This presentation contains certain forwardlooking statements as defined under US legislation Section

1
The name the world builds on
This presentation contains certain
forward-looking statements as defined under US
legislation (Section 21E of the Securities
Exchange Act of 1934). By their nature, such
statements involve uncertainty as a consequence,
actual results and developments may differ from
those expressed in or implied by such statements.

2

• Certain statements included in this announcement
  may be forward-looking and may involve risks,
  assumptions and uncertainties that could cause
  actual results to differ materially from those
  expressed or implied by the forward looking
  statements. Forward-looking statements include,
  without limitation, projections relating to
  results of operations and financial conditions
  and the Companys plans and objectives for future
  operations including, without limitation,
  discussions of the Companys business and
  financial plans, expected future revenues and
  expenditures, investments and disposals, risks
  associated with changes in economic conditions,
  the strength of the plumbing and heating and
  building materials market in North America and
  Europe, fluctuations in product prices and
  changes in exchange and interest rates. All
  forward-looking statements in this respect are
  based upon information known to the Company on
  the date of this announcement. The Company
  undertakes no obligation to publicly update or
  revise any forward-looking statement, whether as
  a result of new information, future events or
  otherwise. It is not reasonably possible to
  itemise all of the many factors and events that
  could cause the Companys forward-looking
  statements to be incorrect or that could
  otherwise have a material adverse effect on the
  future operations or results of the Company.

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John Stegeman Chief Executive Officer Ferguson
Enterprises, Inc. John English VP, Investor
Relations, North America Wolseley plc
Lehman Brothers Industrial Distribution
Conference June 5, 2007
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Market Strategy

• Wolseley is a distributor of construction
  materials and a provider of construction services
  to primarily professional contractors, industry,
• and government in Europe and North
  America.
• Outstanding local companies successfully serving
  customers in home markets.

5
Company Overview

• Worlds number one heating and plumbing
  distributor to the professional market
• Leading supplier of building materials
• Operations in 28 countries
• More than 5,200 locations
• UK FTSE top 45 with market capitalization of
  approximately 8.7 billion (17.1 billion)
• 14.2 billion (25.3 billion) of sales and 882
  million (1.58 billion) of trading profit in year
  to 31 July 2006

As of May 30, 2007
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Organization and Operating Brands
North America
Europe
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Group Revenue and Trading ProfitHalf year to
January 31, 2007
US Plumbing and Heating 35.6
US Building Materials 16.0
Trading profit
UK and Ireland 19.7
US Building Materials 10.1
US Plumbing and Heating 41.3
UK and Ireland 22.1
Nordic 8.0
France 11.3
Canada 3.8
Central Europe 5.6
Revenue
France 9.7
Nordic 7.3
Central Europe 5.0
Canada 4.5
Includes only 4 months of trading
8
Business Drivers of divisional revenue
5
10
13
5
6
16
11
5
54
27
4
50
12
17
84
26
28
27
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Our Diverse Customer Mix of group revenue 2006
HVAC 4.7
Utilities 5.2
Industrial 6.2
Plumbing and Heating Contractors 31.4
Mechanical Contractors 11.6
Building Contractors 36.3
End Users 4.1
Electrical Contractors 0.5
10
Our Customers

• Some of our well known customers
• British Gas
• GE
• General Motors
• Johnson Johnson
• Persimmon
• Taylor Woodrow

11
Wolseleys International Presence
3
8
12
North AmericaPlumbing and Heating
Alaska
Wolseley Canada 2007 - 250 branches
Distribution Centre
Hawaii
Proposed DC
Pipeyard
Ferguson 2007 1,393 branches
Also in Puerto Rico, Panama, Trinidad Tobago,
Mexico and Barbados
13
North AmericaBuilding Materials
Stock Building Supply 2007 - 320 branches
Distribution Centre
14
Wolseley Europe
1 UK Wolseley UK (1,778) 2 IRELAND
Heatmerchants (61) Brooks (19) 3
FRANCE Brossette (438) PBM (347) 4 BELGIUM
Centratec (9) 5 NETHERLANDS Wasco (15) 6
LUXEMBOURG CFM (2) 7 SWITZERLAND Tobler
(28) 8 ITALY Manzardo (42) 9 SAN MARINO
(1) 10 CROATIA Woodcote (1) 11 ROMANIA
Woodcote (8) 12 HUNGARY Mart (31) 13 SLOVAKIA
Woodcote (8) 14 AUSTRIA OAG (64) 15 CZECH
REPUBLIC Cesaro (24) 16 POLAND Woodcote
(8) 17 DENMARK Electro Oil (3) Stark (80)
Silvan (38) DT Trade (10) 18 NORWAY Neumann
(11) DT Trade (3) 19 SWEDEN Beijer (62) Silvan
(11) Cheapy (22) DT Trade (1) 20 FINLAND
Starkki (20) DT Trade (1) 21 GREENLAND Superbyg
(18)
21
20
18
19
17
2
1
5
16
4
6
15
13
3
12
14
7
10
11
8
9
15
Branch Numbers

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Branch Growth
320
314
255
236
222
3276
216
2861
2486
220
210
2393
131
2266
1799
1615
1443
1357
17
Financial Targets

• Double-digit sales growth with 5 organic and 5
  through acquisition
• Greater than 10 profit growth
• Trading margin of 7 within the next 4 years
• Return on gross capital employed of 4 above
  pre-tax WACC
• Gearing net debt/shareholders funds
• long term average less than 70
• short term accept 100 or more - but projections
  must show a return to long term average within 2
  years
• Interest cover EBITA/Net interest
• long term average greater than 7x
• short term c5x - but projections must show a
  return to long term average within 2 years

18
Acquisition Strategy

• Increase market share
• Platform for organic growth
• Expand geographic coverage
• Expand service and product range
• 5 organic growth from bolt-on acquisitions
  following completion
• Target 400m spend on bolt-ons and expect one
  substantial acquisition every 2-3 years on
  average
• Return criteria
• Bolt-on acquisitions ROGCE of 5 gtWACC by year
  3
• Strategic acquisitions ROGCE of 5 gtWACC by
  year 5

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• Financial and Operational Review

20
Operating Highlights-Half Year to Jan. 31,
2007Market out performance against challenging
conditions

• Revenue up 16.9 and trading profit up 1.3
• Decisive action taken to reduce cost base to
  deliver improved future performance
• Ferguson achieved good levels of organic growth
• Good rates of growth and margin improvement in
  Central Europe, France and DT Group
• Very strong cash flow
• Record 1,664 million spent on acquisitions,
  including DT Group for 1,339 million

21
Summary of Results-Half Year to Jan. 31,
2007Strong growth profits impacted by US
residential slowdown
Before amortisation of acquired intangibles
22
North America

Plc central costs were 19m (2006 20m)
23
Europe

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Cash FlowIncreased focus operating cash flow
up 73
25
OutlookReturn to growth next year

• USA housing expected to remain soft for rest of
  calendar year
• RMI, commercial and industrial markets are
  expected to continue to hold up
• Ferguson should increase market share and achieve
  good organic growth, albeit at a more modest rate
  than in the first half
• UK business expected to show improved profit and
  underlying trading margin growth
• The recent positive performance of the French
  operations is expected to continue
• DT Groups markets should remain positive and it
  will benefit from seasonal bias in the second
  half
• Central and Eastern European operations are
  expected to continue to progress well
• Increasing benefits from the cost reduction
  initiatives
• Increased focus on margins and working capital
  should position the Group into the next financial
  year, to achieve its growth objectives

North America
Europe
Overall
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• Wolseley
• The name the world builds on

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Achievements Half Year to Jan. 31, 2007Market
out performance and good progress in Europe

• Market outperformance in principal markets
• 9 organic growth in Ferguson
• Progress in Europe
• Increased diversity
• Reduced cost base
• Acquisition performance
• Investments for growth
• Cash flow improved
• Leadership team in place

28
Who are we?Significant growth opportunity from
scale and diversity

• Leading supplier of construction products and
  services in North America and Europe

Growth
Scale/Size
Diversity

• Unique footprint
• DC/branch network
• Sourcing opportunities
• Acquisitions

• Geography
• Business segment
• Customer type
• Product/service offering

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The Wolseley WayDriving competitive advantage

• Become a world class company
• Human resource development
• Organic and acquisitive growth
• Sourcing
• Supply chain
• Business improvement

Focus and Execution
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Wolseley Leadership Group
Chip Hornsby
Rob Marchbank
Frank Roach
Steve Webster
Larry Stoddard
Adrian Barden
Finance Treasury Tax IR Comms
European P L
North AmericanP L
Business Change Management
Own Brand M A
Driving competitive advantage
7 margin target within 4 years
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Making Wolseley a World Class BusinessIncreased
focus on margin and cash flow
EARN

• a higher margin through better cost control and
  achieving more profitable sales
• our assets in a much more efficient way with
  particular emphasis on cash and working capital
• the business at more than 10 from acquisitions
  and organic growth

TURN
GROW
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EarnGrow profit faster than sales

• Quality of earnings
• Emphasis on net margin
• Productivity
• Benefits from past investment
• Cost management

33
TurnIncrease capital efficiency

• Capital efficiency
• Working capital improvement
• Better use of property
• Cash flow generation

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GrowQuality not quantity

• Short term
• Organic emphasis
• Sweat the bricks
• Acquisitions
• New organisational structure
• Continued investment
• Medium term
• More aggressive growth
• Quality of earnings

Setting the foundations for quality growth
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Enormous Opportunity for GrowthSignificant
growth opportunities in fragmented markets
Europe 240 Billion
North America 460 Billion
TOTAL 700 Billion
Source Management best estimates
36
North AmericaMarket opportunity of 460bn
Plumbing, Heating Air Conditioning
Building Materials Construction Services
2,991m (8)
3,170m (1)
272bn
38bn
Civils/Waterworks, Industrial Commercial PVF
Electrical
150m (0.4)
2,695m (2)
38bn
112bn
Market size
Source Management best estimates
Wolseley North America
37
EuropeMarket opportunity of 240bn
Building Materials
Plumbing, Heating Air Conditioning
2,516m (9)
2,081m (1)
170bn
29bn
Civils/Waterworks, Industrial Commercial PVF
Electrical
486m (3)
67m (0.3)
24bn
17bn
Market size
Source Management best estimates
Wolseley Europe
38
Financial targets7 trading margin in 4 years

• Double digit growth (organic and acquisitive)
• Profits to rise faster than sales
• Medium term trading margin of 7, should be
  achievable in 4 years
• ROGCE at least 4 more than WACC

Double the business in 5 to 7 years CAGR 10 to
15
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Next Six MonthsFocus on efficient cost and cash
flow management

• Cost reduction
• Closer integration in North America
• European Supply Chain decision
• Progress on business change programme and IT
  platform
• Benefits of investments
• Emphasis on cash flow

Transforming Wolseley into a world class company
40

• Financial track record

41
Financial Performance
Revenue (m)
EBITA (m)
CAGR 15
CAGR 17
EPS (p) (pre-amortisation)
DPS (p)
CAGR 12
CAGR 16
UK GAAP
IFRS
42
Financial Performance
Return on Gross Capital Employed (ROGCE)
EBITA margin
UK GAAP
IFRS
43
Cash Flow Generation
IFRS
44
Wolseley Group Total - Revenue ProfitsSterling
Millions 1982 - 2006

• Only decline in revenue during last 23 years
  was in 1991
• No EBITA loss since the founding of the modern
  company in 1959

14bn
12bn
Profit
10bn
Revenue
1,000m
800m
8bn
600m
6bn
400m
4bn
200m
2bn
0
0
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Investment Merits for Wolseley

• Strong financial performance
• Well diversified
• Proven acquisition strategy
• Superior distribution chain
• Strong management team
• Solid professional relationships

46
This communication is directed only at persons
who (i) have professional experience in matters
relating to investments or (ii) are persons
falling within Article 49(2)(a) to (d) ("high net
worth companies, unincorporated associations,
etc") of The Financial Services and Markets Act
2000 (Financial Promotion) Order 2001 (as
amended) or (iii) to whom it may otherwise
lawfully be communicated (all such persons
together being referred to as relevant
persons). This communication must not be acted
on or relied on by persons who are not relevant
persons. Any investment or investment activity
to which this communication relates is available
only to relevant persons and will be engaged in
only with relevant persons
47

• Appendices

48

• Financial and Operational Detail
• Half Year to January 31, 2007

49
RevenueNearly 7 organic growth, excluding Stock
1,313m 19.5
7,870m 16.9
(370)m -5.5
458m 6.8
(265)m -3.9
6,734m
m
50
Trading ProfitGood profit growth excluding Stock
currency
390m 1.3
(23)m -6.0
73m 19.0
(53)m -13.8
385m
8m 2.1
m
51
Trading Profit Margin
5.7
-0.4
-0.1
-0.2
5.0

52
Profit Before Tax
(7)m -1.9
(27)m -7.5
360m
59m 16.4
(55)m -15.3
330m
Profit before tax, before amortisation of
acquired intangibles
53
US Plumbing and HeatingMarket out performance
with 9 organic growth

• Strong performance with increased market share
• Gross margin and trading margin lower due to
  absence of commodity inflation and tougher
  trading conditions
• Focus on selected markets and customers, new
  branch openings and driving further commercial
  advantages from DC network
• Headcount reduction of 1150 employees (5)
  savings 12m in 2nd half
• Expect to invest in new branches, showrooms,
  people and 2 DCs in the next 2 years

54
US Building MaterialsMarket out performance -
profit hit by housing and commodity deflation

• Performance impacted by US housing market and
  commodities
• Organic volume decline of 10 compares with 25
  in average housing starts
• Lumber and panel prices (down 23 and 34,
  respectively) reduced revenue by 270m (11)
• One off costs of 11m relating to 22 branch
  closures and redundancies
• Headcount reduced by 4,000 (25), plus a further
  500 since 31 January 2007 - savings between 40m
  and 50m in 2nd half

55
CanadaTrading profit flat against slower
industrial markets

• Sales in energy sector slowed due to warmer
  weather and lower gas prices
• Housing strong in West, but weak in Eastern
  Canada
• Gross margins improved
• Regional supply center opened to serve Ontario
• Purchasing offices consolidated

56
UK and IrelandStrong growth but margin impacted
by investments in infrastructure

• Organic growth of 11, well ahead of the market
• Trading margin reflects investment in DC, 68 new
  branches, integration costs of acquisitions and
  adding to management resource
• National DC in Leamington commenced deliveries in
  August 2006 Chorley RDC under construction
• Central branch replenishment fully rolled out in
  Plumb and Parts branches
• Several core brands integrated
• 68 net new branches added to give 1,926 locations
• One off costs of 5 million in first half and
  further 6 million in second half

57
FranceGood profit improvement and upward sales
momentum

• RMI growth modest and new residential market
  slowing
• Wolseley France now operates under one
  management team
• Revenue up 12.8 including organic growth of
  7.1, ahead of the market
• Revenue growth in PBM of 15.9, half organic,
  and underlying trading margin up
• New branch openings continue
• Benefits of restructuring in Brossette evident
  with revenue up 8.2 (organic 6.1) and
  underlying trading profit up 12.8
• Future restructuring and investment to focus on
  distribution and branch network

58
NordicExcellent start integration benefits on
track

• Pleased with progress of DT Group which is ahead
  of expectations
• Integration plans going well and should be
  completed, ahead of schedule, by year end
• Region enjoyed good economic growth
• Profitability expected to be higher in the second
  half reflecting normal seasonal bias
• 12 months performance showed revenue up 12.9 and
  trading profit up 28.0
• On track to hit ROGCE hurdle rates

59
Central and Eastern EuropeGood progress and
market out performance

• Companies achieved good results in generally flat
  markets
• Revenue up 23.8 (13.8 organic) and trading
  profit up 50
• Benelux revenue up more than 30 and trading
  profit up more than 60
• OAG, Austria achieved 16.8 organic growth and
  improved trading margin
• Tobler, Switzerland achieved 11 organic revenue
  growth and 20 trading profit growth
• Italian revenue up although trading profit down
  due to initial costs of new DC
• Woodcote acquisition took Wolseley into 4 new
  countries and is performing well

60
This communication is directed only at persons
who (i) have professional experience in matters
relating to investments or (ii) are persons
falling within Article 49(2)(a) to (d) ("high net
worth companies, unincorporated associations,
etc") of The Financial Services and Markets Act
2000 (Financial Promotion) Order 2001 (as
amended) or (iii) to whom it may otherwise
lawfully be communicated (all such persons
together being referred to as relevant
persons). This communication must not be acted
on or relied on by persons who are not relevant
persons. Any investment or investment activity
to which this communication relates is available
only to relevant persons and will be engaged in
only with relevant persons