Investor relations

Subject:
Conclusion of the annex to the credit agreement associated with the implementation of the Project „ Górczewska Park”

Report content:
Acting on the basis of Article 56 paragraph 5 stipulated in the Act of 29th July 2005 regarding public offer and conditions for introduction of financial instruments into organized trading system and on public companies (Journal of laws 2005, No 184 Item 1539), the Management of J.W. Construction Holding S.A. having head office in Ząbki (“Company”) inform that the Annex (“Annex”) attached to the Agreement on revolving credit (in PLN) (“Agreement”), concluded on 17th September 2007 and described in the current report No 43 dated 18th September 2007, has been concluded with the Bank Ochrony Środowiska S.A. on 19th December 2007.
A/m credit will be used for the financing of gross expenses associated with the implementation of a developper’s project – the erection of 12 multi – family residential houses in Warsaw at 181 Górczewska Street ("Górczewska Park") and for the repayment of credit to be used for the purchase of the land being the location of the project implementation, as described in Chapter XXXVI Item 1.11 included in the Emission Prospectus of the Company of 9th May 2007. The final date of the repayment of credit has been fixed on 30th December 2009. The interest rate of the credit is equal to WIBOR 1M + bank margin. The credit security encompasses the following: contractual real estate mortgage up to the amount of 83.500.000PLN established on the real estate situated in Warsaw at 181 Górczewska Street (KW WA4M/00146188/1), transfer of the receivables under the agreements concluded with the purchasers of the dwellings being erected in the framework of the credited undertaking, own blank bill of exchange including the promissory note declaration, assignment of rights for insurance policy for the site insurance and power of attorney authorizing to exercise control over the bank accounts in Bank Ochrony Środowiska S.A. In connection with the contract, the Issuer submits itself to the pain of seizure. The credit release is conditioned among other by the submission of the project insurance policy and the assignment of policy rights to the benefit of the bank and submission of mortgage entry request.

In the result of the concluded Annex, the credit amount has been increased up to 60.000.000PLN and the amount of the contractual real estate mortgage established on the real estate situated in Warsaw at 181 Górczewska Street (KW WA4M/00146188/1) has been increased up to up to 83.500.000PLN, remaining contractual conditions are not affected.
Actually the Agreement meets the conditions determined in § 5 paragraph 1 Item3 stipulated in the Decree of Finance Minister of 19th October 2005 regarding the Current and Periodical Information handed over by the Issuers of Securities (Journal of laws 2005, No 209 Item 1744).