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Taylor Woodrow and Bryant: an Excellent Strategic Fit L the Enlarged UK Housing Business L Conclusion and Questions 3 Termsterms Ofof Thethe Offeroffer

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Taylor Woodrow and Bryant: an Excellent Strategic Fit L the Enlarged UK Housing Business L Conclusion and Questions 3 Termsterms Ofof Thethe Offeroffer TaylorTaylor WoodrowWoodrow andand BryantBryant AnAn ExcellentExcellent StrategicStrategic FitFit Presentation to Analysts 22 January 2001 2 ContentsContents l Introduction l Terms of the offer l Taylor Woodrow and Bryant: An excellent strategic fit l The enlarged UK housing business l Conclusion and questions 3 TermsTerms ofof thethe offeroffer l For each Bryant share: 80p in cash and 0.72 New Taylor Woodrow shares l Valuing Bryant at £556 million l Premium of 26.9%* l Consideration to be given to £100 million share buy back l Mix and Match Election * over closing price of 163.5p per Bryant share on 10th January 2001 4 HubertHubert ReidReid Chairman,Chairman, BryantBryant GroupGroup plcplc 5 TheThe BryantBryant perspectiveperspective l Opportunity for Bryant’s brand to play a full role in the creation of a modern, customer-oriented business l Opportunity for Bryant’s shareholders to benefit in Taylor Woodrow’s future 6 KeithKeith EgertonEgerton ChiefChief ExecutiveExecutive TaylorTaylor WoodrowWoodrow 7 OurOur StrategyStrategy Drive towards leadership positions: l Focus on housing and property as core activities l Re-focus construction on specialist expertise l UK housing targeted for major growth UTILISE FULL COMPLEMENT OF TAYLOR WOODROW’S SKILLS 8 TheThe ActionsActions SoSo FarFar l Growing UK Housing operation l Re-structured North American operations l Complementary commercial development programme l Disposed of non-core assets l Re-focused construction 9 FiveFive yearyear reviewreview Profit before tax (£m) 160 150.0 140 125.0 120 100.3 100 82.1 80 66.8 60 46.0 40 72.3 20 0 1995 1996 1997 1998 1999 2000 Nultex Global Estimates 2000 Published Results (2000 - Half Year Results) 10 MovingMoving forwardsforwards l Commissioned internal and external research on UK housing companies l Bryant identified as best fit l Detailed evaluation of Bryant undertaken 11 WhyWhy Bryant?Bryant? l Complementary geographical spread of premier sites l Proven land purchase and planning skills l A strong brand and well developed housing products l Respected management expertise EXCELLENT STRATEGIC FIT - CREATES UK’S 5TH LARGEST HOUSEBUILDER 12 FinancialFinancial BenefitsBenefits ofof MergerMerger l Synergies and savings estimated at £10-15 million per annum l Expected to be earning enhancing * in first full year of operation * before goodwill and restructuring charges but after synergies 13 PaulPaul PhippsPhipps ExecutiveExecutive Director,Director, HousingHousing TaylorTaylor WoodrowWoodrow 14 NewNew UKUK HousingHousing BusinessBusiness PLATFORM FOR GROWTH l Truly national spread of activities l Complementary skills l Product mix l Strategic land activities 15 StructureStructure ofof EnlargedEnlarged BusinessBusiness l Bryant Homes Limited l Three main regions: – Northern & Scotland – Central – South East & West l 15 operating areas, average 400 dwellings per annum l Standards, efficiency and customer focus l Management and employees of Bryant essential to success of merged business 16 BobBob HawleyHawley ChairmanChairman TaylorTaylor WoodrowWoodrow 17 SummarySummary TheThe EnlargedEnlarged GroupGroup l A balanced international business l Strength and critical mass in UK Housebuilding Sector l Earnings enhancing l Strong platform for growth 18 KeyKey DatesDates l First closing dates . February 2001 l Taylor Woodrow EGM . February 2001 l Last day for acceptances . March 2001 Draft 4 - Core Presentation (For Analysts) TaylorTaylor WoodrowWoodrow andand BryantBryant AnAn ExcellentExcellent StrategicStrategic FitFit Presentation to Analysts 22 January 2001 20 SectorSector rankingsrankings -- byby volumevolume Rank (Company) No of units Rank (Company) No of units 1 Wimpey (G) 12,365 10 Bryant 3,961 2 Barratt Dev. 10,636 11 Wilson Bowden 3,623 3 Beazer 7,509 12 Redrow 3,338 4 Persimmon 7,101 13 Berkeley 2,915 5 TW/Bryant 5,974 14 Bovis Homes 2,429 6 Bellway 5,714 15 Crest Nicholson 2,422 7 Wilson (C) 4,700 16 Taylor Woodrow 2,013 8 Westbury 4,355 17 Fairview 1,640 9 McAlpine (A) 4,013 18 McCarthy & Stone 1,536 21 RegionalRegional officeoffice structurestructure Bryant TW Current overlap Review locations Possible new location.
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