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Confidential report

Report’s text:
Acting pursuant to Article 56.1.(1) of the Act on Public Offerings, Conditions for Trading in Financial Instruments in Organised Trading Systems, and Public Companies of 29 July 2005 (Journal of Laws No. 184/1539, as amended), J.W. Construction Holding S.A. with its registered office in Ząbki, Poland (henceforth the Company), hereby reports that, on 22 July 2008, it signed an annexe (henceforth the Annexe) to the Agreement No. 028/03/06 dated 1 March 2006, made by and between the Company and Przedsiębiorstwo Turystyczne “Czarny Potok” S.A. with its registered office in Krynica, Poland (henceforth the Agreement). The subject matter of the Agreement is the completion of an investment project involving the modernisation and expansion of the Czarny Potok Spa Centre, including its technical infrastructure. Information about the Agreement was disclosed in the Company’s Prospectus as approved by the Polish Financial Supervision Authority (KNF) on 9 May 2007 (henceforth the Prospectus), in section 2.1. of Chapter XXXII, on page 210.

Based on the Annexe, the scope of the renovation and reconstruction of the Czarny Potok Spa Centre has been extended and the Company’s fee for the completion of the investment project has been increased from PLN 55,626,837 net of value-added taxes to PLN 91,366,955, net of value-added taxes. Moreover, the final completion date has been rescheduled to 23 December 2009 for the last project stage. All other Agreement disclosures as presented in the Prospectus remain unchanged.