PRESENTATION J.W.CONSTRUCTION HOLDING S.A. PERFORMANCE FOR THE 1ST HALF - YEAR OF 2009 PRESENTATION J.W.CONSTRUCTION HOLDING S.A. PERFORMANCE FOR THE 1ST HALF - YEAR OF August 2009

SPIS TREŚCI 2 CHANGE IN ACCOUNTING POLICY 3 CHANGES IN ACCOUNTING POLICY – OUTCOMES 4 PERFORMANCE IN THE 1ST HALF OF ST HALF OF 2009 GROSS SALES PROFIT 7 IMPLEMENTED PROJECTS IN THE 1ST HALF OF ENDED INVESTMENTS IN THE 1ST HALF OF STRATEGY OF J.W. CONSTRUCTION HOLDING S.A. 10 STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP11 STRATEGY - APARTMENTS READY TO MOVE IN 18 STRATEGY - PROJECTS IN THE PIPELINE 19 INDUSTRY DEVELOPMENT PROSPECTS IN THE COMPANYS VIEW 20 THE COMPANYS SALES POLICY IN PRESENTATION – PERFORMANCE 1ST HALF 2009

CHANGE IN ACCOUNTING POLICY 3 By the end of 2008, the Group recognized revenues and expenses using the zero-profit-margin method (IAS 11), after: - actual revenues exceeded 50% for a given project, and - actual expenses of the project exceed 40%. In accordance with the new regulations, in force from 2009, the Group applies IAS 18 to recognize revenues and expenses: - revenues are included in the profit and loss account after an apartment is transferred to its buyer under a notarial deed, with alternate options that include revenue recognition after a building permit is received, the purchased apartment is paid for in full and the apartment is officially accepted by the buyer. PRESENTATION – PERFORMANCE 1ST HALF 2009

CHANGES IN ACCOUNTING POLICY – OUTCOMES 4 Changes in accounting policy – outcomes: For particular projects, revenue and expense recognition (and thus gross profit recognition) will be shifted in time Operating result – depends on the phase of the project – will be recognized after a given project is completed, i.e. after 18 – 24 months PRESENTATION – PERFORMANCE 1ST HALF 2009

PERFORMANCE IN THE 1ST HALF OF Slight decline in revenues from sales in the first half of 2009 by 1.6% compared to the corresponding period in the previous year 2008 data – restated to IAS 18 PRESENTATION – PERFORMANCE 1ST HALF 2009

6 Dane za 2008 – po przekształceniu zgodnie z MSR 18 Operating profit rose by 37,7% in the 1st half of 2009 year compared to the corresponding period in the previous year In addition, net profit in the 1st half of 2009 posted a 41,0% increase as compared with 1 st half of 2008 PRESENTATION – PERFORMANCE 1ST HALF 2009 PERFORMANCE IN THE 1ST HALF OF 2009

1 ST HALF OF 2009 GROSS SALES PROFIT The total gross sales profit in the 1 st half of 2009 came to PLN 89,2 million. The following projects contributed the main to this figure: Osiedle Lazurowa, Warsaw - 37 % Rezydencja na Skarpie, Warsaw - 17 % Osiedle Leśne, Gdynia - 13 % Osiedle Górczewska I, Warsaw - 10 % Willa Konstancin, Konstancin - 9 % Osada Wiślana, Warsaw - 5 % Osiedle Centrum, Łódź - 5 % 7 PRESENTATION – PERFORMANCE 1ST HALF 2009

8 IMPLEMENTED PROJECTS IN THE 1ST HALF OF 2009 In the first half of 2009, 5,197 units were being constructed of a total surface of more than 251,000 sq.m. (commercial and residential space) PROJECT CITY / DISTRICT MARKET SEGMENT NO. OF APARTMENTS / HOUSES ESTIMATED USABLE APARTMENT FLOOR SPACE, SQ. M Osiedle Lazurowa Lazurowa StreetWarsaw / BemowoStandard apartments Górczewska Park Górczewska StreetWarsaw / WolaLuxury apartments Rezydencja Quatro Łukowska Street Warsaw / Praga Południe Luxury apartments Pyry II Ludwinowska AvenueWarsaw / UrsynówApartments Osiedle Lewandów I Lewandów StreetWarsaw / Białołęka Standard apartments Osiedle Lewandów II Lewandów Street Warsaw / Białołęka Standard apartments Osiedle Bursztynowe Korkowa StreetWarsaw / Wawer Standard apartments Wiślana Aleja Odkryta StreetWarsaw / Białołęka Standard apartments Osada Wiślana Marcina z Wrocimowic Street Warsaw / Białołęka Standard apartments Lazurowe Ustronie I stageOżarów Mazowiecki Standard apartments Osiedle Victoria Park, RussiaKołomna / Russia Standard apartments PRESENTATION – PERFORMANCE 1ST HALF 2009

9 ENDED INVESTMENTS IN THE 1 ST HALF OF 2009 In the first half of 2009, the following investment projects were completed: PROJECT CITY / DISTRICT MARKET SEGMENT NO. OF APARTMENTS / HOUSES ESTIMATED USABLE APARTMENT FLOOR SPACE, SQ. M Osiedle Lazurowa Lazurowa StreetWarsaw / BemowoStandard apartments Górczewska Park Górczewska StreetWarsaw / WolaLuxury apartments Rezydencja Quatro Łukowska Street Warsaw / Praga Południe Luxury apartments Osada Wiślana Marcina z Wrocimowic Street I, II stage Warsaw / BiałołękaStandard apartments PRESENTATION – PERFORMANCE 1ST HALF 2009

10 STRATEGY OF J.W. CONSTRUCTION HOLDING S.A. Regardless of circumstances, the Company diversifies the Groups risks by: Expanding non-developer operations of affiliated companies – general construction, designing, construction prefab manufacturing Enhancing the product range by office and commercial space Continuing started housing projects – none of the projects in progress has been stopped Providing a differentiated commercial offer – including apartments ready to take Continuing preparations of new projects (documentation and building permit phase) PRESENTATION – PERFORMANCE 1ST HALF 2009

11 STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP J.W. Construction S.A. – focus: construction and assembly work Strengths: It may implement projects for unaffiliated clients (general construction, electrical engineering, water & sewage, and road construction work) Experienced engineering and technical staff, own resources for project implementation Substantial construction and transportation equipment resources Development of Affiliated Companies – Strength and Capabilities PRESENTATION – PERFORMANCE 1ST HALF 2009

12 JW Projekt Sp. z o.o. – focus: architecture and design. It may prepare projects for unaffiliated clients (recently it has been invited by National Airports to take part in the contest for a luxury hotel in the vicinity of the Okęcie Airport) Skilled and experienced experts in various designing units dedicated to: architecture, design engineering, water & sewage and electrical systems Development of Affiliated Companies – Strength and Capabilities STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP PRESENTATION – PERFORMANCE 1ST HALF 2009

13 JWCH Produkcja Budowlana Sp. z o.o. – focus: construction prefab manufacturing – own plant with an advanced production line Shorter deadlines Prefabs may be offered to unaffiliated clients Target – reduced expenditures Development of Affiliated Companies – Strength and Capabilities STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP PRESENTATION – PERFORMANCE 1ST HALF 2009

The Company is prepared to start a commercialization project for office buildings, hence project implementation may commence soon. Office and Commercial Space Office Building – Jerozolimskie Point Warszawa, Badylarska / Al. Jerozolimskie Streets It is a modern 5-storey B+ class office building (with option to upgrade to A class standard), designed to the highest standards and care for work comfort. Useable space: 4,157 sq. m. 14 STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP PRESENTATION – PERFORMANCE 1ST HALF 2009

Office Building - Nowa Dana Szczecin, Wyzwolenia Avenue / Odzieżowa Street It is a technologically advanced 22-storey A class office building. - Useable space: 25,324 sq. m. - Office space: 20,877 sq. m. - Commercial space: 4,447 sq. m. A hotel with catering establishments and shops Warszawa, PileckiegoStreet Construction design in progress. Planned space: 16,838 sq. m. 15 STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP Office and Commercial Space PRESENTATION – PERFORMANCE 1ST HALF 2009

At present, J.W. Construction Holding Group has 5 two- and three-star hotels in: Zegrze, Stryków, Cieszyn, Tarnów Podgórny and Święta Lipka. Hotels focus on institutional clients (conferences, training sessions, seminars), but do not ignore individuals. Hotel Operations 16 STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP PRESENTATION – PERFORMANCE 1ST HALF 2009

In 2005, the Company purchased the Czarny Potok Resort in Krynica. Now, it is being expanded and upgraded to the Resort & SPA standard. The goal is to convert it into a four-star hotel with appropriate catering and conference facilities plus a five-star SPA/wellness centre. The building houses a lobby with reception desk, a restaurant for 400 guests and a multi-purpose conference room. 17 STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP Hotel Operations PRESENTATION – PERFORMANCE 1ST HALF 2009

The Company has about 360 available apartments, ready to move in, in already completed projects 18 Osiedle Uroczysko, Katowice Osiedle Leśne, Gdynia Willa Konstancin, Konstancin Górczewska Park, Warsaw Osiedle Lazurowa, Warsaw Ludwinowska Aleja, Warsaw Osiedle Centrum, Łódź Rezydencja Quatro, Warsaw STRATEGY- APARTMENTS READY TO MOVE IN PRESENTATION – PERFORMANCE 1ST HALF 2009

19 PROJECT CITY / DISTRICT MARKET SEGMENT NO. OF APARTMENTS / HOUSES ESTIMATED USABLE APARTMENT FLOOR SPACE, SQ. M Mokotów, Antoniewska StreetWarsaw / Mokotów Standard apartments ŚwiatowidaWarsaw / Białołęka Standard apartments Zielona Dolina I, II Zdziarska StreetWarsaw / Białołęka Standard apartments Lewandów Park III, Lewandów StreetWarsaw / Białołęka Standard apartments Szczecin, Wyzwolenia AvenueSzczecinLuxury apartments/ services Badylarska – Office BuildingWarsawServices Pileckiego – Offices/HotelWarsawServices/ Hotel services BerensonaWarsaw / Białołęka Standard apartments STRATEGY- PROJECTS IN THE PIPELINE Regardless of market circumstances, works related to preparation of further projects are carried out based on the existing land bank, including: Drawing up documents, e.g. design documentation Applying for building permits. The above actions will allow smooth construction commencement in the future. PRESENTATION – PERFORMANCE 1ST HALF 2009

20 INDUSTRY DEVELOPMENT PROSPECTS IN THE COMPANYS VIEW Anticipated reduction of interest rates for loans denominated in PLN with an increased activity in the mortgage loans market Irrespective of stagnation in the housing market, already ng for months and caused by the lack of financing sources, the estimated deficit still exceeds 1.5 million apartments (according to the Central Statistical Office (GUS) data) There is an active group of customers in the real estate market who were born during the 1980s baby boom and whose housing needs still have not been met Supply of new apartments will be probably decreasing, starting in 2010, as developers have stopped many projects and postponed start-ups, which is likely to increase both demand and prices Stable pricing situation in the construction materials market 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 PRESENTATION – PERFORMANCE 1ST HALF 2009

21 THE COMPANYS SALES POLICY IN 2009 Offer of financing programmes for Customers Packages offering special conditions, dedicated to employees of institutions co-operating with J.W. Construction Excellent housing offer, including instant-delivery opportunity buys Offer of apartments meeting the requirements of the government programme Rodzina na swoim (Family on its own) Interior finishing programmes for Customers Implementation of alternative sales channels Continuous marketing activities Flexible approaches to clients – negotiable prices depending on payment amounts and schedules PRESENTATION – PERFORMANCE 1ST HALF 2009

INVESTOR RELATIONS OFFICE: Małgorzata Szwarc-Sroka Head of Financial Liquidity Management and Head of the Investor Relations Office Phone: / or