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.

George Wimpey Plc Interim Results for the half year ended 30 June 2004 Wednesday 28 July 2004

Welcome John Robinson Chairman

Agenda  Introduction Peter Johnson  H1 Financial ReviewAndrew Carr-Locke  UK Business ReviewPete Redfern  US Business ReviewPeter Johnson  Strategy and OutlookPeter Johnson 5

Introduction Peter Johnson Group Chief Executive

Highlights  Group H1 PBT up 29% to £158.5m  Margins increased across all three businesses  from 16.5% to 17.1% in George Wimpey  from 10.6% to 12.0% in Laing Homes  from 11.1% to 12.4% in Morrison Homes  Volumes increased in all businesses  Landbank strengthened in UK and US  land purchase disciplines on margins maintained  Interim dividend up 37% to 5.2p  Full year outlook around the top end of market expectations 7

Market conditions UK - H1 generally healthy, normal seasonal pattern emerging  Very strong Q1; H1 pattern similar to 2002  Recent steadying following normal summer pattern  rate rises will avoid repeat of abnormal 2003 H2  Continued undersupply, low unemployment and good affordability underpin the market US - H1 exceptionally strong, steadying to strong but sustainable  Economy continues to strengthen  Strong demographic trends and good affordability underpin market  Morrison positioned in particularly strong markets 8

H financial review Andrew Carr-Locke Group Finance Director

H Change £m First half results H *Last 12 months** restated for UITF 38 Turnover Operating profit Interest charge Profit before tax Earnings per share Dividend per share ROACE* 1,220+15% % (23.1) % 28.6p+27% 5.2p+37% 24.0% 1, (25.3) p 3.8p 24.1% NAV per share 328p+22%269p** 10

Turnover £m Operating profit 1 Operating margin 1 Change £m Change H H George Wimpey Laing Homes Morrison Homes 2 Other TOTAL % % 16.5%17.1% % % 10.6%12.0% % % 11.1%12.4% --(7)- 1, % % Segmental analysis 1 After fair value items 2 Exchange rate in 2004 $/£=1.81, 2003 $/£=

First half completions Completions NoChange£ / $Change Ave selling price GW private GW affordable Laing private Laing affordable UK total US total GROUP TOTAL 4,220 +2% £183, % % £81,100 +8% % £308,100 -7% 110 N/A £100,800 -1% 5,093 +9% 1, % $277,700 +5% 6, % 12

Yr to Jun 2003 Yr to Jun 2004 £m Cash flow summary 12 months to June Operating profit Land spend Land realisations Other working capital Tax Interest paid FREE CASH FLOW (848)(834) (63)5 (97)(120) (33)(47) (41)156 Acquisitions(349)(95) Dividends(25)(26) Cash inflow / (outflow) before financing(415)35 13 restated for UITF 38

Balance sheet - net assets June 2003* June 2004 Fixed assets Land Land creditors Other current assets Tax and provisions Deferred consideration TOTAL NET ASSETS ,6421,771 (168)(156) (66)(68) (92)- 1,8372,032 £m * restated for UITF 38 14

June 2003* June 2004 Shareholders’ funds £m Net debt £m Capital employed £m 1,0251, ,8372,032 Gearing Interest cover last 12 months 79%59% 8.5x9.4x Balance sheet - financing * restated for UITF 38 15

Land owned and controlled Total land value £m1,6041, Owned plots34,19133,81917,45612,574 Controlled plots16,71012,8692,6062,751 Short term plots50,90146,68820,06215,325 Short term landbank in years June 2004 June 2003 June 2004 June 2003 UKUS 16

Financial summary  Operating margins increased in all businesses  Positive free cashflow of £156m in 12 months to June 2004  Balance sheet strengthened  gearing down from 79% to 59% and interest cover increased  no deferred consideration  Landbank strengthened  now over 50,000 plots in UK  4,700 plot y-o-y increase in US  land buying margin disciplines remain in place  ROACE 24.0%  Interim dividend up 37% to 5.2p 17

UK business review Pete Redfern Managing Director, GWUK

Financial summary George Wimpey H1 2004H1 2003H1 2004H Laing Homes Total completions Private completions Private ASP Turnover £m Operating profit £m Operating margin 4,5604, ,2204, £183,600£163,100£308,100£331, %16.5%12.0%10.6% 19

20 Operating margin growth  Helped by strong market  GW strong selling price growth in North and Midlands  Laing H1 volume growth  3 years of improved land buying  Costs tightly under control  controlled material cost inflation and subcontractor costs ~ 4-5%  improving supplier relationships on service and cost - scale benefits  Excellent production capability  benefits from 2003/4 product rationalisation  square footage per outlet up 12%

21 Geographical and product mix  Regional businesses North/Midlands/South in excellent balance  Focus on prime locations maintained - right place to be in any market  Average private selling price increased by 11% but depth of customer base maintained:  84% of volume remains under the £250k stamp duty threshold  mix of products changing to maintain affordability

Price points £0k - £50k£51k - £100k£100k - £150k£150k-£200k£200k-£250k£250k-£300k£300k - £500kOver £500k Price band No completions George Wimpey Laing Homes 22

Flats 2 / 3 bed houses 4 / 5 bed houses H2 2003H %23% 31%33% 41%44% 29% 42% H Product mix  Average product size maintained at ~1,070 sqft

Market update  2004 H1 has followed similar pattern to 2002  Q1 very strong – well ahead of 2003  Q2 slowing into normal summer seasonal pattern  Interest rate rises and BoE price warnings have had desired effect  Visitors and sales rates are in line with summer pattern: quality remains strong  Price growth has come from North and Midlands: prices in South flat since Q3 2002: current price growth modest  No increases in incentives: cancellation numbers similar to last year; part exchange <1% of sales  Market balanced by limited supply and interest rate rises; normal H2 expected compared to abnormally strong H2 in

Weekly sales rates JanFebMarAprMayJunJulAugSepOctNovDec

Weekly sales rates JanFebMarAprMayJunJulAugSepOctNovDec

Weekly sales rates JanFebMarAprMayJunJulAugSepOctNovDec

Weekly sales rates JanFebMarAprMayJunJulAugSepOctNovDec

George Wimpey ASP on reservations JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJun £000s North DivisionMidland DivisionSouth Division

Landbank  Total land bank at 50,901 (2003 H1 46,688) plots, of which 21,000 plots owned with detailed planning  Greater length of pipeline land required due to longer planning process  Long term land beginning to contribute - long term land bank includes 13,000 plots allocated in local plans.  Land bank is of a good quality, for example for George Wimpey private plots: ASP £000s Cost per plot £000s H1 2004Landbank Land value % ASP % 30

Land purchase margins FY 2000FY 2001FY 2002FY 2003H PBIT % 31 %

Customer service  ‘Would you recommend’ breaks 85% target  8% improvement year-on-year in Customer Service Monitor scores  ‘Growing Wiser’ programme rolled out to all businesses GW and Laing  Again won more ‘Pride in the Job’ awards than any other housebuilder  GW options revenue up 11% per home 32

Customer service 50% 55% 60% 65% 70% 75% AprMayJunJulAugSepOctNovDecJanFebMar Monthly CSM score % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% AprMayJunJulAugSepOctNovDecJanFebMar Current industry ave recommendation rate Barker target 2007 recommendation rate George Wimpey recommendation rate

34 Laing Homes integration  Restructuring now complete: new management team established  The business fully integrated into GWUK  one UK management team  one UK head office  Laing fully part of the GW specialist structure (eg procurement)  benchmarking across Laing and GW  Overhead costs on plan, £12m savings achieved within expected exceptional cost  Track record of award winning quality continued in 2004  Laing Homes well placed to deliver volume growth

Future expectations  Priority is to sustain margins  Volume growth can come from both Laing and George Wimpey  significant if changes arise from Barker  slower but still deliverable if not  However land buying will remain selective - having built margins up over three years both in results and stored in the land bank, we will not let them slip  In summary, in any market George Wimpey has several advantages  significantly improved land bank  highly professional sales offering - customer service, options and site presentation  highly efficient site production machine  opportunity to grow Laing - margins and volumes 35

US business review Peter Johnson

Financial summary Legal completions Revenue $m Ave selling price Operating profit $m Operating margin % H1 2003H1 2004Change 1,5211,714+13% % $266,000$278,000+5% % % 37

US housing market  Economy continues to strengthen  healthy job growth; consumer confidence at 18 month high  Interest rates have started to increase  but mortgage rates still historically low  positive economic environment balancing out rate rise  demand has not been dampened  Another very strong year forecast for SF starts and sales  Exceptionally strong demand experienced by Morrison in H  visitor levels up 30%  sales rates up almost 50%  H2 likely to return to more sustainable levels 38

Operating margin FY 2003H1 2004H %12.4%11.1% Margins  H1 margins benefited from  selling price increases  improved land purchasing over past two years  But offset by  significant increases in material costs  increase in overheads to support longer term growth  Margins sustainable as growth continues through  improved overhead recovery  bigger land deals - getting invited to the party more regularly 39

Land  Landbank increased by over 30% y-o-y  2.7 plots added for every plot used so far in 2004  Excellent position for further growth Land spend $m (last 6 months) 120 Plots owned / under option 15,304 Plots controlled 1,663 Total landbank 16,967 12,574 2,751 15, Dec 03Jun ,456 2,606 20,062 Jun 04 40

Excellent position for growth  Excellent forward sales position for 2004 >90% reserved/completed  significant increase in full year numbers expected  Strong land position for further significant volume growth in 2005  Successful new product development  smaller, more affordable product in Austin, Atlanta and Dallas  town houses successfully introduced in Florida  Underperforming businesses in Atlanta and Texas being addressed  Former satellites in Central Valley and Jacksonville performing well; new division to be formed in 2005 from Sarasota satellite  Well located in 5 of top 10 fastest growing Metropolitan areas in job growth and SF Permits 41

Strategy and outlook Peter Johnson

Strategy - background  The strategy set out three years ago has now largely been delivered  performance of UK business substantially improved  second brand established to support UK volume growth  benefits of scale established and reinforced  potential for significant growth in US has been created  margins have been improved across all businesses  Rapid pace of UK market has now slowed  house price inflation has slowed, but costs continue to grow  land market remains competitive as planning restricts supply  Outlook for US market remains very strong  underlying demographic growth and job growth  excellent Morrison positions in location, land, brand and management 43

Strategy – today’s priorities  Sustain GW margins through selective land acquisition  Continue to bring Laing margins up to GW levels  Sustain benefits arising from absolute and relative scale  Put structure in place to allow growth if land available on good terms In UK, prioritise margin over rapid volume growth  Maintain rapid growth rate of Morrison within existing markets  Resolve outstanding performance issues in Atlanta and Texas Deliver significant growth from potential in Morrison  Continue to reduce gearing levels  Sustain policy to increase dividends ahead of earnings growth Reduce gearing and increase dividend payout 44

Outlook UK  Market appears to have returned to normal and sustainable levels  >80% of full year target completions now reserved or completed at margins ahead of 2003  H2 orders expected to be below record H levels  Full year volumes likely to be similar to 2003 US  Economy and market remain strong, though slowing from recent record pace to sustainable levels  >90% of full year target completions now reserved or completed at margins ahead of 2003  Land position in place to support rapid growth in H2 and beyond Based on current market conditions full year results are expected to be around the top end of market expectations 45

Forthcoming events  12 / 13 October 2004  dinner and site visit for analysts  22 December 2004  pre-close trading update  22 February 2005  2004 preliminary results announcement  6 September 2005  H interim results 46

Appendix To interim results presentation for half year to 30 June 2004 Wednesday 28 July 2004

H1 2003H Operating profit Interest charge (25.3)(23.1) Profit before tax Interest cover last 12 months x9.4x £m Published results 48

FREE CASH FLOW H1 2003* H Operating profit Land spend Land realisations Other working capital Tax Interest paid (482)(462) (156)(136) (54)(55) (19)(23) (309)(216) £m Cash flow summary 6 months to Jun 2004 * restated for UITF 38 Cash inflow / (outflow) before financing Acquisitions Dividends (120)- (15)(16) (444)(232) 49

GW affordable Reservations H Ave sites Per outlet / per week H H H H H Group reservations GW private Laing private Laing affordable UK TOTAL 6,0626, ,4767, US TOTAL GROUP TOTAL 2,9321, ,4089,

H H H full year Ave house size sqft 1,0671,0561,0511,053 Ave selling price £ / sqft George Wimpey - private completions analysis 51

H H H full year George Wimpey - turnover analysis Private - volume ave price £000s 4,2204,1257,10311, turnover £m ,2131,886 Affordable - volume ave price £000s turnover £m Other turnover mainly land sales 6-33 TOTAL £m ,2421,933 52

H H H full year George Wimpey - margin analysis Gross margin % Gross profit £m Selling expenses £m(31.1)(29.8)(33.3)(63.1) Overhead costs £m OPERATING PROFIT £m (47.0)(43.0)(49.9)(92.9) Operating margin % Fair value items (FVI) £m OP MARGIN % before FVI

H £m % to sales £m % to sales H Gross profit Fair value items Overhead costs % % %2.00.3% (78.1)(9.6%)(72.8)(10.5%) OPERATING PROFIT before fair value items % % OPERATING PROFIT after fair value items % % George Wimpey - margin reconciliation 54

H H H full year George Wimpey - product mix Flats 2 / 3 bed houses / 5 bed houses % 55

H H H full year % completions by price £000s George Wimpey - price mix 56

North Midlands South Total George Wimpey - geographic mix Legals H1 2004H Legals Size sqft ASP £000 1,4591, ,5091, ,5931, ,3181, ,0551, ,2121, ,2201, ,1251, Size sqft ASP £000 Legals H ,4391, ,4491, ,9751, ,1031, Size sqft ASP £000 City

Owned and controlled plots June 2004 June 2003 North Midlands South Total 15,63013,991 12,14712,851 16,07812,758 46,25342,562 Long term acres June 2004 June ,9084,990 5,4975,293 7,7208,561 18,12518,844 George Wimpey - land City2,3982,

George Wimpey - short term land H H H full year Start of period Net additions 30,50629,53630,60529,536 5,0725,4397,34412,783 Legal completions(4,560)(4,370)(7,443)(11,813) End of period CONTROLLED 31,01830,60530,506 15,23511,95713,081 TOTAL LANDBANK46,25342,56243,587 OWNED 59

Plots H1 2003*H Plots Cost per plot £k Value £m Opening landbank Net additions Legal completions (156) End of period 29, ,071 5, (4,370)(35.9) 30, ,140 Cost per plot £k Value £m George Wimpey - owned land 30, ,241 5, (4,560)(41.0) 31, ,270 (187) *restated for consistency with 2004 figures 60

Ave house size sqft Ave selling price £ / sqft Laing Homes - private completions analysis H full year 1,3171, H , H ,

H H H full year Laing Homes - turnover analysis Private - volume ave price £000s turnover £m Affordable - volume ave price £000s turnover £m Other turnover mainly land sales TOTAL £m

H H H full year Laing Homes - margin analysis Gross margin % Gross profit £m Selling expenses £m(5.1)(4.5)(7.5)(12.0) Overhead costs £m OPERATING PROFIT £m (10.8)(10.4)(13.0)(23.4) Operating margin %

H H H full year Laing Homes - product mix Flats 2 / 3 bed houses / 5 bed houses Completions % 64

H H H full year , , % completions by price £000s Laing Homes - price mix 65

Laing Homes - land June 2004 Dec 2003 June 2003 Dec ,1733,0533,2142,690 1,4751, Owned Controlled TOTAL LANDBANK 4,6485,0214,1263,613 Plots 66

Ave house size sqft Ave selling price £ / sqft Morrison Homes - private completions analysis H full year 2,4332, H , H ,

H H H full year Morrison Homes - turnover analysis Private - volume ave price $000s 1,7141,5212,1403, turnover $m Other turnover8549 TOTAL $m

H H H full year Morrison Homes - margin analysis Gross margin % Gross profit $m Selling expenses $m(26.7)(23.9)(32.2)(56.1) Overhead costs $m OPERATING PROFIT $m (29.6)(24.7)(29.5)(54.2) Operating margin %

Morrison Homes - margin reconciliation H $m % to sales $m % to sales H Gross profit Selling expenses Overhead costs % % (23.9)(5.9%)(26.7)(5.5%) (24.7)(6.0%)(29.6)(6.1%) OPERATING PROFIT % % 70

Morrison Homes - regional performance Turnover H $m H $m West Southeast Southwest Corporate Total H $m H $m (5.1) Operating profit 45.3 Operating margin H % H % (6.2)

H H H full year Morrison Homes - short term land Start of period Net additions 15,30411,79612,57411,796 3,8662,2994,8707,169 Legal completions (1,714)(1,521)(2,140)(3,661) End of period 17,45612,57415,304 2,6062,7511,663 TOTAL LAND BANK 20,06215,32516,967 LAND SPEND $m OWNED AND OPTIONS CONTROLLED 72

West Southeast H H H full year , ,684 Southwest Morrison Homes - legal completions TOTAL 1,7141,5212,1403,661 73

West Southeast H H H full year Southwest Morrison Homes - average selling price TOTAL $ 000s 74