Contents time of strengthening the leader's position in the industry3 Significant events in The Company's results in External factors influencing the company's activity.6 Internal factors influencing the company's activity.7 Sales of flats quaterly in 2011 vs Financial results in Results for Q Implementation of the gross profit from sales in Premises from an offer for recognition as a result of subsequent quarters14 Implemented investments in housing spaces15 Implemented investments in commercial spaces16 Currently implemented housing investments in Warsaw and its surroundings17 Housing projects - planned to start18 Housing investments - planned to be launched - an innovative project of Villa Campina19 Sales policy of the Company in Objectives for the next quarters of

time of strengthening the leader's position in the industry  J.W. Construction Holding S.A is a leading housing developer in Polandand the most recognizable brand in the Warsaw market (title of Housing Brand of the Year 2011);  The Company has completed 53 housing investments since its establishment.  In , the Company commissioned a record number of flats: about 25,000  Geographic diversification of the Company - residential developments completed and planned for a launch in Warsaw, Gdynia, Łódź, Katowice, Poznan;  In the nearest 2 years, the Company is planning to introduce to its offer about 6,400 units from the owned land bank;  J.W. Construction Holding S.A is the leader in innovative sales programs that help customers purchase a flat (eg. "10/90", "Move in, then buy").  J.W. Construction Holding S. is the first residential developer in Poland, which pointed to the need of diversifying revenue sources through extending the offer to include commercial spaces;  In 2011, the Company was implementing a construction of 3 commercial-hotel projects with a usable floor area of almost m2 in Warsaw, Szczecin, Krynica Zdrój  Modernization of Hotels two-and three-star hotels in attractive locations;  The development of the hotel sector through a construction of a prestigious centre "Czarny Potok" in Krynica. Developer of housing space 3 Developer of commercial space We establish value for shareholders through the systematic development of business activity, innovative sales solutions and expansion of the Company's fixed assets.

Significant events in  Obtaining building permits for construction of housing investments: in Poznań, at Jaroczyńskiego Street in Warsaw, at Światowida, at Zdziarska Street, for next 4 buildings in Osiedle Lewandów Park and for next 4 houses in Kręczki Kaputy  Obtaining a building permit for construction of commercial space at Wyzwolenia Street in the centre of Szczecin - Hanza Tower  The commencement of new residential investments: Osiedle Światowida, Osiedle Lewandów Park (buildings 3-6), Zdziarska  Construction commencement of a prestigious commercial investment in Szczecin - Hanza Tower  The continuation of implementation of the first external project - Oxygen at Wronia Street in Warsaw.  Acquisition of investment loans with a value of PLN 139 million for a partial financing the implementation of two stages of the investments:Zielona Dolina, Osiedle at Tymienieckiego Street in Łódź and Warsaw estate at Światowida Street.  Preparation for opening of a hotel-leisure complex -Czarny Potok in Krynica Zdrój to open  Concluding a preliminary property purchase agreement of a property at Kasprzaka Street, Warsaw for about 3,000 flats and over 72 thousand of square meters of retail space  The Company won a tender for a land purchase in Łódź for housing investment implementation (at Tymienieckiego Street)

The Company's results in The value of credits granted for investment projects Flats sold (including 30 premises from "Oxygen" investment - implemented by the Company of J.W. Construction S.A.) units commissioned to customers ongoing investments, including: -two commercial projects (Jerozolimskie Point- Warsaw; Hanza Towe - Szczecin) -1 hotel project (Czarny Potok - Krynica Zdrój) residential investments in the pipeline - to be launched in 2012 PLN 139 mil

External factors influencing the company's activity. 6 Subsequent provisions of Recommendation S for banks issued by PFSA entered into force in January 2012 Introduced regulations mean lower creditworthiness for many clients and limitation of the possibility of taking a loan in foreign currency. In three quarters of 2011, a comparable number of flats to the number from the entire 2010 was launched. Termination of the program in December 2012 Recommendatio n S The government program "Rodzina na Swoim" Great demand for flats

Internal factors influencing the company's activity. 7 Obtaining new investment credits Popular flats in affordable prices Conscious maintaining of attractive margins at the expense of sales volume A large number of projects in the pipeline A financial surplus from ready projects Increased sales for projects beyond the city of Warsaw ( larger scale of activity) Future revenues on commercial part Access to sources of Stable finances Owned land bank The presence in various Polish cities Available offer Maintaining a margin Diversified revenue

8  In 2011, J.W. Construction Holding S.A sold units*  Other investments planned to be launched sales are in the pipeline * Data on sales for 2011 include sales of "Oxygen" investment (30 premises) Sales of flats quaterly in 2011 vs 2010

9 Financial results in 2011  Decrease in revenues from sales for 4 quarters 2011 by 38,93%, y/y.  Maintaining margin for 4 quarters 2011 on a good level. A slight decrease by 1.88 p.p y/y. Revenues from sales [PLN mil]Gross margin on sales [%] 38.93% 1,88p.p.

10 Financial results in 2011 Profit from operating activities [PLN mil] Net profit [PLN mil]  Decrease in profit from operating activities in 4 quarters 2011 by 55.15% y/y  Decrease in net profit for 4 quarters 2011 by 66.03% y/y 55.15% 66.03%

11 Results for Q Revenues from sales [PLN mil]Gross margin on sales [%]  Decrease in revenues from sales in Q by 45,62%, y/y.  Decrease in margin in Q4 by 6.25 p.p y/y 45.62% 6,25p.p.

12 Results for Q Profit from operating activities [PLN mil] Net profit [PLN mil]  Decrease in profit from operating activities in Q by 83.60% y/y  Decrease in net profit in Q by 94.82% y/y 83.60% 94.82%

13 Implementation of the gross profit from sales in 2011 The level of gross retained earnings from sales in 2011 is PLN 101,36 mil. The main percentage was in the following investments: Recognized flats in the cumulative results for 4 quarters 2011 vs 2010:

14 Premises from an offer for recognition as a result of subsequent quarters * in units

15 Implemented investments in housing spaces In 2011, the Company implemented the construction of 1,619 premises and 12 houses with a total area of 79,111 sq m of usable floor space. Number of units UFS

16 Currently implemented housing investments in Warsaw and its surroundings Warsaw

17 Implemented investments in commercial spaces Implemented hotel-commercial projects with an area of m2. at Badylarska Street Class A office building Hotel 4 * SPA & Wellness Resort 5 * Hanza Tower InvestmentUFS in total: "Hanza Tower" - Szczecin36,328 m2 Hotel "Czarny Potok" in Krynica Zdrój20,500 m2 Office building at Badylarska Street in Warsaw 4,157 m2

18 Housing projects - planned to start  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 * Land at Kasprzaka Street is purchased with preliminary agreement Investment Number of flats: UFS Warsaw, at Kasprzaka Street * 3,000148,974 m2 Warasaw, Zielona Dolina II85337,219 m2 Warsaw, at Berensona Street25911,875 m2 Warsaw, at Antoniewska Street25514,515 m2 Warsaw, Aluzyjna II1476,985 m2 Warsaw, at Odkryta II824,158 m2 Warsaw, at Zdziarska III522,256 m2 Warsaw, at Aluzyjna I402,011 m2 Ożarów Mazowiecki (houses)507,500 m2 Warsaw, at Lewandów Street (houses) 162,510 m2 Total:4,754238,003 m2 Investment Number of flats: UFS Katowice, at Tysiaclecia Street 58527,657 m2 Gdynia, at Spokojna Street44033,500 m2 Katowice, at Bałtycka Street25614,688 m2 Poznań, at Jaroczyńskiego Street 1839,423 m2 Łódź, at Tymienieckiego Street III 1065,165 m2 Gdynia, at Sochaczewska Street 553,400 m2 Gdynia, at Powstania Wielkopolskiego Street 523,200 m2 Total:1, m2 Investments in Warsaw and vicinityInvestments beyond Warsaw

19 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 Space: 116 m² to 193 m² Number of parcels: 200 Distance from Warsaw: about 8 km Distance from Kampinos National Park: 5 km Distance from Ożarów: 5 km Housing investments - planned to be launched - an innovative project of Villa Campina

20 Sales policy of the Company in 2011  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

21 Sales policy of the Company in 2011  Packages offering special conditions, dedicated to employees of institutions co-operating with J.W. 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

22 Objectives for the next quarters of 2012 Housing properties:  Popular flats and ones with a higher standard:  Activities connected with preparing new investments to launch  Maintaining market leadership in Warsaw - the expansion of the commercial offer  Activity extension with entirely new projects in various parts of Poland (Katowice, Gdynia, Poznan)  Single-family houses The implementation of the first project of single-family houses based on an American concept of ShowCase House in Poland. The estate is created by its inhabitants. 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. Commercial properties:  Implementation of office projects: Warsaw, Szczecin  Hotel activity - modernization of the chain of Hotels 500, a launch of hotel-leisure complex "Czarny Potok" in Krynica Zdrój

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