PREZENTACJA PLANÓW ROZWOJU FIRMY I WYNIKÓW FINANSOWYCH ZA 2006 ROK 1 Warszawa, październik 2007r. J.W. Construction Holding – presentation Poland's largest residential developer The investment in reliable foundations Warsaw, October 2007

PRESENTATION of JW Construction Holding – October Presentation agenda The Company in the background of the market – structure and positioning The characteristics of developer activity The description of essential investments The characteristics of housing activity The characteristics of hotel services The financial standing Appendix – the analysis of housing market in Poland

PREZENTACJA PLANÓW ROZWOJU FIRMY I WYNIKÓW FINANSOWYCH ZA 2006 ROK 3 The Company in the background of the market – structure and positioning PRESENTATION of JW Construction Holding – October 2007

Business structure of JWCH Group DEVELOPER Activity HOUSING Activity HOTEL SERVICES Activity Expanded land bank – new building plots and increasing scale of Company activity Wide and diversified offer – popular flats, apartment and houses Leading position in Warsaw market in respect of the largest number of implemented projects Implementation of projects in other Polish towns with high growth potential i.e. Łódź, Katowice, Gdynia, Szczecin, Łeba Housing activity carried out to implement the projects in the scope of developer activity and hotel services in the framework of the Group General Contractor in almost 100% of implemented projects Expansion of own auxiliary facilities in the scope of construction and transportation machinery Commencement of the separation of housing activity and its transfer to a subsidiary HOTELE 500 – network consisting of 5 two – star and three – star hotels in attractive localization Assets of significant market value Extension and modernization of the hotel CZARNY POTOK in Krynica to upgrade to the category Resort & SPA

JWHC position in comparison with competitors Significant advantage over the remaining competitors on the Warsaw market is on the side of leading developer (J.W. Construction Holding) and the next one in the ranking (DOM Development) Source: Report on Housing Market in Warsaw 2005/ 2006 published by REAS KONSULTING

6 Competition on the housing market The main competitors of JW Construction Holding in particular market segments: Popular flats segment: Dom Development, Budimex Nieruchomości, Acciona Nieruchomości, Dolcan (Warsaw market), Invest Comfort, Allcon Osiedla (3-City), BRE Locum, Maxbud, Unibud (ŁÓdź), Profit Development, A.S.M Investycje, As Bau, Gant Development (Wrocław) Increased standard apartments segment: Dom Development, Echo Investment,, Marvipol, Pirelli Pekao Real Estate, Fadesa Prokom (Warsaw market), small entities (all markets) Single – family houses segment; GTC, Sedno (Warsaw market), large group of small entities (all markets)

7 Competitive advantages Own erection and assembling potential Highly recognized brand Assets owned by the Company enabling the conclusion of occasional contracts on sales of larger packages of flats with foreign institutional clients Offer diversification – holiday apartments in Łeba Complex credit service – flats purchase financing system favourable for the client – long term cooperation with the banks

8 Competitive advantages The first Polish office selling the flats established in United Kingdom Innovative sales systems 10/90 and 20/80 Effective costs control Top standard of client service – short period between the first contact and transaction finalization and professional Sales Department Professional and stable team as well as wide experience and leading position in the market ISO systems and implemented SAP system

9 Strategic objectives Extension of land market trough the purchase of new building lots on favourable conditions – increase of the scale of activity and further dynamic development of the Company Consolidation of leaders position – as the largest housing developer in Warsaw market and vicinity Expansion to the markets with high growth potential among others Łódź, Katowice, Gdynia, Szczecin, Łeba and abroad (among others Russia and Bulgaria) Consolidation in the scope of erection and assembling activity - commencement of the process of its separation and transfer to a subsidiary in order to increase the independence of external subcontractors

PREZENTACJA PLANÓW ROZWOJU FIRMY I WYNIKÓW FINANSOWYCH ZA 2006 ROK 10 Characteristics of developer activity PRESENTATION of JW Construction Holding – October 2007

11 Growth in the scope of developer activity In course of recent months, the Company initiated several activities in order to extend the scale of activity Warsaw market and vicinity Purchase of new building lots –the area exceeding 40ha in Ożarów Mazowiecki Consolidation of sales network – opening of new offices selling the apartments Wide commercial offer in various market segments – flats, apartments and houses Entering into the markets out of Warsaw Purchase of new building lots out of Warsaw – finalization of building lot purchase in Łeba Project of the erection of the highest building in Szczecin Continuation of the investment in Łódź (commencement of 2nd phase of the project) Commenced housing investment in Katowice Presence on the market in Gdynia Activity on foreign markets Implementation of the project in Russia – continuation of the erection of Housing Estate in Kołomna Establishing of sales office in United Kingdom – promotion and marketing activities Establishing of cooperation with foreign partners (registration of a subsidiary in Bulgaria)

12 Growth in the scope of developer activity JWC is the developer with the longest activity un Poland – up to the present time the Company constructed dwellings (as at the end of September 2007) The Company significantly increased the scale of its activity dwelling are actually under construction and sale More than dwellings are in course of preparation for the construction Type of investment Total number of dwellings Number of dwellings sold Investments implemented Investments being implemented (under construction and sale) TOTAL Planned investments 8 525

13 Growth in the scope of developer activity The land purchase process is continued by the Company – the new building lots have been purchased for attractive prices in Warsaw vicinity in recent months. More than 111 million PLN including more than million PLN obtained from bonds emission have been spent by the Company for land purchase from January 2007 up to 5th October Investment Date of land purchase Surface area of lot / lots Legal status of lots Planned number of flats Ożarów Mazowiecki IMay ha m 2 Final agreement Ożarów Mazowiecki IIAugust ha 700 m 2 Final agreement700 Ożarów Mazowiecki III September haFinal agreement 100 Ożarów Mazowiecki IV September ha m 2 Final agreement 1300 Ul. Berensona (Warsaw Białołęka)August ha m 2 Final agreement120 ul Aluzyjna (Warsaw Białołęka)September ha m 2 Preliminary agreements - ul. Odkryta (Warsaw Białołęka)October m 2 Preliminary agreements-

14 In case of revenue – the progress level must exceed 50% (the value of revenues resulting from signed contracts/ the value of planned revenues) In case of costs – the progress level must exceed 40% (the value of works determined on the basis of works survey/ budget value) Investment accounting method Conservative method of investment accounting – ZERO METHOD The valuation of projects established by the Company is based on the more conservative ZERO method which equalizes the incurred costs with the revenue obtained in the accounting period under consideration. ZERO method is used by JW Construction in the first phase of the project being implemented until the achievement of:

15 The investments under construction and sales – as at the end of September 2007 InvestmentTotal number of dwellings Number of dwelling sold Scheduled date of completion % to be credited in 2007 Housing Estate Górczewska1410 XII 2007Up to 100% Housing Estate Centrum - Łódź th quarter 2007Up to 100% Housing Estate Rezydencja na Skarpie IV th quarter 2007Up to 100% Housing Estate Willa Konstancin th quarter 2007Up to 100% Housing Estate Ludwinowska Aleja 68164th quarter 2007Do 100% Housing Estate Leśne - Gdynia th quarter % Housing Estate Lazurowa I phase 2nd quarter 2008 II phase 3rd quarter 2008 III phase 4th quarter 2008 IV and V phase – 1st quarter % Housing Estate Osada Wiślana404358I phase 2nd quarter 2008 II and III phase 2nd quarter % Housing Estate Rezydencja Quatro 243 I/II quarter 20090% Housing Estate Górczewska Park890307II/III quarter % Katowice250I quarter 20080% Housing Estate Victoria Park II Russia building A IV quarter 20080% Investments in progress

16 The investments under construction and sales – construction scheduled on the turn of 2007/2008 Investment Total number of dwellings Number of dwelling sold Date of building permit obtainment % to be credited in 2007 Housing Estate Zielona Dolina* IV quarter 20070% Housing Estate Wiślana Aleja IV quarter 20070% Housing Estate Lewandów Park I and II XI 2007 – Lewandów II partially Lewandów I 0% Housing EstateBursztynowe I quarter % * dwellings released for sale – data as at the end of September 2007 Number of dwellingsNumber of dwelling sold Total dwellings under construction and sales Investments planned

17 The investments planned – data as at the end of September 2007 Investment Town/ quarter Market segment Number of dwellings / houses Housing Estate Lewandów Park III Warsaw / Białołęka Popular flats 465 Housing Estate Zielona Dolina (Zdziarska) Warsaw/ Białołęka Popular flats 911* ŚwiatowidaWarsaw / Białołęka Popular flats 223 Housing Estate Centrum II - ŁódźŁódź Popular flats 432 Pogonowskiego – ŁódźŁódź Popular flats 109 Uroczysko – KatowiceKatowice Popular flats 563 Szczecin Popular flats 400 Ożarów Mazowiecki IOżarów Mazowiecki Popular flats Ożarów Mazowiecki IIOżarów Mazowiecki Popular flats 700 Ożarów Mazowiecki IIIOżarów Mazowiecki Popular flats 100 Ożarów Mazowiecki IVOżarów Mazowiecki Popular flats Łeba Popular flats 400 BerensonaWarsaw / Białołęka Popular flats 120 Housing Estate Marymoncka IIWarsaw / Bielany Flats in increased standard 23 Housing Estate Aleja Ludwinowska II Warsaw / Ursynów Flats in increased standard 24 Housing Estate Victoria Park II Kołomna/ Rosja Popular flats 782 TOTAL8.525 * Number of dwellings not included in the commercial offer Investments planned

PREZENTACJA PLANÓW ROZWOJU FIRMY I WYNIKÓW FINANSOWYCH ZA 2006 ROK 18 Description of essential investments PRESENTATION of JW Construction Holding – October 2007

19 Warsaw market Housing Estate Górczewska Secured residential object with service areas and 1410 apartments and parking places under the building. A recreation area and housing estate mall will be provided. Investment Floorage of the apartments RevenueCosts Housing EstateGórczewska

20 Warsaw market Housing Estate Rezydencja na Skarpie The investment in Bukowińska Street next to two projects implemented before – Mokotów Plaza I and II. Total number of high standard dwellings will amount 261 Investment Floorage of the apartments RevenueCosts Housing Estate Rezydencja na Skarpie

21 Investment Floorage of the apartments RevenueCosts Housing EstateLazurowa Housing Estate Lazurowa Housing Estate in Lazurowa Street in vicinity of planned underground station. The project implemented in four phases. Target number of increased standard dwellings will amount 669. Warsaw market

22 Investment Floorage of the apartments RevenueCosts Housing EstateGórczewska Park Housing Estate Górczewska Park Warsaw market Górczewska Park project consists of 12 multi – family house localized in Górczewska / Olbrachta Street with 886 flats and 4 service shops.

23 Investment Floorage of the apartments RevenueCosts Housing EstateLudwinowska Aleja Housing EstateLudwinowska Aleja Secured residential complex consisting of 17 semi – detached four – family houses in Ludwinowska Street in Warsaw with 68 flats with garages and parking places. Warsaw market

24 Investment Floorage of the apartments RevenueCosts Housing Estate Leśne Housing Estate Leśne The second project implemented in Gdynia in Parkowa Street, surrounded by the forests in Trójmiejski Landscape Park. Secured housing estate consists of 9 four-storey building encompassing 202 residential dwellings Investments ower the Warsaw

25 Investment Floorage of the apartments RevenueCosts Housing EstateVictoria Park Housing Estate Victoria Park Secured housing estate encompassing 6 multi-family projects implemented in Kołomna Town in vicinity of Moscow (Russia). The project encompasses more than 1100 high standard apartments. The completion of the whole project is expected in Foreign investments

PREZENTACJA PLANÓW ROZWOJU FIRMY I WYNIKÓW FINANSOWYCH ZA 2006 ROK 26 The characteristics of housing activity PRESENTATION of JW Construction Holding – October 2007

27 Development of housing activity High potential of own erection and assembling capabilities JW Construction acts in the majority of projects being implemented as the General Contractor Permanent staff encompasses 333 skilled labourers Long term cooperation with experienced contractors The Company is in the possession of own construction machinery and plants The Company spent 1,7 million EURO as the investment in the scope of modern construction machinery and plants (concrete batching plants, tractors, dump trucks, excavators – loaders and telescope loaders) The works associated with launching of construction elements prefabrication

28 Separation of housing activity JWC Holding is engaged into the group structure modification commencing the works associated with the separation of housing and designing activity in order to enable further development On 21st September 2007 two new divisions i.e. BUDOWNICTWO responsible for erection and assembling activity and Pracownia Architektoniczna responsible for the activity in the scope architecture and engineering were created in the framework of the Company structure On 26th September 2007 JW Construction SA has been established as 100% subsidiary of JWC Holding – in future the company will continue the economic activity in housing sector after the property transfer the activity in the scope architecture and engineering concentrated in the division Pracownia Architektoniczna has been relocated to the subsidiary Dremet The purpose of the works associated with the separation of housing and designing activity in the subsidiary is to increase the value of the Group

Advantages resulting from the separation of housing segment Increased transparency of the Group Possibility to achieve the valuation of the erection and assembling segment and achievement higher financial transparency Facilitating of the acquisition of the companies from building sector, anticipated in future Possibility to place the orders out of JWC Holding Improvement of functioning efficiency of individual companies and increase of their effectiveness by clear determination of competences of individual entities Separation of housing activity 29

PREZENTACJA PLANÓW ROZWOJU FIRMY I WYNIKÓW FINANSOWYCH ZA 2006 ROK 30 The characteristics of hotel services PRESENTATION of JW Construction Holding – October 2007

31 Actually JW Construction Group is in the possession of 5 (two – and three – star) hotels localized in Zegrze, Stryków, Cieszyn, Tarnowo Podgórne and Święta Lipka The offer in the scope of hotel services is addressed mainly to the institutional clients – companies and institutions (conferences, trainings, seminaries) and to individual clients – tourists In 2005, the Company purchased Czarny Potok tourism center in Krynica. Actually its modernization and extension is continued in order to upgrade the object to Resort & SPA category. The hotel in Strykowo close to Łódź is situated in direct vicinity of highway and hotel in Tarnowo Podgórne in vicinity of international communication route A2 Development of hotel services

PREZENTACJA PLANÓW ROZWOJU FIRMY I WYNIKÓW FINANSOWYCH ZA 2006 ROK 32 Financial standing PRESENTATION of JW Construction Holding – October 2007

33 The forecast of growth in 2007 in comparison with 2006: revenue on sales by 12% (813.1 million PLN) gross profit on sales by more than 8% (244.6 million PLN) profit on operations EBIT (earning before income tax) by almost 11% net profit by 11% Financial prognoses for 2007 Legend: 2006 Forecast 2007 gross profit on sales revenue on sales net profit EBIT

34 Financial results in 2003 – 2007 Revenue on sales Profit on operations Gross profit on sales Net profit forecast 2007 forecast 2007 forecast 2007 forecast 2007

35 Profitability The profits of the Company increased significantly in the period , including EBIDTA from 28.1 million PLN up to million PLN Gross margin on sales increased from 15.3% in 2004 up to 31.1% in 2006 The economies of scale have been achieved in result of increased scale of activity with maintained control over costs increase. Gross margin on sales EBITDA margin Net profit margin

36 Results after two quarters 2007 Revenue on sales (million PLN) Gross margin on sales (%) Profit on operations (million PLN) Net profit (million PLN) first half-year 2006 first half-year 2007

37 Increase of sales value The value of agreements signed in the first half-year this year increased by 13% in comparison with the same period in 2006 The value of agreements signed in the period from January to July 2007 increased by 25% in comparison with the same period in 2006 The value of apartments sales in 2nd quarter this year increased up to million PLN i.e. by 4% in comparison with the same period in 2006 After lower results achieved in 1st quarter, clearly visible acceleration has been achieved in the next three months resulting in satisfactory growth on the end of the half-year. Value of signed agreements with clients (million PLN) 1st quarter 2nd quarter first half-year Legend:

38 30 th June st December th June 2006 Planned revenues on current projects 3 494,53 567,8 Planned costs of current projects2 376,52 337,0 Planned margin on projects being implemented1 118,01 230,8 Accumulated revenues recognized in loss and gain account191,5665,6347,2 Accumulated costs recognized in loss and gain account132,9454,0245,6 Accumulated margin recognized in loss and gain account 58,5211,6101,5 Deferred margin 1 059,51 019,21 129,2 Planned margin on projects being implemented 32,1%35,1% Percentage of deferred margin 94,8%82,8%91,7% More than 1 billion margin will be obtained on the projects being implemented, which will be reflected in future financial results Dynamics of financial indices

39 Financing structure Achievement of optimal financing structure Obtainment of gross revenues over 240 million PLN on new bonds emission for land purchase Withdrawal from the financing form used before – credit of up to 80% of land purchase price As a rule, the percentage of projects implemented using the bank credits is not higher than 40% of the whole costs Possibility of complete use of the bonds emission program in amount of 250 million PLN

PREZENTACJA PLANÓW ROZWOJU FIRMY I WYNIKÓW FINANSOWYCH ZA 2006 ROK 40 APPENDIX The analysis of housing market in Poland PRESENTATION of JW Construction Holding – October 2007

41 Source: Report on Housing Market in Warsaw 2005/ 2006, 2006/2007 published by REAS KONSULTING. GUSwww.tabelaofert.pl The largest developers (in respect of the number of apartments handed over and planned in the period 2005 – 2006) Demand vs. supply in the period 2000 – 2010 Average price of residential dwelling in Warsaw (PLN/m2) Number of apartments constructed for sales Warsaw Supply Demand thousands of units

42 Source: Report on Housing Market in Warsaw, 2006/2007 published by REAS KONSULTING. GUSwww.tabelaofert.pl The largest developers (projects completed or planned for construction in the period 2006 – 2007) Demand vs. supply in the period 2000 – 2010 Average price of residential dwelling in ŁÓDŹ (PLN/m2) Number of apartments constructed for sales Łódź Supply Demand thousands of units

43 Source: Report on Housing Market in Warsaw, 2006/2007 published by REAS KONSULTING. GUSwww.tabelaofert.pl The largest developers (projects completed or planned for construction in the period 2006 – 2007) Number of apartments constructed for sales Demand vs. supply in the period 1994 – 2010 Average price of residential dwelling in 3-CITY (PLN/m2) 3-City Supply Demand 3-City thousands of units

44 Source: Polish Banks Association The value of housing credits granted in Poland (billion PLN) Increasing market of housing credits Significant growth in the scope of granted housing credits Relatively low interest rates Favourable and available credits offer proposed by the banks Significant growth of global value of housing credits supporting the demand on housing market Population debt ratio in the scope of housing credits in relation to GNP increased up to about 6% in Poland but is still very low in comparison with 49% achieved in fifteen EU countries According to forecasts of Polish Banks Association, total debts in the scope of housing credits will achieve 134 billion PLN as the end of 2007.

45 Source: Report published by European Mortgage Federation, 2005 Debts in the scope of housing credits in relation to GNP in selected EU countries (%, 2005) Increasing market of housing credits Holland United Kingdom Ireland Germany Spain Belgium France Greece Estonia Austria Italy Hungary Czech Republic Poland Slovenia

46 INVESTOR RELATION OFFICE - CONTACT DATA: Małgorzata Szwarc-Sroka Liquidity Management Director and Investor Relations Office Director ph.: ph.: