S t r i c t l y P r i v a t e & C o n f i d e n t i a l J.W. CONSTRUCTION HOLDING S.A. PRESENTATION...

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J.W. CONSTRUCTION HOLDING S.A. PRESENTATIONRESULTS OF OPERATIONS

FOR THE THIRD QUARTER OF 2008

J.W. CONSTRUCTION HOLDING S.A. PRESENTATIONRESULTS OF OPERATIONS

FOR THE THIRD QUARTER OF 2008

6 November 2008

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Presentation Agenda

J.W. Construction Holding S.A. PRESENTATION – November 2008 2

Results of operations for the nine months ended 30 September 2008 3

Gross Sales Profit for the nine months ended 30 September 2008 5

Q3 2008 Highlights 6

Strategy Implementation - Major Projects in 2008 7

Projects in Progress 17

Projects in the Sales Stage 19

Planned Projects 20

Industry Development Prospects in the Company’s View 23

The Company’s sales policy in 2008 25

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Results of operations for the nine monthsended 30 September 2008

sales revenue for the nine months ended 30 September 2008 - an increase by 34,45% (by PLN 187.9 million in absolute terms) compared to the same period of the previous year

3

Sales revenue, PLN million:

545,5

357,6

0

100

200

300

400

500

600

nine months ended 30 September2007


Gross margin, %

38,0

28,5

0

5

10

15

20

25

30

35

40



* with the exception of projects recognized with zero margin

J.W. Construction Holding S.A. PRESENTATION – November 2008

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Results of operations for the nine months ended 30 September 2008

Operating profit for the nine months ended 30 September 2008 - an increase

by 27.06% (by PLN 24.8 million in absolute terms) compared to the same period of the previous year

Net profit - an increase by 32,38% (by PLN 20.7 million in absolute terms) compared to the same period of the previous year

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Operating profit, PLN million:

91,6

66,8

01020

3040506070

8090

100



Net profit, PLN million:

63,9

43,3

0

10

20

30

40

50

60

70




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Gross Sales Profitfor the nine months ended 30 September 2008

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Górczewska Park, Warsaw, Górczewska/Olbrachta Streets - 44%

Osiedle Lazurowa, Warsaw, Lazurowa Street - 20%

Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 12%

Rezydencja Quatro, Warsaw, Łukowska Street - 11%

Osiedle Leśne, Gdynia, Parkowa Street - 11%

The total gross sales profit for the nine months ended 30 September 2008

came to PLN 135.4 million. The following projects contributed the most to this

figure:


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Q3 2008 Highlights

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In July 2008, the Company signed an agreement with an investment company relating to the purchase of the Company’s treasury shares for redemption. The purchase programme will be completed by the earlier of 30 June 2009 or the use of all the funds earmarked for the programme. The minimum number of shares to be purchased under the programme was set at 1,500,000. The maximum amount earmarked for the purchase programme is PLN 55m, to be funded with the Company’s supplementary capital.

The signing of chief contractor service agreements relating to the Osiedle Lazurowa, Rezydencja Quatro, Aleja Wiślana and Osada Wiślana commenced construction projects with J.W.Construction S.A.


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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 Tri-City (Gdańsk, Gdynia, Sopot) market - Osiedle Leśne

in the Russian market - Victoria Park

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in the Warsaw market - Górczewska Park, Osiedle Lazurowa, Osada Wiślana, Lewandów Park II, Rezydencja Quatro, Osiedle Bursztynowe


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Projects - Warsaw Market

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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.

Project Usable apartment floor space (sq. m)

Revenue (PLN thousand)

Osiedle Lazurowa 33,727 254,539


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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.



Osiedle

Górczewska Park44,929 435,575


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Osiedle 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.



Osiedle

Lewandów Park81,191 436,012


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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.



Osiedle Bursztynowe 17,402 120,740


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Wiślana Aleja

Warsaw, Odkryta Street

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.



Wiślana Aleja 9,770 71,754


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Projects - Outside Warsaw

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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.



Osiedle Leśne 12,871 91,232


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Projects - Outside Warsaw

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Lazurowe Ustronie I - stage I

Kręczki-Kaputy, Ożarów Mazowiecki municipality

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.



Lazurowe Ustronie I

Stage I 17,902 104,550


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Projects Abroad

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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.



Victoria Park 58,196 366,074


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Projects Abroad

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Osiedle Jakornaja Szczel

Sochi (Russia)

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.



Sochi 62,000 350,900


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Projects in ProgressProjects under construction and in the sales stage

(data as at the end of September 2008)

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ProjectTotal No. of apartments

No. of apartments sold

Planned project completion date

Osiedle Centrum

Łódź, Tymienieckiego Street324 280

Q3 2008 - flats are being

handed over

Aleja Ludwinowska

Warsaw, Ludwinowska Street68 68


handed over

Osiedle Leśne

Gdynia, Parkowa Street202 167


handed over

Osiedle Lazurowa

Warsaw, Lazurowa Street669 640 Q1 2009

Osada Wiślana

Warsaw, Marcina z Wrocimowic Street404 369

stage I– Q1 2009

stages II and III – Q2/Q3 2009

Rezydencja Quatro

Warsaw, Łukowska Street243 243 1st half 2009

Górczewska Park

Warsaw, Górczewska/Olbrachta Streets890 697 Q2/Q3 2009


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Projects in Progress

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*Apartments available for sale

ProjectTotal No. of apartments


Planned project completion date

Victoria Park II (Russia) A1 block 158 116 Q1 2009

Lewandów Park I and II

Warsaw, Lewandów Street1,905 1,565 1st half 2010

Wiślana Aleja

Warsaw, Odkryta Street200 181 Q1 2010

Osiedle Bursztynowe,

Warsaw, Korkowa Street 322 253 1st half 2010

Aleja Ludwinowska II,

Warsaw, Ludwinowska Avenue24 13 Q3 2009

I stage Lazurowe Ustronie I,

Ożarów Mazowiecki376* 98 Q4 2009

Projects under construction and in the sales stage(data as at the end of September 2008)


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Projects in the Sales Stage, Projected Construction Start 1st Half 2009

*Apartments available for sale

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ProjectEstimated revenue,

PLN thousandNo. of apartments


Zielona DolinaWarsaw, Zdziarska/Ostródzka Streets

455,085 633* 284

No. of apartments No. of apartments sold

Apartments under construction and in the sales stage, total

6,417 4,974


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Planned Projects(data as at the end of October 2008)

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Project City / district Market segmentNo. of apartments /

houses

Estimated usable apartment floor

space, sq. m

Lewandów Park III, Lewandów Street

Warsaw / Białołęka District

Standard apartments 787 33,179

Zielona Dolina, Zdziarska/Ostródzka

Streets

Warsaw / Białołęka District

Standard apartments 872 43,350

ŚwiatowidaWarsaw / Białołęka

DistrictStandard apartments 237 13,035

Osiedle Centrum II Łódź Standard apartments 432 23,760

Pogonowskiego Łódź Standard apartments 109 5,995

Uroczysko Katowice Standard apartments 563 24,616

Szczecin, Wyzwolenia Avenue

SzczecinLuxury apartments /

service facilities400 32,000

Szczecin — Porta Transport plot

Szczecin Standard apartments 5,400 297,000

Lazurowe Ustronie I Ożarów Mazowiecki Standard apartments 1,530 74,688

Lazurowe Ustronie II Ożarów Mazowiecki Standard apartments 762 36,338

Lazurowe Ustronie III Ożarów Mazowiecki Standard apartments 1,016 61,610

Łeba Łeba Standard apartments 490 29,055

BerensonaWarsaw / Białołęka



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Planned Projects(data as at the end of October 2008)

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Project City / district Market segmentNo. of

apartments / houses

Estimated usable apartment floor

space, sq. m

Victoria Park II Kolomna / Russia Standard apartments 782 43,010

Aluzyjna IWarsaw / Tarchomin


Aluzyjna IIWarsaw / Tarchomin


Konstancin II Konstancin Standard apartments 136 8,800

Sopot, Parkowa Street Sopot Arrangements pending 17 2,500

Badylarska – Office Building

Warsaw Services - 4,500

Pileckiego – Offices / Hotel

Warsaw Services / hotel services - 17,500

Głogoczów – Hotel Głogoczów Hotel services - 3,000

Juszkowo I Gdańsk Arrangements pending - 7,000

Krynica – Czarny Potok Krynica Hotel services - 20,882

Sochi Russia Standard apartments ca. 1,200 82,000

Złote Piaski Bulgaria Holiday apartments 180 17,700

TOTAL 15,249 900,398

* the investment also includes the plot purchased in July 2008 by way of a conditional agreement


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30 September 2008

31 December 2007

Projected revenue from projects in progress 4,353.0 4,874.5

Projected cost of projects in progress 3,091.3 3,334.0

Projected margin for projects in progress 1,261.7 1,540.5

Accumulated revenue recognized in profit and loss 455.6 695.8

Accumulated cost recognized in profit and loss 331.4 455.5

Accumulated margin recognized in profit and loss 124.2 240.2

Deferred margin 1,137.5 1,300.2

Projected margin for projects in progress 29.2% 31.1%

Projects in Progress Will Yieldover PLN 1 Billion in Margins

Projects in progress will yield over PLN 1 billion in margins, which will be recognized in future financial results.

22J.W. Construction Holding S.A. PRESENTATION – November 2008

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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

A high GDP compared to Euroland and falling unemployment

23J.W. Construction Holding S.A. PRESENTATION – November 2008

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Stabilization of real estate prices in the near future and a gradual increase in prices beginning in fall 2008 or spring 2009 at the latest (according to real estate market experts)

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

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Industry Development Prospects in the Company’s View


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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

An employee sales programme involving employees of J.W. Construction in the sales activities

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The Company’s sales policy in 2008


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INVESTOR RELATIONS OFFICE:

Małgorzata Szwarc-Sroka

Head of Financial Liquidity Managementand Head of the Investor Relations Office

Phone: +48 022 771 77 85 / +48 0 22 771 78 10or +48 022 771 75 10

e-mail: [email protected]

S t r i c t l y P r i v a t e & C o n f i d e n t i a l J.W. CONSTRUCTION HOLDING S.A. PRESENTATION...

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