1. S t r i c t l y P r i v a t e & C o n f i d e n t i a l February 2008 J.W. CONSTRUCTION HOLDING S.A. Largest Polish Residential Real Estate Developer PRESENTATION J.W. CONSTRUCTION HOLDING S.A. Largest Polish Residential Real Estate Developer PRESENTATION

2. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Presentation Agenda J.W. Construction Holding S.A. PRESENTATION – February 2008 2 Q4 2007 Results ………………………………………………………….…….…3 Increase in Sales Value …………….…………………………………….…...…5 Profits in Q1-Q4 2007 ………….………………….…………………….…..……6 Financial Forecasts vs. Performance in 2007..…………….…………………7 Financial Results, 2004–2007 …………………………………………….……..8 Q4 2007 Highlights …………………………………………………..……………9 Land Bank Development in Q4 2007 …..………………………………………11 Important Developments After Q4 2007 ……. ……………….…….…..…….12 Industry Development Prospects in the Companys View ……….……….13 Financial Forecasts for 2008.…….………………….…………………………15 Projected Profit to be Recognized in 2008 …..……………………….…..….16 Projected Share of Selected Projects in Total Revenue in 2008 …...….…17 Strategy Implementation Major Projects in 2008 …..……………………18 Projects in Progress ……………………………………………….…….………28 Projects in the Sales Stage ……………………………………………..……….29 Planned Projects ……………………………………………………………….…30

3. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Q4 2007 Results Q4 2007 sales revenue - an increase by 84% (by PLN 194.3 million in absolute terms) compared to the same period of the previous year 2007 sales revenue - an increase by 7.8% compared to 2006 2007 gross margin - an increase by 1.5 percentage points compared to 2006 J.W. Construction Holding S.A. PRESENTATION – February 2008 3

4. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Q4 2007 Results Q4 2007 operating profit - an increase by 66.4% (by PLN 53.7 million in absolute terms) compared to the same period of the previous year 2007 operating profit - an increase by 11.8% compared to 2006 Net profit - an increase by 75.2% (by PLN 45.1 million in absolute terms) compared to Q4 2006 2007 net profit - an increase by 12.4% compared to 2006 J.W. Construction Holding S.A. PRESENTATION – February 2008 4

5. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Increase in Sales Value (PLN million) The value of contracts signed with customers in 2007 was 10.2% higher than in the previous year J.W. Construction Holding S.A. PRESENTATION – February 2008 5

6. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Gross Sales Profit, Q1–Q4 2007 Górczewska Park, Warsaw, Górczewska/Olbrachta Streets Osiedle Lazurowa, Warsaw, Lazurowa Street Rezydencja na Skarpie, Warsaw, Bukowińska Street Aleja Ludwinowska, Warsaw, Ludwinowska Street Osiedle Leśne, Gdynia, Parkowa Street Willa Konstancin, Konstancin, Bielawska/Paproci Streets Osada Wiślana, Warsaw, Marcina z Wrocimowic Street Osiedle Centrum, Łódź, Tymienieckiego Street Victoria Park II, Kolomna, Russia J.W. Construction Holding S.A. PRESENTATION – February 2008 6 The total gross sales profit in the four quarters of 2007 came to PLN 249.3 million. The following projects contributed the most to this figure:

7. S t r i c t l y P r i v a t e & C o n f i d e n t i a l The company performed as forecasted in 2007, in fact outperforming the forecast with respect to most parameters: Sales revenue was 96% of the projected figure Gross sales profit was higher than projected by PLN 4.7 million Operating profit was higher than projected by PLN 1.9 million Net profit was higher than projected by PLN 1.9 million Financial Forecasts vs. Performance in 2007 (PLN million) J.W. Construction Holding S.A. PRESENTATION – February 2008 7

8. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Financial Results, 2004 - 2007 J.W. Construction Holding S.A. PRESENTATION – February 2008 8

9. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Q4 2007 Highlights Registration of the J.W. Construction S.A. construction company, which will engage in construction activities and accept commissions also from customers other than J.W. Construction Holding S.A. Registration of changes regarding Dremet-Projekt Sp. z o. o. - transfer of design activities to this company Establishment of a subsidiary in Bulgaria - engaging in development activities in Bulgaria Purchase of shares in Porta Transport Sp. z o. o. with registered office in Szczecin - the company will engage in development activities Purchase of shares in the Ogonyok Leisure Resort Russian limited liability company with registered office in Sochi, Russia. The company owns real estate and intends to build a residential compound with sports, commercial and service facilities J.W. Construction Holding S.A. PRESENTATION – February 2008 9

10. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Signing of a letter of intent with Shanghai Construction General Company, which has immense experience and an impressive construction record. The collaboration will consist in project support through the supply of technological solutions and manpower Land bank development - the purchase of land for new investment projects in Warsaw and Szczecin The company was awarded the Pearl of the Polish Economy title in the Large Pearl category and also won the Great Prize of the President of the Construction Chamber Q4 2007 Highlights J.W. Construction Holding S.A. PRESENTATION – February 2008 10

11. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Land Bank Development, Q4 2007 The company continues to purchase land. From January 2007 to December 31, 2007, the company spent over PLN 167 million on land purchases, of which more than PLN 123 million had been raised by issuing stock. Project Land purchase date Plot areaPlot legal status Number of apartments planned Aluzyjna I Street Warsaw – Białołęka November 20070.6 hectaresFinal contracts46 Aluzyjna II Street Warsaw – Białołęka November 20071.4 hectaresPreliminary contracts120 Odkryta Street Warsaw – Tarchomin October 20070.9 hectaresPreliminary contracts150 Szczecin – Porta Transport plot November 200720 hectaresFinal contracts5,400 Sochi - RussiaDecember 20074.8 hectaresFinal contracts1,000 J.W. Construction Holding S.A. PRESENTATION – February 2008 11

12. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Securing a valid construction permit for the Lewandów project - stage I Establishment of JWCH Budownictwo Drogowe Sp. z o. o. The Company of the Year 2007 award granted by the Polish Business Club - January 2008 The Forbes Diamond 2008 award granted by the editors of the Polish Forbes monthly - January 2008 Important Developments After Q4 2007 J.W. Construction Holding S.A. PRESENTATION – February 2008 12

13. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Industry Development Prospects in the Companys View Supply in the residential market is still outstripped by demand - the shortfall amounts to over 1.5 million apartments (Central Statistical Office figures as of December 2007) There is an active group of customers in the real estate market who were born during the 1980s baby boom Increasing urbanization contributes to rising demand for real estate in large cities Steady GDP growth, decreasing unemployment and rising salaries The range of mortgage loans on offer remains broad and widely available despite forecasted interest rate increases The upward trend in prices will be sustained until housing prices in Poland reach European levels (the only exception here are unattractive apartments whose prices may fall) J.W. Construction Holding S.A. PRESENTATION – February 2008 13

14. S t r i c t l y P r i v a t e & C o n f i d e n t i a l The company estimates that average real estate prices will remain steady in the first months of 2008, and rise by around 5% at the end of the year. The exceptional increases from previous years will not return, but from 2009 onwards real estate prices will continue to rise Stable pricing situation in the construction materials market Sustained interest in real estate investment on the part of institutional investors In the longer term, demand will be boosted again from 2010 onwards due to the Euro 2012 effect and Polands probable entry into the euro area Still considerable potential for real estate price increases in certain conurbations, e.g. Katowice and Szczecin, where the company plans future projects Industry Development Prospects in the Companys View J.W. Construction Holding S.A. PRESENTATION – February 2008 14

15. S t r i c t l y P r i v a t e & C o n f i d e n t i a l The company has published 2008 forecasts, according to which the following figures will increase as follows compared to 2007: sales revenue by 39% (PLN 1,085.4 million) gross sales profit by more than 38% (PLN 345.7 million) operating profit by almost 47% net profit by 48% Financial Forecasts for 2008 J.W. Construction Holding S.A. PRESENTATION – February 2008 15

16. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projected Profit to be Recognized in 2008 Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets Osiedle Lazurowa, Warsaw, Lazurowa Street Osiedle Lewandów II, Warsaw, Lewandów Street Osada Wiślana, Warsaw, Marcina z Wrocimowic Street Zielona Dolina I, Warsaw, Zdziarska/Ostródzka Streets Osiedle Leśne, Gdynia, Parkowa Street Rezydencja Quatro, Warsaw, Łukowska Street Victoria Park II, Russia, Kolomna Osiedle Bursztynowe, Warsaw, Korkowa Street Wiślana Aleja, Warsaw, Odkryta Street Ożarów Mazowiecki, Kaputy stage I (18 720 sq. m floor space) Osiedle Kaskada, Łódź, Tymienieckiego Street J.W. Construction Holding S.A. PRESENTATION – February 2008 16 The projected 2008 sales profit level is PLN 345.8 million. The following projects will contribute the most to this figure:

17. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projected Share of Selected Projects in Total Revenue in 2008 Project Projected revenue to be recognized in 2008 (PLN thousand) Percentage of projected 2008 rewenue Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets 249,51823% Osiedle Lazurowa, Warsaw, Lazurowa Street131,31212% Lewandów Park II, Warsaw, Lewandów Street120,95511% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street74,1107% Zielona Dolina I, Warsaw, Zdziarska Street (27 700 sq. m floor space) 67,7766% Rezydencja Quatro, Warsaw, Łukowska Street54,0835% Osiedle Bursztynowe, Warsaw, Korkowa Street52,5635% Victoria Park II, Russia, Kolomna49,7764% Osiedle Leśne, Gdynia, Parkowa Street43,1844% Ożarów Maz. - Kaputy stage I (18 720 sq. m floor space) 41,8204% Wiślana Aleja, Warsaw, Odkryta Street41,7534% Osiedle Kaskada, Łódź, Tymienieckiego Street30,2453% Other128,34712% TOTAL1,085,442100% J.W. Construction Holding S.A. PRESENTATION – February 2008 17

18. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Strategy Implementation - Major Projects in 2008 The company is developing projects that were announced in the issue prospectus. The most important projects which will have impact on financial results are: in the Warsaw market - Osiedle Górczewska Park, Osiedle Lazurowa, Osiedle Osada Wiślana, Osiedle Lewandów II, Osiedle Zdziarska I, Rezydencja Quatro, Osiedle Bursztynowe in the Łódź market - Osiedle Kaskada in the Tri-City (Gdańsk, Gdynia, Sopot) market - Osiedle Leśne in the Russian market - Victoria Park The company uses the zero method [Polish Accounting Act, Article 34a, para. 4] when accounting for the first stage of projects in progress. J.W. Construction Holding S.A. PRESENTATION – February 2008 18

19. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market Osiedle Lazurowa Warsaw, Bemowo Lazurowa Street A housing estate at Lazurowa Street in Warsaw, close to the projected subway station. The project consists of four stages, on completion it will include 669 high-standard apartments. Project Floor space (sq. m) Revenue Progress (average for all stages) in terms of cost and revenue - December 31, 2008 projection Osiedle Lazurowa33,727245,276 Cost: 95% Revenue: 100% J.W. Construction Holding S.A. PRESENTATION – February 2008 19

20. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market Górczewska Park (Górczewska II) Warsaw - Wola, Górczewska/Olbrachta Streets The Górczewska Park project includes 12 apartment buildings situated at Górczewska/Olbrachta Streets - 886 apartments and 4 commercial premises. Project Floor space (sq. m) Revenue Progress in terms of cost and revenue - December 31, 2008 projection Górczewska Park44,929427,357 Cost: 90% Revenue: 100% J.W. Construction Holding S.A. PRESENTATION – February 2008 20

21. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Osiedle Lewandów Park Warsaw, Lewandów Street - construction starts in 2008 A gated housing compound consisting of over 1,900 apartments. Construction in two stages - Lewandów I and Lewandów II. Attractive location, good connection to the city center. Projects - Warsaw Market Project Floor space (sq. m) Revenue Progress in terms of cost and revenue - December 31, 2008 projection* Lewandów Park81,191410,522 Cost: 40%* Revenue: 100%* * For the Lewandów II stage J.W. Construction Holding S.A. PRESENTATION – February 2008 21

22. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market Osiedle Zielona Dolina – stage I Warsaw, Zdziarska/Ostródzka Streets - construction starts in 2008 A modern housing estate in the Białołęka district of Warsaw. Located close to shopping malls and service facilities, very good connection to the city centre. Consists of 596 apartments. Project Floor space (sq. m) Revenue Progress in terms of cost and revenue - December 31, 2008 projection Zielona Dolina27,792169,439 Cost: 40% Revenue: 100% J.W. Construction Holding S.A. PRESENTATION – February 2008 22

23. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market Osiedle Bursztynowe Warsaw, Korkowa Street - construction starts in 2008 A small, cozy housing estate consisting of four-story houses. Very good connection to the city center. Gated and guarded estate 322 apartments are planned. Project Floor space (sq. m) Revenue Progress in terms of cost and revenue - December 31, 2008 projection Osiedle Bursztynowe 17,402116,807 Cost: 60% Rewenue: 100% J.W. Construction Holding S.A. PRESENTATION – February 2008 23

24. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market Wiślana Aleja Warsaw, Odkryta Street - construction starts in 2008 A housing estate consisting of modern six-story houses. The estate includes 200 apartments with underground garages. Fast and easy access to schools, kindergartens and shopping malls.. Project Floor space (sq. m) Revenue Progress in terms of cost and revenue - December 31, 2008 projection Wiślana Aleja9,77069,589 Cost: 60% Revenue: 100% J.W. Construction Holding S.A. PRESENTATION – February 2008 24

25. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Outside Warsaw Osiedle Leśne Gdynia, Parkowa Street This is the second project developed in Gdynia at Parkowa Street and surrounded by the forests of the Tri- City Landscape Park. The guarded housing estate consists of nine four- story houses with 202 apartments. Project Floor space (sq. m) Revenue Progress in terms of cost and revenue - December 31, 2008 projection Osiedle Leśne12,87190,549 Cost: 100 % Revenue: 100 % J.W. Construction Holding S.A. PRESENTATION – February 2008 25

26. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Outside Warsaw Osiedle Kaskada Łódź, Tymienieckiego Street - construction starts in 2008 A compound consisting of nine residential buildings with service facilities and underground garages. The project will include more than 400 apartments as well as commercial premises on the first floors of the buildings. Excellent location in downtown Łódź. Project Floor space (sq. m) Revenue Progress in terms of cost and revenue - December 31, 2008 projection Osiedle Kaskada24,157151,226 Cost: 40% Revenue: 50% J.W. Construction Holding S.A. PRESENTATION – February 2008 26

27. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects Abroad Osiedle Victoria Park Kolomna, Russia A guarded housing estate consisting of six apartment blocks in the town of Kolomna near Moscow. The project includes over 1,100 apartments and the planned completion date for the entire estate is 2012. Project Floor space (sq. m, complete project) Revenue (complete project) Progress in terms of cost and revenue, A1 and A3 blocks - December 31, 2008 projection Osiedle Victoria Park 58,196443,967 Cost A1: 100% Revenue A1: 100% Cost A3: 41% Revenue A3: 52% J.W. Construction Holding S.A. PRESENTATION – February 2008 27

28. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects in Progress Project Total No. of apartments No. of apartments sold Planned project completion date % included in 2007 results Osiedle Górczewska Warsaw, Górczewska Street 1,410 1st half 200899% Osiedle Centrum Łódź, Tymienieckiego Street 3243221st half 200890% Rezydencja na Skarpie IV Warsaw, Bukowińska Street 2612601st half 200899% Willa Konstancin Konstancin, Bielawska/Paproci Streets 1781681st half 200890% Aleja Ludwinowska Warsaw, Ludwinowska Street 68 1st half 200885% Osiedle Leśne Gdynia, Parkowa Street 202163Q4 200848% Osiedle Lazurowa Warsaw, Lazurowa Street669645 stage I – Q2 2008 stage II – Q3 2008 stage III – Q4 2008 stages IV and V – Q1 2009 47% Osada Wiślana Warsaw, Marcina z Wrocimowic Street 404353 stage I – Q2 2008 stages II and III – Q2 2009 27% Rezydencja Quatro Warsaw, Łukowska Street 243 Q1/Q2 20090% Górczewska Park Warsaw, Górczewska/Olbrachta Streets 890706Q2/Q3 200935% Katowice, Bałtycka Street2501st half 20080% Victoria Park II (Russia) A1 block15880Q4 200821% Projects under construction and in the sales stage (end December 2007 data) J.W. Construction Holding S.A. PRESENTATION – February 2008 28

29. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects in the Sales Stage, Projected Construction Start 1st half 2008 Project Estimated revenue (PLN thousand) No. of apartments No. of apartments sold Construction permit to be obtained in % included in 2007 results Zielona Dolina Warsaw, Zdziarska/Ostródzka Streets 432,326594 *4981st half 20080% Wiślana Aleja Warsaw, Odkryta Street 69,589200157Q1 20080% Lewandów Park I i II Warsaw, Lewandów Street 410,5221,9051,681 Q1 2008 - Lewandów I and Lewandów II 0% Osiedle Bursztynowe Warsaw, Korkowa Street 116,8073222551st half 20080% * Apartments available for sale No. of apartmentsNo. of apartments sold Apartments under construction and in the sales stage, total 7,8537,009 J.W. Construction Holding S.A. PRESENTATION – February 2008 29

30. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Planned Projects (as of end December 2007) ProjectCity/districtMarket segment No. of apartments / houses Estimated floor space, sq. m Lewandów Park III, Lewandów StreetWarsaw / BiałołękaStandard apartments78733,179 Zielona Dolina, Zdziarska/Ostródzka StreetsWarsaw / Białołęka Standard apartments 91145,000 ŚwiatowidaWarsaw / Białołęka Standard apartments 23713,035 Osiedle Centrum IIŁódź Standard apartments 43223,760 PogonowskiegoŁódź Standard apartments 1095,995 UroczyskoKatowice Standard apartments 56324,616 Szczecin, Wyzwolenia AvenueSzczecin Luxury apartments / service facilities 40032,000 Szczecin - Porta Transport plotSzczecinStandard apartments5,400297,000 Ożarów Mazowiecki IOżarów MazowieckiStandard apartments1,97396,000 Ożarów Mazowiecki IIOżarów MazowieckiStandard apartments81640,000 Ożarów Mazowiecki IIIOżarów MazowieckiStandard apartments1,30071,500 Łeba Standard apartments49029,055 BerensonaWarsaw / BiałołękaStandard apartments1709,350 Marymoncka IIWarsaw / BielanyHigh-standard apartments231,265 J.W. Construction Holding S.A. PRESENTATION – February 2008 30

31. S t r i c t l y P r i v a t e & C o n f i d e n t i a l Planned Projects (as of end December 2007) ProjectCity/districtMarket segment No. of apartments / houses Estimated floor space, sq. m Aleja Ludwinowska IIWarsaw / UrsynówHigh-standard apartments242,400 Victoria Park IIKolomna/ Russia Standard apartments 78243,010 Aluzyjna IWarsaw / Tarchomin Standard apartments 462,530 Aluzyjna IIWarsaw / Tarchomin Standard apartments 1207,000 Konstancin IIKonstancin Standard apartments 1368,800 Sopot, Parkowa StreetSopotArrangements pending172,500 Badylarska – Office BuildingWarsawServices-4,500 Pileckiego – Offices/HotelWarsawServices/hotel services-17,500 Głogoczów – HotelGłogoczówHotel Services-3,000 Juszkowo IGdańskArrangements pending-7,000 Krynica – Czarny PotokKrynicaHotelservices-20,882 SochiRussiaStandard apartmentsca. 1,00082,000 TOTAL15,736922,877 J.W. Construction Holding S.A. PRESENTATION – February 2008 31

32. S t r i c t l y P r i v a t e & C o n f i d e n t i a l 31 grudnia 2007 r. 31 grudnia 2006 r. Projected revenue from projects in progress4,874.53,567.8 Projected cost of projects in progress3,334.02,337.0 Projected margin for projects in progress1,540.51,230.8 Accumulated revenue recognized in profit and loss 695.8665.6 Accumulated cost recognized in profit and loss 455.5454.0 Accumulated margin recognized in profit and loss 240.2211.6 Deferred margin1,300.21,019.2 Projected margin for projects in progress 31.1%35.1% Percentage of deferred margin 84.4%82.8% Projects in Progress Will Yield over PLN 1 Billion in Margins Projects in progress will yield over PLN 1 billion in margins, which will be recognized in future financial results. J.W. Construction Holding S.A. PRESENTATION – February 2008 32

33. S t r i c t l y P r i v a t e & C o n f i d e n t i a l INVESTOR RELATIONS OFFICE: Małgorzata Szwarc-Sroka Head of Financial Liquidity Management and Head of the Investor Relations Office Phone: +48 022 771 77 85 / +48 0 22 771 78 10 or +48 022 771 75 10 e-mail: relacje.inwestorskie@jwconstruction.com.pl