1. Interim Results Presentation 2004 Galliford Try plc

2. Interim Results Presentation 2004 IntroductionDavid Calverley Financial ReviewFrank Nelson Construction Andy Sturgess Housebuilding Greg Fitzgerald Summary and OutlookDavid Calverley Agenda

3. Interim Results Presentation 2004 David Calverley - Chief Executive Introduction

4. Interim Results Presentation 2004 Housebuilding: A leading regional developer with strong local brands, specialising in individually designed developments with expertise in brownfield, conversion and a strong focus on customer service. Introduction - Strategy Construction A market leader in the delivery of a complete construction service through a partnership approach, with a strong sector focus.

5. Interim Results Presentation 2004 Introduction – Strategic Review Plan For Growth - Construction Partnership approach & sector focus Build on recent successes in public and regulated sectors Emphasis on sustainable predictable profits Margins in medium term to be in upper quartile of 2% Plan for Growth - Housebuilding Build on success as strong regional developer Emphasis on mainstream market Expand unit sales by 50% over next 3 years Finance from internal resources

6. Interim Results Presentation 2004 Frank Nelson – Finance Director Financial Review

7. Interim Results Presentation 2004 Financial Review – Summary Profit & Loss Account For the half year ended 31 December 2003 (£m) Dec 2002 (£m) Dec 2003 Profit before interest (pre exceptional) 11.4 7.0 Interest(1.8)(1.5) Turnover (including joint ventures)356.4 299.9 Profit before tax (pre exceptional) 9.6 5.5 Exceptional charge- (2.0) Profit before tax (post exceptional) 9.6 3.5 Earnings per share: Pre exceptional3.1p1.7p Post exceptional3.1p1.1p Dividend per share 0.55p 0.5p

8. Interim Results Presentation 2004 Financial Review – Segmental Analysis For the half year ended 31 December 2003 Dec 2002 Dec 2003 Construction268.7226.22.0(2.0) Dec 2002Dec 2003 Group Turnover (£m) (including joint ventures) Profit/(loss) (£m) Housebuilding87.673.211.210.5 Group0.10.5(1.8)(1.5) Exceptional charge-(2.0) 356.4299.911.45.0 Less net interest payable(1.8)(1.5) Profit before tax9.63.5 £1.5m of the exceptional charge in the half year to 31 December 2002 is in construction and £0.5m is in group.

9. Interim Results Presentation 2004 Financial Review – Cash Flow Summary Dec 2003 (£m) Depreciation and amortisation0.90.9 Net land spend(6.0)(7.1) Work in progress movement2.1(9.9) Other working capital3.8(2.3) Interest (1.2) (1.3) Tax(2.1) (2.1) Dividends (2.2) (2.2) Net cash flow from operating activities11.8(13.5) Movement in net debt 6.2 (22.3) Capital expenditure(0.3) (0.9) Other 0.2 (2.3) For the half year ended 31 December 2003 Group operating profit (post exceptional)11.0 4.9 Dec 2002 (£m)

10. Interim Results Presentation 2004 Financial Review – Balance Sheet, Financing Jun 2003 (£m)Dec 2003 (£m) Net debt 11.6 17.8 Shareholders’ funds65.5 59.7 Total capital employed 77.1 77.5 Gearing18%30% Interest cover (post exceptional charge) 6.3 5.2

11. Interim Results Presentation 2004 Andy Sturgess – Managing Director Construction

12. Interim Results Presentation 2004 % Net Margin 0.4% -0.3% -0.9% 0.6% 0.8% Construction - Profitability

13. Interim Results Presentation 2004 Infrastructure Health & Education Business Units Commercial Interiors PFI/PPP Telecommunications Affordable Housing Rail Ground Engineering Market Sectors Central NorthSouth Partnerships Communications Rock & Alluvium Water Growth >10%Growth 5-10%Growth 0-5%Decline 5-10% Construction – Economic Forecasting

14. Interim Results Presentation 2004 Scottish Water AMP 4 Renewals Welsh Water United Utilities Anglian Water Yorkshire Water Construction - Water

15. Interim Results Presentation 2004 LIFT Programme Liverpool & Sefton (£60m) Barnet, Enfield & Haringey (£32m) Coventry (£42m) DTC Frameworks Construction - Health

16. Interim Results Presentation 2004 Bedford Schools PFI – On Site Caludon Castle School & Community College PFI Project, Coventry – Preferred Bidder Northampton PFI – One of Two (£100m) Birmingham Schools PFI 2 – One of Two (£55m) Building Schools for the Future Construction - Education

17. Interim Results Presentation 2004 Frameworks Continue TOC’s Virgin Rail Framework Construction - Rail

18. Interim Results Presentation 2004 Construction – Affordable Housing Changes in Procurement Route PFI Joint Development Key Worker Accommodation

19. Interim Results Presentation 2004 15.3 Infrastructure 48.0 42.0 35.7 Education 98.9 50.1 35.0 Water 213.6 213.6 63.8 Commercial 48.2 17.3 34.0Interiors 24.2 20.1 13.5 Health136.8136.8 20.8 Telecommunications6.5 6.5 27.2 Affordable Housing 28.5 27.6 17.2 Rail65.665.6 6.2 Ground Engineering3.33.3 Market Sectors Turnover (£m) Half Year to Dec 03 268.7 673.6 580.1 Total Work In Hand Non Price Competitive 86% Work In Hand (£m) Non Price Competitive Construction – Forward Order Book Total

20. Interim Results Presentation 2004 Sector Focus Earliest Involvement in Life Cycle of Project Collaborative Working Design Management Our People Risk Management Ability to Say No Construction – Key Success Factors

21. Interim Results Presentation 2004 Greg Fitzgerald – Managing Director Housebuilding

22. Interim Results Presentation 2004 Housebuilding – Strong Regional Brands 31% 39% 30%

23. Interim Results Presentation 2004 Increased profits Performance of Midas again equal to the very best in the industry Good progress with infrastructure works at Fairfield Margin enhancement measures introduced which will show significant savings Monthly performance measures proving effective Awards received recognising company performance Value of current order book 22% above last year Housebuilding - Highlights

24. Interim Results Presentation 2004 Housebuilding – Key Statistics 6 months to 31 st Dec 20032002Increase % Units36731815.4 ASP (£000)22820610.7 Income per sq foot (£)19717115.2 Operating Profit (£m)11.210.56.7 Margin (%)12.814.3(1.5) ROCE (%)21.621.8(0.2) Turnover (£m)87.673.219.7 Order book at Feb 04 (£m)83.568.621.7 Land Bank - Units22822380(4.1) Strategic Land – Acres6766228.7

25. Interim Results Presentation 2004 Housebuilding – Planned Growth Units Completed June 03 Targeted Number of Units June 07 South West Region266 425 Stamford285 375 Try Southern93 225 Try Thames Valley97 225 TOTAL741 1250

26. Interim Results Presentation 2004 New management in place at Stamford Expertise in affordable housing Sustainable levels of house price inflation in the mainstream market Expansion plan agreed and being implemented Expect to achieve full year planned performance Housebuilding - Summary

27. Interim Results Presentation 2004 David Calverley - Chief Executive Summary and Outlook

28. Interim Results Presentation 2004 Summary and Outlook Plan for growth Experienced and ambitious management team Robust finances Stringent programme of cost control and risk management Construction Success in securing work in target markets On track with margin improvement Housebuilding Market conditions remain healthy Forward order book up 22% on last year Board confident of delivering increasing value to shareholders

29. Interim Results Presentation 2004 Galliford Try plc