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 Q1 2008 RESULTS J.W. CONSTRUCTION HOLDING S.A. PRESENTATION Q1 2008 RESULTS Press conference, 14 May 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 J.W. Construction Holding S.A. PRESENTATION – May 2008 2 Q1 2008 Results 3 Gross Sales Profit in Q1 2008 5 Q1 2008 Highlights 6 Important Developments after Q1 2008 8 Projected Profit to be Recognized in 2008 11 Projected Share of Selected Projects in Total Revenue in 2008 12 Strategy Implementation Major Projects in 2008 13 Projects in Progress 24 Projects in the Sales Stage 25 Planned Projects 26 Industry Development Prospects in the Companys View 29

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 Q1 2008 Results Q1 2008 sales revenue - an increase by 12.5% (by PLN 13.3 million in absolute terms) compared to the same period of the previous year Q1 2008 gross margin - an increase by 7.6 percentage points compared to the same period of the previous year 3 J.W. Construction Holding S.A. PRESENTATION – May 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 Q1 2008 Results Q1 2008 operating profit an increase by 54.2% (by PLN 9.7 million in absolute terms) compared to Q1 2007 Net profit an increase by 70.5% (by PLN 7.9 million in absolute terms) compared to Q1 2007 4 J.W. Construction Holding S.A. PRESENTATION – May 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 Q1 2008 Gross Sales Profit 5 Górczewska Park, Warsaw, Górczewska/Olbrachta Streets - 27% Rezydencja Quatro, Warsaw, Łukowska Street - 25% Osiedle Lazurowa, Warsaw, Lazurowa Street - 20% Osiedle Leśne, Gdynia, Parkowa Street - 10% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 8% Aleja Ludwinowska, Warsaw, Ludwinowska Street - 7% The total gross sales profit in Q1 2008 came to PLN 39.2 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 J.W. Construction Holding S.A. PRESENTATION – May 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 Q1 2008 Highlights 6 Registration of the JWCH Budownictwo Drogowe Sp. z o. o. (limited liability company), which will engage in road construction activities Registration of the JWCH Produkcja Budowlana Sp. z o. o. (limited liability company), which will manufacture prefabricated elements for construction purposes Valid construction permit obtained for the Wiślana Aleja project at Odkryta Street in Warsaw Construction permit for the Lewandów Park project - stage I became valid Construction of the Lewandów Park project - stage I started J.W. Construction Holding S.A. PRESENTATION – May 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 7 Q1 2008 Highlights 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 J.W. Construction Holding S.A. PRESENTATION – May 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 8 Important Developments after Q1 2008 Valid construction permit obtained for the Lewandów Park project - stage II Valid construction permit obtained for the project in Ożarów Mazowiecki - stage I Construction permit obtained for the Osiedle Bursztynowe project, the permit is not valid yet Further land bank development - the J.W. Construction Bulgaria EOOD subsidiary with its registered office in Sofia purchased real estate in the Golden Sands resort in Bulgaria; a holiday apartment complex will be constructed there A general contracting agreement signed with the PRUMSTAV DEVELOP POLAND Spółka z o. o. (limited liability company) with its registered office in Kłodzko which concerns the construction of 14 residential buildings within the framework of the Lewandów Park project - stage II J.W. Construction Holding S.A. PRESENTATION – May 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 9 Important Developments after Q1 2008 The company was included in the list of 100 Most Valuable Companies compiled by the Newsweek Polska weekly and A.T. Kearney 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 A European Medal for the services provided by the Hotel 500 chain awarded by the Polish Business Club within the framework of the 16th European Medal for Services competition J.W. Construction Holding S.A. PRESENTATION – May 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 Important Developments after Q1 2008 On 1 April 2008, an Extraordinary General Meeting of J.W. Construction Holding S.A. took place, during which Shareholders agreed to the transfer of three organized parts of the company to subsidiaries in the form of separate branches 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: Further developments related to transformations within the J.W. Construction Holding S.A. Group - 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 Since 1 May 2008, the Group has been operating within the new framework. J.W. Construction Holding S.A. PRESENTATION – May 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 Projected Profit to be Recognized in 2008 11 Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets - 32% Osiedle Lewandów II, Warsaw, Lewandów Street - 13% Osiedle Lazurowa, Warsaw, Lazurowa Street - 10% Osiedle Leśne, Gdynia, Parkowa Street - 8% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 7% Rezydencja Quatro, Warsaw, Łukowska Street - 5% The projected 2008 gross sales profit level is PLN 345.8 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 Ożarów Mazowiecki, Kaputy - stage I (17,902 sq. m usable apartment floor space) J.W. Construction Holding S.A. PRESENTATION – May 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 Projected Share of Selected Projects in Total Revenue in 2008 12 Project Projected revenue to be recognized in 2008, PLN thousand Percentage of projected 2008 revenue Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets 251,65523% Osiedle Lazurowa, Warsaw, Lazurowa Street 131,31212% Lewandów Park II, Warsaw, Lewandów Street124,86712% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street74,1107% Rezydencja Quatro, Warsaw, Łukowska Street55,6685% Osiedle Leśne, Gdynia, Parkowa Street50,4295% Other397,40136% TOTAL 1,085,442 100% J.W. Construction Holding S.A. PRESENTATION – May 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 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 13 in the Warsaw market - Osiedle Górczewska Park, Osiedle Lazurowa, Osiedle Osada Wiślana, Osiedle Lewandów Park II, Osiedle Zielona Dolina I, Rezydencja Quatro, Osiedle Bursztynowe J.W. Construction Holding S.A. PRESENTATION – May 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 Projects - Warsaw Market 14 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: 95% Revenue: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 Projects - Warsaw Market 15 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: 90% Revenue: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 Projects - Warsaw Market 16 Osiedle Lewandów Park Warsaw, Lewandów Street - construction starts in April 2008 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 81,191429,097 Stage I cost: 29% Stage II cost: 40% Revenue, stages I and II: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 Projects - Warsaw Market 17 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 center. Consists of 596 apartments. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Zielona Dolina27,792198,562 Cost: 40% Revenue: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 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 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: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 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 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: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 - Outside Warsaw 20 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: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 - Outside Warsaw 21 Osiedle Ożarów I - stage I Kręczki-Kaputy, Ożarów Mazowiecki municipality - construction starts in 2008 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 Osiedle Ożarów I Stage I 17,902104,550 Cost: 40% Revenue: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 Abroad 22 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 Park58,196443,967 Cost A1: 100% Revenue A1: 100% J.W. Construction Holding S.A. PRESENTATION – May 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 Abroad 23 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% J.W. Construction Holding S.A. PRESENTATION – May 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 in Progress Projects under construction and in the sales stage (end March 2008 data) 24 Project Total No. of apartments No. of apartments sold Planned project completion date % included in 2008 results Osiedle Górczewska Warsaw, Górczewska Street 1,4101,4091st half 2008100% Osiedle Centrum Łódź, Tymienieckiego Street 3243161st half 2008100% Rezydencja na Skarpie IV Warsaw, Bukowińska Street 261 1st half 2008100% Willa Konstancin Konstancin, Bielawska/Paproci Streets 1771671st half 2008100% Aleja Ludwinowska Warsaw, Ludwinowska Street 68 1st half 2008100% Osiedle Leśne Gdynia, Parkowa Street 202163Q4 2008100% Osiedle Lazurowa Warsaw, Lazurowa Street 669643 stage I – Q2/Q3 2008 stage II – Q3 2008 stage III – Q4 2008 stages IV and V – Q1 2009 95% Osada Wiślana Warsaw, Marcina z Wrocimowic Street 404365 stage I– Q3/Q4 2008 stages II and III – Q2/Q3 2009 86% Rezydencja Quatro Warsaw, Łukowska Street 2432421st half 200975% Górczewska Park Warsaw, Górczewska/Olbrachta Streets 890737Q2/Q3 200990% Osiedle Uroczysko, Katowice, Bałtycka Street 2501st half 2008100% Victoria Park II (Russia) A1 block15880Q4 2008100% Lewandów Park I and II Warsaw, Lewandów Street 1,9051,5781st half 2010 Lewandów I 29% Lewandów II 40% Wiślana Aleja Warsaw, Odkryta Street 200171Q1 201040% J.W. Construction Holding S.A. PRESENTATION – May 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 in the Sales Stage, Projected Construction Start 1st Half 2008 *Apartments available for sale 25 Project Estimated revenue, PLN thousand No. of apartments No. of apartments sold Construction permit to be obtained in % included in 2008 results Zielona Dolina Warsaw, Zdziarska/Ostródzka Streets 455,085594*4011st half 2008 Zdziarska I - 40% Zdziarska II - 0% Osiedle Bursztynowe Warsaw, Korkowa Street 120,6483222561st half 200840% No. of apartmentsNo. of apartments sold Apartments under construction and in the sales stage, total 7,8526,876 J.W. Construction Holding S.A. PRESENTATION – May 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 Planned Projects (as of end April 2008) 26 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 apartments91145,000 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 Ożarów Mazowiecki I Ożarów Mazowiecki Standard apartments1,97396,000 Ożarów Mazowiecki II Ożarów Mazowiecki Standard apartments81640,000 Ożarów Mazowiecki III Ożarów Mazowiecki Standard apartments1,30071,500 Łeba Standard apartments49029,055 Berensona Warsaw / Białołęka District Standard apartments1709,350 J.W. Construction Holding S.A. PRESENTATION – May 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 Planned Projects (as of end April 2008) 27 ProjectCity / districtMarket segment No. of apartments / houses Estimated usable apartment floor space, sq. m Aleja Ludwinowska II Warsaw / Ursynów District High-standard apartments 242,400 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, ul. ParkowaSopotArrangements 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 TOTAL16,093939,312 J.W. Construction Holding S.A. PRESENTATION – May 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 Will Yield over PLN 1 Billion in Margins 28 Projects in progress will yield over PLN 1 billion in margins, which will be recognized in future financial results. 31 December 200731 March 2008 Projected revenue from projects in progress 4,874.54,265.3 Projected cost of projects in progress3,334.02,929.5 Projected margin for projects in progress1,540.51,335.8 Accumulated revenue recognized in profit and loss 695.8 93.1 Accumulated cost recognized in profit and loss 455.5 57.5 Accumulated margin recognized in profit and loss 240.2 35.6 Deferred margin1,300.21,300.3 Projected margin for projects in progress 31.1% 31.2% J.W. Construction Holding S.A. PRESENTATION – May 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 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 29 J.W. Construction Holding S.A. PRESENTATION – May 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 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, and from 2009 onwards real estate prices will start to rise slowly 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 Still considerable potential for real estate price increases in certain conurbations, e.g. Katowice and Szczecin, where the company plans future projects 30 Industry Development Prospects in the Companys View J.W. Construction Holding S.A. PRESENTATION – May 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 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