2. Meeting agenda 2 Contents The most significant events in Q1 20133 Factors influencing the Company's activity in Q1 20136 Sales of flats in Q1 20137 Selected consolidated financial data for Q1 20138 Gross margin on sales vs gross profit on sales9 Implementation of the gross profit from sales in Q1 201310 Premises from an offer for recognition in results of subsequent quarters11 Investments implemented in Q1 201312 Investments planned to start13 The strategy for next years14 Overhead costs vs employment15 Marketing-sales policy in Q1 201316 Selected projects implemented in Q1 2013: Rezydencja Redłowo18 Selected projects planned to start in 2013: Bliska Wola19 Selected projects planned to start in 2013: Osiedle Millenium20

3. The most significant events in Q1 2013 3  Obtaining a permit for the use of the following investments ;  Submission of an application for a building permit for the investment in Kasprzaka Street, Warsaw: „Bliska Wola”, Warsaw - Wola The investment with a housing-service-retail character, which will be implemented in stages. On 3 April, the Company received a building permit for the 1st stage of the investment comprising an implementation of153 flats and 3 services units. In next four stages there will be nearly 3,000 flats and over 70 thousand m 2 of commercial area. Investment facts Osiedle Światowida, Warsaw- Tarchomin Zielona Dolina I, Warsaw- Białołęka Number of units: 166 flats 18 commercial units 589 flats 7 commercial units Units sold as at 31/03/2013 151 flats 18 commercial units 180 flats 4 commercial units

4. The most significant events in Q1 2013 4  The postponement of bonds maturity date with a total value of PLN 200.7 million.  The Company successfully carried out the issue of new bonds with a value of PLN 105.7 million with a maturity date falling in January 2016. The funds obtained from the issuance were spent on the purchase of substantial majority of bonds issued in June 2010 in a total amount of PLN 130 million, of which redemption would fall in June this year.  Also, negotiations with bondholders regarding extending maturity bonds date issued in April 2012 in the amount of PLN 95 million which were dedicated to cover a part of the price for the land purchased by the company at Kasprzaka Street, Warsaw were successfully completed. Due to successful negotiations, the original maturity date falling in April 2015 was extended to January 2016.  Repayment of PLN 26.7 million arising from loans.  Making funds available in the amonut of PLN 25.2 million within obtained loans, among other dedicated to co-finance the investment of "Oaza Piątkowo" in Poznań and to refinance units built within the investment of "Lewandów II".

5. The most significant events in Q1 2013 5  Signing of the agreement under which J. W. Construction Holding S.A has become a Partner of the first edition of "Bitwa o dom" broadcast on TVN. Shooting takes place in the community of Villa Campina which belongs to the Company.  The most important marketing events in Q1 2013:  Polish Exclusive 2013 award given to Czarny Potok Hotel Resort & SPA - Krynica Zdrój 4-star hotel of Czarny Potok Resort & Spa in Krynica Zdórj was awarded the Polish Exclusive 2013 in the category of Polish Exclusive Brand. The complex was awarded for its high quality and exclusive character of services.

6. External factors influencing the Company's activity Factors influencing the Company's activity in Q1 2013  Developer Act - a serious obstacle in the scope of financing developers and opening escrow accounts for investments  No government program to support housing demand  Waiting for the program called "Flat for the Young" slows down the housing property market  Still restrictive banks' policy in the scope of granting mortgage loans, despite some announcements made by the PFSA on easing borrowing conditions.  Great demand for flats on the primary market NEGATIVE  A further reduction in interest rates by the MPC, what translates into a decrease in financial costs for developers and mortgage rates  Preparation of new government solutions along with bridge programs (including the draft amendments of a law on the protection of the rights of tenants, which would facilitate construction of new buildings for rent)  Ready flats in the Company's offer in the biggest cities in Poland  Change of the investment strategy - flexibility of organizational structures in relation to the needs of the market (system of General Contracting)  Intense competition on the market of contractors - the availability of attractive prices, thereby lowering production costs POSITIVE 6

7. 7  J.W. Construction Holding S.A sold 189 units in Q1 2013*  Despite the lack of "Family on its own" program, the sales results in Q1 2013 are similar to the comparable y/y Sales of flats in Q1 2013 * Data on sales include sales of "Oxygen" investment (17 premises in 2013 and 22 premises in 2012)

8. 8 Selected consolidated financial data for Q1 2013  Increase in revenues from sales in Q1 2013 by 85% y/y  Increase in net profit in Q1 2013 by 72 % y/y Selected financial dataQ1 2012Q1 2013Change Q/Q Revenues on sales PLN 46.5 milPLN 85.9 mil +85% Gross profit on salesPLN 13.0 milPLN 18.0 mil+38% Gross margin on sales28%21%- 7 p.p. Operating profitPLN 11.0 milPLN 14.7 mil34% Net profitPLN 2.5 milPLN 4.3 mil72%

9. 9 Gross margin on sales vs gross profit on sales In PLN mil  Gross margins on sales in the long term are maintained at a level of above 20%.

10. 10 Implementation of the gross profit from sales in Q1 2013  The level of gross profit earned on sales for Q1 2013 is PLN 18 mil. The percentage of developer projects recognized in profit from sales: Units recognized in results Q1 2012 vs Q1 2013:

11. 11 Premises (in units) in an offer to recognize in results of subsequent quarters Units sold - not commissioned 330

12. Commercial investments Project's name Project's advancement US (m 2 ) Pending investments - commercial Hanza Tower - Szczecin"zero" stage done 36,328 12 Investments implemented in Q1 2013 Housing investments Project's nameNumber of unitsUFS (m 2 ) Pending investments - housing Rezydencja Redłowo, Gdynia523,259 Oaza Piątkowo, Poznań1839,423 Oxygen investment*, Warsaw28720,868 Final occupancy permits Zielona Dolina I, Warsaw59627,722 Osiedle Światowida, Warsaw18410,413 TOTAL1,30271,685 * The investment is implemented within General Contracting by the Company of JWC Sp. z o.o.  In Q1 2013, the Company implemented 1,302 units within housing investment with a total area of 71,685 m 2 and 36,328 m 2 of floor space within commercial investment ("zero" level)

13. 13 Investments planned to start  During the next 2 years, the Company, on a basis of an owned land bank, plans to start the implementation of nearly 6,100 units: Investments in Warsaw and vicinity Investments beyond Warsaw *Investments which are planned to start in 2013 are in green colour Investment Number of units UFS Katowice, at Tysiąclecia Street, Stage II 53625,411 m2 Katowice, at Tysiąclecia Street, Stage I 1497,040 m2 Katowice, at Bałtycka Street25914,467 m2 Gdynia, at Spokojna Street, Stage II 23613,614 m2 Gdynia, at Spokojna Street, Stage I 19611,306 m2 Łódź, at Tymienieckiego Street III 1085,165 m2 Gdynia, at Sochaczewska Street513,600 m2 Total:1,53580,603 m2 Investment Number of units UFS Warsaw, at Kasprzaka Street, Stage II 96541,725 m2 Warsaw, Zielona Dolina II86438,258 m2 Warsaw, at Kasprzaka Street, Stage V 76533,270 m2 Warsaw, at Kasprzaka Street, Stage III 56424,538 m2 Warsaw, at Kasprzaka Street, Stage IV 55824,258 m2 Warsaw, at Berensona Street26311,663 m2 Warsaw, at Antoniewska Street23413,864 m2 Warsaw, at Kasprzaka Street, Stage I 1567,550 m2 Warsaw, Aluzyjna II684,080 m2 Warsaw, Odkryta II824,158 m2 Warsaw, at Aluzyjna I301,800 m2 Total:4,526204,839 m2

14. The strategy for next years 14  Launching of the nearly 6,100 units over the next two years, including more than 2,100 premises by the end of 2013  Continuing the reduction of fixed costs, including overhead costs, through an internal reorganization of the Company  To intensify works related to the preparation of project documentation and obtaining building permits, particularly those which are planned to launch in 2013  To strengthen the leader position both among developers in Warsaw (on the basis of an owned extensive land bank), and across the country, due to its expansion into other areas of Poland– Tri-City market, Łódź, Katowice, Poznań  Limitation and postponement of the commercial projects' implementation  Selective acquisition of new locations and reducing the scale of construction land bank  Active actions toward non-performing assets THE MOST IMPORTANT STRATEGIC GOALS

15. 15 Overhead costs vs employment PLN mil. Number of people * ** *** Including employment in hotels: * 92 people ** 99 people *** 140 people

16. 16 Selected projects planned to start in 2013: Osiedle Millenium Marketing and sales policy in Q1 2013  Concentration of strategic marketing and advertising activities in the field of Internet marketing  Extension of activities with an additional area of communication with the Customer - nationwide television (TVN - Bitwa o Dom) within the support of the Company's property sales and PR activities  Campaigns targeting the sale of turnkey apartments in Warsaw, Ożarów Mazowiecki and Łódź  Promotion of investments in Poznan and Gdynia which were launched to sales in 2012  Continuation of the marketing and sales program under the banner of "Life Elevated"

17. 17 Selected projects planned to start in 2013: Osiedle Millenium Marketing and sales policy in Q1 2013  Attractive housing offer, including turnkey premises with a possibility of full furnishing  Premium products - Villa Campina - single family houses and Oxygen Apartments  Individual approach to the customer – the possibility of negotiating the prices depending on the payment amount and schedule  Professional and free of charge credit counselling  Long-term cooperation with banks– the best offer of credits on the market of mortgages only for the Company’s customers.  Interior design programs for Clients available at the Interior Design Development Center  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 communities

18. 18 Selected projects implemented in Q1 2013: Rezydencja Redłowo ProjectRezydencja Redłowo Location:Gdynia Number of flats:52 UFS (m 2 )3,259 Project's net value (in PLN mil.) c.a 32 Description: - modern housing in a cosy and low-rise development - functional and perfected floor-plans of apartments with an area from 38 to 96 2 - the community is fully fenced and monitored - excellent location, close to Kępa Redłowska reservation source: google.maps.pl

19. ProjectBliska Wola Location:Wola, Warsaw Number of flats: 156 in the 1st stage, 942 in the 2nd stage (ultimately, the investment will have around 3,000 premises) UFS (m 2 )Stage 1: 7,550, Stage 2 41.454 Services-retail- offices (m 2 ) Target: over 70,000 Project's net value (in PLN mil.) about 53 for Stage 1 about 298 for Stage 2 Description: - good location - just 3 km to the city centre - very well developed communication infrastructure - the subway station from 2014 -an interesting, modern architecture of buildings - attractive flats prices 19 Selected projects planned to start in 2013: Bliska Wola source: google.maps.pl

20. ProjectOsiedle Millenium Location:Katowice, Osiedle Tysiąclecia Number of flats: 149 in the 1st stage (target number of units in the investment: 685) UFS (in m2)Stage 1: 7,040 Project's net value (in PLN mil.) c.a 35 Description: - excellent location - 5 minute drive to the city centre (access by a new intercity road) - well developed communication infrastructure - the proximity of green and recreation areas (including the largest theme park in Poland, the largestand oldest planetarium in Poland, rope courses) 20 Selected projects planned to start in 2013: Osiedle Millenium Selected projects planned to start in 2013: Osiedle Millenium source: google.maps.pl

21. 21 INVESTOR RELATIONS: Małgorzata Szwarc-Sroka Economy Division and Investor Relations Office HeadDirector of Economic and Director of Investor Relations of J.W Construction Holding S.A. Member of Management Board of J.W Construction Sp. z o.o. phone: 22 771 77 85 e-mail.: relacje.inwestorskie@jwconstruction.com.pl Thank you for your attention