1. 10 November 2011 Presentation of the results Q3 2011

2. Contents 10 November 2011 2 Contents The most significant events in Q3 2011 The Company's results - Q3 2011 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 Q3 2011 Realization of the gross profit from sales after Q3 2011 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 Q3 2011 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 2 3 4 5 6 7 8 9-10 11-12 13 14 15 16-17 18 19 20 21 22 23 24-26

3.  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 2011 3 The most significant events in Q3 2011

4. 10 November 2011 4 The Company's results in - Q3 2011 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 231 18 9

5. 10 November 2011 5 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

6. 10 November 2011 6 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. 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. 8 Sales of apartments in units 10 November 2011  J.W. Construction Holding S.A sold 231 units in Q3 2011.  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

9. Results for Q3 2011 9  Decrease in revenues from sales in Q 3 2011 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 2011 -66.94% -4,66 p.p.

10. Results for Q3 2011 10 Profit from operating activities [PLN mil]Net profit [PLN mil]  Decrease in profit from operating activities in Q3 2011 by 81.61% y/y  Increase in net profit in Q3 2011 by 85.22% y/y 10 November 2011 -85.22% -81.26%

11. Results for Q3 2011 11  Decrease in revenues from sales in Q 3 2011 by 36,56%, y/y.  Maintaining margin for Q3 2011 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 2011 -0,71 p.p. -36.56%

12. Results for Q3 2011 12 Profit from operating activities [PLN mil]Net profit [PLN mil]  Decrease in profit from operating activities in Q3 2011 by 44.38% y/y  Decrease in net profit for Q3 2011 by 55.79% y/y 10 November 2011 -44.38% -55.79%

13. Gross profit taking from sales for 3 quarters 2011 13 The level of gross profit earned from sales for Q3 2011 is PLN 84.4 mil. The main percentage was in the following investments: Premises recognized cumulatively in Q3 2011 with a comparison y/y: 10 November 2011

14. Premises from an offer for recognition as a result of subsequent quarters* 14 10 November 2011 * in units

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

16. Investments implemented in Q3 2011 residential spaces 16 In H3/2011, the Company implemented the construction of 1,619 premises and 12 houses with the UFS of 79 003 m2 10 November 2011 Number of units UFS

17. 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 17 10 November 2011

18. 18 Implemented hotel-commercial projects with an area of 58 657 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. 19 The development strategy of J.W. Construction Holding S.A. Geographic diversification Investment plans External contracts 10 November 2011

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

21. 21 Katowice, Tysiaclecia Street UFS: 27,657 m2 Warsaw: Zielona Dolina II UFS, 41,979 m2 Warsaw: Kasprzaka Street UFS: 148 974m2 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 6 566 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 *

22. 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: Q4 2012  Date of completion: Q4 2014 Pileckiego  Location: Ursynów, Warsaw  UFS number 7,697 m2  Date of completion: Q4 2012  Date of completion: Q4 2014 Miasteczko Kasprzaka Project  Location: Wola, Warsaw  UFS number 72,055 m2  Date of completion: Q3 2012  Date of completion: Q3 2016 10 November 2011

23. 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 23 10 November 2011

24. 24 Sales policy 10 November 2011

25. 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 25 10 November 2011

26. 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 26 10 November 2011

27. 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: 22 771 77 85 e-mail.: relacje.inwestorskie @ jwconstruction.com.pl 10 November 2011