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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. Presentation Agenda. Q1 2008 Results 3 Gross Sales Profit in Q1 2008 5 Q1 2008 Highlights 6 Important Developments after Q1 2008 8

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J.W. CONSTRUCTION HOLDING S.A. PRESENTATION Q1 2008 RESULTS

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  1. J.W. CONSTRUCTION HOLDING S.A.PRESENTATION Q1 2008 RESULTS Press conference, 14 May 2008

  2. Presentation Agenda 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 Company’s View 29 J.W. Construction Holding S.A.PRESENTATION – May 2008 2

  3. 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 J.W. Construction Holding S.A.PRESENTATION – May 2008 3

  4. 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 J.W. Construction Holding S.A.PRESENTATION – May 2008 4

  5. Q1 2008 Gross Sales Profit The total gross sales profit in Q1 2008 came to PLN 39.2 million. The following projects contributed the most to this figure: 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% 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 5

  6. Q1 2008 Highlights 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 6

  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 7

  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 8

  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 9

  10. Important Developments after Q1 2008 Further developments related to transformations within the J.W. Construction Holding S.A. Group 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: - 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 10

  11. Projected Profit to be Recognized in 2008 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): 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 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 11

  12. Projected Share of Selected Projectsin Total Revenue in 2008 J.W. Construction Holding S.A.PRESENTATION – May 2008 12

  13. 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 Warsaw market - Osiedle Górczewska Park, Osiedle Lazurowa, Osiedle Osada Wiślana, Osiedle Lewandów Park II, Osiedle Zielona Dolina I, Rezydencja Quatro, Osiedle Bursztynowe in the Tri-City (Gdańsk, Gdynia, Sopot) market- Osiedle Leśne in the Russian market- Victoria Park J.W. Construction Holding S.A.PRESENTATION – May 2008 13

  14. Projects - Warsaw Market 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 14

  15. Projects - Warsaw Market 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 15

  16. Projects - Warsaw Market Osiedle Lewandów Park Warsaw, LewandówStreet - 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 16

  17. Projects - Warsaw Market 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 17

  18. Projects - Warsaw Market 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 18

  19. Projects - Warsaw Market 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 19

  20. Projects - Outside Warsaw 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 20

  21. Projects - Outside Warsaw 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 21

  22. Projects Abroad 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 22

  23. Projects Abroad 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. J.W. Construction Holding S.A.PRESENTATION – May 2008 23

  24. Projects in Progress Projects under construction and in the sales stage (end March 2008 data) J.W. Construction Holding S.A.PRESENTATION – May 2008 24

  25. Projects in the Sales Stage, Projected Construction Start 1st Half 2008 *Apartments available for sale J.W. Construction Holding S.A.PRESENTATION – May 2008 25

  26. Planned Projects (as of end April 2008) J.W. Construction Holding S.A.PRESENTATION – May 2008 26

  27. Planned Projects (as of end April 2008) J.W. Construction Holding S.A.PRESENTATION – May 2008 27

  28. Projects in Progress Will Yield over PLN 1 Billion in Margins Projects in progress will yield over PLN 1 billion in margins, which will be recognized in future financial results. J.W. Construction Holding S.A.PRESENTATION – May 2008 28

  29. Industry Development Prospects in the Company’s 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 J.W. Construction Holding S.A.PRESENTATION – May 2008 29

  30. Industry Development Prospects in the Company’s View 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 Poland’s 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 J.W. Construction Holding S.A.PRESENTATION – May 2008 30

  31. 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

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