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 J.W. CONSTRUCTION HOLDING S.A. PRESENTATION RESULTS FOR THE FIRST SIX MONTHS OF 2008 J.W. CONSTRUCTION HOLDING S.A. PRESENTATION RESULTS FOR THE FIRST SIX MONTHS OF 2008 30 September 2008

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 2 Mission of J.W. Construction Holding S.A. …….………………………………………..3 Strategy of J.W. Construction Holding S.A. ….………………………………………….4 Results for the first six months of 2008 ………………………………………………….7 Gross profit on sales for the 1 st half - year of 2008 ……….……..…………………….9 1 st half - year of 2008 highlights …………….……………………………………………10 Significant events after the 1 st half - year of 2008 …..……..………………………...14 Projected profit to be recognized in 2008 ………………………………………..……15 Projected share of selected projects in total revenue in 2008 ……..……….……..16 Strategy implementation - major projects in 2008 ……………….…..……....………17 Projects in progress ……….…………..…………………………………………………..27 Projects in the sales stage.….……….…………………………………………………..29 Planned projects ……….…….………………………………………………………........30 Industry development prospects in the companys view …………………………..32 Sales policy in 2008 ……….………………………………………….…………………...34 PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Mission of J.W. Construction Holding S.A. 3 The mission of the Company is to satisfy the housing needs of all those who value comfort and safety at an affordable price. Thanks to this business philosophy the Company is the largest Polish developer specialising in the segment of flats accessible to a wide group of Customers. It incorporates a strategy consisting in continuously increasing the functionality and high quality of the flats offered by the Company, while maintaining competitive prices. PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Strategy of J.W. Construction Holding S.A. 4 strengthening the leading position among developers diversifying the sources of revenues and profits by separating construction and designing activities from the existing structures, and also by launching building production reducing and rationalising costs at each and every stage of production and service provision implementing new housing, office and infrastructure projects in Poland and abroad The strategic objectives of the Company are: PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Strategy of J.W. Construction Holding S.A. 5 preparing new housing offers introducing new products for Customers in co-operation with banks and leading manufacturers of finishing materials executing a holiday apartments complex project in Bulgaria and high standard flats in Sochi executing projects in the commercial spaces building sector – office blocks in Warsaw and Szczecin and the expansion of the Hotel 500 chain The Company attains its strategic objectives by: PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Strategy of J.W. Construction Holding S.A. 6 implementing a modern, cost-effective ceramic walls building technology accelerating the construction process by a subsidiary outsourcing of services (legal and advisory services, strategic consulting, IT) purchasing modern and efficient plant and machinery used in construction The Company attains its strategic objectives by : PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Results for the first six months of 2008 1 st half-year of 2008 sales revenue - an increase by 69,7% (by PLN 158.7 million in absolute terms) compared to the same period of the previous year 7 * with the exception of projects recognized with zero margin PRESENTATION J.W. Construction Holding S.A. – September 2008

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 1 st half-year of 2008 operating profit - an increase by 76.6% (by PLN 31.2 million in absolute terms) compared to 1 st half-year of 2007 Net profit - an increase by 98.7% (by PLN 25.3 million in absolute terms) compared to 1 st half-year of 2007 8 Results for the first six months of 2008 PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Gross profit on sales for the 1 st half - year of 2008 9 Górczewska Park, Warsaw, Górczewska/Olbrachta Streets - 39% Osiedle Lazurowa, Warsaw, Lazurowa Street - 23% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 12% Rezydencja Quatro, Warsaw, Łukowska Street - 12% Osiedle Leśne, Gdynia, Parkowa Street - 10% The total gross sales profit in 1 st half-year of 2008 came to PLN 101.4 million. The following projects contributed the most to this figure: Other projects also contributed to the profits, including: Osiedle Centrum, Łódź, Tymienieckiego Street Victoria Park II, Kolomna, Russia PRESENTATION J.W. Construction Holding S.A. – September 2008

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 10 The most important event taking place in the first half of 2008 was the separation from J.W. Construction Holding S.A. of its three Branches and their contribution as organised parts of the enterprise to subsidiary companies 1 st half - year of 2008 highlights On 30 April 2008, three Extraordinary General Meetings took place at J.W. Construction Holding S.A. subsidiaries, as a result of which agreements concerning the transfer of organized parts of the company (branches) were concluded: - to J.W. Construction S.A. - a branch under the name of J.W. Construction Holding S.A. Budownictwo - to JW Projekt Sp. z o. o. a branch under the name of J.W. Construction Holding S.A. Pracownia Projektowa - to JWCH Produkcja Budowlana Sp. z o. o. a branch under the name of J.W. Construction Holding S.A. Zakład Prefabrykacji Budowlanej PRESENTATION J.W. Construction Holding S.A. – September 2008

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 11 - - Lewandów Park I, Warsaw, Lewandów Street - Aleja Ludwinowska II, Warsaw, Ludwinowska Avenue - Lewandów Park II, Warsaw, Lewandów Street - I stage Lazurowe Ustronie I (Ożarów Mazowiecki) - Bursztynowe Osiedle, Warsaw, Korkowa Street In June 2008, the Company celebrated the 15th anniversary of its operations Further extension of the land bank through the purchase by the J.W. Construction Bułgaria EOOD, a subsidiary with its registered office in Sofia, of a property with an area of over 1.4 hectares in the Bulgarian Golden Sands resort Valid construction permit obtained for the Wiślana Aleja project at Odkryta Street in Warsaw Obtaining valid construction permits and starting the construction of the projects as listed below: 1 st half - year of 2008 highlights PRESENTATION J.W. Construction Holding S.A. – September 2008

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 12 Company of the Year 2007 award for notable achievements in the field of residential construction and for the successful first listing on the Warsaw Stock Exchange - granted by the Polish Business Club Inclusion in the Forbes Diamond 2008 list of companies that increased their value most rapidly between 2004 and 2006, leveraging the favorable economic climate in the most effective way JWCH ranked first in the 2008 Developer Ranking List drawn up by the editors of the Gazeta Prawna Business Forum; the list includes the largest and most dynamic companies in the development industry 1 st half - year of 2008 highlights PRESENTATION J.W. Construction Holding S.A. – September 2008

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 13 The fifth diamond added to the Polish Business Leader statuette awarded by the Business Centre Club J.W. Construction was included in the 500 Largest Polish Companies list compiled by the Polityka weekly The company was included in the List of 500 which lists top Polish companies, compiled by the editors of the Rzeczpospolita daily The company was nominated for the Construction Master award granted by the editors of the Home&Market monthly in the Best Building Contractor category Benefactor of the Year 2007 title in a competition held by the Academy for the Development of Philanthropy in Poland 1 st half - year of 2008 highlights PRESENTATION J.W. Construction Holding S.A. – September 2008

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 14 Significant events after 1 st half - year of 2008 In July 2008, the Company concluded an agreement with an investment firm within the meaning of Article 6, para. 3, point b) of Commission Regulation (EC) No. 2273/2003 of December 22, 2003 concerning the implementation of a share buy-back program in order to redeem the shares purchased. The program shall be implemented until June 30, 2009 or until the funds allocated to its implementation are exhausted; the number of shares purchased shall be no fewer than 1,500,000. The maximum amount of funds allocated to program implementation shall be PLN 55,000,000; the funds shall come from the Companys supplementary capital. Another purchase of land (conditional agreement) situated in Warsaw (Mokotów district), Antoniewska Street PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Projected profit to be recognized in 2008 15 Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets - 35% Osiedle Lewandów II, Warsaw, Lewandów Street - 17% Osiedle Lazurowa, Warsaw, Lazurowa Street - 13% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 11% Osiedle Leśne, Gdynia, Parkowa Street - 7% Rezydencja Quatro, Warsaw, Łukowska Street - 7% The projected 2008 gross sales profit level is PLN 256.5 million. The following projects will contribute the most to this figure (according to estimates): The following projects, inter alia, will also contribute to sales profits: Victoria Park II, Russia, Kolomna Osiedle Bursztynowe, Warsaw, Korkowa Street Wiślana Aleja, Warsaw, Odkryta Street PRESENTATION J.W. Construction Holding S.A. – September 2008

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 share of selected projects in total revenue in 2008 16 Project Projected revenue to be recognized in 2008, PLN thousand Percentage of projected 2008 revenue Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets 195,31724% Osiedle Lazurowa, Warsaw, Lazurowa Street 120,98415% Lewandów Park II, Warsaw, Lewandów Street110,59613% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street78,32010% Rezydencja Quatro, Warsaw, Łukowska Street49,3476% Victoria Park II, Kolomna, Russia44,9655% Lewandów Park I, Warsaw, Lewandów Street41,4195% Other178,92922% TOTAL 819,877 100% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Strategy implementation - major projects in 2008 The company is developing the projects that were announced in the prospectus. The most important projects which will have impact on financial results are: in the Tri-City (Gdańsk, Gdynia, Sopot) market - Osiedle Leśne in the Russian market - Victoria Park 17 in the Warsaw market - Górczewska Park, Osiedle Lazurowa, Osada Wiślana, Lewandów Park II, Rezydencja Quatro, Osiedle Bursztynowe, Wiślana Aleja PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Projects - Warsaw market 18 Osiedle Lazurowa Warsaw, Bemowo District, 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 Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress (average for all stages) in terms of cost and revenue - 31 December 2008 projection Osiedle Lazurowa33,727253,827 Cost: 96% Revenue: 97% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 19 Górczewska Park (Górczewska II) Warsaw, Wola District, Górczewska/Olbrachta Streets The Górczewska Park project includes 12 apartment buildings situated at Górczewska/Olbrachta Streets - 886 apartments and 4 commercial premises. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Osiedle Górczewska Park 44,929434,107 Cost: 95% Revenue: 83% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 20 Osiedle Lewandów Park Warsaw, Lewandów Street A gated housing compound consisting of over 1,900 apartments. Construction in two stages - Lewandów Park I and Lewandów Park II. Attractive location, good connection to the city center. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Osiedle Lewandów Park 81,191420,808 Stage I cost: 29% Stage I revenue: 98% Stage II cost: 40% Stage II revenue: 85% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Projects - Warsaw market 21 Osiedle Bursztynowe Warsaw, Korkowa Street 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 Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Osiedle Bursztynowe17,402119,823 Cost: 40% Revenue: 85% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 22 Wiślana Aleja Warsaw, Odkryta Street 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 Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Wiślana Aleja9,77071,917 Cost: 40% Revenue: 93% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 - outside Warsaw 23 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 Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Osiedle Leśne12,87190,928 Cost: 100% Revenue: 89% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 - outside Warsaw 24 Lazurowe Ustronie I - stage I Kręczki-Kaputy, Ożarów Mazowiecki municipality A compound consisting of 11 residential buildings with underground garages. The project will include 376 apartments. Service facilities as well as a school and kindergarten are also planned. On completion of all stages, the project should include around 4,000 apartments. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Lazurowe Ustronie I Stage I 17,902104,550 Cost: 40% Revenue: 30% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 abroad 25 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 Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue, A1 block – 31 December 2008 projection Victoria Park58,196366,074 Cost A1: 80% Revenue A1: 80% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 abroad 26 Osiedle Jakornaja Szczel Sochi (Russia) - construction starts in Q4 2008 A housing estate consisting of seven 16-story apartment blocks (1,200 apartments in total), complete with a swimming pool, fitness center, tennis courts, cafés and shopping facilities. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Sochi62,000350,900 Cost: 5% Revenue: 0% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 in progress Projects under construction and in the sales stage (figures as at the end of June 2008) 27 Project Total No. of apartments No. of apartments sold Planned project completion date % included in 2008 results Osiedle Górczewska Warsaw, Górczewska Street 1,4101,409 1st half of 2008 – flats are being handed over 100% Osiedle Centrum Łódź, Tymienieckiego Street 324305 1st half of 2008 – flats are being handed over 97% Rezydencja na Skarpie IV Warsaw, Bukowi ń ska Street 261 1st half of 2008 – flats are being handed over 100% Willa Konstancin Konstancin, Bielawska/Paproci Streets 177165 1st half of 2008 – flats are being handed over 96% Aleja Ludwinowska Warsaw, Ludwinowska Street 68 Q3 2008100% Osiedle Leśne Gdynia, Parkowa Street 202167Q4 200889% Osiedle Lazurowa Warsaw, Lazurowa Street 669636Q4 200893%93% Osada Wiślana Warsaw, Marcina z Wrocimowic Street 404371 stage I– Q3/Q4 2008 stages II and III – Q2/Q3 2009 84%84% Rezydencja Quatro Warsaw, Łukowska Street 2432421st half 200974%74% Górczewska Park Warsaw, Górczewska/Olbrachta Streets 890702Q2/Q3 200979% Osiedle Uroczysko, Katowice, Bałtycka Street 24242Q3 20080% PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Projects under construction and in the sales stage (figures as at the end of June 2008) 28 Project Total No. of apartments No. of apartments sold Planned project completion date % included in 2008 results Victoria Park II (Russia) A1 block158104Q1 200964% Lewandów Park I and II Warsaw, Lewandów Street 1,9051,5771st half 201032% Wiślana Aleja Warsaw, Odkryta Street 200176Q1 201037% Osiedle Bursztynowe, Warsaw, Korkowa Street 3222501st half 201034% Aleja Ludwinowska II, Warsaw, Ludwinowska Avenue 248Q3 200920% I stage Lazurowe Ustronie I, Ożarów Mazowiecki 376*39Q4 20090% *Apartments available for sale PRESENTATION J.W. Construction Holding S.A. – September 2008

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 2nd half 2008 *Apartments available for sale 29 Project Estimated revenue, PLN thousand No. of apartments No. of apartments sold Zielona Dolina Warsaw, Zdziarska/Ostródzka Streets 455,085633*355 No. of apartmentsNo. of apartments sold Apartments under construction and in the sales stage, total 8,2906,837 PRESENTATION J.W. Construction Holding S.A. – September 2008

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 (status as at the end of June 2008) 30 ProjectCity / districtMarket segment No. of apartments / houses Estimated usable apartment floor space, sq. m Lewandów Park III, Lewandów Street Warsaw / Białołęka District Standard apartments78733,179 Zielona Dolina, Zdziarska/Ostródzka Streets Warsaw / Białołęka District Standard apartments87243,350 Światowida Warsaw / Białołęka District Standard apartments23713,035 Osiedle Centrum IIŁódźStandard apartments43223,760 PogonowskiegoŁódźStandard apartments1095,995 UroczyskoKatowiceStandard apartments56324,616 Szczecin, Wyzwolenia Avenue Szczecin Luxury apartments / service facilities 40032,000 Szczecin Porta Transport plot SzczecinStandard apartments5,400297,000 Lazurowe Ustronie I Ożarów Mazowiecki Standard apartments1,53074,688 Lazurowe Ustronie II Ożarów Mazowiecki Standard apartments76236,338 Lazurowe Ustronie III Ożarów Mazowiecki Standard apartments1,01661,610 Łeba Standard apartments49029,055 Berensona Warsaw / Białołęka District Standard apartments1709,350 PRESENTATION J.W. Construction Holding S.A. – September 2008

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 (status as at the end of June 2008) 31 ProjectCity / districtMarket segment No. of apartments / houses Estimated usable apartment floor space, sq. m Victoria Park IIKolomna / RussiaStandard apartments78243,010 Aluzyjna I Warsaw / Tarchomin District Standard apartments462,530 Aluzyjna II Warsaw / Tarchomin District Standard apartments1207,000 Konstancin IIKonstancinStandard apartments1368,800 Sopot, Parkowa StreetSopotArrangements pending172,500 Badylarska – Office Building WarsawServices-4,500 Pileckiego – Offices / Hotel WarsawServices / hotel services-17,500 Głogoczów – Hotel GłogoczówHotel services-3,000 Juszkowo IGdańskArrangements pending-7,000 Krynica – Czarny Potok KrynicaHotel services-20,882 SochiRussiaStandard apartmentsca. 1,20082,000 Złote PiaskiBulgariaHoliday apartments18017,700 Warsaw, Antoniewska Street* Warsaw/Mokotów District Standard apartments55028,834 TOTAL15,779929,232 * the investment also includes the plot purchased in July 2008 by way of a conditional agreement PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Industry development prospects in the companys view Regardless of the stagnation in the housing market, which has been felt for several months now, supply 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 and whose housing needs still have not been met 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 the banks announcements concerning the tightening of lending criteria 32 PRESENTATION J.W. Construction Holding S.A. – September 2008

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 Stabilization of real estate prices in the near future and a gradual increase in prices beginning in fall 2008 or spring 2009 at the latest (according to real estate market experts) 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 33 Industry development prospects in the companys view PRESENTATION J.W. Construction Holding S.A. – September 2008

34. 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 Wide offer of financing programmes for Customers Packages offering special conditions, dedicated to employees of institutions co-operating with J.W. Construction Interior finishing programmes for Customers Implementation of alternative sales channels Continuous marketing activities An employee sales programme involving employees of J.W. Construction in the sales activities 34 Sales policy in 2008 PRESENTATION J.W. Construction Holding S.A. – September 2008

35. 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