Investor relations

Report concerns:
Registration of a share capital increase in a subsidiary

Report’s text:
Acting pursuant to section 5.1.(9). of the Ordinance of the Minister of Finance on current and periodical reporting by issuers of securities of 19 October 2005 (Journal of Laws of 2005 No. 209, item 1744), J.W. Construction Holding S.A., with its seat in Ząbki, Poland (henceforth the Company) hereby reports that, on 26 September 2008, it received a notice that, on 22 September 2008, the District Court in Warsaw, 14th Commercial Division of the National Court Register, issued a Decision to, among others, register an increase in the share capital of J.W. Construction S.A., with its seat in Ząbki, Poland (henceforth the Subsidiary) from PLN 500,000 to PLN 11,526,618, i.e. by PLN 11,026,618.

The Subsidiary’s share capital amounts to PLN 11,526,618 after the registration of this change and it is divided into 11,526,618 shares of PLN 1 par value each. The total number of votes is 11,526,618 after the registration of this share capital increase.

The share capital increase was contributed in kind in the form of a business unit of the Company, namely its branch office which prepares its own balance sheets and operates under the name of J.W. Construction Holding S.A. Oddział "Budownictwo" [Construction Branch], with its seat in Ząbki, Poland (henceforth the Branch). The carrying value of the contribution in kind was PLN 11,026,618.66 in the Company’s accounting records and its contribution value was PLN 11,026,618.

Moreover, the Company hereby reports that the spin-off of its business unit, i.e. the Branch, and the contribution of the Branch in kind to the Subsidiary are reported, among others, in the Company’s Current Report No. 17/2008, issued on 1 April 2008.