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February 2008

J.W. CONSTRUCTION HOLDING S.A. Largest Polish Residential Real Estate Developer PRESENTATION. February 2008. Presentation Agenda. J.W. Construction Holding S.A. PRESENTATION – February 2008. 2. Q4 2007 Results.

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February 2008

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  1. J.W. CONSTRUCTION HOLDING S.A. Largest Polish Residential Real Estate Developer PRESENTATION February 2008

  2. Presentation Agenda J.W. Construction Holding S.A. PRESENTATION – February 2008 2

  3. Q4 2007 Results Q4 2007 sales revenue - an increase by 84% (by PLN194.3 million in absolute terms) compared to the same period of the previous year 2007 sales revenue - an increase by 7.8% compared to 2006 2007 gross margin - an increase by 1.5 percentage points compared to 2006 J.W. Construction Holding S.A. PRESENTATION – February 2008 3

  4. Q4 2007 Results Q4 2007 operating profit - an increase by 66.4% (by PLN53.7 million in absolute terms) compared to the same period of the previous year 2007 operating profit - an increase by 11.8% compared to 2006 Net profit - an increase by 75.2% (by PLN45.1 million in absolute terms) compared to Q4 2006 2007 net profit - an increase by 12.4% compared to 2006 J.W. Construction Holding S.A. PRESENTATION – February 2008 4

  5. The value of contracts signed with customers in 2007 was 10.2% higher than in the previous year Increase in Sales Value (PLN million) J.W. Construction Holding S.A. PRESENTATION – February 2008 5

  6. Gross Sales Profit, Q1–Q4 2007 The total gross sales profit in the four quarters of 2007 came to PLN249.3 million. The following projects contributed the most to this figure: Górczewska Park, Warsaw, Górczewska/Olbrachta Streets Osiedle Lazurowa, Warsaw, Lazurowa Street Rezydencja na Skarpie, Warsaw, Bukowińska Street Aleja Ludwinowska, Warsaw, Ludwinowska Street Osiedle Leśne, Gdynia, Parkowa Street Willa Konstancin, Konstancin, Bielawska/Paproci Streets Osada Wiślana, Warsaw, Marcina z Wrocimowic Street Osiedle Centrum, Łódź, Tymienieckiego Street Victoria Park II, Kolomna, Russia J.W. Construction Holding S.A. PRESENTATION – February 2008 6

  7. Financial Forecasts vs. Performance in 2007 (PLN million) The company performed as forecasted in 2007, in fact outperforming the forecast with respect to most parameters: Sales revenue was 96% of the projected figure Gross sales profit was higher than projected by PLN4.7 million Operating profit was higher than projected by PLN1.9 million Net profit was higher than projected by PLN1.9 million J.W. Construction Holding S.A. PRESENTATION – February 2008 7

  8. Financial Results, 2004 - 2007 J.W. Construction Holding S.A. PRESENTATION – February 2008 8

  9. Q4 2007 Highlights Registration of the J.W. Construction S.A. construction company, which will engage in construction activities and accept commissions also from customers other than J.W. Construction Holding S.A. Registration of changes regarding Dremet-Projekt Sp. z o. o. - transfer of design activities to this company Establishment of a subsidiary in Bulgaria - engaging in development activities in Bulgaria Purchase of shares in Porta Transport Sp. z o. o. with registered office in Szczecin - the company will engage in development activities Purchase of shares in the “Ogonyok Leisure Resort” Russian limited liability company with registered office in Sochi, Russia. The company owns real estate and intends to build a residential compound with sports, commercial and service facilities J.W. Construction Holding S.A. PRESENTATION – February 2008 9

  10. Q4 2007 Highlights Signing of a letter of intent with Shanghai Construction General Company, which has immense experience and an impressive construction record. The collaboration will consist in project support through the supply of technological solutions and manpower Land bank development - the purchase of land for new investment projects in Warsaw and Szczecin The company was awarded the “Pearl of the Polish Economy” title in the Large Pearl category and also won the Great Prize of the President of the Construction Chamber J.W. Construction Holding S.A. PRESENTATION – February 2008 10

  11. Land Bank Development, Q4 2007 The company continues to purchase land. From January 2007 to December 31, 2007, the company spent over PLN167 million on land purchases, of which more than PLN123 million had been raised by issuing stock. J.W. Construction Holding S.A. PRESENTATION – February 2008 11

  12. Securing a valid construction permit for the Lewandów project - stage I Establishment of JWCH Budownictwo Drogowe Sp. z o. o. The “Company of the Year 2007” award granted by the Polish Business Club - January 2008 The “Forbes Diamond 2008” award granted by the editors of the Polish Forbes monthly - January 2008 Important Developments After Q4 2007 J.W. Construction Holding S.A. PRESENTATION – February 2008 12

  13. Industry Development Prospects in the Company’s View Supply in the residential market 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 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 forecasted interest rate increases The upward trend in prices will be sustained until housing prices in Poland reach European levels (the only exception here are unattractive apartments whose prices may fall) J.W. Construction Holding S.A. PRESENTATION – February 2008 13

  14. 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, but from 2009 onwards real estate prices will continue to rise Stable pricing situation in the construction materials market Sustained interest in real estate investment on the part of institutional investors 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 – February 2008 14

  15. Financial Forecasts for 2008 The company has published 2008 forecasts, according to which the following figures will increase as follows compared to 2007: sales revenue by 39% (PLN 1,085.4 million) gross sales profit by more than 38% (PLN 345.7 million) operating profit by almost 47% net profit by 48% J.W. Construction Holding S.A. PRESENTATION – February 2008 15

  16. Projected Profit to be Recognized in 2008 The projected 2008 sales profit level is PLN 345.8 million. The following projects will contribute the most to this figure: Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets Osiedle Lazurowa, Warsaw, Lazurowa Street Osiedle Lewandów II, Warsaw, Lewandów Street Osada Wiślana, Warsaw, Marcina z Wrocimowic Street Zielona Dolina I, Warsaw, Zdziarska/Ostródzka Streets Osiedle Leśne, Gdynia,Parkowa Street Rezydencja Quatro, Warsaw, Łukowska Street Victoria Park II, Russia, Kolomna Osiedle Bursztynowe, Warsaw, Korkowa Street Wiślana Aleja, Warsaw, Odkryta Street Ożarów Mazowiecki, Kaputy stage I (18 720 sq. m floor space) Osiedle Kaskada, Łódź, Tymienieckiego Street J.W. Construction Holding S.A. PRESENTATION – February 2008 16

  17. Projected Share of Selected Projectsin Total Revenue in 2008 J.W. Construction Holding S.A. PRESENTATION – February 2008 17

  18. Strategy Implementation - Major Projects in 2008 The company is developing projects that were announced in the issue 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 II, Osiedle Zdziarska I, Rezydencja Quatro, Osiedle Bursztynowe in the Łódź market- Osiedle Kaskada in the Tri-City (Gdańsk, Gdynia, Sopot) market- Osiedle Leśne in the Russian market- Victoria Park The company uses the “zero” method [Polish Accounting Act, Article 34a, para. 4] when accounting for the first stage of projects in progress. J.W. Construction Holding S.A. PRESENTATION – February 2008 18

  19. Projects - Warsaw Market Osiedle Lazurowa Warsaw, Bemowo Lazurowa StreetA 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 – February 2008 19

  20. Projects - Warsaw Market Górczewska Park (Górczewska II) Warsaw - Wola, 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 – February 2008 20

  21. Osiedle Lewandów Park Warsaw, Lewandów Street - construction starts in 2008 A gated housing compound consisting of over 1,900 apartments. Construction in two stages - Lewandów I and Lewandów II. Attractive location, good connection to the city center. Projects - Warsaw Market * For the Lewandów II stage J.W. Construction Holding S.A. PRESENTATION – February 2008 21

  22. 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 centre. Consists of 596 apartments. J.W. Construction Holding S.A. PRESENTATION – February 2008 22

  23. 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 – February 2008 23

  24. 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 – February 2008 24

  25. Projects - Outside Warsaw Osiedle LeśneGdynia, 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 – February 2008 25

  26. Projects - Outside Warsaw Osiedle KaskadaŁódź, Tymienieckiego Street - construction starts in 2008 A compound consisting of nine residential buildings with service facilities and underground garages. The project will include more than 400 apartments as well as commercial premises on the first floors of the buildings. Excellent location in downtown Łódź. J.W. Construction Holding S.A. PRESENTATION – February 2008 26

  27. Projects Abroad Osiedle Victoria ParkKolomna, 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 – February 2008 27

  28. Projects in Progress Projects under construction and in the sales stage (end December 2007 data) J.W. Construction Holding S.A. PRESENTATION – February 2008 28

  29. Projects in the Sales Stage, Projected Construction Start 1st half 2008 * Apartments available for sale J.W. Construction Holding S.A. PRESENTATION – February 2008 29

  30. Planned Projects (as of end December 2007) J.W. Construction Holding S.A. PRESENTATION – February 2008 30

  31. Planned Projects (as of end December 2007) J.W. Construction Holding S.A. PRESENTATION – February 2008 31

  32. Projects in Progress Will Yield over PLN 1 Billion in Margins Projects in progress will yieldover PLN 1 billion in margins, which will be recognized in future financial results. J.W. Construction Holding S.A. PRESENTATION – February 2008 32

  33. 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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