Investor relations

Subject:
Taking over of shares of the new established subsidiary

Report content:
Acting in accordance with § 5 clause 1 item 1 in connection with § 2 clause 5 of the decree of the Minister of Finances dated October 19, 2005 on current and periodic information to be submitted by issuers of securities (Journal of Laws 2005 No. 209, item 1744) ("Decree"), the company J.W. Construction Holding S.A. with registered office in Ząbki ("Company") informs hereby, that the company with the name J.W. Construction Spółka Akcyjna (joint stock company) with registered office in Ząbki was established on September 26, 2007 ("New Company"). This Company took over 500.000 (five hundred thousand) registered shares of A series of the New Company with a nominal value of 1 (one) PLN each and a total value of 500.000 (five hundred thousand) PLN. The shares were taken over at the price equaling the nominal value. These shares constitute 100 % (hundred per cent) of the initial capital of the New Company and provide the voting right for the same number of votes at the general meeting of the New Company. These shares of the New Company shall be registered in Company’s account books at their nominal value. New Company’s shares were taken over from Company’s own funds and represent a long-term investment.
The New Company was established, first of all, with the purpose to carry on a business in the scope of building (PKD 45) that it the business which was done directly by the Company until now. The transfer of the business to the New Company is connected with a re-structuring of Company’s capital structure as informed in the current report No. 44/2007.
The shares of the New Company are classified as assets with considerable value because of the fact that they represent over 20 % of the initial capital of the New Company and, thus, meet the criterion defined under § 2 clause 5 of the Decree.