PRESENTATION J W CONSTRUCTION HOLDING S A PERFORMANCE

PRESENTATION J. W. CONSTRUCTION HOLDING S. A. PERFORMANCE IN Q 4 2008

PRESENTATION AGENDA § PERFORMANCE IN Q 4 2008 § Q 4 2008 GROSS SALES PROFIT § STRATEGY OF J. W. CONSTRUCTION HOLDING S. A. § STRATEGY - DIVERSIFYING OPERATIONAL RISK OF THE GROUP § STRATEGY - PROJECTS IN PROGRESS § STRATEGY - APARTMENTS READY TO MOVE IN § STRATEGY - PROJECTS IN THE PIPELINE § IMPLEMENTED PROJECTS - OVERVIEW § OTHER PLANNED PROJECTS § PROJECTS IN PROGRESS WILL YIELD OVER PLN 1 BILLION IN MARGINS § INDUSTRY DEVELOPMENT PROSPECTS IN THE COMPANY’S VIEW § THE COMPANY’S SALES POLICY IN 2008 2 PRESENTATION PERFORMANCE IN Q 4 2008 3 5 6 7 14 16 17 18 27 28 29 30

PERFORMANCE IN Q 4 2008 After the surge in 2006 and 2007, the Company still generates satisfactory earnings. 3 PRESENTATION PERFORMANCE IN Q 4 2008

PERFORMANCE IN Q 4 2008 After the surge in 2006 and 2007, the Company still generates satisfactory earnings. 4 PRESENTATION PERFORMANCE IN Q 4 2008

Q 4 2008 GROSS SALES PROFIT The total gross sales profit for the four months ended 31 December 2008 came to PLN 213, 7 million. The following projects contributed the main to this figure: Górczewska Park, Warsaw, Górczewska/Olbrachta Streets- 41 % § Osiedle Lewandów II, Warsaw, Lewandów Street- 18 % § Osiedle Lazurowa, Warsaw, Lazurowa Street - 13 % § Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 11 % § Rezydencja Quatro, Warsaw, Łukowska Street - 8 % In addition, other projects also contributed to the profit, including: § Osiedle Leśne, Gdynia, Parkowa Street § Aleja Wiślana, Odkryta Street 5 PRESENTATION PERFORMANCE IN Q 4 2008

STRATEGY OF J. W. CONSTRUCTION HOLDING S. A. Regardless of circumstances, the Company diversifies the Group’s risks by: § § § 6 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) PRESENTATION PERFORMANCE IN Q 4 2008

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 7 PRESENTATION PERFORMANCE IN Q 4 2008

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 8 PRESENTATION PERFORMANCE IN Q 4 2008

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 9 PRESENTATION PERFORMANCE IN Q 4 2008

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. 10 PRESENTATION PERFORMANCE IN Q 4 2008

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. 11 PRESENTATION PERFORMANCE IN Q 4 2008

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. 12 PRESENTATION PERFORMANCE IN Q 4 2008

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. 13 PRESENTATION PERFORMANCE IN Q 4 2008

STRATEGYPROJECTS IN PROGRESS § Projects in progress total nearly 6, 000 apartments, of which 75% are sold. § Necessary financing for projects in progress is ensured. APARTMENTS UNDER CONSTRUCTION AND IN THE SALES STAGE 14 PRESENTATION PERFORMANCE IN Q 4 2008 NO. OF APARTMENTS SOLD 5 824 4 364

STRATEGYPROJECTS IN PROGRESS Projects under construction and in the sales stage (data as at the end of December 2008) PROJECT TOTAL NO. OF APARTMENTS SOLD PLANNED PROJECT COMPLETION DATE Osiedle Lazurowa Warsaw, Lazurowa Street 669 646 I, II, V stages – ended, III, IV stage – Q 1 2009 Osada Wiślana Warsaw, Marcina z Wrocimowic Street 404 371 I stage – ended II i III stages – Q 2, Q 3 2009 Rezydencja Quatro Warsaw, Łukowska Street 243 239 1 st half 2009 Górczewska Park Warsaw, Górczewska/Olbrachta Streets 890 707 1 st half 2009 Lewandów Park I i II Warsaw, Lewandów Street 1 905 1527 1 st half 2010 Wiślana Aleja Warsaw, Odkryta Street 200 182 Q 1 2010 Osiedle Bursztynowe Warsaw, Korkowa Street 322 260 1 st half 2010 Victoria Park II (Russia) A 1 block 158 117 Q 1 /Q 2 2009 Aleja Ludwinowska II, Warsaw, Ludwinowska Avenue 24 12 Q 3 2009 I etap Lazurowe Ustronie I, Ożarów Mazowiecki 376* 105 Q 4 2009 Zdziarska I stage 633* 198 Construction to start in 1 st half 2009 *Apartments available for sale 15 PRESENTATION PERFORMANCE IN Q 4 2008

STRATEGYAPARTMENTS READY TO MOVE IN The Company has about 100 available apartments, ready to move in, in already completed projects § Osiedle Leśne in Gdynia § Osiedle Centrum in Łódź § Osiedle Uroczysko in Katowice § Willa Konstancin in Konstancin Jeziorna 16 PRESENTATION PERFORMANCE IN Q 4 2008

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. MARKET SEGMENT NO. OF APARTMENTS / HOUSES ESTIMATED USABLE APARTMENT FLOOR SPACE, SQ. M Warsaw / Białołęka Standard apartments 633 * 29 200 Warsaw / Białołęka Standard apartments 787 33 179 Warsaw / Białołęka Standard apartments 872 43 350 Światowida Warsaw / Białołęka Standard apartments 196 10 140 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 Zielona Dolina I, Zdziarska/Ostródzka Streets Lewandów Park III, Lewandów Street Zielona Dolina II, Zdziarska/Ostródzka Streets CITY / DISTRICT * Apartments available for sale – construction work to start in the middle of 2009 17 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Warsaw Market § Osiedle Lazurowa Warsaw, 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. 18 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Lazurowa 33 727 254 328 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Warsaw Market §Górczewska Park II Warsaw, Górczewska/ Olbrachta Streets The Górczewska Park project includes 12 apartment buildings situated at Górczewska/Olbrachta Streets - 886 apartments and 4 commercial premises. 19 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Górczewska Park 44 929 437 173 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Warsaw Market § 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. 20 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Lewandów Park 81 191 443 169 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Warsaw Market §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. 21 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Bursztynowe 17 402 120 316 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Warsaw Market § Wiślana Aleja Warsaw, Odkryta Street A housing estate consisting of modern sixstory houses. The estate includes 200 apartments with underground garages. Fast and easy access to schools, kindergartens and shopping malls. 22 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Wiślana Aleja 9 770 71 925 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Warsaw Market § Ludwinowska Aleja II Warsaw, Ludwinowska Street Six cosy semi-detached houses with 24 apartments. 23 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Ludwinowska Aleja II 1 649 13 391 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Warsaw Market § Osada Wiślana Warsaw, Marcina z Wrocimowic Street A complex of 3 -storey buildings with 400 apartments. The privacy of inhabitants is heightened by enchanting location, near the Vistula River and forest. 24 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osada Wiślana 20 445 127 513 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Project outside Warsaw § Lazurowe Ustronie I, stage I Kręczki-Kaputy, Ożarów Maz. 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. 25 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Ożarów I Etap I 17 902 110 630 PRESENTATION PERFORMANCE IN Q 4 2008

IMPLEMENTED PROJECTS - OVERVIEW Projects Abroad § Victoria Park Russia, Kolomna 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. 26 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Victoria Park 58 196 366 074 PRESENTATION PERFORMANCE IN Q 4 2008

OTHER PROJECTS IN PROGRESS PROJECT CITY / DISTRICT MARKET SEGMENT Aluzyjna I Warsaw / Tarchomin Standard apartments 46 2 530 Aluzyjna II Warsaw / Tarchomin Standard apartments 120 7 000 Konstancin II Konstancin Standard apartments 136 8 800 Sopot, Parkowa Street Sopot Arrangements pending 17 2 500 Uroczysko Katowice Standard apartments 563 24 616 Victoria Park II Ko. Lomna/ Russia Standard apartments 782 43 010 Pogonowskiego Łódź Standard apartments 115 5 995 Szczecin - Porta Transport plot Szczecin Standard apartments 5 400 297 000 Ożarów Mazowiecki I Ożarów Mazowiecki Standard apartments 1530 74 688 Ożarów Mazowiecki II Ożarów Mazowiecki Standard apartments 762 36 338 Ożarów Mazowiecki III Ożarów Mazowiecki Standard apartments 1 016 61 610 Łeba Standard apartments 490 29 055 Osiedle Centrum II Łódź Standard apartments 406 23 760 Głogoczów – Hotel Głogoczów Hotel services - 3 000 Krynica – Czarny Potok Krynica Hotel services - 20 882 Soczi Russia Standard apartments ok. 1 200 82 000 Złote Piaski Bulgaria Holiday apartments 180 17 700 RAZEM 27 ESTIMATED USABLE APARTMENT FLOOR SPACE, SQ. M NO. OF APARTMENTS / HOUSES PRESENTATION PERFORMANCE IN Q 4 2008 12 763 900 398 Data as at the end of December 2008

PROJECTS IN PROGRESS WILL YIELD OVER PLN 1 BILLION IN MARGINS 31 December 2008 31 December 2007 Projected revenue from projects in progress 4, 363. 0 4, 874. 5 Projected cost of projects in progress 3, 074. 3 3, 334. 0 Projected margin for projects in progress 1, 288. 6 1, 540. 5 Accumulated cost recognized in profit and loss 421. 1 455. 5 Accumulated margin recognized in profit and loss 209. 8 240. 2 Deferred margin 1, 078. 8 1, 300. 2 Projected margin for projects in progress 28. 9% 31. 1% Projects in progress will yield over PLN 1 billion in margins, which will be recognized in future financial results. 28 PRESENTATION PERFORMANCE IN Q 4 2008

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 1980 s baby boom and whose housing needs still have not been met § Forecasts indicate a decline in PLN interest rates § 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 29 PRESENTATION PERFORMANCE IN Q 4 2008

THE COMPANY’S SALES POLICY IN 2008 § 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 §Flexible approaches to clients – negotiable prices depending on payment amounts and schedules 30 PRESENTATION PERFORMANCE IN Q 4 2008

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