1. 1 Interim Announcement, 6 months to 31 Dec 2006 & Proposed Acquisition of Linden Holdings plc Greg Fitzgerald, Chief Executive Frank Nelson, Finance Director

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3. 3 Agenda Interim Results, 6 months to 31 Dec 2006 Key Highlights Financial Operations Acquisition of Linden Holdings plc Summary & Outlook

4. 4 Interim Results – Key Highlights Greg Fitzgerald, Chief Executive

5. 5 Interim Results - Key Highlights Record profits and cash levels Chartdale & Morrison successfully integrated Industry leading Health, Safety and Environmental performance Construction order book at £2.3 billion Housing in-hand position at £212 million Land bank significantly increased Excellent platform for growth

6. 6 Interim Results - Financial Overview Frank Nelson, Finance Director

7. 7 Group revenue (including joint ventures) £607m up 63% Profit before tax Pre exceptional £20.7m up 48% Post exceptional £21.6m up 54% Earnings per share Pre exceptional 5.3p up 20%* Post exceptional 5.6p up 27% Dividend 0.8p up 14% Net cash £26.6m Net assets of £128.7m (Dec 2005: £58.2m) Highlights for 6 months to 31 December 2006 * Tax charge allocated to exceptional profit Interim Results - Financial Overview

8. 8 Profit and Loss (including Joint Ventures) Dec 2006Dec 2005 £’m Revenue606.8372.2 Profit from operations23.616.2 JV interest and tax(0.2)0.1 Profit before finance costs, amortisation and exceptionals 23.416.3 Intangibles amortisation(0.3)- Profit before exceptionals23.116.3 Exceptional items - profit on sale and leaseback0.9- Profit before finance costs24.016.3 Net finance costs(2.4)(2.3) Profit before tax21.614.0 Interim Results - Financial Overview

9. 9 Segmental Analysis to 31 st December 2006 (including Joint Ventures) Revenue £’m Profit / (Loss) £’m Dec 2006Dec 2005Dec 2006 Dec 2005 Building306.65.71.9% Infrastructure171.44.12.4% Construction Total478.0274.29.82.1%5.62.0% PPP Investments0.20.7(1.6)(0.5) Housebuilding131.498.518.614.1%13.713.9% Group3.30.3(3.2)(2.6) 612.9373.723.6*16.2* Intangibles amortisation(0.3)- Exceptional items0.9- JV interest and tax(0.2)0.1 Net interest payable(2.4)(2.3) Profit before tax21.614.0 * Profit from operations Interim Results - Financial Overview

10. 10 Net Interest payable Dec 2006Dec 2005 £’000 Net Interest Payable - On bank borrowings0.3(0.6) - On unwinding of discount on creditors(2.4)(1.3) - Net return on asset of pension fund(0.3)(0.4) Net Interest(2.4)(2.3) Interim Results - Financial Overview

11. 11 Summarised Interim Results - Cash Flow Summary Dec 2006 £’m Dec 2005 £’m Operating cash flow22.514.2 Interest, tax and dividends(8.9) Net proceeds from issue of shares0.4- Acquisitions (net of cash acquired)(1.9)(1.1) Proceeds from sale and leaseback3.1- Capital expenditure and investments(3.3)(0.6) Other(1.3)(0.1) Net cash flow10.63.5 Opening net cash / (debt)16.0(12.4) Closing net cash/(debt)26.6(8.9) Interim Results - Financial Overview

12. 12 Interim Results - Operations Greg Fitzgerald, Chief Executive

13. 13 Building – Key Highlights Interim Results - Operations Both large PFI schools performing to expectation 89% of £1.1 billion order book secured on a non competitive basis Strong performance on LIFT projects – South East Essex preferred bidder Commercial market successes – Marks & Spencer renewal programme

14. 14 Building – Forward Order Book Interim Results - Operations Forward Order Book £’m SectorTotalNPC* Health146.6 Education410.4345.0 Prisons178.0 Commercial183.8147.2 Interiors40.140.0 Affordable Housing116.7108.2 Other8.02.5 1,083.6967.5 * Secured on Non Price Competitive Basis

15. 15 Building – Summary and Outlook Strengthening relationships with English Partnerships Size & balance of order book Strength of management Significant cash generation Strong market conditions Interim Results - Operations

16. 16 Infrastructure – Key Highlights Interim Results - Operations Strong performance in Water frameworks 90% of £1.2 billion order book secured on a non price competitive basis Work now well under way in Olympic Park Remediation framework Growing presence in Renewables and Remediation

17. 17 Infrastructure – Forward Order Book Interim Results - Operations * Secured on Non Price Competitive Basis Forward Order Book £’m SectorsTotalNPC* Water701.1664.6 Highways215.1200.3 Remediation84.8 Flood Alleviation79.678.5 Renewable Energy54.92.6 Rail38.436.5 International26.7 Waterways25.3 Communications4.60 Ground Engineering2.70 1233.21119.3

18. 18 Infrastructure – Summary and Outlook Interim Results - Operations Delivering upper quartile returns Substantial forward order book with over 90% in frameworks with key clients Continue to build on our significant presence in key sectors Buoyant markets with excellent growth prospects

19. 19 Investments – Key Highlights Targeting financial close on £100m South East Essex LIFT Directors valuation shows significant uplift on book value Increasing proportion of equity invested Interim Results - Operations

20. 20 Housebuilding – Key Highlights Completions at record levels High level of customer satisfaction Landbank significantly increased Major successes in affordable housing and regeneration Strong in-hand position Interim Results - Operations

21. 21 Housebuilding Key Statistics 6 Months to December 20062005Increase % Units 593 484 23 Average Selling Price £000 221 2039 Income per sq. ft. £ 222 232 (4) Turnover £m 1319834 Margin % 14.1 13.91 ROCE % 2219 16 Sales in Hand Jan 07 £m 212173 23 Land bank Jan 07 units 4,848 2,44798 Strategic land Jan 07 acres707 697 1 Interim Results - Operations

22. 22 Housebuilding – Summary and Outlook Interim Results - Operations All business units performing well Affordable housing initiative delivering ahead of plan Greater visibility going forward Stable market conditions

23. 23 Acquisition of Linden Holdings plc Greg Fitzgerald – Chief Executive Frank Nelson – Finance Director

24. 24 Background and Terms of the Acquisition Acquisition of Linden Holdings plc Long association with Linden Withdrew from sale process in September Achieved exclusivity in early December Total equity consideration of £108.5 million Retention of £13 million dependent on planning consents and warranties Linden debt to be refinanced by extension of banking facilities

25. 25 Background and Terms of the Acquisition Attractive terms of acquisition –Ungeared P/E multiple (pre synergy) –Net asset value plus NPV of landbank profits –EV / Gross Asset multiple Surplus over book value allocated to fair value, goodwill and intangibles Acquisition of Linden Holdings plc

26. 26 Acquisition Rationale – Strategic Benefits Transforms Galliford Try into a top 10 listed UK housebuilder Enlarged house building division – capable of 3,000 units per annum, with potential for further growth Enhanced operational area – from West Country to Lincolnshire Linden has a well-recognised brand and is acknowledged as a quality award winning housebuilder Acquisition of a good quality land bank, comprising some significant and well located sites Similar culture and sharing of best practice will deliver savings Critical mass – increased opportunities and competitiveness Acquisition of Linden Holdings plc

27. 27 Acquisition Rationale – Financial Effects and Synergies Annual cost savings anticipated to be £2.5 million per annum One off costs of delivering savings - £1.8 million No pension issues Operating margins generated from Linden expected to be in line with Galliford Try’s criteria Expected to be earnings enhancing in full financial year to 30 June 2008 Future financial benefits to arise from: better penetration with landowners adoption of best practice better terms for labour and materials Acquisition of Linden Holdings plc

28. 28 Linden plc Business Overview * As at 31 Dec 06 Established specialist housebuilder in the south of England Housebuilder focused on developing brownfield sites - over 95% Four business units with over 350 people 4,809 plots* of owned or contracted land (representing 4 years of production at 2006 level of sales) Further 975 plots* of TAASI land to be developed within 4 years Controls 835 acres* of strategic land Financial summary – for year ended Dec 05 (UK GAAP) Units sold 1,100 (2006: 1,198) Average selling price £235,000 Turnover £280m Operating Margin 9.7% Acquisition of Linden Holdings plc

29. 29 Enhanced Housebuilding Operations Galliford Try housebuilding office locations Linden office locations Acquisition of Linden Holdings plc

30. 30 Integration Plan Branding – 3 strong regional brands including Linden Two housebuilding divisions led by Ian Baker (Galliford Try) and Chris Coates (Linden) Rigorous review of enlarged group overhead structure Formation of executive board at group level Reduce enlarged business exposure to apartment market Almost all senior staff expected to remain in enlarged group Integration process not as complicated as Morrison Acquisition of Linden Holdings plc

31. 31 Long association with Linden Highly complementary businesses Creates a top 10 listed UK housebuilding business with potential for further growth Enlarged regional business with critical mass, particularly in South East Significantly enhances the landbank Strengthens management team Expected synergy savings of £2.5 million in first full financial year with further future financial benefits Earnings enhancing in the full financial year to 30 June 2008 Finance £150 million through placing and open offer Summary Acquisition of Linden Holdings plc

32. 32 Summary & Outlook Greg Fitzgerald – Chief Executive

33. 33 Summary & Outlook All divisions performing to plan Major focus on affordable housing & regeneration Top 10 listed contractor and housebuilder Further strengthened management team Confidence in full year performance & beyond

34. 34 Interim Announcement, 6 months to 31 Dec 2006 & Proposed Acquisition of Linden plc Greg Fitzgerald, Chief Executive Frank Nelson, Finance Director