PRESENTATION J W CONSTRUCTION HOLDING S A PERFORMANCE

PRESENTATION J. W. CONSTRUCTION HOLDING S. A. PERFORMANCE FOR THE 1 ST HALF - YEAR OF 2009 31 August 2009

SPIS TREŚCI § CHANGE IN ACCOUNTING POLICY § CHANGES IN ACCOUNTING POLICY – OUTCOMES § PERFORMANCE IN THE 1 ST HALF OF 2009 § 1 ST HALF OF 2009 GROSS SALES PROFIT § IMPLEMENTED PROJECTS IN THE 1 ST HALF OF 2009 § ENDED INVESTMENTS IN THE 1 ST HALF OF 2009 § STRATEGY OF J. W. CONSTRUCTION HOLDING S. A. § STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP § STRATEGY - APARTMENTS READY TO MOVE IN § STRATEGY - PROJECTS IN THE PIPELINE § INDUSTRY DEVELOPMENT PROSPECTS IN THE COMPANY’S VIEW § THE COMPANY’S SALES POLICY IN 2009 2 PRESENTATION – PERFORMANCE 1 ST HALF 2009 3 4 5 7 8 9 10 11 18 19 20 21

CHANGE IN ACCOUNTING POLICY § By the end of 2008, the Group recognized revenues and expenses using the “zero-profit-margin method” (IAS 11), after: - actual revenues exceeded 50% for a given project, and - actual expenses of the project exceed 40%. § In accordance with the new regulations, in force from 2009, the Group applies IAS 18 to recognize revenues and expenses: - revenues are included in the profit and loss account after an apartment is transferred to its buyer under a notarial deed, with alternate options that include revenue recognition after a building permit is received, the purchased apartment is paid for in full and the apartment is officially accepted by the buyer. 3 PRESENTATION – PERFORMANCE 1 ST HALF 2009

CHANGES IN ACCOUNTING POLICY – OUTCOMES Changes in accounting policy – outcomes: § For particular projects, revenue and expense recognition (and thus gross profit recognition) will be shifted in time § Operating result – depends on the phase of the project – will be recognized after a given project is completed, i. e. after 18 – 24 months 4 PRESENTATION – PERFORMANCE 1 ST HALF 2009

PERFORMANCE IN THE 1 ST HALF OF 2009 § Slight decline in revenues from sales in the first half of 2009 by 1. 6% compared to the corresponding period in the previous year 2008 data – restated to IAS 18 5 PRESENTATION – PERFORMANCE 1 ST HALF 2009

PERFORMANCE IN THE 1 ST HALF OF 2009 § Operating profit rose by 37, 7% in the 1 st half of 2009 year compared to the corresponding period in the previous year § In addition, net profit in the 1 st half of 2009 posted a 41, 0% increase as compared with 1 st half of 2008 Dane za 2008 – po przekształceniu zgodnie z MSR 18 6 PRESENTATION – PERFORMANCE 1 ST HALF 2009

1 ST HALF OF 2009 GROSS SALES PROFIT The total gross sales profit in the 1 st half of 2009 came to PLN 89, 2 million. The following projects contributed the main to this figure: § § § § 7 Osiedle Lazurowa, Warsaw - 37 % Rezydencja na Skarpie, Warsaw - 17 % Osiedle Leśne, Gdynia - 13 % Osiedle Górczewska I, Warsaw - 10 % Willa Konstancin, Konstancin - 9 % Osada Wiślana, Warsaw - 5 % Osiedle Centrum, Łódź - 5 % PRESENTATION – PERFORMANCE 1 ST HALF 2009

IMPLEMENTED PROJECTS IN THE 1 ST HALF OF 2009 In the first half of 2009, 5, 197 units were being constructed of a total surface of more than 251, 000 sq. m. (commercial and residential space) NO. OF APARTMENTS / HOUSES ESTIMATED USABLE APARTMENT FLOOR SPACE, SQ. M Warsaw / Bemowo Standard apartments 669 33 416 Warsaw / Wola Luxury apartments 890 44 422 Luxury apartments 243 14 006 CITY / DISTRICT „Osiedle Lazurowa” Lazurowa Street „Górczewska Park” Górczewska Street „Rezydencja Quatro” Łukowska Street Warsaw / Praga Południe „Pyry II” Ludwinowska Avenue Warsaw / Ursynów Apartments 24 1 632 „Osiedle Lewandów I” Lewandów Street Warsaw / Białołęka Standard apartments 631 26 827 Warsaw / Białołęka Standard apartments 1 274 54 364 „Osiedle Bursztynowe” Korkowa Street Warsaw / Wawer Standard apartments 328 17 594 „Wiślana Aleja” Odkryta Street Warsaw / Białołęka Standard apartments 200 9 770 Warsaw / Białołęka Standard apartments 404 19 891 „Lazurowe Ustronie” I stage Ożarów Mazowiecki Standard apartments 376 17 902 „Osiedle Victoria Park”, Russia Kołomna / Russia Standard apartments 158 11 545 „Osiedle Lewandów II” Lewandów Street „Osada Wiślana” Marcina z Wrocimowic Street 8 MARKET SEGMENT PROJECT PRESENTATION – PERFORMANCE 1 ST HALF 2009

ENDED INVESTMENTS IN THE 1 ST HALF OF 2009 In the first half of 2009, the following investment projects were completed: NO. OF APARTMENTS / HOUSES ESTIMATED USABLE APARTMENT FLOOR SPACE, SQ. M Warsaw / Bemowo Standard apartments 669 33 416 Warsaw / Wola Luxury apartments 890 44 422 Luxury apartments 243 14 006 Standard apartments 276 13 962 CITY / DISTRICT „Osiedle Lazurowa” Lazurowa Street „Górczewska Park” Górczewska Street „Rezydencja Quatro” Łukowska Street „Osada Wiślana” Marcina z Wrocimowic Street I, II stage 9 MARKET SEGMENT PROJECT Warsaw / Praga Południe Warsaw / Białołęka PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGY OF J. W. CONSTRUCTION HOLDING S. A. Regardless of circumstances, the Company diversifies the Group’s risks by: § Expanding non-developerations of affiliated companies – general construction, designing, construction prefab manufacturing § Enhancing the product range by office and commercial space § Continuing started housing projects – none of the projects in progress has been stopped § Providing a differentiated commercial offer – including apartments ready to take § Continuing preparations of new projects (documentation and building permit phase) 10 PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGY DIVERSIFYING OPERATIONAL RISK OF THE GROUP Development of Affiliated Companies – Strength and Capabilities J. W. Construction S. A. – focus: construction and assembly work Strengths: § It may implement projects for unaffiliated clients (general construction, electrical engineering, water & sewage, and road construction work) § Experienced engineering and technical staff, own resources for project implementation § Substantial construction and transportation equipment resources 11 PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGY DIVERSIFYING OPERATIONAL RISK OF THE GROUP Development of Affiliated Companies – Strength and Capabilities JW Projekt Sp. z o. o. – focus: architecture and design. § It may prepare projects for unaffiliated clients (recently it has been invited by National Airports to take part in the contest for a luxury hotel in the vicinity of the Okęcie Airport) § Skilled and experienced experts in various designing units dedicated to: architecture, design engineering, water & sewage and electrical systems 12 PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGY DIVERSIFYING OPERATIONAL RISK OF THE GROUP Development of Affiliated Companies – Strength and Capabilities JWCH Produkcja Budowlana Sp. z o. o. – focus: construction prefab manufacturing – own plant with an advanced production line § Shorter deadlines § Prefabs may be offered to unaffiliated clients §Target – reduced expenditures 13 PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGY DIVERSIFYING OPERATIONAL RISK OF THE GROUP Office and Commercial Space The Company is prepared to start a commercialization project for office buildings, hence project implementation may commence soon. § Office Building – Jerozolimskie Point Warszawa, Badylarska / Al. Jerozolimskie Streets It is a modern 5 -storey B+ class office building (with option to upgrade to A class standard), designed to the highest standards and care for work comfort. Useable space: 4, 157 sq. m. 14 PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGY DIVERSIFYING OPERATIONAL RISK OF THE GROUP Office and Commercial Space § Office Building - Nowa Dana Szczecin, Wyzwolenia Avenue / Odzieżowa Street It is a technologically advanced 22 -storey A class office building. - Useable space: 25, 324 sq. m. - Office space: 20, 877 sq. m. - Commercial space: 4, 447 sq. m. § A hotel with catering establishments and shops Warszawa, Pileckiego. Street Construction design in progress. Planned space: 16, 838 sq. m. 15 PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGY DIVERSIFYING OPERATIONAL RISK OF THE GROUP Hotel Operations At present, J. W. Construction Holding Group has 5 two- and three-star hotels in: Zegrze, Stryków, Cieszyn, Tarnów Podgórny and Święta Lipka. Hotels focus on institutional clients (conferences, training sessions, seminars), but do not ignore individuals. 16 PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGY DIVERSIFYING OPERATIONAL RISK OF THE GROUP Hotel Operations In 2005, the Company purchased the “Czarny Potok” Resort in Krynica. Now, it is being expanded and upgraded to the “Resort & SPA” standard. The goal is to convert it into a four-star hotel with appropriate catering and conference facilities plus a five-star SPA/wellness centre. The building houses a lobby with reception desk, a restaurant for 400 guests and a multi-purpose conference room. 17 PRESENTATION – PERFORMANCE 1 ST HALF 2009

STRATEGYAPARTMENTS READY TO MOVE IN § § Górczewska Park, Warsaw § Osiedle Lazurowa, Warsaw § Willa Konstancin, Konstancin § Osiedle Centrum, Łódź § Rezydencja Quatro, Warsaw Ludwinowska Aleja, Warsaw The Company has about 360 available apartments, ready to move in, in already completed § 18 Osiedle Leśne, Gdynia § Osiedle Uroczysko, Katowice PRESENTATION – PERFORMANCE 1 ST HALF 2009 projects

STRATEGYPROJECTS IN THE PIPELINE Regardless of market circumstances, works related to preparation of further projects are carried out based on the existing “land bank”, including: § Drawing up documents, e. g. design documentation § Applying for building permits. The above actions will allow smooth construction commencement in the future. 19 MARKET SEGMENT NO. OF APARTMENTS / HOUSES ESTIMATED USABLE APARTMENT FLOOR SPACE, SQ. M Warsaw / Mokotów Standard apartments 200 13 000 Światowida Warsaw / Białołęka Standard apartments 196 10 140 Zielona Dolina I, II Zdziarska Street Warsaw / Białołęka Standard apartments 1 480 72 550 Lewandów Park III, Lewandów Street Warsaw / Białołęka Standard apartments 787 33 179 Szczecin, Wyzwolenia Avenue Szczecin Luxury apartments/ services - 25 324 Badylarska – Office Building Warsaw Services - 4 157 Pileckiego – Offices/Hotel Warsaw Services/ Hotel services - 16 838 Berensona Warsaw / Białołęka Standard apartments 170 9 350 PROJECT CITY / DISTRICT Mokotów, Antoniewska Street PRESENTATION – PERFORMANCE 1 ST HALF 2009

INDUSTRY DEVELOPMENT PROSPECTS IN THE COMPANY’S VIEW § Anticipated reduction of interest rates for loans denominated in PLN with an increased activity in the mortgage loans market § Irrespective of stagnation in the housing market, already ng for months and caused by the lack of financing sources, the estimated deficit still exceeds 1. 5 million apartments (according to the Central Statistical Office (GUS) data) § There is an active group of customers in the real estate market who were born during the 1980 s baby boom and whose housing needs still have not been met § Supply of new apartments will be probably decreasing, starting in 2010, as developers have stopped many projects and postponed start-ups, which is likely to increase both demand prices § 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 20 PRESENTATION – PERFORMANCE 1 ST HALF 2009

THE COMPANY’S SALES POLICY IN 2009 § Offer of financing programmes for Customers § Packages offering special conditions, dedicated to employees of institutions co-operating with J. W. Construction § Excellent housing offer, including instant-delivery opportunity buys § Offer of apartments meeting the requirements of the government programme “Rodzina na swoim” (Family on its own) § Interior finishing programmes for Customers § Implementation of alternative sales channels § Continuous marketing activities §Flexible approaches to clients – negotiable prices depending on payment amounts and schedules 21 PRESENTATION – PERFORMANCE 1 ST HALF 2009

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