Dom Development SA Presentation of 4th Quarter 2007 Consolidated Results (Meeting with investors and analysts – 27 February 2008)

2 Evaluation of the Warsaw real estate market Neutral / Positive Positive Neutral / Positive Positive EVALUATION:FACTOR:  Demand for flats and houses  Households’ financial condition  Availability of mortgage facilities  Macroeconomic conditions  Demographic environment

3 Price increase dynamics in 2007 Average price per sq m (PLN) December 2006 December 2007 Change of price per sqm Warsaw 7,3548, % Source: redNet Property Consulting Increase of 17.7 %  In 2007,over the whole year, prices increased by 17.7%.  The 4 th quarter saw a stabilization in prices of flats.  In January 2008, flat prices in Warsaw increased again, by 2.2%.

4 Our customers’ creditworthiness – rate of wage increase is higher than flat prices increase Source: Expander Analyses

5 Basic financial results in 2006 and 2007 (mPLN)  Q4 2007/Q Stabilization of levels of revenues and net profit.  2007/2006 revenues increased by 20.4 % a net profit increase of 48.4 % Q4 2006Q4 2007Change% Revenues Gross sales profit EBITDA Net profit Change % Revenues Gross sales profit EBITDA Net profit Quarterly financial resultsYearly financial results

6 Quarterly financial results Q – Q (mPLN) Quarterly profits: Quarterly revenues:  Revenues and profits in the 4th quarter of 2007 were at a similar level to the 4th quarter of 2006.

7 Quarterly margins (%) Q – Q  In spite of a significant increase in costs in 2007, our company has maintained high levels of gross sales profit and net profit margin, resulting from the performance of projects that launched before the jump in costs. Quarterly margins:

8 Balance sheet data Q – Q (mPLN)

9 Assets’ structure (mPLN) 3rd quarter th quarter 2007 INVENTORY

10 Flat sales and completion Q4 2006Q4 2007Change Popular flats Superior apartments Luxury apartments 000 Houses Total  The decrease in sales in 2007 resulted from longer procedures relating to obtaining building permits, and consequently, delays to the launches of 3 projects planned for 2007 launch. Q4 2006Q4 2007Change Total Quarterly completions delivered to clients Quarterly sales Change Popular flats Superior apartments Luxury apartments Houses Total Change Total Yearly sales Yearly completions delivered to clients

11 Projects – high land bank Number of units As at 12 November 2007 As at 26 February 2008 Change Completed projects 9,86610, Projects under construction and offered for sale 2,8692, Controlled land / projects in the course of preparation 8,5458,1738, Total 21,28021,  The Company has so far completed projects comprising over 10,700 flats and houses.  At present the Company is in the process of constructing almost 2,700 flats and apartments having a value of around PLN 1.6 billion.  Dom Development also has a further 8,173 flats and houses under preparation. The value of these projects amounts to approx PLN 3.7 billion.  Dom Development is also currently negotiating the purchase of land for a further 9,500 units

12 Model project life cycle ConstructionLand purchase 80% Preparation periodAfter construction completion Land purchase Preparation periodConstructionAfter construction 75% Preparation period ConstructionAfter construction Land purchase40% Final building permit Construction completion Occupation permit Construction completion Occupation permit Final building permit Construction completion Occupation permit

13 Projects offered for sale (as of 26/02/2008) Projects under construction Location Number of units Sales progress * (in quantity) Construction progress * Commencement date Completion date Popular flats Derby 15Białołęka27792 %73%Q1 2007Q Olbrachta 1 i 2Wola44860%43%Q2 2007Q Olimpia 2 ph 5Ursynów6381%38%Q2 2007Q Regaty stage 1 i 2Białołęka39040%21%Q3 2007Q Derby 17Białołęka18587%40%Q2 2007Q Derby 13Białołęka1743%4%Q4 2007Q Derby 18Białołęka820% Q1 2008Q Róża WiatrówTargówek1840% Q1 2008Q Superior apartments BrunaMokotów24770%72%Q2 2006Q Zawiszy 1 i 2Wola35571%58%Q4 2006Q GrzybowskaŚródmieście2870% Q1 2008Q Completed projects LocationNumber of units Sales progress * (in quantity) Construction progress * Commencement date Completion date Popular flats Olimpia 2 ph 4Ursynów28290%100%Q3 2006Q Derby 7 ph 1Białołęka1270%100%Q4 2005Q Superior apartments Patria 1 i 2Śródmieście24291%100%Q3 2005Q GdańskiŚródmieście26085%100%Q1 2006Q * As of 31/12/2007

14 Controlled land / projects in course of preparation (as of 26 February 2008)