Proposed Acquisition of Morrison

1. Proposed Acquisition of Morrison Greg Fitzgerald – Chief Executive Frank Nelson – Finance DirectorAndy Sturgess – Managing Director Construction DivisionKen Gillespie – Managing Director Construction Services (Morrison)

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3. Excellent strategic fit Morrison will complement existing construction operation Operates in the same core markets with significant presence in infrastructure Services a different client base Operates in different geographic regions Considerable proportion of turnover from public and regulated markets Enlarged group will be able to compete for larger, higher margin projects Proposed Acquisition of Morrison Acquisition Rationale

4. UK based construction business Focus on infrastructure projects, public and utilities sector Founded in 1948 1400 employees across 10 offices New Management Turnaround situation Proposed Acquisition of Morrison Morrison Construction Services Turnover £’m EBIT £’m • Year End March 04 344 (11.6) • Year End March 05 336 1.3 • Change in business mix has beneficial impact on margins

5. Long Established Based in Edinburgh Purchasing two Investments plus people DHE Portsmouth project Highland Schools project Good forward pipeline Proposed Acquisition of Morrison Morrison PFI Business

6. Proposed Acquisition of Morrison Geographic Footprint Offices Scotland England Wales London (Marlow) Wakefield Esher Edinburgh Dundee Matlock Runcorn (MBR) Tonbridge (ETM) Wakefield Swansea Sutton Coldfield Grangemouth Manchester Inverness Aberdeen Business Stream Building Infrastructure Water Frameworks Divisional Principal Offices Subsidiary Offices

7. In discussions for over 18 months Detailed negotiations commenced December 05 Conditional agreement to acquire Morrison from Avon Total consideration of £41.7m Construction £38.5m Investments £3.2m Deferred payment of £6.6m Contract payments and Highland Schools Valuation on debt free basis No past pension fund liabilities Proposed Acquisition of Morrison Summary of Transaction

8. Annual cost savings anticipated to be c. £2m per annum One off cost of delivering savings of £1.8m Restructuring of regional offices Improved supply chain management Savings in combining business support functions Additional cross selling opportunities Earnings enhancing in medium term Proposed Acquisition of Morrison Financial Effects & Synergies

9. Morrison will form part of Galliford Try’s enlarged construction division Ken Gillespie, MD of Morrison, will join Galliford Try Board Construction division split into Building and Infrastructure divisions Andy Sturgess will run Building / Ken Gillespie will run Infrastructure Frank Nelsonwill run the enlarged Investments business Proposed Acquisition of Morrison Integration Plan

10. Placing and Open Offer to raise gross proceeds of £50m £40m firm placing £10m Open Offer fully to existing shareholders Placing and open offer fully underwritten by KBC Peel Hunt Proposed Acquisition of Morrison Financing

11. Proceeds will be used to: Fund the cash consideration payable for the acquisition of Morrison Provide additional equity funding to the Group following acquisition of Chartdale Strengthened financial covenant for enlarged group Proposed Acquisition of Morrison Use of Proceeds

12. Excellent strategic fit Enables Galliford Try to compete for larger, higher margin projects Complements existing operation Strengthens management team Earnings enhancing in the medium term Financed through Placing and Open Offer Proposed Acquisition of Morrison Summary

13. End of institutional marketing, pricing and allocation 1 March Announcement and dispatch/return of placing letters 2 March Posting of open offer document/acquisition circular to shareholders 7 March Close of open offer 28 March (11.00 am) Placees notified of final allocation and announcement of open offer result 28 March (pm) EGM and cash due from non-DVP payers 30 March Admission, settlement of new shares, cash due from DVP payers 31 March Certificates issued (where applicable) 7 April Proposed Acquisition of Morrison Expected Timetable * All dates subject to change