Dom Development SA Presentation of 2nd Quarter 2007 Results (Meeting with investors and analysts – 10 August 2007)

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

3 Price increase dynamics in the 6 months of 2007 Average price per sq m (PLN) December 2006 June 2007 Change of price per sq m Warsaw 7,3548, % Source: redNet Property Consulting Increase by 10.6 %  In the 6 months the prices increased by 10.6%, with about 8% in the 1st Q and about 2.6% in the 2nd Q

4 Basic financial results for the 6 months of 2006 and 2007 (mPLN)  2Q 2007/2Q 2006 revenues increased by 0.7 % net profit increase by 28.1 % Record levels of net profit at PLN 54.7 mn  1H 2007/1H 2006 revenues increased by 15.2 % net profit increase by 59.1 %, 2Q 20062Q 2007 change % Revenues Gross sales profit EBITDA Net profit H 20061H 2007 change % Revenues Gross sales profit EBITDA Net profit Quarterly financial results6 month financial results

5 Quarterly financial results 1Q 2006 – 2Q 2007 (mPLN) Quarterly profits: Quarterly revenues:  Record level of revenues and profits in the 2Q 2007 indicates the ever growing scale of operations of the company and increased efficiency

6 Quarterly margins (%) 1Q 2006 – 2Q 2007  The clear increase of the net profit and the gross sales profit margins is a consequence of price increase, greater effectiveness of projects and a relatively high share of high standard projects in 2006 Quarterly margins:

7 Balance sheet data 1Q 2006 – 2Q 2007 (mPLN)

8 Flat sales and completion 2 Q Q 2007Change Popular flats Superior apartments Luxury apartments Houses Total  Dynamic increase in flat sales in the 2Q 2007 by about 38% as compared to 2Q Q Q 2007Change Total Quarterly completions delivered to clients Quarterly sales 1H 20061H 2007Change Popular flats Superior apartments Luxury apartments Houses Total H 20061H 2007Change Total month sales 6 month completions delivered to clients

9 Projects – high increase of land bank Number of flats As at 31 March 2007 As at 9 August 2007 Change Completed projects 8,9649, Projects under construction and offered for sale 2,6853, Controlled land / projects in the course of preparation 6,0047,328+ 1,324 Total 17,65319,821+ 2,168  The Company completed projects consisting of over 9,200 flats and houses.  At present the Company is in the process of constructing over 3,200 flats and apartments having the value of about PLN 1.5 billion  Dom Development also has further 7,328 flats and houses under preparation. The value of these projects amounts to about PLN 3.4 billion.

10 Controlled land / projects in course of preparation (as at 9 August 2007)

11 Dom Development on the WSE Debut date: 24 October 2006 End price on debut date: PLN Capitalisation at debut price: PLN 2.6 billion Capitalisation on 8 August 2007: PLN 3.9 billion Capitalisation increase since the 1st quotation: + 50 % Debut quotation price of PLN Price on 8 Aug 2007 PLN 158.0