Investor relations

Report concerns:
Registration of a mortgage

Report’s text:
Acting pursuant to § 5.1.(1) of the Decree of the Finance Minister on ad hoc and periodical reporting by issuers of securities of 19 October 2005 (Journal of Laws of 2005, No. 209/1744) (henceforth the Decree), J.W. Construction Holding S.A., with its registered office in Ząbki, Poland (henceforth the Company) hereby reports that, on 28 July 2008, the Company received a Notice from the District Court in Warsaw-Mokotów, 9th Land and Mortgage Registration Department, dated 21 July 2008, stating that, on 21 July 2008, a regular, joint, contractual mortgage of PLN 43,000,000.00 and a maximum amount, joint, contractual mortgage of up to PLN 12,470,000.00, were registered in favour of Powszechna Kasa Oszczędności Bank Polski S.A., Branch Office No. 15 in Warsaw, with its registered office in Warsaw, Poland (henceforth the Bank) in Sections IV of the Land and Mortgage Registers Nos. WA3M/00211006/2, WA3M/00445516/9, WA3M/00446053/2, and WA3M/00211332/6, kept by the said Court for the Company’s properties located in Warsaw at ul. Lewandów and earmarked for the Lewandów I construction project (henceforth the Property). The Company is carrying out a development project on the Property, involving the construction of a multi-family housing estate. The Property is recognised in the Company’s books of account at cost and accounts for not more than 10 per cent of the Company’s equity. There are no relationships between the Bank, persons managing the Bank, and the Company, and members of its Management and Supervisory Boards. It was the mortgage amount, exceeding the Polish zloty equivalent of EUR 1,000,000, which decided that the said mortgage had to be disclosed under § 5.1.(1) of the Decree.