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

Disclaimer This presentation is being made only to and is directed at (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the "Order") or (b) any other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1)of the Order (all such persons being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this presentation or any of its comments. The financial information set out in this document does not constitute the Company's statutory accounts. Statutory accounts for 2003, which received an auditors' report that was unqualified and did not contain any statement concerning accounting records or failure to obtain necessary information and explanations, have been filed with the Registrar of Companies.

Contents  Market and trading updatePete Redfern  George Wimpey UK strategyPete Redfern  Laing HomesDavid Livingstone -integration -future strategy  Laing Homes South West ThamesGerry McCormack  Queen Elizabeth ParkGerry McCormack

Market and trading update  Visitor levels and quality remain good  Underlying demand remains good -continued undersupply -affordability remains healthy  But lack of urgency to reserve -uncertainty about interest rates -media focus on house price scares -absence of significant price increases  Autumn “rebound” myth anyway

Sales rates updated from July 28

Market trends - selling price on sales JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJunJulAugSep £ 000s NorthMidsSouth

Market and trading update  South remains most challenging; North and Midlands slowing  Higher price properties affected more than lower  More incentives are being offered but in line with normal practice  Good sites with the right presentation and products are standing up well.  Over 95% sold for 2004 across GWUK

Incentives / advertising  Incentives and targeted advertising are a normal part of market  Used selectively to -generate traffic -target key plots  Most used in Autumn to secure remaining year end volumes  Usage higher than 2003 – but still selective  Just launched special interest rate offer -only for specific plots on certain developments -in many cases replaces existing incentives

Part exchange  Continues to be strictly controlled -well below prior year levels (and half year level)  Disadvantages for cash and increased risk if over used  Used selectively where required by competitive pressure: -on higher value plots to free up long chains -an industry-wide tool at Laing price points -focus in George Wimpey is on Assisted Purchase Plan  Might well hear it talked about today, given the nature of QEP product

Laing Homes’ market  Laing is in the toughest sector of our market -higher average selling prices and southern bias  Sales rates have been affected by this -on average somewhat below 2003  Very much about having right location, product and price  Gerry will tell you about the experience at QEP -Shows many factors are in our own control  We believe we were right to reduce exposure to higher price points – this process will continue  Still significant cost saving opportunities within Laing

GWUK strategy  Sustain margins  Create the capacity for growth  Deliver growth -but not at the expense of margin

Sustain margins  Doesn’t mean do nothing – root and branch review of operations -focus on reducing build/overhead costs -review house types to drive out higher cost/lower added value -focus on basic disciplines of the business: -plotting and planning -efficient build programs and times -sales people not order takers -our key strengths in build efficiency and customer service stand us in good stead for any market Buy in from our management teams is outstanding

Customer service 40% 50% 60% 70% 80% 90% 100% JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJun Recommendation rate George Wimpey recommendation rate Barker Report recommendation rate target for 2007 Industry average recommendation rate (from Housing Forum results )

Land market  Land market has become softer -some competitors seeking to generate profit -one or two backing away in certain locations  Hurdle rates raised again in key risk categories -short term risk/opportunity management  Continue to avoid the high price ‘oven ready’ market unless special terms negotiated  Valuation is partly about price and build costs – but also about making sure that the product is right

Create the capacity for growth - GW  Converting short term land bank growth and strategic land into completions  Stronger focus on growing number of outlets  New business satellites -builds on successful South Wales model -low risk, low cost way to increase market penetration -suitable for markets that do not support a full business -immediate plans for three (target is to build them up to c 350 units) -potential to split off as a full businesses eventually -creates growth with limited overhead cost

Create the capacity for growth - Laing  Key element for long-term profit growth -grow margins to at least GW levels -provide scope for significant volume growth  Gives a second option on land purchase  Tougher market in this price bracket today - however -strong potential as market recovers  Business model -better locations, higher asp than GW, but not radically different -same cost and overhead structure  Dave will give more detail on our plans, but -existing businesses have potential for 2,000 completions -specific plans to add 3 businesses for further 1,500 completions -potential to add further 3 businesses to take total to ~5,000

Delivering growth  Capacity for growth: -through existing businesses -through George Wimpey satellites -through Laing expansion  These plans give us options not commitments  Most are about creating the potential for , rather than  Timing will be affected by the nature of the market - we have strongly stated we will not drive growth at the expense of margin

Conclusions  Market is and probably will continue to be tougher  However it is not collapsing - we have things under control  We are re-examining our costs and efficiencies – there is potential  We remain committed to growing our outlets – but continue to be selective about land  We are creating the capacity for growth – but this is a medium term objective and delivery will be flexed depending on the market