1. Financial results for the third quarter of 2010

2. Contents The most significant events in Q3 2010 The numbers of the Company - Q3 2010 J.W. Construction vs WIG - Developers The results of J.W. Construction Holding S.A. Sales of apartments in units The results- Q3 2010 Cumulative results for Q3 2010 Implementation of the gross profit from sales after Q3 2010 Premises for recognition as a result of subsequent quarters in units Basic economic indicators Implemented investments of J.W Construction Holding S.A. Implemented investments in Q3 2010 - housing spaces Implemented investments in Q3 2010 - commercial spaces 2 2-3 4 5 6 7 8 9-10 11-12 13 14 15 16 17 18

3. Contents The development strategy of J.W Construction Holding S.A. Strategy - housing investments in the pipeline Strategy - commercial investments in the pipeline Hidden potential of J.W Construction Holding S.A. J.W. Construction S.A. - the executive arm of the Holding Land bank as a potential growth Objectives for the next quarters J.W Construction Holding S.A. Sales policy of the Company in 2010 3 19 20 21 22 23 24 25-27 28-29

4. 4 The most significant events in Q3 2010 Maintaining the leadership position - the biggest number of sold flats in the market The biggest number of flat that were handed over in the Warsaw market Obtaining occupancy permit for Lewandów Park Stage II (1 275 units) Appointment of the new Management Board of J.W Construction S.A. Redemption of the operating lease for Hotel in Zegrze Conclusion of the final agreement on land purchasing in Wrocław The Górczewska Park housing estate was nominated for the international ECOLA award (European Architectural Award Plaster 2010) Wiślana Aleja Housing Estate was nominated for Construction Investment Journal Award in the Best Residential Development category

5. 5 Financial results for the third quarter of 2010 decrease in credit debt in the third quarter PLN 38.6 mil sold flats 345 units handed over to customers 796 ongoing investments, including a commercial project (Jerozolimskie Point - Warsaw) and a hotel project (Czarny Potok - Krynica Zdrój) 5 13 investment in the pipeline

6. 6 J.W. Construction S.A. WIG - Developers Share price of J.W Construction Holding S.A in the recent fourth quarters compared to the WIG Developers index showed more dynamic growth. In the analysed period, the share price of JWCH rose by almost 50% and the market as a whole noted a slight decline.

7. 7 The results of J.W. Construction Holding S.A. Sale of apartments Revenue, margin, profit Premises recognized in a result

8. 8 Sales of apartments in units J.W. Construction Holding S.A notes a systematic increase in the number of sold flats Upward trend is maintained also in October - 133 sold flats The number of sold units by the end of October 2010 - 1 034 units

9. 9 Results - the third quarter of 2010 Revenues from sales [PLN mil]Gross margin [%] Increase in revenues from sales in Q3 2010 by 35.27% y/y Increase in margin in Q3 2010 by 5.5 p.p y/y 35.27% 5,5p.p.

10. 10 Results - the third quarter of 2010 Profit from operating activities [PLN mil] Net profit [PLN mil] Increase in profit from operating activities in Q3 2010 by 72.2 p.p y/y Increase in net profit in Q3 2010 by 79 % y/y 72,23% 79%

11. 11 Cumulative results for Q3 2010 Revenues from sales [PLN mil]Gross margin [%] Decrease in revenue from sales in cumulative results for Q3 2010 by 6.84% y/y Increase in margin in cumulative results for Q3 2010 by 3.19 p.p y/y 6,84% 3,19 p.p.

12. 12 Cumulative results for Q3 2010 Profit from operating activities [PLN mil] Net profit [PLN mil] Decrease in revenue from sales in cumulative results for Q3 2010 by 2.5% y/y A slight decrease in net profit in cumulative results for Q3 2010 by 2.16% y/y 2.5% 2,16%

13. 13 Implementation of the gross profit from sales after Q3 2010 The level of gross profit from sales after Q3 2010 is equal to PLN 136,400,000 The main percentage was in the following investments: Recognized flats in the cumulative results for Q3 2010 with a comparison to the corresponding period the previous year:

14. 14 Premises for recognition as a result of subsequent quarters in units

15. 15 Basic economic indicators 30.09.2010 30.09.200931.12.200931.12.2008 Net profit margin on sales net profit/loss 14,84% 14,12%14,08%10,91% revenues from sales Liquidity I total current assets 1,52 1,311,211,11 current liabilities Liquidity III cash and cash equivalents 0,16 0,020,03 Current liabilities Equity to fixed assets equity 0,96 0,930,960,67 fixed assets Debt rate current liabilities + non-current liabilities 66,02% 75,45%73,04%82,39% total liabilities without TBS58,54%

16. 16 Implemented investments of J.W Construction Holding S.A. housing investments commercial investments

17. 17 Investments implemented in the third quarter of 2010 residential spaces In the third quarter of 2010, the Company implemented the construction of 1 651 flats and 12 houses with a total area of approximately 74 000 sq m of usable space. UFS Number of units Works connected with media

18. 18 Investments implemented in the third quarter of 2010 residential spaces Implemented hotel-commercial projects with area of 22 270 sq m. PUU hotel and recreational complex (**** hotel ***** Spa resort / Wellness) hotel-office complex

19. 19 The development strategy of J.W. Construction Holding S.A. housing investments commercial investments

20. STRATEGY Strategy - housing investments in the pipeline 20 Number of units UFS Number of houses Zielona Dolina I, II ul. Zdziarska Lewandów Park I Etap bud 3-6 Mokotów ul. Antoniewska Białołęka Berensona Białołęka Berensona Łódź II, ul. Tymienieckiego Katowice II, ul. Bałtycka Gdynia I ul. Powstania Wielkopolskiego Gdynia I ul. Sochaczewska / Płocka Zielona Dolina I, II ul. Zdziarska Katowice II, ul. Bałtycka Mokotów ul. Antoniewska Łódź II, ul. Tymienieckiego Lewandów Park I Etap bud. 3-6 Białołęka Swiatowida Poznań, ul. Jaroczyńskiego Białołęka Odkryta II Gdynia I ul. Powstania Wielkopolskiego Gdynia I ul. Sochaczewska / Płocka Białołęka, Aluzyjna I Białołęka ul.Światowida Poznań, ul. Jaroczyńskiego Białołęka, Odkryta II Białołęka, Aluzyjna I Projects that are prepared to launch in 2010/2011 A building permit

21. 21 STRATEGY commercial investments in the pipeline Projects that are prepared to launch in 2011 Office spaces and hotel services: Demolition work in progress PUU

22. 22 Hidden potential of J.W Construction Holding S.A. Executive arm Land bank Commercial spaces

23. 23 J.W. Construction S.A. - the executive arm of the Holding Wzmocnienie ramienia wykonawczego September 2010 - Appointment of a new Management Board Preparation of the first major external projects where JWC S.A is going to be the general contractor. The target structure of the mandators of J.W Construction SA over the next two years

24. 24 Land bank as a potential growth Locations where the Company owns land New and plannes directions of expansion Poznań Gdynia Katowice Warsaw Łódź Kraków Wrocław Szczecin Housing investments Commercial investments Bearing in mind that the Company has been building its value in a long-term period, the Company strengthens its presence in the market out of Warsaw. Krynica

25. 25 Objectives for the next quarters of J.W Construction Holding S.A. Strengthening the executive arm Developer activity: - commercial properties - housing properties Strengthening market position out of Warsaw The development of other companies in the Capital Group

26. 26 Objectives for the next quarters Kierunek działań strategicznych GK J.W. Construction Holding S.A.: Strengthening the executive arm through the participation in tenders for the implementation of works relating to infrastructure, including the syndicated principles Extending the offer of commercial surfaces (hotel-commercial-office) Further strengthening the company on the Warsaw real estate market Building the Company's position in the housing market out of Warsaw The development of other activities than developer activities of the Groups Companies – building constructions, design, prefabricated building manufacture Hotel activitiy – expansion and modernization of Czarny Potok Hotel, Krynica

27. Popular flats: To maintain its leadership position in the market- to expand the commercial offer including plots seeking to be bought in the city centre of Warsaw Activities connected with preparing new investments to launch To extend new projects in the region of the southern part of Poland in connection with dynamic development of the agglomeration of Kraków, Katowice, Wrocław 27 Objectives for the next quarters Flats with higher standard and apartments To make the Companys portfolio more attractive by adding to the offer the premises with a higher standard and luxurious character in new, prestigious projects Realisation of new projects on purchased plots in April 2010 in Gdynia, Katowice, Poznań

28. Sales policy of the Company in 2010 Packages offering special conditions, dedicated to employees of institutions co-operating with J.W. Construction Holding S.A. Conducting strategic marketing activities in all areas of communication with Clients Contest of tenders made by Customers Special offer for customers on the occasion of the Company's participation in the fair trade and during the organization of open days of house estates Constant monitoring of the real estate market 28

29. Sales policy of the Company in 2010 An attractive housing offer, including turnkey apartments available in Silver, Gold and Platinum programs and with full equipment Turnkey finish programs for the Customers - Silver, Gold and Platinum Implementation of the program: "First move in and then buy" in Górczewska Park, Lewandów Park and Osiedle Leśne in Gdynia investments Professional and free of charge credit counseling Long-term cooperation with banks– the best offer of credits on the market of mortgages only for the Companys customers Many years of cooperation with banks - the best offer loans in the mortgage market only to customers of the Company Offer of various financing programmes for Customers Attractive offer of flats that meet the requirements of the government program "Rodzina na swoim" Flexible approach to the customer – the possibility of negotiating the prices depending on the payment amount and schedule 29

30. 30 Investor Relations: Małgorzata Szwarc-Sroka Economy Division and Investor Relations Office HeadDirector of Economicand Director of Investor Relations J.W Construction Holding S.A. Member of the Management Board of J.W Construction S.A. phone: 22 771 77 85 / 22 771 78 10 / 22 771 75 10 e-mail.: relacje.inwestorskie @ jwconstruction.com.pl Investor Relations