George Wimpey PLC 2000 Preliminary Results Wednesday 21 February 2001

2000 Results - Headlines A strong foundation… ° PBT up 30% to £146.1m ° Dividend up 14% - covered 4.0 times …in both businesses ° UK operating profit up 40% to £142.5m ° US operating profit up 29% to $53m restructuring ahead of plan ° forecast savings up to £20m

Agenda 2000 Financial Review Richard Saville UK Business Review Keith Cushen US Business Review Stu Cline Summary and Outlook Peter Johnson

2000 Results Richard Saville Group Finance Director

2000 Results % change Revenue £ m Operating profit £ m Profit before tax £ m Tax %2422n/a Earnings per share p Dividend per sharep

Segmental Analysis

2000 Completions

Cash Flow Highlights £m Operating profit Net investment in land(132)(104) Working capital (14) (4) Discontinued operations Tax/other (20) (21) Funding costs (51) (39) Net cash outflow (35) (4)

Balance Sheet

2000 Financial Summary Record profits and good 2nd half growth Strong balance sheet Group margin increased to 10% ROCE of 20.5% ROE of 17.7% Solid position on which to build

UK Business Review Keith Cushen Managing Director

Product Mix £000 %

Regional Landbank Plots

Foundations for Success Build quality Customer satisfaction Improved product mix Urban redevelopment Innovative use of modern technology

Objectives To use scale to maximise purchasing benefits To share best practice To increase added value per unit To streamline decision making

Action Taken Closed 9 business units ° selling outlets remain unchanged Opening new London office Reviewed staffing levels across regions Reduced senior management team Closed central design Closed central procurement Integrated Strategic Land into business units

Results of Action New UK management team in place New regional structure operational by 2 April 2001 Staff head count reduced by over 400 Estimated cost of restructuring unchanged at £15m Cost savings increased to £20m per annum

US Business Review Stu Cline President Morrison Homes

2000 Summary Performance 2000% change Revenue $m Operating profit $m Operating margins % Legal completions Ave selling price $ Land bank plots

Growth in Added Value Products Décor Centers Financial Services Use of web-based technology ° ° web-linked sales offices ° MH2 Build

Morrison Markets Net JobAnnualSF permits GrowthGrowth RateRate California443, %103,693 Florida262, %105,163 Texas253, %106,601 Georgia 86, % 68,282 Arizona 82, % 47,909 US Average Job Growth Rate : 2.05%

Morrison Markets Current Markets Atlanta Jacksonville Orlando Tampa Sarasota Austin San Antonio Dallas/Ft Worth Houston Phoenix Sacramento East Bay Area San Joaquin Valley

Summary and Outlook Peter Johnson Group Chief Executive

Strong Foundations for Success Generally stable market conditions High standards of build quality Much improved product base Experienced management team US experience to learn from

UK Restructuring Plan Rapid progress in just 8 working weeks Benefits of £20m well ahead of plan Next steps Major focus is to ensure restructuring programme delivers on promises made Seek opportunities to improve margins ° gain further benefits from our scale ° increase sales of options and extras ° increase exposure to higher margin markets

Outlook Stable UK market ° market indicators positive ° modest price inflation expected Local US markets remain healthy Encouraging start to the new year ° strong sales proceeding from last year ° new year sales activity robust ° will partly offset impact of H1 planning delays Restructuring will begin to benefit 2001 results

George Wimpey PLC 2000 Preliminary Results Wednesday 21 February 2001