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

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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.

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• 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 Director,
Investor Relations, North America Wolseley plc
Bear Stearns Conference November 29 - 30, 2006
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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.

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Company Overview

• Worlds number one heating and plumbing
  distributor to the professional market
• Leading supplier of building materials
• Operations in 27 countries
• Around 5,000 branches worldwide
• UK FTSE top 50 with market capitalization of
  approximately 7.6 billion (14.8 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 November 24, 2006
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Our Key Brands in Europe and North America
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Group Revenue and Trading ProfitFor the year
ended July 31, 2006
US Plumbing and Heating 38.1
US Building Materials 20.9
Trading profit
UK and Ireland 19.0
US Building Materials 20.5
US Plumbing and Heating 40.3
Canada 4.6
France 12.2
Central Europe 5.2
UK and Ireland 21.5
Revenue
Canada 4.7
France 9.7
Central Europe 3.3
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Business Drivers of divisional sales 2006
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 31.5
Mechanical Contractors 11.6
Building Contractors 36.3
End Users 4.1
Electrical Contractors 0.5
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Our Customers

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

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Wolseleys International Presence
3
8
12
North AmericaPlumbing and Heating
Alaska
Wolseley Canada 2006 - 246 branches
Distribution Centre
Hawaii
Proposed DC
Pipeyard
Ferguson 2006 1,237 branches
Also in Puerto Rico, Panama, Trinidad Tobago
and Mexico
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North AmericaBuilding Materials
Stock Building Supply 2006 - 314 branches
Distribution Centre
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Wolseley Europe
18 NORWAY Neumann Bygg Acquired 2006
10 CROATIA Woodcote Group Acquired 2006
1 UK Wolseley UK
2 IRELAND Heatmerchants Brooks
19 SWEDEN Beijer Acquired 2006
11 ROMANIA Woodcote Group Acquired 2006
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18
3 FRANCE Wolseley France
12 HUNGARY Mart
20 FINLAND Starkki Acquired 2006
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13 SLOVAKIA Woodcote Group Acquired 2006
4 BELGIUM Centratec Acquired 2005
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14 AUSTRIA ÖAG AG
5 THE NETHERLANDS Wasco
2
1
16
5
15 CZECH Republic Cesaro
6 LUXEMBOURG CFM
4
15
6
16 POLAND Woodcote Group Acquired 2006
7 SWITZERLAND Tobler
13
14
3
12
7
11
10
8 ITALY Manzardo
17 DENMARK Electro Oil Stark Acquired 2006
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9
9 SAN MARINO Iser Zauli branch
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Branch Growth
314
255
236
222
2861
216
2486
220
2393
210
131
2266
1799
1615
1443
1357
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Strategy
Growth through acquisition organic
Value
Leverage our international position
Continuous improvement
Enhance our business diversity
Develop our Human Resources
Create innovative solutions to meet our changing
customers needs
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Wolseleys Competitive Advantages

• Continental structures
• P L responsibility for operating companies
• Market focus by geography and customer type
• Human resource development
• Leadership development to support expanded growth
  opportunities
• Knowledgeable customer focused employees
• Acquisitions and organic growth
• Identify acquisition targets by geography/country
  and by customer type
• Integration process and follow up evaluation

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Wolseleys Competitive Advantages

• Sourcing
• Fully leverage size with both branded suppliers
  as well as own brand
• Opportunity 72 cost of goods sold
• Supply chain
• Broadest product offering in the industry
• Highest fill rates in the industry
• Business improvement
• Margin expansion
• Better use of working capital

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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 HighlightsFor the year ended 31 July
2006

• Sales up 25.8 to 14.2 billion
• Trading profit up 24.7 to 882 million
• Group trading margin remained almost constant at
  6.2
• Profit before tax (before amortisation of
  acquired intangibles) up 21.8 to 817 million
• EPS (before amortisation of acquired intangibles)
  up 19.7 to 98.90p
• Strong operating cash flow of 850 million
• Total dividend up 11.4 to 29.40 pence per share
• Return on gross capital employed down marginally
  from 19.1 to 18.8

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Summary of ResultsRecord results
Before amortisation of acquired intangibles
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Financial Performance
Revenue (m)
EBITA (m)
CAGR 15
CAGR 17
EPS (p) (pre-amortisation)
DPS (p)
CAGR 12
CAGR 16
UK GAAP
IFRS
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Financial Performance
Return on Gross Capital Employed (ROGCE)
EBITA margin
UK GAAP
IFRS
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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

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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