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D om Development SA

D om Development SA. Presentation of 4th Quarter 2007 Consolidated Results. (Meeting with investors and analysts – 27 February 200 8). http://inwestor.domdevelopment.pl/information-for-investors/presentations. Evaluation of the Warsaw real estate market. FACTOR:. EVALUATION:.

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D om Development SA

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  1. Dom Development SA Presentation of 4th Quarter 2007 Consolidated Results (Meeting with investors and analysts – 27February 2008) http://inwestor.domdevelopment.pl/information-for-investors/presentations

  2. Evaluation of the Warsaw real estate market FACTOR: EVALUATION: • Demand for flats and houses • Households’ financial condition • Availability of mortgage facilities • Macroeconomic conditions • Demographic environment Neutral / Positive Positive Neutral / Positive Positive Positive

  3. Price increase dynamics in 2007 Increase of17.7 % Source: redNet Property Consulting • In 2007,over the whole year, prices increased by 17.7%. • The 4th quarter saw a stabilization in prices of flats. • In January 2008,flat prices in Warsaw increased again, by 2.2%.

  4. Our customers’ creditworthiness – rate of wageincreaseis higher thanflat prices increase Source: Expander Analyses

  5. Basic financial results in 2006 and 2007 (mPLN) Quarterly financial results Yearlyfinancial results • Q4 2007/Q4 2006 Stabilization of levels of revenues and net profit. • 2007/2006 revenues increased by 20.4 % a net profit increase of48.4 %

  6. Quarterly financial resultsQ1 2006 – Q4 2007 (mPLN) Quarterly revenues: Quarterly profits: • Revenues and profitsin the 4th quarter of 2007 were at a similar leveltothe 4thquarter of 2006.

  7. Quarterly margins (%) Q1 2006 – Q4 2007 Quarterly margins: • In spite of a significant increase in costs in 2007, our companyhas maintained high levels ofgross sales profit and net profit margin, resulting fromthe performance of projects that launched before the jump in costs.

  8. Balance sheet data Q1 2006 – Q4 2007 (mPLN)

  9. Assets’ structure (mPLN) 3rd quarter 2007 4thquarter 2007 INVENTORY INVENTORY

  10. Flat sales and completion • The decrease in sales in 2007 resulted fromlonger procedures relating to obtaining building permits,and consequently, delays to the launches of 3 projects planned for 2007 launch. Quarterly sales Yearly sales Quarterly completions delivered to clients Yearly completions delivered to clients

  11. Projects – high land bank • The Company has so far completed projects comprising over 10,700 flats and houses. • At present the Company is in the process of constructing almost 2,700 flats and apartments having a value of around PLN 1.6 billion. • Dom Development also has a further 8,173 flats and houses under preparation. The value of these projects amounts to approx PLN 3.7 billion. • Dom Development is also currently negotiating the purchase of land for a further 9,500 units

  12. Model project life cycle Occupation permit Construction completion Final building permit 80% Occupation permit Land purchase Preparation period Construction After construction completion Occupation permit Construction completion Construction completion Final building permit Final building permit 75% Land purchase 40% Land purchase Preparation period Construction After construction Preparation period Construction After construction

  13. Projects offered for sale(as of 26/02/2008) * As of 31/12/2007

  14. Controlled land / projects in course of preparation (as of 26 February 2008)

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