Financial results for the third quarter of 2010

Contents

Contents

The most significant events in Q3 2010

The numbers of the Company - Q3 2010

J.W. Construction vs WIG - Developers

The results of J.W. Construction Holding S.A.

Sales of apartments in units

The results- Q3 2010

Cumulative results for Q3 2010

Implementation of the gross profit from sales after Q3 2010

Premises for recognition as a result of subsequent quarters in units

Basic economic indicators

Implemented investments of J.W Construction Holding S.A.

Implemented investments in Q3 2010 - housing spaces

Implemented investments in Q3 2010 - commercial spaces

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2-3

4

5

6

7

8

9-10

11-12

13

14

15

16

17

18

Contents

The development strategy of J.W Construction Holding S.A.

Strategy - housing investments in the pipeline

Strategy - commercial investments in the pipeline

Hidden potential of J.W Construction Holding S.A.

J.W. Construction S.A. - the executive arm of the Holding

Land bank as a potential growth

Objectives for the next quarters J.W Construction Holding S.A.

Sales policy of the Company in 2010

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19

20

21

22

23

24

25-27

28-29

4

The most significant events in Q3 2010

Maintaining the leadership position - the biggest number of sold flats in the market

The biggest number of flat that were handed over in the Warsaw market

Obtaining occupancy permit for Lewandów Park Stage II (1 275 units)

Appointment of the new Management Board of J.W Construction S.A.

Redemption of the operating lease for Hotel in Zegrze

Conclusion of the final agreement on land purchasing in Wrocław

The Górczewska Park housing estate was nominated for the international ECOLA award

(European Architectural Award Plaster 2010)

Wiślana Aleja Housing Estate was nominated for Construction Investment Journal Award in the

Best Residential Development category

5

Financial results for the third quarter of 2010

decrease in credit debt in the third quarterPLN 38.6 mil

sold flats345

units handed over to customers796

ongoing investments, including a commercial project (Jerozolimskie Point - Warsaw) and a hotel project (Czarny Potok - Krynica Zdrój)

5

13 investment in the pipeline

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J.W. Construction S.A. WIG - Developers

Share price of J.W Construction Holding S.A in the recent fourth quarters compared to the WIG

Developers index showed more dynamic growth. In the analysed period , the share price of JWCH rose by

almost 50% and the market as a whole noted a slight decline.

01/Sep/0

9

01/Oct/

09

31/Oct/

09

30/Nov/0

9

30/Dec/

09

29/Jan/1

0

28/Feb/1

0

30/Mar/

10

29/Apr/1

0

29/May

/10

28/Jun/1

0

28/Jul/1

0

27/Aug/1

0

26/Sep/1

060.00

70.00

80.00

90.00

100.00

110.00

120.00

130.00

140.00

150.00

160.00

JW Construction Linear (JW Construction) WIG-Deweloperzy Linear (WIG-Deweloperzy)

7

The results of J.W. Construction Holding S.A.

• Sale of apartments• Revenue, margin, profit• Premises recognized in a result

8

Sales of apartments in units

J.W. Construction Holding S.A notes a systematic increase in the number of sold flats Upward trend is maintained also in October - 133 sold flats The number of sold units by the end of October 2010 - 1 034 units

72 83 102

257

117 107 121

345

JULY AUGUST SEPTEMBER Total Q320092010

9

Results - the third quarter of 2010

Revenues from sales [PLN mil] Gross margin [%]

Increase in revenues from sales in Q3 2010 by 35.27% y/y

Increase in margin in Q3 2010 by 5.5 p.p y/y

159,9

216,3

Q3 2009

Q3 2010

35.27%

5,5p.p.

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Results - the third quarter of 2010

Profit from operating activities [PLN mil] Net profit [PLN mil]

Increase in profit from operating activities in Q3 2010 by 72.2 p.p y/y

Increase in net profit in Q3 2010 by 79 % y/y

31,7

54,6

Q3 2009

Q3 2010

72,23% 79%

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Cumulative results for Q3 2010

Revenues from sales [PLN mil] Gross margin [%]

Decrease in revenue from sales in cumulative results for Q3 2010 by 6.84% y/y

Increase in margin in cumulative results for Q3 2010 by 3.19 p.p y/y

6,84%

3,19 p.p.

12

Cumulative results for Q3 2010

Profit from operating activities [PLN mil] Net profit [PLN mil]

Decrease in revenue from sales in cumulative results for Q3 2010 by 2.5% y/y

A slight decrease in net profit in cumulative results for Q3 2010 by 2.16% y/y

2.5%

2,16%

1 237

1 446

cumulative for Q3 2009 cumulative for Q3 201013

Implementation of the gross profit from sales after Q3 2010

The level of gross profit from sales after Q3 2010 is equal to PLN 136,400,000 The main percentage was in the following investments:

Recognized flats in the cumulative results for Q3 2010 with a comparison to the corresponding period the previous year:

28%

23%9%

9%

8%

4%

4%4%

3%8%

Lewandów Park II Etap (436)

Górczewska Park (268)

Bursztynowe Osiedle (123)

Lazurowa (99)

Osada Wiślana (100)

Aleja Wiślana (80)

Łukowska (41)

Gdynia Spokojna (34)

Lewandów Park I Etap (171)

Pozostałe (94)

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Premises for recognition as a result of subsequent quarters in units

2 434

839

450

376

252

205

151

120

41

0 500 1 000 1 500 2 000 2 500 3 000

Total

Lewandów Park Stage II

Górczewska Park

Lazurowe Ustronie

Lewandów Park Stage I

Bursztynowe Osiedle

Other

Aleja Wiślana

Osada Wiślana

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Basic economic indicators

30.09.2010 30.09.2009 31.12.2009 31.12.2008

Net profit margin on salesnet profit/loss

14,84% 14,12% 14,08% 10,91%revenues from sales

Liquidity Itotal current assets

1,52 1,31 1,21 1,11current liabilities

Liquidity IIIcash and cash equivalents

0,16 0,02 0,03 0,03Current liabilities

Equity to fixed assetsequity

0,96 0,93 0,96 0,67fixed assets

Debt ratecurrent liabilities + non-current

liabilities 66,02% 75,45% 73,04% 82,39%total liabilities

without TBS 58,54%

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Implemented investments of J.W Construction Holding S.A.

• housing investments• commercial investments

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Investments implemented in the third quarter of 2010 residential spaces

In the third quarter of 2010, the Company implemented the construction of 1 651 flats and 12 houses with a total area of approximately 74 000 sq m of usable space.

1 275

376

„Zielona Dolina” ul.Zdziarska

„Osiedle Lewandów Park"II Etap

„Lazurowe Ustronie” I etap 12 Domów w Ożarowie

2 050

17 938

53 820

"Zielona Dolina" ul.Zdziarska

„Osiedle LewandówPark” II Etap

„Lazurowe Ustronie” Ietap

"Domy w Ożarowie"

UFS

Number of units

Works connected with media

Works connected with media

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Investments implemented in the third quarter of 2010 residential spaces

3 561

18 709

Jerozolimskie Point Hotel "Czarny Potok"

Implemented hotel-commercial projects with area of 22 270 sq m.

PUU

hotel and recreational complex (**** hotel ***** Spa resort / Wellness)

hotel-office complex

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The development strategy of J.W. Construction Holding S.A.

• housing investments• commercial investments

STRATEGY Strategy - housing investments in the pipeline

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44 50 60 82 165

1 4149797

272255255224208184

Number of units

69 819

15 732 13 483 12 099 11 838

2 0113 0003 2004 1588 7638 90010 412

UFSDomy

Ożarów

72Number of houses

Zielona Dolina I , II ul. Zdziarska

Lewandów Park I Etap bud 3-6

Mokotówul. Antoniewska

Białołęka Berensona

Białołęka Berensona

Łódź II, ul. Tymienieckiego

Katowice II, ul. Bałtycka

Gdynia I ul. Powstania Wielkopolskiego

Gdynia I ul. Sochaczewska / Płocka

Zielona Dolina I , II ul. Zdziarska

Katowice II, ul. Bałtycka

Mokotówul. Antoniewska

Łódź II, ul. Tymienieckiego

Lewandów Park I Etap bud. 3-6

Białołęka Swiatowida

Poznań, ul. Jaroczyńskiego

Białołęka Odkryta II

Gdynia I ul. Powstania Wielkopolskiego

Gdynia I ul. Sochaczewska/ Płocka

Białołęka, Aluzyjna I

Białołękaul.Światowida

Poznań, ul. Jaroczyńskiego

Białołęka, Odkryta II

Białołęka, Aluzyjna I

Projects that are prepared to launch in 2010/2011

A building permit

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STRATEGY commercial investments in the pipeline

34 114

24 000

7 583

Nowa Dana,Szczecin

Pileckiego,Warszawa

ul. PowstańcówŚląskich, Wrocław

Projects that are prepared to launch in 2011

Office spaces and hotel services:

Demolition work in progress

PUU

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Hidden potential of J.W Construction Holding S.A.

• Executive arm• Land bank• Commercial spaces

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J.W. Construction S.A. - the executive arm of the Holding

Wzmocnienie ramienia wykonawczego

September 2010 - Appointment of a new Management Board

Preparation of the first major external projects where JWC S.A is going to be

the general contractor.

The target structure of the mandators of J.W Construction SA over the next

two years

25%

75%internal projects external projects

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Land bank as a potential growth

Locations where the Company owns land

New and plannes directions of expansion

Poznań

Gdynia

Katowice

Warsaw

Łódź

Kraków

Wrocław

SzczecinHousing investments

Commercial investments

Bearing in mind that the Company has been building its value in a long-term period, the Company strengthens its presence in the market out of Warsaw.

Krynica

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Objectives for the next quarters of J.W Construction Holding S.A.

• Strengthening the executive arm• Developer activity:

- commercial properties- housing properties• Strengthening market

position out of Warsaw• The development of other

companies in the Capital Group

26

Objectives for the next quarters

Kierunek działań strategicznych GK J.W. Construction Holding S.A.:

Strengthening the executive arm through the participation in tenders for the implementation of works relating to infrastructure, including the syndicated principles

Extending the offer of commercial surfaces (hotel-commercial-office)

Further strengthening the company on the Warsaw real estate market

Building the Company's position in the housing market out of Warsaw

The development of other activities than developer activities of the Group’s Companies – building constructions,

design, prefabricated building manufacture

Hotel activitiy – expansion and modernization of Czarny Potok Hotel, Krynica

Popular flats:

To maintain its leadership position in the

market- to expand the commercial offer

including plots seeking to be bought in the

city centre of Warsaw

Activities connected with preparing new

investments to launch

To extend new projects in the region of the

southern part of Poland in connection

with dynamic development of the

agglomeration of Kraków, Katowice,

Wrocław

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Objectives for the next quarters

Flats with higher standard and

apartments

To make the Company’s portfolio more

attractive by adding to the offer the premises

with a higher standard and luxurious

character in new, prestigious projects

Realisation of new projects on purchased

plots in April 2010 in Gdynia, Katowice,

Poznań

Sales policy of the Company in 2010

Packages offering special conditions, dedicated to employees of institutions co-operating

with J.W. Construction Holding S.A.

Conducting strategic marketing activities in all areas of communication with Clients

Contest of tenders made by Customers

Special offer for customers on the occasion of the Company's participation in the fair trade and during the organization of open days of house estates

Constant monitoring of the real estate market

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Sales policy of the Company in 2010

An attractive housing offer , including turnkey apartments available in Silver,

Gold and Platinum programs and with full equipment

Turnkey finish programs for the Customers - Silver, Gold and Platinum

Implementation of the program: "First move in and then buy" in Górczewska

Park, Lewandów Park and Osiedle Leśne in Gdynia investments

Professional and free of charge credit counseling

Long-term cooperation with banks– the best offer of credits on the market of

mortgages only for the Company’s customers Many years of cooperation with

banks - the best offer loans in the mortgage market only to customers of the

Company

Offer of various financing programmes for Customers

Attractive offer of flats that meet the requirements of the government program

"Rodzina na swoim"

Flexible approach to the customer – the possibility of negotiating the prices

depending on the payment amount and schedule29

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Investor Relations:Małgorzata Szwarc-Sroka

Economy Division and Investor Relations Office HeadDirector of Economicand Director of Investor

Relations J.W Construction Holding S.A.

Member of the Management Board of J.W Construction S.A.

phone: 22 771 77 85 / 22 771 78 10 / 22 771 75 10 e-mail.: relacje.inwestorskie @ jwconstruction.com.pl

Investor Relations