George Wimpey Plc Annual General Meeting 2007 Thursday 26 April 2007

Group Overview Pete Redfern (Chief Executive)

2006 Full year results £m 2006 before exceptional items 2006 exceptional items 2006 total 2005 total Change Revenue3, , % Operating profit422.8(60.7) % Interest(51.9)- (71.0)- 27% Profit before tax370.9(60.7) % Tax(114.9)22.7(92.2)(113.7) EPS64.4(9.6) NAV per share426p389p DPS19.4p17.6p Dividend cover2.8x3.7x

Completions and prices Full year results CompletionsAve selling price NoChange£ / $Change UK private11, % % UK affordable1, % % UK total13, % % US4, % % GROUP TOTAL17,963+ 6%

Segmental analysis Full year 2006 TurnoverOperating profit*Operating margin** £mChange£mChange UK2, % %13.0%12.9% US % %15.5%20.0% Corporate-(11.7) TOTAL3, % % * Before exceptional items ** Operating margin before JVs and exceptional items Exchange rate in 2006 £:1.84$ 2005 £:1.82$

Balance sheet Financing 31 Dec Dec 2005 Shareholders’ funds £m1,707.11,544.4 Net debt £m Capital employed £m2,094.22,066.3 Gearing23%34% Interest cover last 12 months 7.0x6.2x Cash interest cover last 12 months 8.3x8.8x ROACE20.3%*22.3% * before exceptional costs of £60.7 million

US housing review

US housing Financial summary Change2004 Legal completions4,3474, %4,422 Ave selling price$319,600$312,700+ 2%$288,900 Revenue $m1,389.11, %1,277.3 Operating profit $m %188.3 Operating margin15.5%20.0%- 4.5pp14.7%

2006 started with soft market conditions, steadily worsened through to Q4 Tough market conditions caused by –increased interest rates –affordability –investors cancelling homes under contract –overstocking of inventory –incentives/discounting by US competitors Consistently weak across Arizona, Florida and Northern California US housing 2006 market conditions

US housing Industry comparisons 2006 CompanyPBIT marginsROACELand stocks (years) Morrison Homes15.5%24.6%3.5 Centex11.7%11.6%6.4 DR Horton14.6%12.9%6.1 Hovnanian5.4%5.3%5.3 KB Homes13.8%15.8%5.1 Lennar14.2%18.4%6.8 Pulte12.7%13.7%6.6 Ryland14.9%19.4%4.1 Standard Pacific17.2%11.8%6.0 Toll Brothers20.4%14.9%8.6 Estimates from Credit Suisse, pre-exceptional figures based on latest full year

US housing Performance initiatives Land –renegotiation of existing land contracts –land buying process $20 million targeted cost savings –5% initial reduction in build costs –initiatives across all areas of the business –outsource second year warranty programme Overhead reductions – 20% across the business –‘right-sizing the business’ Sales –clear strategy –focus on opening outlets on time –achieve and maintain a consistent sales rate –re-build backlog levels

UK housing review

UK housing Financial summary Change Legal completions – total13,61612, % Private11,98210, % Affordable1,6341, % Ave selling price – total£175,400£178,000- 1% Private£186,400£188,600- 1% Affordable£94,900£98,600- 4% Revenue £m2,391.22, % Operating profit £m % Operating margin*13.0%12.9%+ 0.1pp *Excluding JV results

UK housing Delivery on promises H low point of marginGross margin in H2 2.2% ahead Better H1/2 balancingH compared to H over 25% improvement Impact of strong order bookReal benefits of stronger negotiating position delivered in H Develop our good cost saving performanceSignificant savings underpinned margins in New target for 2007 Deal with underperforming businessesThe 6 lowest performing businesses in 2005 have increased margins by over 4%

UK housing Performance initiatives Costs –appointed UK Head of Procurement, Peter Williams –over 80 cost reduction initiatives underway or identified –cost savings of £25m targeted for 2007 Land –14% growth in UK landbank in 2006 –focusing on acquiring more long and medium term sites –building and maintaining a balanced landbank is key to our strategy Sales –review of marketing spend effectiveness identified new initiatives to improve brand image –new and improved UK website introduced early 2007 –aim to set industry leading standards providing excellence in sales presentation, management and customer service People –aim to attract and retain the very best people in the industry –talent management is the key focus of our people strategy

UK housing Margin commitments firmed up H H H H Gross margin % Commitment to improvement from H ‘low point’ delivered Clear statement of future operating margin targets: – 14% in 2007 – ongoing growth to 16% over 2-3 years – longer term target of 18%

Sustainable development Taking a proactive stance Recently listed as one of the Global 100 Most Sustainable Companies Appointed as the house building and construction representative on the CBI Task Force on Climate Change Established an internal team to meet the Government’s recently published voluntary ‘Code for Sustainable Homes’ which includes the target to build all new homes as ‘Zero Carbon’ by 2016 Working in partnership with Building Research Establishment (BRE), and other industry experts, to beat this target and lead the industry to deliver fully sustainable new homes and communities

The merger

Improves margin growth in the UK –George Wimpey’s cost efficiency and business structure –Taylor Woodrow’s strategic land development skills –the ability to adjust the business model focus to a lower sales rate per outlet Provides for economies of scale in the UK –better procurement terms and supply chain efficiencies –overhead efficiency –improved land management Creates a truly leading business in the US –enhanced strength in target states –broader brand and product offering –improved position from which to benefit from a US recovery Offers the opportunity to extract material annual synergies in the short term Taylor Wimpey plc Business benefits

Taylor Woodrow shareholders will own 51% of the combined entity, George Wimpey shareholders will own the remaining 49% Recommended share for share merger to be effected via a scheme of arrangement of George Wimpey –posting of documentation – by early May 2007 –court meeting and EGM – by end May 2007 –completion – Summer 2007 George Wimpey shareholders on the register on the dividend record date (2 March 2007) to receive George Wimpey final dividend of 13.10p per share Taylor Woodrow shareholders on the register on the dividend record date (25 May 2007) to receive Taylor Woodrow final dividend of 9.75p per share Combined business to be re-named - Taylor Wimpey plc Taylor Wimpey plc The merger terms

An enhanced UK business with an improved margin growth profile An enhanced US business, with critical mass and a broader brand and product offering Strong land position with attractive strategic landbank Scope for operational efficiencies and ongoing cost saving programmes Strong financial position, allowing for improved growth in the UK and US Taylor Wimpey plc Summary

Outcome of Proxy Voting John Robinson (Chairman)

Proxy vote for Resolution 1 Resolution 1: To Receive the Directors’ Report and Accounts Total Votes294,506,307 Votes in favour290,984,963 Votes against912,786 Abstentions2,608,558 In the case of all resolutions, votes in favour include votes exercisable at the Chairman’s discretion

Proxy vote for Resolution 2 Resolution 2: To Approve a Dividend Total Votes294,506,307 Votes in favour294,170,417 Votes against152 Abstentions335,738

Proxy vote for Resolution 3 Resolution 3: To Reappoint Andrew Carr-Locke Total Votes294,506,307 Votes in favour294,354,760 Votes against142,350 Abstentions9,197

Proxy vote for Resolution 4 Resolution 4: To Reappoint Christine Cross Total Votes294,506,307 Votes in favour294,332,693 Votes against162,487 Abstentions11,127

Proxy vote for Resolution 5 Resolution 5: To Reappoint Baroness Dean of Thornton-le-Fylde Total Votes294,506,307 Votes in favour292,351,183 Votes against2,139,918 Abstentions15,206

Proxy vote for Resolution 6 Resolution 6: To Reappoint Ian Sutcliffe Total Votes294,506,307 Votes in favour294,106,871 Votes against140,029 Abstentions259,407

Proxy vote for Resolution 7 Resolution 7: To Reappoint Price WaterhouseCoopers LLP as Auditors Total Votes294,506,307 Votes in favour291,236,946 Votes against3,212,634 Abstentions56,727

Proxy vote for Resolution 8 Resolution 8: To Give the Directors Authority to Allot Shares Total Votes294,506,307 Votes in favour288,955,210 Votes against5,541,890 Abstentions9,207

Proxy vote for Resolution 9 Resolution 9: To Disapply Pre-Emption Rights Total Votes294,506,307 Votes in favour291,081,800 Votes against3,384,394 Abstentions40,113

Proxy vote for Resolution 10 Resolution 10: To Empower the Company to Make Market Purchases of its Shares Total Votes294,506,307 Votes in favour294,466,113 Votes against34,628 Abstentions5,566

Proxy vote for Resolution 11 Resolution 11: To Approve the New Three Year Morrison Homes Long Term Incentive Plan for the President of Morrison Homes Total Votes294,506,307 Votes in favour289,010,247 Votes against2,102,315 Abstentions3,393,745

Proxy vote for Resolution 12 Resolution 12: To Approve the Remuneration Report of the Company Total Votes294,506,307 Votes in favour282,980,300 Votes against4,999,092 Abstentions6,526,915

Proxy vote for Resolution 13 Resolution 13: To Authorise the Company to use E-Communications Total Votes294,506,307 Votes in favour293,374,644 Votes against736,565 Abstentions395,098

George Wimpey Plc Annual General Meeting 2007 Thursday 26 April 2007