10 November 2011 Presentation of the results Q3 2011

Contents 10 November Contents The most significant events in Q The Company's results - Q External factors influencing the company's activity, which could have impact on the demand. Internal factors influencing the company's activity. The results of J.W. Construction Holding S.A. Sales of apartments in units Results for Q Realization of the gross profit from sales after Q Premises from an offer for recognition as a result of subsequent quarters Implemented investments of J.W Construction Holding S.A. Housing investments implemented in Q The development strategy of J.W Construction Holding S.A. Geographic diversification Housing projects - planned to start Strong entry in the segment of commercial properties - investments planned to start The building Company of J.W. Construction S.A. Sales policy

 The finalization of the purchase transaction of another land in Łódź at Tymienieckiego Street  Obtaining a final building permission for a residential investment Lewandów I build. 3-6 in Warsaw  The commencement of two new residential investments: Światowida, Lewandów I build. 3-6  Obtaining a building permission for next single-family houses in Ożarów Mazowiecki  The merger of J.W. Construction Holding S.A. with four subsidiaries  Obtaining credit in BOŚ Bank for a partly financing of the implementation of two stages of Zielona Dolina investment  Signing two significant agreements on the implementation of building works in the area of "Zielona Dolina I" Estate in the area of Zdziarska and Ostródzka Street in Warsaw.  The continuation of implementation of an external project Oxygen at Wronia Street 10 November The most significant events in Q3 2011

10 November The Company's results in - Q The value of credits granted for investment projects PLN 87 mil sold flats units handed over to customers 171 ongoing investments, including two commercial projects (Jerozolimskie Point - Warsaw; Hanza Tower - Szczecin) and a hotel project (Czarny Potok - Krynica Zdrój) residential investments in the pipeline

10 November From January 2012, subsequent provisions of Recommendation S issued by PFSA to the banks. Implemented provisions, in practice, mean lower creditworthiness for many clients and limitation of the possibility of taking a loan in a foreign currency. External factors influencing the company's activity, which could have impact on the demand. Recommendation S The government program "Rodzina na Swoim" Great demand for flats 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

10 November 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 Internal factors influencing the company's activity. Future revenues on commercial part Stable finances Access to sources of Owned land bank Available offer Maintaining a margin Diversified revenue The presence in various Polish cities Increased sales for projects beyond the city of Warsaw ( larger scale of activity)

7 The results of J.W. Construction Holding S.A. Sale of apartments Revenue, margin, profit Premises recognized in a result 10 November 2011

8 Sales of apartments in units 10 November 2011  J.W. Construction Holding S.A sold 231 units in Q  In Q3, the Company launched sales of a new investments – Lewandów I build. 3-6  Other investments planned to be launched sales are in the pipeline

Results for Q  Decrease in revenues from sales in Q by 66,94%, y/y.  Decrease in margin in Q3 by 4.66 p.p y/y Revenues from sales [PLN mil] Gross margin on sales [%] 10 November % -4,66 p.p.

Results for Q Profit from operating activities [PLN mil]Net profit [PLN mil]  Decrease in profit from operating activities in Q by 81.61% y/y  Increase in net profit in Q by 85.22% y/y 10 November % %

Results for Q  Decrease in revenues from sales in Q by 36,56%, y/y.  Maintaining margin for Q on a good level. A slight decrease by 0.71 p.p y/y. Revenues from sales [PLN mil]Gross margin on sales [%] 10 November ,71 p.p %

Results for Q Profit from operating activities [PLN mil]Net profit [PLN mil]  Decrease in profit from operating activities in Q by 44.38% y/y  Decrease in net profit for Q by 55.79% y/y 10 November % %

Gross profit taking from sales for 3 quarters The level of gross profit earned from sales for Q is PLN 84.4 mil. The main percentage was in the following investments: Premises recognized cumulatively in Q with a comparison y/y: 10 November 2011

Premises from an offer for recognition as a result of subsequent quarters* November 2011 * in units

15 Implemented investments of J.W Construction Holding S.A. Housing investments Commercial investments 10 November 2011

Investments implemented in Q residential spaces 16 In H3/2011, the Company implemented the construction of 1,619 premises and 12 houses with the UFS of m2 10 November 2011 Number of units UFS

Currently implemented housing investments in Warsaw and its surroundings Osiedle Światowida Osiedla Willa Park i Słoneczny Park Osiedle Lewandów I (build. 3-6 Osiedle Zielona Dolina I November 2011

18 Implemented hotel-commercial projects with an area of sq m. Class A office building Hotel 4 * SPA & Wellness Resort 5 * Hanza Tower 10 November 2011 Investments implemented in the third quarter of 2011 residential spaces Usable Space

19 The development strategy of J.W. Construction Holding S.A. Geographic diversification Investment plans External contracts 10 November 2011

20 Geographic diversification of residential and commercial investments 10 November 2011 Designations: commercial investments housing investments housing investments- new directions

21 Katowice, Tysiaclecia Street UFS: 27,657 m2 Warsaw: Zielona Dolina II UFS, 41,979 m2 Warsaw: Kasprzaka Street UFS: m2 Ożarów - houses UFS: 1 708m2 Warsaw Aluzyjna I UFS: 2 011m2 Gdynia, Powstania Wielkopolskiego UFS: 3,258 m2 Warsaw Odkryta II UFS 4 158m2 Warsaw: Aluzyjna II UFS: 6,985 m2 Warsaw: Berensona UFS 11,875 m2 Katowice, Bałtycka Street UFS: 14,688 m2 Warsaw: Antoniewska UFS 14,515 m2 Gdynia, Sochaczewska Street UFS: 3 400m2 Poznan Jaroczyńskiego Street. UFS: 9,423 m2 Gdynia, Spokojna Streer.UFS 33,920 m2  In the nearest 2 years, the Company is planning to introduce to its offer about units from the owned land bank;  The gradual expansion beyond Warsaw: 27% of units from new investments is to be built in other locations; 10 November 2011 Housing projects - planned to start Łódź Tymieckiego III UFS: 5,038 m2 * the Company intends to build ultimately 209 houses Warsaw Zdziarska I UFS: 2,256 m2 Wrocław: Powstańców Śląskich Street UFS: 2230 m2 Lewandów houses UFS: 2 510m2 *

Strong entry in the segment of commercial properties - investments planned to start 22 Wrocaław Project  Location: Wrocław - Centrum  UFS number 24,039 m2  Date of completion: Q  Date of completion: Q Pileckiego  Location: Ursynów, Warsaw  UFS number 7,697 m2  Date of completion: Q  Date of completion: Q Miasteczko Kasprzaka Project  Location: Wola, Warsaw  UFS number 72,055 m2  Date of completion: Q  Date of completion: Q November 2011

The building Company of J.W. Construction S.A. contract on the implementation of a housing investment of Oxygen  Prestigious investment in the center of Warsaw at 45 Wronia Street  A complex of 287 flats with an underground garage  A varied housing area from 40m2 to 160m2  The project was designed by a world-renowned architect Rafael de la - Hoz Castanys.  The building will be finished with high-quality materials November 2011

24 Sales policy 10 November 2011

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 November 2011

Sales policy of the Company in 2011  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 November 2011

27 Investor Relations: Małgorzata Szwarc-Sroka Economy Division and Investor Relations Office Head Director 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 10 November 2011