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 update Pete Redfern

George Wimpey UK strategy Pete Redfern

Laing Homes David Livingstone

-integration

-future strategy

Laing Homes South West Thames Gerry McCormack

Queen Elizabeth Park Gerry 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

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1997 1998 1999 2000 2001 2002 2003 2004 28

Market trends - selling price on sales

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North Mids South

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%

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70%

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90%

100%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Rec

om

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dat

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2003 2004

George Wimpey recommendation rate

Barker Report recommendation rate target for 2007Industry average recommendation rate (from Housing Forum results - 2003)

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 growthGives a second option on land purchase Tougher market in this price bracket today - however

-strong potential as market recoversBusiness 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 2007-8, rather than

2005-6

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