Disclaimer The information in this presentation does not

Disclaimer The information in this presentation does not constitute an offer to sell or an invitation to buy shares in George Wimpey Plc or any other invitation or inducement to engage in investment activities. Past performance cannot be relied upon as a guide to future performance 2

George Wimpey Plc Preliminary Results for the year ended 31 December 2005 Tuesday 21 February 2006

Welcome and introduction John Robinson Chairman

Agenda Key messages Peter Johnson 2005 financial review Andrew Carr-Locke US business review Peter Johnson UK business review Pete Redfern Group outlook Pete Redfern 5

Key messages Peter Johnson Group Chief Executive

2005: US growth strategy paid off, offset by disappointing UK result Weak market exposed challenges of short term landbank as well as weaknesses within our business Bulk of UK business remains sound; those weaknesses have been addressed UK soundly based to rebuild margins in stable and improved market Morrison Homes has outperformed in a strong market Management team is strong; internal succession ensures continuity of strategy 7

2005 financial review Andrew Carr-Locke Group Finance Director

2005 results £m 2005 2004* Change 3, 003. 2 2, 976. 0 + 1% Operating profit 437. 5 497. 5 - 12% Interest (71. 0) (59. 9) + 19% Profit before tax 366. 5 437. 6 - 16% Tax 31% - EPS 64. 3 p 78. 4 p - 18% NAV per share 389 p 340 p + 14% DPS 17. 6 p 16. 0 p + 10% 3. 7 x 4. 9 x - Turnover Dividend cover * restated for IFRS and land sales 9

2005 completions Completions Ave selling price No Change £ / $ Change UK private 10, 678 - 5% £ 188, 600 - 2% UK affordable 1, 422 + 48% £ 98, 600 + 10% UK total 12, 100 - 1% £ 178, 000 - 4% US total 4, 921 + 11% $312, 700 + 8% GROUP TOTAL 17, 021 + 2% 10

Segmental analysis Turnover Operating profit Operating margin* £m Change 2005 2004 UK 2, 157. 6 - 5% 278. 0 - 32% 12. 9% 18. 0% US 845. 5 + 21% 169. 4 + 65% 20. 0% 14. 7% 0. 1 - (9. 9) - 33% 3, 003. 2 + 1% 437. 5 - 12% Other TOTAL *Exchange rate in 2005 $/£=1. 82, 2004 $/£=1. 83 *UK operating profits stated after charging £ 5 m of restructuring costs 11

Interest charge £m 2005 2004 Change Loans 50. 0 48. 0 + 4% Pensions 8. 5 8. 1 + 5% Derivatives 5. 3 - Other 7. 2 3. 8 + 89% TOTAL 71. 0 59. 9 + 19% 12

Cash flow summary £m Operating profit Land spend Land realisations Other working capital movements CASH INFLOW FROM OPERATIONS Interest Tax Dividends Exchange rate effects Other movements REDUCTION / (INCREASE) IN NET DEBT Yr to Dec 2005 2004 437. 5 (839. 0) 737. 4 (49. 0) 497. 5 (935. 1) 702. 1 (88. 3) 286. 9 176. 2 (53. 6) (117. 7) (53. 7) (38. 8) (49. 2) (91. 3) (33. 7) 20. 8 (24. 1) (14. 5) (1. 0) 8. 3 13

Balance sheet net assets Dec 2005 Dec 2004* 57. 6 36. 4 Land 2, 153. 4 1, 932. 3 Land creditors (380. 5) (274. 7) 469. 9 403. 0 Tax and provisions (104. 9) (114. 4) Net pension deficit (129. 2) (130. 3) TOTAL NET ASSETS EMPLOYED 2, 066. 3 1, 852. 3 £m Fixed assets and joint ventures Other net operating assets * restated for IFRS 14

Balance sheet financing Dec 2005 Dec 2004 1, 544. 4 1, 331. 4 521. 9 520. 9 2, 066. 3 1, 852. 3 Gearing 34% 39% Interest cover - reported 6. 2 x 8. 3 x Interest cover - underlying 8. 8 x 10. 4 x 22. 3% 28. 9% Shareholders’ funds £m Net debt £m Capital employed £m ROACE * restated for IFRS 15

5 year review Profits increased by 141% Dividends annual growth rate 21% Balance sheet strengthened IAS UK GAAP 2005 2004 2003 2002 2001 Group completions 17, 021 16, 654 16, 570 16, 917 14, 437 PBT £m 366. 5 437. 6 450. 7 378. 2 285. 9 152. 0 1, 544. 4 1, 331. 4 1, 439. 1 1, 168. 4 944. 6 783. 3 Dividends per share 17. 6 p 16. 0 p 12. 25 p 9. 1 p 8. 25 p Gearing 34% 39% 36% 45% 40% 49% Net worth £m 16

US business review Peter Johnson Group Chief Executive

2005 financial summary 2005 2004* Change Legal completions 4, 921 4, 422 + 11% Comps excluding Atlanta 4, 797 4, 110 + 17% Ave selling price $312, 700 $288, 900 + 8% Turnover $1, 538. 8 m $1, 277. 3 m + 20% $308. 3 m $188. 3 m + 64% 20. 0% 14. 7% + 5. 3 pp Operating profit Operating margin * restated for IFRS and land sales 18

Five year review Turnover* $m Operating profit* $m Operating margin % Completions ASP $ 2001 687. 7 66. 4 9. 7% 2, 900 238, 000 2002 804. 7 80. 7 10. 0% 3, 197 252, 000 2003 988. 3 118. 6 12. 0% 3, 661 270, 000 2004 1, 277. 3 188. 3 14. 7% 4, 422 289, 000 2005 1, 538. 8 308. 3 20. 0% 4, 921 313, 000 CAGR 22. 3% 46. 8% - - 7. 1% * restated for IFRS and land sales 19

Margin Gross margin up from 25% to 30% §average selling prices +8% but big mix changes §underlying house price inflation >10% in Florida, Phoenix, North California; <5% in Texas, Denver §increase in land costs offset by change in regional mix §impact of build cost inflation on margin ~4. 5% - 5% Overhead to sales stable at 10% §increased bonuses offset by scale efficiencies 20

Some industry comparisons : Company Est PBT margins 2005 asp 2005 increase % US GAAP $000 % Toll Brothers NVR Morrison Standard Pacific DR Horton Hovnanian Pulte Ryland Centex Beazer 21. 6 21. 0 18. 5 17. 6 17. 0 16. 7 15. 8 15. 6 14. 4 12. 2 Estimates from broker reports 654 376 313 352 263 319 316 274 297 271 13 13 8 -6 9 14 10 9 10 17 21

Successful growth strategy Focus on growth markets Growth through satellites Growth through product development Addressing underperforming businesses Landbank 22

Successful growth strategy Focus on growth markets §Morrison markets account for 45% of job growth 49% of population growth 38% of 2005 H 2 SF permits Growth through satellites Growth through product development Addressing underperforming businesses Landbank 23

Morrison Homes markets major beneficiaries of underlying trends 000 s Job Growth Rank last 12 mths SF Permits Rank Population Growth Rank H 2 2005 Florida 297 1 209 1 404 1 California 278 2 151 3 290 3 Texas 154 3 166 2 388 2 Arizona 117 4 81 6 199 4 Colorado 55 18 40 12 63 11 TOTAL 901 647 1. 344 m Total US 2, 010 1, 681 2. 753 m Morrison Markets 45% 38% 49% 24

Successful growth strategy Focus on growth markets Growth through satellites § 2001 new satellites in Jacksonville, Sarasota, Central Valley § 2005 these satellites accounted for 20% completions § 2005 new satellites in Daytona Beach, Fort Myers and Reno Growth through product development Addressing underperforming businesses Landbank 25

Successful growth strategy Focus on growth markets Growth through satellites Growth through product development §townhomes were >12% of Florida completions in 2005 §townhome volumes expected to grow 2. 5 times in 2006 Addressing underperforming businesses Land bank 26

Successful growth strategy Focus on growth markets Growth through satellites Growth through product development Addressing underperforming businesses §Atlanta exited §Texas 2005 completions +47% §Texas order book at 31 December +55% §net reservations weeks 1 -6 2006 +14% Landbank 27

Successful growth strategy Focus on growth markets Growth through satellites Growth through product development Addressing underperforming businesses Landbank §total plots at end 2005 §% of plots used during the year §% of land for 2006 targeted completions §% of land for 2007 targeted completions 23, 514 140 100 90 28

Landbank in place to deliver growth 29

Focus on growth markets balanced landbank to support growth 2005 2004 2003 comps land West 1, 187 4, 093 1, 130 3, 997 832 3, 125 Southeast 2, 253 12, 040 2, 092 10, 573 1, 684 8, 816 Southwest 1, 481 7, 381 1, 200 7, 009 1, 145 5, 886 30

Focus on growth markets growth in completions and landbank 2005/4 2005/3 2003 comps land West 5% 2% 43% 31% 832 3, 125 Southeast 8% 14% 37% 1, 684 8, 816 Southwest 23% 5% 29% 25% 1, 145 5, 886 31

Outlook economy, housing market - macro picture remains healthy US economy remains strong § 600, 000 jobs created in last three months §consumer confidence at highest since June 2002 §unemployment rate down to 4. 7% § 30 year fixed rate mortgage at 6. 22% Housing industry projected to remain at high levels §NAHB projects SF new home sales down 8. 1% to 1. 19 m §that matches 2004 and is 10%> average 2002 -2004 § 1. 28 m new owner households created to grow home ownership rate from 69% in 2004 to 70% in 2010 32

Outlook Morrison Homes - too early to call full year outlook Outlets* +10% Order book at 1 Jan 06* +20% in volume +36% in value §at margins and prices ahead of 2005 full year Order book at end week 6* +19% in volume +36% in value Sales §weeks 1 -6 -3% on 2005 §sales rate 0. 93 vs 1. 05 §West down, Southeast flat, Southwest up *excluding Atlanta 33

UK business review Pete Redfern Deputy Group Chief Executive

Two key questions Why have UK margins fallen in 2005? What have we done to address these issues? 35

Two key questions Why have UK margins fallen in 2005? What have we done to address these issues? 36

Causes of margin reduction Impact of tough market and mix on selling prices §affordable housing §smaller private product – houses and apartments §southern market significantly weaker Habitual second half volume weighting reduced business flexibility Impact of rising costs – mostly land, due to short term landbank Underperforming businesses and sites affected overall margin performance 37

Margin movement 2005 2004 margin 18. 0% Sales pricing impact (1. 8%) Mix / volume impact (0. 3%) Build cost impact (0. 4%) Land cost impact (2. 6%) Net operating expenses impact 2005 margin 0. 0% 12. 9% 38

2005 financial summary 2005 2004* Total completions 12, 100 12, 232 Private completions 10, 678 11, 274 Affordable completions 1, 422 958 £ 188, 600 £ 193, 400 Total turnover £m 2, 157. 6 2, 277. 9 Gross margin % 21. 5% 26. 1% Operating profit £m 278. 0 409. 4 Operating margin % 12. 9% 18. 0% Private ASP * restated for IFRS and land sales 39

2 key questions Why have UK margins fallen significantly in 2005? What have we done to address these issues? 40

Actions to improve margin performance Put sales on front foot §improve quality of sales processes and performance §ensure sales are moving on all sites §lengthen order book to create urgency for customers Improve H 1/H 2 volume balance §through sales catch up and focus on next six months §through build planning Continue to improve land processes, culture and people Drive down build and overhead costs §£ 20 m of cost savings achieved (£ 2 m in 2006) §further overhead reductions to come through §more to go on build costs in 2006 41

Actions to improve margin performance Addressing underperforming businesses §challenging management, changing where necessary §new Management Team established - experienced housebuilding team §structure simplified, central drive and control, not more overhead Laing business structure rationalised and absorbed §all UK businesses run on same model §two smallest subscale businesses closed §strong underlying Laing businesses and people retained §two brands nationally available to allow local differentiation for growth Decision to withdraw from high rise City business §strong skills within business retained §releases £ 100 m of cash over two years for reinvestment 42

2006 business structure New business structure §North §Midlands 9 §TOTAL Edinburgh Glasgow 8 §South Aberdeen 8 25 §+ 3 new satellites Newcastle Completions from 350 – 700 per business Leeds Liverpool Overheads before restructuring costs (£m) Manchester 2005 2004 2003 109 Birmingham 118 117 London Bristol Plymouth 43

2005 market Market has been difficult since mid 2004 §total market volumes down 17. 2% (source: Land Registry) §second hand market very slow §price sensitive and incentive led In H 1, North was strongest and South weakest H 2 started to show slow improvement §particularly in the last two months §particularly in South Apartment market has been particularly price and product sensitive §impact c. 2. 5% margin difference to average 44

Ave weekly sales rates GW 2003 – 2005 • H 2 sales create 32% growth in order book • Nov/Dec sales remain strong due to focussed pressure 45

Net prices on reservations GW 2003 – 2005 • Sales growth driven by performance not just price – cost 1% of net price • Building order book will allow reduction in incentives 46

Product mix 2005 2004 Apartments 36% 31% 2 / 3 bed houses 32% 4 / 5 bed houses 32% 37% 100% PD completions Managing our apartment mix § 2005 land approvals 30% apartments §margin hurdles increased on apartments in 2004 §size down 5% and still being reduced §preferred range 10 - 15% more efficient in size/plotting 47

Cost reduction 2005 cost saving programme §sub-contractor savings §rationalisation of brick supply chain §replans of high cost sites/products §rationalisation of site overheads More potential for 2006 §standard build detail eg floor systems §loading scaffolding/joist hangers §rationalisation of doors/fittings §kerb remedials §option cost efficiencies §sales and showhome costs Preferred housetype range designed and in place §adopted first in new and underperforming businesses §cost per square foot 5% below average product 48

Landbank Owned and controlled plots 2005 2004 North 16, 447 18, 615 5, 112 4, 934 Midlands 13, 878 11, 882 4, 662 5, 529 South 20, 660 20, 622 4, 395 7, 108 TOTAL 50, 985 51, 119 14, 169 17, 571 Strategic acres • Landbank broadly maintained, North land prices still inflating until late 2005 • Strategic landbank and process challenged – sifting sand, finding some nuggets 49

Owned land cost and value Cost Per Plot (£ 000) 2005 2004 Opening landbank 45. 6 44. 6 Acquired net* 51. 0 46. 8 Completions* (47. 3) (44. 3) 47. 2 45. 6 Closing landbank *Plot cost high in year, driven by South/North mix 2005 completions ASP £ 000 s Cost per plot £ 000 s Land value % ASP Landbank 178. 0 47. 3 26. 6% 181. 2 47. 2 26. 0% • Closing plot cost marginally lower than 2005 completions • Landbank average selling price higher than completions due to South mix 50

Example sites acquired in 2005 No of plots No of acres Cost per plot as % of ASP 695 66 17. 3% Lawley, Telford 1, 167 71 19. 6% Newton Leys 1, 650 90 20. 7% Masterton, Dunfermline 51

UK objectives Margin improvement objective for H 2 2006 §move net prices forward having strengthened sales position §continuous cost reduction plan to hold inflation or better §show improvements from underperforming businesses Medium term volume growth § 2006 volumes will be less H 2 weighted – foundation for housebuilder growth culture §existing structure has ability for growth -undersize businesses -three new satellites -improvements in land buying structure and people 52

Outlook Market recovery seen in Nov/Dec continues §RICS survey shows completions up 15% year on year §more confident, committed visitors §outlets below last years peak at 292 (2005: 320) §sales rate still maintained at 0. 96 §order book at lower margins, starting to move net prices on new reservations Opportunities in both material supply and subcontract costs, despite energy pressures 53

Group outlook Pete Redfern Deputy Group Chief Executive

Group outlook US §economy and housing market projected to remain healthy §although too early to call full year outlook §strong forward order book §sales remaining sound UK §market recovery seen in Nov/Dec continues §further cost saving opportunities identified and in place §strong forward order book starting to reduce use of incentives 55

Forthcoming events AGM statement and trading update 20 April Pre-close trading update W/C 3 July §Management dinner W/C 3 July Interim results 1 August Site visit October 56

George Wimpey Plc Preliminary Results for the year ended 31 December 2005 APPENDIX

Pensions UK defined benefit scheme closed to new members in 2002 Investment position § 68% fixed interest § 32% equities Mortality assumptions fully updated following detailed study of recent mortality experience of the Scheme March 2005 Actuarial Valuation §gross deficit £ 148 m §net £ 104 m IAS 19 valuation 2005 §gross £ 185 m (2004 £ 186 m) §net £ 129 m (2004 £ 130 m) Deficit funding contributions paid for 2004 and 2005, agreed contributions for 2006 of £ 15 m Total contribution (including deficit funding) £ 21 m (2004 £ 23 m) 57

Undeveloped land disposals £m 2005 2004 Land sales UK 24. 3 22. 7 US 13. 2 7. 0 TOTAL 37. 5 29. 7 Profit (loss) UK 15. 4 9. 3 US 1. 6 (0. 1) TOTAL 17. 0 9. 2 Revenue from land disposals is no longer included in turnover There is no impact on reported operating profits 58

Group reservations Reservations 2005 2004 UK private 11, 318 10, 640 UK affordable 5, 211 4, 822 GROUP TOTAL 2005 2004 307 295 0. 71 0. 69 95 100 1. 05 0. 93 13, 199 11, 918 US TOTAL Per outlet / per week 1, 881 1, 278 UK TOTAL Ave sites 18, 410 16, 740 59

UK – turnover analysis 2005 Year 2004 H 2 H 1 Year H 2 H 1 Private - volume 10, 678 6, 524 4, 154 11, 274 6, 631 4, 643 ave price £ 000 s 188. 6 184. 8 194. 5 193. 4 192. 4 194. 9 turnover £m 2, 014 1, 206 808 2, 181 1, 276 905 Affordable - volume 1, 422 1, 000 422 958 508 450 ave price £ 000 s 98. 6 103. 3 87. 7 89. 8 92. 5 85. 9 turnover £m 140 103 37 86 47 39 4 2 2 11 9 2 7, 524 4, 576 12, 232 7, 139 5, 093 Other turnover £m Total - volume 12, 100 ave price £ 000 s 178. 0 174. 0 184. 6 185. 3 turnover £m 2, 158 1, 311 847 2, 278 1, 332 946 60

UK - margin analysis 2005 2004 Year H 2 H 1 Year* H 2* H 1* Gross profit £m 464. 2 265. 6 198. 6 595. 4 348. 0 247. 4 Gross profit % 21. 5% 20. 3% 23. 4% 26. 1% 26. 2% Direct selling £m (86. 2) (45. 7) (40. 5) (75. 9) (39. 7) (36. 2) Overheads / JVs £m (115. 4) (58. 4) (57. 0) (119. 4) (61. 4) (58. 0) Land profits £m 15. 4 9. 8 5. 6 9. 3 6. 7 2. 6 Operating profit £m 278. 0 171. 3 106. 7 409. 4 253. 6 155. 8 Operating margin % 12. 9% 13. 1% 12. 6% * restated for IFRS and land sales 18. 0% 19. 1% 16. 5% 61

UK - PD product mix Completions 2005 2004 Year H 2 H 1 Apartments 36% 37% 34% 31% 29% 32% 2 / 3 bed houses 32% 32% 29% 35% 4 / 5 bed houses 32% 31% 34% 37% 42% 33% 100 100 100 62

UK – PD activity analysis 2005 2004 Year H 2 H 1 Ave house size sqft 994 980 1, 015 1, 033 1, 008 1, 069 Ave selling price £ / sqft 189 188 192 187 190 182 63

UK PD price mix % % completions by price band £ 000 s 2005 2004 Year H 2 H 1 £ 0 – 50 k 0 0 0 £ 51 – 100 k 6 7 4 7 7 7 £ 101 – 150 k 30 31 30 29 29 29 £ 151 – 200 k 32 32 32 31 31 30 £ 201 – 250 k 18 17 19 18 £ 251 – 300 k 7 6 8 7 7 7 £ 301 – 500 k 6 6 6 7 6 8 £ 500 k + 1 1 1 TOTAL 100 100 100 64

UK PD geographic mix 2005 2004 Legals Size sqft ASP £ 000 North 3, 813 1, 043 167. 0 4, 182 1, 084 167. 5 Midlands 3, 079 965 170. 2 3, 197 1, 018 177. 9 South 3, 599 989 225. 6 3, 606 1, 012 232. 9 187 766 273. 4 289 729 249. 0 10, 678 994 188. 6 City TOTAL 11, 274 1, 033 193. 4 65

UK landbank by region Owned and controlled plots Strategic acres 2005 2004 North 16, 447 18, 615 5, 112 4, 934 Midlands 13, 878 11, 882 4, 662 5, 529 South 20, 660 20, 622 4, 395 7, 108 TOTAL 50, 985 51, 119 14, 169 17, 571 66

UK short term land (private & affordable) Plots OWNED 2005 2004 Year H 2 H 1 Start of period 37, 222 39, 784 37, 222 33, 559 34, 191 33, 559 Net acquired 14, 319 7, 181 7, 138 15, 895 10, 170 5, 725 Legal completions (12, 100) (7, 524) (4, 576) (12, 232) (7, 139) (5, 093) End of period 39, 441 39, 784 37, 222 34, 191 CONTROLLED 11, 544 14, 596 13, 897 16, 710 TOTAL LANDBANK 50, 985 54, 380 51, 119 50, 901 67

UK owned land (private & affordable) 2005 Short term Plots 2004 Cost per Value plot £k £m Plots Cost per Value plot £k £m Opening landbank 37, 222 45. 6 1, 698 33, 559 44. 6 1, 496 Additions 14, 319 51. 0 733 15, 895 46. 8 744 Completions End of period Strategic End of period (12, 100) (47. 3) 39, 441 47. 2 (572) 1, 859 (12, 232) (44. 3) 37, 222 45. 6 (542) 1, 698 Acres Value £m 14, 169 71 17, 571 85 68

Morrison Homes - turnover analysis 2005 2004* Year Volume ASP $000 s Turnover $m * restated for land sales H 2 H 1 Year H 2 H 1 4, 921 2, 925 1, 996 4, 422 2, 708 1, 714 313 320 302 289 296 278 1, 539 936 603 1, 277 801 476 69

Morrison Homes - margin analysis 2005 2004* Year H 2 H 1 Gross profit $m 456. 5 288. 2 168. 3 316. 9 200. 7 116. 2 Gross profit % 29. 2% 30. 6% 27. 1% 24. 6% 24. 9% 24. 0% Selling expenses $m (72. 8) (41. 2) (31. 6) (64. 0) (37. 3) (26. 7) Overhead costs $m (77. 0) (40. 6) (36. 4) (64. 5) (35. 0) (29. 5) 1. 6 - 1. 6 (0. 1) (0. 2) 0. 1 Operating profit $m 308. 3 206. 4 101. 9 188. 3 128. 2 60. 1 Operating margin % 20. 0% 22. 0% 16. 9% Land profits $m * restated for IFRS and land sales 14. 7% 16. 0% 12. 7% 70

Morrison Homes activity analysis 2005 2004 Year H 2 H 1 2, 299 2, 263 2, 355 2, 386 2, 371 2, 409 Ave selling price $ / sqft 136. 0 141. 0 128. 2 121. 1 124. 8 115. 3 Ave house size sqft 71

Morrison Homes - price mix % completions by price band $000 s 2005 2004 Year H 2 H 1 $0 - <200 k $201 – 250 k $251 – 300 k $301 – 350 k $351 – 400 k $401 – 450 k $451 – 500 k $500 k + 17 17 17 16 12 9 6 6 15 14 17 19 13 9 6 6 19 20 17 13 11 9 6 5 19 24 17 14 11 8 3 3 20 26 19 16 11 4 1 3 19 24 16 13 12 10 4 3 TOTAL 100 100 100 72

Morrison Homes - regional performance Turnover Operating profit Operating margin 2005 $m 2004 $m 2005 $m 2004* $m 2005 % 2004 % West 517 453 139. 7 108. 2 27. 0 23. 9 Southeast 681 553 141. 3 74. 2 20. 7 13. 4 Southwest 365 284 51. 0 26. 0 14. 0 9. 1 Exclude land sales (24) (13) - - - (23. 7) (20. 1) - - 1, 277 308. 3 188. 3 20. 0 14. 7 Corporate TOTAL 1, 539 * restated for IFRS and land sales 73

Morrison Homes - completions 2005 2004 Year H 2 H 1* West 1, 187 727 460 1, 130 728 402 Southeast 2, 253 1, 321 932 2, 092 1, 276 816 Southwest 1, 481 877 604 1, 200 704 496 TOTAL 4, 921 2, 925 1, 996 4, 422 2, 708 1, 714 *restated to reflect new regional profile 74

Morrison Homes - average selling price 2005 2004 Change West $436, 000 $398, 000 9. 6% Southeast $302, 000 $261, 000 15. 7% Southwest $246, 000 $233, 000 5. 6% TOTAL $313, 000 $289, 000 8. 3% 75

Morrison Homes landbank by region Owned and controlled plots 2005 2004 West 4, 093 3, 997 Southeast 12, 040 10, 573 Southwest 7, 381 7, 009 23, 514 21, 579 TOTAL 76

Morrison Homes - short term land 2005 2004 OWNED AND OPTIONS Year H 2 H 1 Start of period 18, 892 19, 661 18, 892 15, 304 17, 456 15, 304 Additions 6, 841 4, 076 2, 765 8, 010 4, 144 3, 866 Legal completions (4, 921) (2, 925) (1, 996) (4, 422) (2, 708) (1, 714) End of period 20, 812 19, 661 18, 892 17, 456 End of period 2, 702 3, 058 2, 687 2, 606 TOTAL LANDBANK 23, 514 22, 719 21, 579 20, 062 303 152 151 282 174 108 CONTROLLED LAND SPEND $m 77

Impact of dollar 2005 2004 Change Morrison $ turnover $1, 538. 8 m $1, 277. 3 m + 20. 5% Morrison $ op profit $308. 3 m $188. 3 m + 63. 7% Ave exchange rate $/£ = 1. 82 $/£ = 1. 83 Morrison £ turnover £ 845. 5 m £ 698. 0 m + 21. 1% Morrison £ op profit £ 169. 4 m £ 102. 9 m + 64. 6% 78