1 2005 % West16219729.356.518.1%28.7% Southeast28726266.939.223.3%14.9% Southwest20614438.816.818.8%11.7% Corporate--(9.7)(10.6)-- TOTAL655603125.3101.919.1%16.9%

70. Interim Results for half year ended 2 July 2006 70 US housing Short term land Owned and optionsH1 2006H1 2005H2 20052005 full yr Start of period20,81218,89219,66118,892 Additions1,2922,7654,0766,841 Legal completions(1,968)(1,996)(2,925)(4,921) End of period20,13619,66120,812 Controlled End of period3,5393,0582,702 TOTAL LANDBANK23,67522,71923,514 LAND SPEND $m156151152303