1. june 2008

2. THE GROWTH

3. STAFF

4. PRODUCT At present Verona Building proposes in polish market:  Medium level flats  Prestigious flats in buildings with swimming pool, fitness, monitoring, air conditioning  Penthouses  Retail and office spaces at the lower levels of residential buildings

5. OUR TARGET  Middle-high wage  30 to 40 years old people. Mainly young couples with a good job, often in foreign companies.  University student’s parents.  Polish and foreign investors

6. MARKETING STRATEGY  Each project conceived as Unique Selling Proposition.  Advertisement (press, web..), specialized fairs, outdoor events, billboards.  Strong corporate identity

7. UNDER CONSTRUCTION AND SECURED PIPELINE

8. Surface: 12 000 m2 (145 flats, 1.600 m2 retail, 1.600 m2 office) Start: July 2006 End: December 2008 Sales: 22 mln Euro All sold out

10. Surface : 10.000 m 2 (166 flats, swimming pool, fitness) Start: July 2006 End: October 2008 Sales: 20 mln € 85% sold

11. TARASY VERONA 2 Surface: 5.000 m 2 (90 flats + retail) Start: November 2008 End: December 2010 Sales: 12 mln €

12. Surface: 9.700 m 2 (182 flats, 700 m 2 retail) Start: September 2007 End: December 2009 Sales : 20 mln € 65% sold

13. JABLONIE VERONA Surface : 4800 m 2 (62 Flats) Start: December 2008 End: December 2010 Sales : 14 mln €

14. WROCLAW Rondo Verona Concerto Verona

15. Surfaces: 14.000 m 2, (145 flats3.000 m 2 retail, 3.000 m 2 offices) Start: October 2004 End: July 2007 Sales: 25 mln € All sold out

17. Surface : 3.500 m 2, (30 flats) Start: April 2006 End: April 2008 Sales : 10 mln € 60% sold

20. Surface : 23.500 m 2, (350 flats, 2.700 m 2 retail, 1.500 m 2 offices) Start: April 2007 End: December 2009 Sales : 46 mln € 50% sold

21. CORTE VERONA OFFICES Surface : 22000 m 2 Start: March 2009 End: March 2012 Sales : 44 mln €

22. OPOROW Surface (1+2): 26000m2 Start: April 2009 End: June 2013 Sales 55 mln €

23. POZNAN

24. GARBARY VERONA Surface : 8.000 m 2 (120 Flats, 800 m 2 Retail) Start: Marzo 2008 End: Giugno 2010 Sales: 21,5 mln €

27. KRACOW NEW OPPORTUNIES Piast

28. OSIEDLE VERONA Surface 70.000 m2 (90% residential, 10% Retail) Start: 2009 End: 2013 Sales: 140 mln €

30. Szafrana Surface: 30000 m2 Start: june 2009 End: june 2012 Sales: 60 mln €

31. Delivered apartments in Poland/1000 inhabitants over the last 2 years 2006

32. Delivered apartments in Poland/1000 inhabitants over the last 2 years 2007

33. Forecast apartments to deliver in Poland/1000 inhabitants 2008

34. FURTHER DEVELOPMENT IN POLAND Opportunities: i.Lack of flats in Poland, due to low quality and decay of existing, 80’s baby boom effect, the increasing level of poles’ means and needs (more space and quality) ii.The estimated need is 2-3 million flats in the next 10 years iii.Price are supposed to keep slightly growing iv.Construction costs are expected to stabilize v.More opportunities on the market

35. Threats: In the last 8-10 months the sales have dropped dramatically, mainly due to: i.unbalanced growth of flat prices compared to wages ii.increase of mortgage interest rates iii.more cautious attitude of the banks We expect this situation to last for 3-5 more months, and a more dynamic market for the second part of the year. The market, however, will not be as brilliant and easy as it was before, in the next future demand and offer will be comparable, clients will be more aware and mature, so the market will be more selective.

36. If this is the scenario we will have to: Select the opportunities with more caution as far as location, size and price are concerned Keep average price per sqm compatible with average families’ means (today 2000 €), except for locations and projects intended for a different target. Spread the activity in the country (one new town every 1,5-2 years) Keep quality level and customer satisfaction as first priority Give every project an outstanding peculiarity Use all means for an effective and innovating communication policy

37. FURTHER DEVELOPMENT IN EAST EUROPE Romania Serbia Bulgaria

38. US