Interim results for half year to 31 December 2009

1. Interim results for half year to 31 December 2009 Greg Fitzgerald, Chief Executive: Frank Nelson, Finance Director Park Centrale, Southampton

2. 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 2005 (the “Order”) or (b) any other persons to who it may otherwise lawfully be communicated, falling within Article 49(2) 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 2009, 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. Certain statements in this presentation are forward looking. Such statements should be treated with caution as they are based on current information and expectations and are subject to a number of risks and uncertainties that could cause actual events or outcomes to differ materially from expectations.

3. Agenda Interim Results for Half Year to 31 December 2009 • Highlights • Financial Review • Operating Review • Strategic Update • Summary and Outlook

4. Highlights Two Coves, Duporth

5. Highlights Housebuilding • Excellent start to transformational expansion plan - land bank up to 9,300 plots, 43% acquired at current market values • Upper quartile margin performance • Review of land values at 31 December results in a net £1.5m land write back • Acquisitions of Wrights of Hull, Rosemullion Homes and joint venture interests provide 1,190 plots at current market values • Strength in Affordable Housing and Regeneration delivering value and opportunities • Sales in-hand position up 21% in more stable market conditions

6. Highlights Construction • Strong performance with upper quartile margins • Revenue level in construction reflects tight risk management • Prudent profit recognition policy • OFT fine accounted for and appeal lodged • Successful AMP 5 Water renewals with all existing clients • Forward order book up 6% to £1.8bn in challenging market conditions

7. Highlights Financials/Balance Sheet – Half Year to 31 December 2009 • Pre-exceptional profit up 18% to £13.2m • £119.3m equity raising to fund transformational Housebuilding expansion • Balance sheet of £408m at 31 December, tangible net assets of £286m (£3.50 per share) • Interim dividend of 3.3p per share - maintained at equivalent level to last year* • £100m net cash in hand at 31 December 2009 • Banking and bonding facilities with extensive headroom * Adjusted for 1 for 10 consolidation and 7 for 6 rights issue

8. Financial Review St Pancras Chambers, London

9. Financial Review Highlights – Half Year to 31 December 2009 * Restated after share consolidation and rights issue

10. Financial Review Income Statement – Half Year to 31 December 2009 * Profit before net finance costs, amortisation, exceptional items and tax

11. Financial Review Segmental Analysis – Half Year to 31 December 2009 * Including joint ventures ** Profit from Operations/Revenue

12. Financial Review Finance Costs: Net – Half Year to 31 December 2009

13. Financial Review Balance Sheet Highlights – Half Year to 31 December 2009 * Calculated on profit before finance costs and exceptional items ** Excludes joint ventures

14. Financial Review Pensions – Half Year to 31 December 2009 • IFRS net deficit £22m • Scheme fully closed from March 2007 • Asset allocation conservative with gilts and bonds representing 52% • Present cash contribution to DB scheme £7m pa (defined contribution £7m pa) • Triennial valuation presently being undertaken • Contributions expected to remain the same over the medium term • Scheme deficit circa 5% of net worth

15. Financial Review Cash Flow Summary – Half Year to 31 December 2009

16. Financial Review Financing – Half Year to 31 December 2009 • Total bank facility £390m until renewal in 2012 • Competitively priced borrowings at < 100bps over LIBOR • Covenants • Pre-exceptional interest cover - 3 times • Gearing < 150% • Net assets including goodwill > £282m • Substantial facility and covenant headroom

17. Financial Review Balance Sheet/Debt Profile by Sector – Illustrative Only

18. Operating Review Housebuilding The Collection, Bushey

19. Operating Review - Housebuilding Market Overview • Industry forecasting 90,000 new homes, half of peak production • Market currently stable with some price inflation in South East • Housebuilders’ stock levels historically low • Right product in right location selling well • Consumer confidence improved, but fragile • Mortgage availability improved, but tough criteria • Market support from Government initiatives • Liquidity returning to land market with increased competitiveness

20. Operating Review - Housebuilding Galliford Try’s Position • Predominantly southern based business • Little reliance on consortium sites • Product mix with houses/apartments in right places • Individually designed schemes • Acknowledged refurbishment expertise • Top ratings in customer service • Organisational structure kept in place to take advantage of upturn • Proven ability to acquire quality land • Strength in Affordable Housing and Regeneration

21. Operating Review - Housebuilding H1 Progress • Sales in hand up 21% at £370m • Average selling prices up 2.8% to £182,000 • 63 outlets with 27 average sales per week • Part exchange lock up only £1.9m, equity share £12.3m • £11.6m of planning gain secured, further £12m targeted • Key acquisitions in period: • Wrights of Hull: 147 units • Rosemullion Homes: 156 units • 50% share of Bristol joint venture: 146 units • 43% of current 9,300 plot land bank at current market values

22. Operating Review - Housebuilding Bank of Scotland Joint Venture Acquisition • Low economic worth at JV carrying value • Four sites at good locations in and around London • Galliford Try 50% share comprised 370 plots • Equity interest and debt acquired in February 2010 for £42.5m • Acquisition risk minimal as known sites • 742 plots now in land bank at £35k per plot • Land to development value ratio of 18% • Restart on site for early contribution to profit

23. Financial Review Land Bank Analysis - Plots

24. Operating Review - Housebuilding Land Bank Analysis – February 2010 • Total plots owned: 9,300 • Private housing: 5,200; affordable and regeneration: 4,100 • Over 75% of plots in South of England • Average number of plots per site: 67 • Total value of land bank*: £474m • Average plot cost: £51k • Average plot cost as % of GDV: 24% • Strategic land holdings 1,100 acres, expected to generate 7,100 plots *Includes joint ventures

25. Operating Review - Housebuilding Outlook – Short Term • 84% of projected sales for year secured • Investment in work in progress continuing • Sales prices being maintained • Visitor levels in financial year to date – up 14% • Reservations in financial year to date – up 30% • Use of shared equity and part exchange to continue • Market may fluctuate • Mortgage lending improving, but very slowly • Consumer uncertainty in election period • South East most resilient market

26. Operating Review - Housebuilding Outlook – Medium Term • Fundamental shortage of housing for both private sale and affordable provision will continue • Housing volumes and prices demonstrating recovery from low base • Customers more discerning • Uncertain planning policies • More demand for houses than apartments • Demographics continue to support demand • Recovery being led from South East • Galliford Try well positioned geographically and by market sectors

27. Operating Review Affordable Housing and Regeneration South Gate, Totnes

28. Operating Review - Affordable Housing and Regeneration Market Overview • Decline in RSL activity offset by Government’s stimulus package • Tightening of grant availability until public spending plans known • Primary developing RSLs are refinanced and back in business • Intermediate market still to play out via private sector • Portfolios of public sector land coming to market • Planning negotiations fundamental to grant and gap funding

29. Operating Review - Affordable Housing and Regeneration Position in market • Excellent relationship with HCA - largest private sector partner operating across all programmes • Selected for all three HCA Delivery Partner Panels • Strong visibility as sector-leading contractor/developer • Track record of joint ventures with public commissioners • Partnership housing rolled out across all GT operating areas • Emerging presence in FM markets and new build PFI • Well positioned to deliver intermediate rented and equity products

30. Operating Review - Affordable Housing and Regeneration Outlook • Enduring supply side deficit will demand public investment • Increased activity from local authorities • Channelling of funding awards to public sector land releases • Contracting market now strengthening • Appetite amongst clients for collaborative working • Strong position to capitalise on Partnerships model

31. Operating Review Construction Castle Stuart Golf Links, Inverness

32. Operating Review - Construction Market Overview • Infrastructure investment in regulated sectors continuing but constrained • Health, education and custodial spending programmes ongoing • Public sector projects susceptible to government policy • Limited private commercial market opportunities in South East; very little elsewhere • Competitive market conditions across all sectors • Client relationships and frameworks proving their value

33. Operating Review - Construction Galliford Try Position • Building • National coverage from South of England to North of Scotland • Strong position in resilient London market • One of the few contractors able to deliver major projects • Succession of projects from NHS LIFT and Scottish Health frameworks • Major presence across all education sectors • Developing business in property services and facilities management

34. Operating Review - Construction Galliford Try Position • Infrastructure • Leading contractor to the Water industry • National civil engineering capability • Track record in joint ventures for the largest projects • Leading position in remediation and environmental sectors • Developing businesses in renewable energy, waste and remote site security

35. Operating Review - Construction H1 Progress • Building • Strong trading performance, excellent cash position • Steady flow of negotiated projects in health frameworks • Awarded accommodation block at Olympic Village • Appointed preferred contractor for Cambridgeshire BSF (Building Schools for Future) programme • Directors for Education and Health appointed • 97% of current financial year’s workload secured

36. Operating Review - Construction Building Forward Order Book, February 2010 - Excludes affordable housing contracting of £144m

37. Operating Review - Construction H1 Progress • Infrastructure • Strong trading performance, good cash position • Successful AMP 5 Water renewals with all existing clients • New Divisional Managing Director appointed • Major projects at Olympic Park and M74 in Glasgow performing well • Good pipeline of opportunities in renewables • 93% of current financial year’s workload secured

38. Operating Review - Construction Infrastructure Forward Order Book, February 2010

39. Operating Review - Construction Outlook • £1.8bn order book – 36% regulated sector, 48% public, and 16% private commercial • 60% of next financial year’s projected workload secured, compared to 47% at same point last year • Strong position in resilient market sectors and South East of country • Leading contractor in Scotland • Presence in Qatar established • Cash performance remains industry leading • Effective management of risk and opportunities through downturn • Strong covenant supports quality order book

40. Operating Review PPP Investments Division St Andrews Community Hospital & Health Centre, Fife

41. Operating Review - Investments Highlights • Disposed of interest in Highland Schools • St Andrews Community Hospital and Ealing Care Homes reached construction completion • Preferred bidder decisions expected by mid 2010 • South Tyne & Wear Waste • Halton and Warrington BSF • Scottish South East Hub Health • Kent Housing • Good opportunities going forward in waste and affordable housing • Worcester Library financially closed, 100% equity held

42. Strategic Update The Royal Apartments, Henley

43. Strategic Update • Transformational strategy to expand Housebuilding from market low point • Rights issue provided finance for investment in land and production • Successful execution to date with land acquisition ahead of target • Fundamental housing shortage will support growth in future years • Affordable Housing and Regeneration key to market opportunities • Tight management of Construction to optimise returns and cash • Exploiting cross group expertise • Rigorous risk management on land acquisition and construction commitments • Strong balance sheet and liquidity supports strategy

44. Summary and Outlook Park View, Epsom

45. Summary and Outlook • Housebuilding sales since turn of year continue to be encouraging • Capitalising on strengths in Affordable Housing and Regeneration • 53% of land bank expected to be at current market values by June 2010 • Construction performing well in challenging markets with quality order book • Optimising benefits from hybrid model • Robust management and risk controls throughout the business • Group in strong financial position • On course for earnings enhancement in 2012

46. Interim results for half year to 31 December 2009 Greg Fitzgerald, Chief Executive: Frank Nelson, Finance Director Park Centrale, Southampton