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Pre relimi limina nary y Resul ults s Pre resenta sentation tion Year to 30 June e 2015 1 Age genda da C hairman s Overview Steve Morgan Financial Results Barbara Richmond Review of Operations John Tutte Summary

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SLIDE 1

Pre relimi limina nary y Resul ults s Pre resenta sentation tion

Year to 30 June e 2015

1

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SLIDE 2

Age genda da

  • Chairman’s Overview

Steve Morgan

  • Financial Results

Barbara Richmond

  • Review of Operations

John Tutte

  • Summary and Outlook

Steve Morgan

2

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SLIDE 3

Over ervi view ew – Rec ecord

  • rd res

esults lts

  • Record pre-tax profits of

£204m up 53%

  • Record turnover of £1.15bn

up 33%

  • ROCE up from 18.0% to 22.8%
  • Private ASP up 10% to

£297,300

  • 5,900 plots added to current

landbank

3

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SLIDE 4

Fi Fina nanc ncia ial Res esul ults ts

Barbara Richmond – Group Finance Director

4

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SLIDE 5

Fi Financia ial Hig ighlig ights hts

  • Private homes revenue

up 29% to over £1bn

  • Operating margin 18.5%

(2014: 15.9%)

  • EPS increased 56% to

44.5p

  • Final dividend proposed
  • f 4p (2014: 2p)
  • Gearing 18%

(June 2014: 25%)

  • ROE 26% (2014: 20%)

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SLIDE 6

Income

  • me Statem

emen ent

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SLIDE 7

Anal alys ysis s of f privat ivate plots ts in Cost st of f Sales es

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SLIDE 8

Ope peratin ing g Margi gin Brid idge ge

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Home mes Turnove ver r Analysis sis

  • Record Homes revenue of just under £1.1bn, up 26%
  • Apartments now represent 20% of private sales turnover (2014: 18%)
  • Private ASP up 10% to £297,300

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SLIDE 10

Priv ivate te Turnov

  • ver

er Analysis sis

  • Heritage Collection 76% of private turnover (2014: 77%)
  • Regent Collection 4% of private turnover (2014: 1.6%)
  • Help to Buy legal completions of 1,374 (2014: 1,023)
  • ASP higher due to product mix, geographical mix and HPI

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Turnove ver r by Geo eogr graph phy

  • Strong growth in all regions
  • London and the South now represents 47% of Homes Turnover

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Cash Fl Flow

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Net et Asset ets

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Plot t Cost Carrie ied d Fo Forward rd

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0% 5% 10% 15% 20% 25% 30% 10 20 30 40 50 60 70 80 2012 2013 2014 2015 £k Owned Owned & Contracted Owned and contracted plot cost as % of ASP in year

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Rev evie iew of Ope perat ation ions

John Tutte – Group Chief Executive

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Land a d and P d Plannin ing

Movement ment in Curren rrent t Land Holdin ldings gs

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Land a d and P d Plannin ing

Movement ment in Forward ward Land d Hold ldings ings

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Land a d and P d Plannin ing

Land Holdings ldings by Geograph graphy y

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Outle lets ts

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Strate tegy gy

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Product at the Centre of Divisional Growth

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Product duct – Her erit itage ge Collecti ection

  • n

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Product duct – Reg egen ent Colle lecti ction

  • n

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Product duct – Abode

  • de

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Pr Product duct – Bes espo poke ke

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Del eliv iver erin ing g Growth wth

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0.0 0.2 0.4 0.6 0.8 1.0 1.2 500 1000 1500 2000 2500 3000 3500 4000 4500 2012 2013 2014 2015 Completions Revenue £bn

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Del eliv iver erin ing g Growth wth

26 Active Outlets End June

82 92 103 117 128 60 70 80 90 100 110 120 130 140 2012 2013 2014 2015 2016

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201 018 8 Targe gets

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Div ivis isio ional l Expa pansio ion

North

Yorkshire Lancashire NW

Central

Midlands South Midlands South Wales

South

Eastern South East (2015) Southern Counties (2013) South West West Country (2014)

Greater London Harrow Estates

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Grea eater er Londo don Dev evel elopm

  • pments

ents

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Colin inda dale e Garde dens

  • Resolution to grant planning

July 2015

  • 2,900 residential units
  • Detailed consent on Phase 1

(888 units)

30

  • 10,000m2 of Commercial space
  • s106 being finalised
  • Autumn 2015 site start
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SLIDE 31

Grea eater er Londo don

31

Centra tral London

  • n
  • Blake Tower EC2
  • Connaught Place W2
  • Holland Park Ave W11
  • One Commercial Street E1
  • Westbourne Place W9

Outer er London

  • Chiswick High Road W4
  • Colindale Gardens NW9
  • Lyon Square, Harrow
  • Northway House N20
  • Ratio, Bexley
  • Royal Waterside NW10
  • Morrello, Croydon (JV)

Original London Division Eastern Division

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Grea eater er Londo don Orga ganis isati tion

  • n

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Regional Chief Executive Operations MD (GLA) Construction Sales Technical Commercial MD (Colindale) Construction Sales Technical Commercial Land and Planning East Team West Team Finance Sales and Marketing Customer Service Health & Safety

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Harrow

  • w Estates

es

  • Maidenhead, Berkshire

– Brownfield site within the Green belt – Detailed planning consent achieved for 271 apartments and townhouses – Easy access to town centre and Crossrail station – Scheme to be developed by Redrow Southern Counties

  • Hockley, Essex

– Conditional contracts exchanged on former HM Prison site – Brownfield site within the Green belt – Planning application for 60 dwellings submitted 33

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Ope peration ional l Hig ighlig ights hts

  • People

e

  • 1,651 directly employed:
  • ver 300 new jobs
  • 130 Apprentices
  • 15% trainees
  • Build

d Costs ts

  • Materials
  • Labour
  • Customer

stomer Service ice

  • 5 Star Award HBF 2015

Survey

  • My Redrow sales £10m

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SLIDE 35

Sales es Market et

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Summary mary and O d Outlook look

  • Market stable – return to normal seasonality
  • Help to Buy continues to deliver economic growth and jobs
  • Planning policy more favourable
  • Outlook

36