Q 2 2008 RESULTS Strictly Private Confidential

Q 2 2008 RESULTS Strictly Private & Confidential J. W. CONSTRUCTION HOLDING S. A. PRESENTATION 7 August 2008

Presentation Agenda 5 Q 2 2008 Highlights 6 Important Developments after Q 2 2008 9 Projected Profit to be Recognized in 2008 10 Projected Share of Selected Projects in Total Revenue in 2008 11 Strategy Implementation - Major Projects in 2008 12 Projects in Progress 22 Projects in the Sales Stage 24 Planned Projects 25 Industry Development Prospects in the Company’s View 27 Strictly 3 Gross Sales Profit in Q 2 2008 Private & Confidential Q 2 2008 Results J. W. Construction Holding S. A. PRESENTATION – August 2008 2

* with the exception of projects recognized with zero margin Q 2 2008 sales revenue - an increase by 120% (by PLN 145. 4 million in absolute terms) compared to the same period of the previous year Strictly Private & Confidential Q 2 2008 Results J. W. Construction Holding S. A. PRESENTATION – August 2008 3

Q 2 2008 operating profit - an increase by 93. 8% (by PLN 21. 4 million in absolute terms) compared to Q 2 2007 Net profit - an increase by 120% (by PLN 17. 4 million in absolute terms) compared to Q 2 2007 Strictly Private & Confidential Q 2 2008 Results J. W. Construction Holding S. A. PRESENTATION – August 2008 4

Q 2 2008 Gross Sales Profit The total gross sales profit in Q 2 2008 came to PLN 62. 2 million. The following projects contributed the most to this figure: Górczewska Park, Warsaw, Górczewska/Olbrachta Streets - 46% Osiedle Lazurowa, Warsaw, Lazurowa Street - 25% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 15% Osiedle Leśne, Gdynia, Parkowa Street - 9% Other projects also contributed to the profits, including: Osiedle Centrum, Łódź, Tymienieckiego Street Victoria Park II, Kolomna, Russia Strictly Private & Confidential Rezydencja Quatro, Warsaw, Łukowska Street - 4% J. W. Construction Holding S. A. PRESENTATION – August 2008 5

Q 2 2008 Highlights In June 2008, the Company celebrated the 15 th anniversary of its - operations Further extension of the “land bank” through the purchase by the J. W. Construction Bułgaria EOOD, a subsidiary with its registered office in Sofia, of a property with an area of over 1. 4 hectares in the Bulgarian Golden Sands resort - Aleja Ludwinowska II, Warsaw, Ludwinowska Avenue - Lewandów Park II, Warsaw, Lewandów Street - I stage Lazurowe Ustronie I (Ożarów Mazowiecki) - Bursztynowe Osiedle, Warsaw, Korkowa Street Strictly Private & Confidential Obtaining valid construction permits and starting the construction of the projects as listed below: J. W. Construction Holding S. A. PRESENTATION – August 2008 6

Q 2 2008 Highlights Further developments related to transformations within the J. W. Construction Holding S. A. Group On 1 April 2008, an Extraordinary General Meeting of J. W. Construction Holding S. A. took place, during which Shareholders agreed to the transfer of three organized parts of the company to subsidiaries in the form of separate branches Strictly Private & Confidential On 30 April 2008, three Extraordinary General Meetings took place at J. W. Construction Holding S. A. subsidiaries, as a result of which agreements concerning the transfer of organized parts of the company (branches) were concluded: - to J. W. Construction S. A. - a branch under the name of J. W. Construction Holding S. A. “Budownictwo” - to JW Projekt Sp. z o. o. — a branch under the name of J. W. Construction Holding S. A. „Pracownia Projektowa” - to JWCH Produkcja Budowlana Sp. z o. o. — a branch under the name of J. W. Construction Holding S. A. „Zakład Prefabrykacji Budowlanej” Since 1 May 2008, the Group has been operating within the new framework. J. W. Construction Holding S. A. PRESENTATION – August 2008 7

Q 2 2008 Highlights The fifth diamond added to the Polish Business Leader statuette awarded by the Business Centre Club J. W. Construction was included in the “ 500 Largest Polish Companies” list compiled by the Polityka weekly The company was nominated for the “Construction Master” award granted by the editors of the Home&Market monthly in the Best Building Contractor category “Benefactor of the Year 2007” title in a competition held by the Academy for the Development of Philanthropy in Poland Strictly Private & Confidential The company was included in the “List of 500” which lists top Polish companies, compiled by the editors of the Rzeczpospolita daily J. W. Construction Holding S. A. PRESENTATION – August 2008 8

In July 2008, the Company concluded an agreement with an investment firm within the meaning of Article 6, para. 3, point b) of Commission Regulation (EC) No. 2273/2003 of December 22, 2003 concerning the implementation of a share buy-back program in order to redeem the shares purchased. The program shall be implemented until June 30, 2009 or until the funds allocated to its implementation are exhausted; the number of shares purchased shall be no fewer than 1, 500, 000. The maximum amount of funds allocated to program implementation shall be PLN 55, 000; the funds shall come from the Company’s supplementary capital. Another purchase of land (conditional agreement) situated in Warsaw (Mokotów district), Antoniewska Street Strictly Private & Confidential Important Developments after Q 2 2008 J. W. Construction Holding S. A. PRESENTATION – August 2008 9

Projected Profit to be Recognized in 2008 The projected 2008 gross sales profit level is PLN 256. 5 million. The following projects will contribute the most to this figure (according to estimates): Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets - 35% Osiedle Lewandów II, Warsaw, Lewandów Street - 17% Osiedle Lazurowa, Warsaw, Lazurowa Street - 13% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 11% Osiedle Leśne, Gdynia, Parkowa Street - 7% The following projects, inter alia, will also contribute to sales profits: Victoria Park II, Russia, Kolomna Osiedle Bursztynowe, Warsaw, Korkowa Street Wiślana Aleja, Warsaw, Odkryta Street Strictly Private & Confidential Rezydencja Quatro, Warsaw, Łukowska Street - 7% J. W. Construction Holding S. A. PRESENTATION – August 2008 10

Projected Share of Selected Projects in Total Revenue in 2008 Projected revenue to be recognized in 2008, PLN thousand Percentage of projected 2008 revenue Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets 195, 317 24% 120, 984 15% Lewandów Park II, Warsaw, Lewandów Street 110, 596 13% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street 78, 320 10% Rezydencja Quatro, Warsaw, Łukowska Street 49, 347 6% Victoria Park II, Kolomna, Russia 44, 965 5% Lewandów Park I, Warsaw, Lewandów Street 41, 419 5% Other 178, 929 22% TOTAL 819, 877 100% Strictly Private & Confidential Osiedle Lazurowa, Warsaw, Lazurowa Street J. W. Construction Holding S. A. PRESENTATION – August 2008 11

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 Warsaw market - Górczewska Park, Osiedle Lazurowa, Osada Wiślana, Lewandów Park II, Rezydencja Quatro, Osiedle Bursztynowe, Wiślana Aleja in the Russian market - Victoria Park Strictly Private & Confidential in the Tri-City (Gdańsk, Gdynia, Sopot) market - Osiedle Leśne J. W. Construction Holding S. A. PRESENTATION – August 2008 12

Projects - Warsaw Market Osiedle Lazurowa Warsaw, Bemowo District, Lazurowa Street Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress (average for all stages) in terms of cost and revenue - 31 December 2008 projection Osiedle Lazurowa 33, 727 253, 827 Cost: 96% Revenue: 97% Strictly Private & Confidential 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 highstandard apartments. J. W. Construction Holding S. A. PRESENTATION – August 2008 13

Projects - Warsaw Market Górczewska Park (Górczewska II) Warsaw, Wola District, Górczewska/Olbrachta Streets Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Osiedle Górczewska Park 44, 929 434, 107 Cost: 95% Revenue: 83% Strictly Private & Confidential 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 – August 2008 14

Projects - Warsaw Market Osiedle Lewandów Park Warsaw, Lewandów Street Project Usable apartment floor space (sq. m) Osiedle Lewandów Park Strictly Private & Confidential 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. J. W. Construction Holding S. A. PRESENTATION – August 2008 81, 191 Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection 420, 808 Stage I cost: 29% Stage I revenue: 98% Stage II cost: 40% Stage II revenue: 85% 15

Projects - Warsaw Market Osiedle Bursztynowe Warsaw, Korkowa Street Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Osiedle Bursztynowe 17, 402 119, 823 Cost: 40% Revenue: 85% Strictly Private & Confidential 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 – August 2008 16

Projects - Warsaw Market Wiślana Aleja Warsaw, Odkryta Street Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Wiślana Aleja 9, 770 71, 917 Cost: 40% Revenue: 93% Strictly Private & Confidential 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 – August 2008 17

Projects - Outside Warsaw Osiedle Leśne Gdynia, Parkowa Street Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Osiedle Leśne 12, 871 90, 928 Cost: 100% Revenue: 89% Strictly Private & Confidential 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 – August 2008 18

Projects - Outside Warsaw Lazurowe Ustronie I - stage I 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. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Progress in terms of cost and revenue - 31 December 2008 projection Lazurowe Ustronie I Stage I 17, 902 104, 550 Cost: 40% Revenue: 30% Strictly Private & Confidential Kręczki-Kaputy, Ożarów Mazowiecki municipality J. W. Construction Holding S. A. PRESENTATION – August 2008 19

Projects Abroad Victoria Park Kolomna, Russia Project Usable apartment floor space (sq. m) Revenue (PLN thousand) 58, 196 366, 074 Victoria Park Progress in terms of cost and revenue, A 1 block – 31 December 2008 projection Cost A 1: 80% Revenue A 1: 80% Strictly Private & Confidential 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 – August 2008 20

Projects Abroad Osiedle Jakornaja Szczel Sochi (Russia) - construction starts in Q 4 2008 Project Usable apartment floor space (sq. m) Revenue (PLN thousand) 62, 000 350, 900 Sochi Progress in terms of cost and revenue - 31 December 2008 projection Cost: 5% Revenue: 0% Strictly Private & Confidential 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. J. W. Construction Holding S. A. PRESENTATION – August 2008 21

Projects in Progress Projects under construction and in the sales stage ( figures as at the end of June 2008) Project Osiedle Górczewska Warsaw, Górczewska Street Osiedle Centrum Łódź, Tymienieckiego Street Rezydencja na Skarpie IV Warsaw, Bukowińska Street Total No. of apartments sold Planned project completion date % included in 2008 results 1, 410 1, 409 1 st half 2008 100% 324 305 1 st half 2008 97% 261 1 st half 2008 100% 177 165 1 st half 2008 96% 68 68 Q 3 2008 100% 202 167 Q 4 2008 89% 669 636 Q 4 2008 93% 404 371 243 242 1 st half 2009 74% 890 702 Q 2/Q 3 2009 79% 24 2 Q 3 2008 0% Willa Konstancin, Bielawska/Paproci Streets Aleja Ludwinowska Warsaw, Ludwinowska Street Osiedle Leśne Private & Confidential Gdynia, Parkowa Street Osiedle Lazurowa Warsaw, Lazurowa Street Osada Wiślana Warsaw, Marcina z Wrocimowic Street Rezydencja Quatro Warsaw, Łukowska Street 84% Górczewska Park Warsaw, Górczewska/Olbrachta Streets Osiedle Uroczysko, Katowice, Strictly stage I– Q 3/Q 4 2008 stages II and III – Q 2/Q 3 2009 Bałtycka Street J. W. Construction Holding S. A. PRESENTATION – August 2008 22

Projects in Progress Projects under construction and in the sales stage ( figures as at the end of June 2008) Project Total No. of apartments sold Planned project completion date % included in 2008 results Victoria Park II (Russia) A 1 block 158 104 Q 1 2009 64% 1, 905 1, 577 1 st half 2010 32% 200 176 Q 1 2010 37% 322 250 1 st half 2010 34% 24 8 Q 3 2009 20% 376* 39 Q 4 2009 0% Lewandów Park I and II Warsaw, Lewandów Street Wiślana Aleja Warsaw, Odkryta Street Osiedle Bursztynowe, Warsaw, Korkowa Street Aleja Ludwinowska II, Warsaw, Ludwinowska Avenue I stage Lazurowe Ustronie I, Ożarów Mazowiecki Strictly Private & Confidential *Apartments available for sale J. W. Construction Holding S. A. PRESENTATION – August 2008 23

Projects in the Sales Stage, Projected Construction Start 2 nd Half 2008 Project Estimated revenue, PLN thousand No. of apartments sold Zielona Dolina Warsaw, Zdziarska/Ostródzka Streets 455, 085 633* 355 No. of apartments Apartments under construction and in the sales stage, total No. of apartments sold 8, 290 6, 837 Strictly Private & Confidential *Apartments available for sale J. W. Construction Holding S. A. PRESENTATION – August 2008 24

Planned Projects (status as at the end of June 2008) Market segment No. of apartments / houses Estimated usable apartment floor space, sq. m Warsaw / Białołęka District Standard apartments 787 33, 179 Zielona Dolina, Zdziarska/Ostródzka Streets Warsaw / Białołęka District Standard apartments 872 43, 350 Światowida Warsaw / Białołęka District Standard 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 Strictly City / district Lewandów Park III, Lewandów Street Private & Confidential Project Szczecin Luxury apartments / service facilities 400 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 Standard apartments 490 29, 055 Berensona Warsaw / Białołęka District Standard apartments 170 9, 350 J. W. Construction Holding S. A. PRESENTATION – August 2008 25

Planned Projects (status as at the end of June 2008) Estimated usable No. of apartments apartment floor space, / houses sq. m City / district Market segment Victoria Park II Kolomna / Russia Standard apartments 782 43, 010 Aluzyjna I Warsaw / Tarchomin District Standard apartments 46 2, 530 Aluzyjna II Warsaw / Tarchomin District Standard apartments 120 7, 000 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 Warsaw, Antoniewska Street* Warsaw/Mokotów District Standard apartments 550 28, 834 15, 779 929, 232 TOTAL * the investment also includes the plot purchased in July 2008 by way of a conditional agreement Strictly Private & Confidential Project J. W. Construction Holding S. A. PRESENTATION – August 2008 26

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 Steady GDP growth, decreasing unemployment and rising salaries The range of mortgage loans on offer remains broad and widely available despite the banks’ announcements concerning the tightening of lending criteria Strictly Private & Confidential Increasing urbanization contributes to rising demand for real estate in large cities J. W. Construction Holding S. A. PRESENTATION – August 2008 27

Industry Development Prospects in the Company’s View 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 Strictly Private & Confidential 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 J. W. Construction Holding S. A. PRESENTATION – August 2008 28

Private & Confidential Head of Financial Liquidity Management and Head of the Investor Relations Office Strictly 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 INVESTOR RELATIONS OFFICE: Małgorzata Szwarc-Sroka