Proposed Acquisition of Morrison Greg Fitzgerald – Chief Executive Frank Nelson – Finance Director Andy Sturgess – Managing Director Construction Division Ken Gillespie – Managing Director Construction Services (Morrison)

Proposed Acquisition of Morrison This document and the information contained in it is provided on a confidential basis. The information in this document may constitute price sensitive information and recipients should be aware of the relevant obligations and restrictions under Part V of the Criminal Justice Act 1993 (“CJA”) and on market abuse within the meaning of Part VIII of the Financial Services and Markets Act 2000 (“FSMA”). Recipients of this document should not deal in any securities issued by Galliford Try plc (the “Company”) or encourage another person to do so in circumstances which would contravene the CJA or amount to market abuse under the FSMA. This document is being supplied to you solely for your information and may not be copied, reproduced, distributed, disclosed or published, in whole or in part, to any other person for any purpose whatsoever at any time without the prior written consent of PricewaterhouseCoopers LLP and KBC Peel Hunt Ltd (together the “Advisers”). 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Proposed Acquisition of Morrison Acquisition Rationale Excellent strategic fit Morrison will complement existing construction operation Operates in the same core markets with significant presence in infrastructure Services a different client base Operates in different geographic regions Considerable proportion of turnover from public and regulated markets Enlarged group will be able to compete for larger, higher margin projects Proposed Acquisition of Morrison

Morrison Construction Services UK based construction business Focus on infrastructure projects, public and utilities sector Founded in employees across 10 offices New Management Turnaround situation Proposed Acquisition of Morrison Turnover £’mEBIT £’m Year End March 04344(11.6) Year End March Change in business mix has beneficial impact on margins

Proposed Acquisition of Morrison Long Established Based in Edinburgh Purchasing two Investments plus people –DHE Portsmouth project –Highland Schools project Good forward pipeline Morrison PFI Business Proposed Acquisition of Morrison

Geographic Footprint Water Frameworks Divisional Offices Infrastructure Business Stream Aberdeen Inverness Grangemouth Manchester London (Marlow) Matlock Building Sutton Coldfield WakefieldEsher (MBR) Tonbridge(ETM) Wakefield Edinburgh Runcorn Dundee Swansea Principal Offices Subsidiary Offices ScotlandEnglandWales Proposed Acquisition of Morrison

In discussions for over 18 months Detailed negotiations commenced December 05 Conditional agreement to acquire Morrison from Avon Total consideration of £41.7m –Construction £38.5m –Investments £3.2m Deferred payment of £6.6m –Contract payments and Highland Schools Valuation on debt free basis No past pension fund liabilities Proposed Acquisition of Morrison Summary of Transaction

Proposed Acquisition of Morrison Financial Effects & Synergies Annual cost savings anticipated to be c. £2m per annum One off cost of delivering savings of £1.8m Restructuring of regional offices Improved supply chain management Savings in combining business support functions Additional cross selling opportunities Earnings enhancing in medium term Proposed Acquisition of Morrison

Morrison will form part of Galliford Try’s enlarged construction division Ken Gillespie, MD of Morrison, will join Galliford Try Board Construction division split into Building and Infrastructure divisions Andy Sturgess will run Building / Ken Gillespie will run Infrastructure Frank Nelson will run the enlarged Investments business Integration Plan Proposed Acquisition of Morrison

Financing Placing and Open Offer to raise gross proceeds of £50m £40m firm placing £10m Open Offer fully to existing shareholders Placing and open offer fully underwritten by KBC Peel Hunt Proposed Acquisition of Morrison

Use of Proceeds Proceeds will be used to: –Fund the cash consideration payable for the acquisition of Morrison –Provide additional equity funding to the Group following acquisition of Chartdale –Strengthened financial covenant for enlarged group Proposed Acquisition of Morrison

Excellent strategic fit Enables Galliford Try to compete for larger, higher margin projects Complements existing operation Strengthens management team Earnings enhancing in the medium term Financed through Placing and Open Offer Summary Proposed Acquisition of Morrison

Expected Timetable Proposed Acquisition of Morrison End of institutional marketing, pricing and allocation1 March Announcement and dispatch/return of placing letters2 March Posting of open offer document/acquisition circular to shareholders7 March Close of open offer28 March (11.00 am) Placees notified of final allocation and announcement of open offer result28 March (pm) EGM and cash due from non-DVP payers30 March Admission, settlement of new shares, cash due from DVP payers31 March Certificates issued (where applicable)7 April * All dates subject to change