2. Contents
Contents 2
J.W. Construction - the biggest developer in the crisis period in Central-East Europe 3
Significant events in Q1 2012 4
The Company's results in Q1 2012 5
Sales of flats in Q vs Q1 2011 6
Financial results for Q1 2012
7-8
Implementation of the gross profit from sales in Q1 2012 9
Premises from an offer for recognition in results of subsequent quarters 10
The implemented strategy 11
Properties diversifications due to market segment, prestige and location 12
Commercial spaces - a systematic growth in the value of the Company's assets 13
An innovative project - Villa Campina 14
Implemented investments in Q housing spaces 15
Housing investments - planned to commence 16
Sales policy of the Company in 2012
17-18 2 2

3. J.W. Construction - the biggest developer in the crisis period in Central-East Europe
The CIJ Magazine released the ranking of 50 developers in Central-East Europe, which handled with the market slowdown in in the most successful way. J.W. Construction took the first place with a number of 5,673 flats commissioned within the period of crisis
Source: CIJ, Volume 18 | Issue 4 | April 2012 3

4. Significant events in Q1 2012
Acquisition of investment loans with a value of PLN 50 million for a partial financing the implementation of a housing investment in Poznan and Warsaw community in
Lewandów Street;
Preparation works to the opening of a hotel-conference complex - Czarny Potok in Krynica Zdrój
Entry into a final stage of an investment implementation of an exclusive guest house in Sopot;
Continuation of talks regarding an investment purchase at Kasprzaka Street
(final transaction in April).
Obtaining an occupancy permission for a sewage treatment plant in Ożarów Mazowiecki; 4 4

5. The Company's results in Q1 2012
The value of credits granted for investment
projects
Flats sold to the clients, with 22 premises from OXYGEN
investment implemented by the Company of J.W. Construction S.A.
Ongoing commercial investments, including:
an office building Hanza Tower- Szczecin;
- a hotel Stara Dana - Szczecin
a hotel Czarny Potok in Krynica Zdrój
a luxurious guest house - Sopot
Investments to launch in 2012:
Gdynia, at Powstania Wielkopolskiego Street - a building permit
Gdynia, at Sochaczewska Street
Poznań, at Jaroczyńskiego Street - a building permit
about PLN 50 mil
206 3 6
Ongoing housing investments 4 5 5

6. Sales of flats in Q vs Q1 2011
January
February
March
Total Q1
J.W. Construction Holding S.A sold 206 units* in Q
Other investments planned to launch with sales are in the pipeline
* Data on sales include sales of "Oxygen" investment (22 premises) 6 6

7. Revenues from sales [PLN mil] Gross margin on sales [%]
Financial results for Q1 2012
Revenues from sales [PLN mil]
Gross margin on sales [%]
62.98%
2,62 p.p.
Q1 2011
Q1 2012
Q1 2011
Q1 2012
Decrease in revenues from sales in Q by 62,98%, y/y.
Decrease in gross margin on sales in Q by 2,62 p.p y/y. 7 7

8. Profit from operating activities
Financial results for Q1 2012
Profit from operating activities
[PLN mil]
Net profit [PLN mil]
65.19%
87.05%
Q1 2011
Q1 2012
Q1 2011
Q1 2012
Decrease in profit from operating activities in Q by 65.19% y/y
Decrease in net profit in Q by 87.05% y/y 8 8

9. Implementation of the gross profit from sales in Q1 2012
The level of gross profit earned from sales after Q is PLN mil. The percentage of developer projects recognized in profit from sales:
Other locations
Units recognized in results Q vs Q1 2011:
Q1 2011
Q1 2012 9 9

10. Premises from an offer for recognition in results
of subsequent quarters
Other locations
Total
* in units 10 10

11. The implemented strategy11

12. Properties diversifications due to market segment, prestige and location
COMMERCIAL SEGMENT
HOUSING SEGMENT
J.W. CONSTRUCTION HOLDING S.A.
Zegrze
Stryków
Cieszyn
Tarnowo
2* & 3*
Hotel 500 chain
Łódź
1.Centrum I & II
2.Górczewska Park
3.Osiedle Światowida
4.Lewandów Park
5.Zielona Dolina
6.Os. Bursztynowe
7.Słoneczny Park
Hotels
4* & 5*
1. Czarny Potok
2. JW. - luxlux
3. Stara Dana
Krynica Zdroj
Sopot
Szczecin
Warsaw
Ożarów Maz
Popular
Flats
Warsaw
OXYGEN
Apartments
Hanza Tower
Szczecin
Office buildings
A Class
Jerozolimskie Point
Warsaw
Ożarów Maz
Villa Campina
Exclusive
Houses
prestige
location 12

13. Target estimated value of facilities is PLN 600 mil
Commercial spaces- a systematic growth in the value of the Company's assets
We are building the value for shareholders through a diversification of income sources, what results in a systematic growth of
the Company's assets.
Usable
Space
4,979 m2
31,785 m2
4,157 m2
20,500 m2
2,852 m2
Stara Dana -
hotel project 4*
Hanza Tower -
office-service project
Jerozolimskie Point -
office project
Czarny Potok-
hotel project 4*
with 5-star SPA&Wellness
complex
A luxurious guest house - Sopot
Target estimated value of facilities is PLN 600 mil 13 13

14. An innovative project - Villa Campina
Villa Campina is the first prestigious estate of single-family houses in Poland based on an American concept ShowCase House. Its assumption is to present 12 ready to move-in houses diverse in terms of architecture
and interior design.
ShowCase House concept
As the first in Poland, we are offering a prestigious estate of single-family houses, which are created by the inhabitants themselves by selection of plots and projects of houses. From the exposition of 12 types of show houses, the client can select a preferred project and entrust the developer its implementation and all the paperwork associated with it.
Numbers
Number of undeveloped plots: 194
Total area of undeveloped plots: 162,058m2
Estimated value of utilized plots: PLN 123 mil
Ready show houses: 12 (value of PLN 19 million)
Number of parcels: 719 m² to 1,387 m²
Toal area of houses: 116 m² to 193 m²
Distance from Warsaw: about 8 km
Distance from Kampinos National Park: 5 km
Distance from Ożarów: 5 km 14 14

15. Housing investments implemented in Q1 2012 - housing spaces
Number
of units
"Zielona Dolina I", Zdziarska Street
"Słoneczny Park"
„Osiedle Centrum II", Łódź
"Osiedle Lewandów I"– buildings 3-6
„Osiedle Światowida”
12 houses in Ożarów
UFS 15 15

16. Investments in Warsaw and vicinity Investments beyond Warsaw
Housing investments - planned to commence
In the nearest 2 years, the Company is planning to introduce to its offer about 6,431 units from the owned land bank, of which 26% will be erected beyond Warsaw
Investments in Warsaw and vicinity
Investments beyond Warsaw
Investment
Number of flats:
UFS
Warsaw, at Kasprzaka Street
3,000
148,974 m2
Warasaw, Zielona Dolina II
853
37,219 m2
Warsaw, at Berensona Street
259
11,875 m2
Warsaw, at Antoniewska Street
255
14,515 m2
Warsaw, Aluzyjna II
147
6,985 m2
Warsaw, at Odkryta II 82
4,158 m2
Warsaw, at Zdziarska III 52
2,256 m2
Warsaw, at Aluzyjna I 40
2,011 m2
Ożarów Mazowiecki (houses) 50
7,500 m2
Warsaw, at Lewandów Street (houses) 16
2,510 m2
Total:
4,754
238,003 m2
Investment
Number of flats:
UFS
Katowice, at Tysiaclecia Street
585
27,657 m2
Gdynia, at Spokojna Street
440
33,500 m2
Katowice, at Bałtycka Street
256
14,688 m2
Poznań, at Jaroczyńskiego Street
183
9,423 m2
Łódź, at Tymienieckiego Street III
106
5,165 m2
Gdynia, at Sochaczewska Street 55
3,400 m2
Gdynia, at Powstania Wielkopolskiego Street 52
3,200 m2
Total:
1,677
97,033 m2
*Investments which are planned to launch in 2012 are in green colour 16 16

17. Sales policy of the Company in 2012
An attractive housing offer , including turnkey apartments available in Silver, Gold and Platinum programs and with full equipment
Turnkey finish programs for the Customers - Silver, Gold and Platinum
Implementation of the program, "Move in, then buy" for the investment of Lewandów Park
Professional and free of charge credit counseling
Long-term cooperation with banks– the best offer of credits on the market of mortgages only for the Company’s customers.
Offer of various financing programmes for Customers
Attractive offer of flats that meet the requirements of the government program "Rodzina na swoim"
Individual approach to the customer – the possibility of negotiating the prices depending on the payment amount and schedule 17 17

18. Sales policy of the Company in 2012
Packages offering special conditions, dedicated to employees of institutions co-operating with J.W. Construction Holding S.A.
Conducting strategic marketing activities in all areas of communication with Clients
Contest of tenders made by Customers
Special offer for customers on the occasion of the Company's participation in the fair trade and during the organization of open days of house estates
Constant monitoring of the real estate market 18 18

19. Małgorzata Szwarc-Sroka Economy Division
Investor Relations:
Małgorzata Szwarc-Sroka
Economy Division
and Investor Relations Office HeadDirector of Economic and Director of Investor Relations J.W Construction Holding S.A.
Member of the Management Board of J.W Construction S.A.
phone:
.: jwconstruction.com.pl 19 19