Contents 2 J W Construction

Contents 2 J. W. Construction - the biggest developer in the crisis period in Central-East Europe 3 Significant events in Q 1 2012 4 The Company's results in Q 1 2012 5 Sales of flats in Q 1 2012 vs Q 1 2011 6 Financial results for Q 1 2012 7 -8 Implementation of the gross profit from sales in Q 1 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 1 2012 - housing spaces 15 Housing investments - planned to commence 16 Sales policy of the Company in 2012 17 -18 2

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 2008 -2012 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

Significant events in Q 1 2012 v 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; v Preparation works to the opening of a hotel-conference complex - Czarny Potok in Krynica Zdrój v Entry into a final stage of an investment implementation of an exclusive guest house in Sopot; v Continuation of talks regarding an investment purchase at Kasprzaka Street (final transaction in April). v Obtaining an occupancy permission for a sewage treatment plant in Ożarów Mazowiecki; 4

The Company's results in Q 1 2012 about PLN 50 mil 206 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. 6 Ongoing housing investments 4 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 3 Investments to launch in 2012: - Gdynia, at Powstania Wielkopolskiego Street - a building permit - Gdynia, at Sochaczewska Street - Poznań, at Jaroczyńskiego Street - a building permit 5

Sales of flats in Q 1 2012 vs Q 1 2011 January February March Total Q 1 v J. W. Construction Holding S. A sold 206 units* in Q 1 2012. v Other investments planned to launch with sales are in the pipeline * Data on sales include sales of "Oxygen" investment (22 premises) 6

Financial results for Q 1 2012 Revenues from sales [PLN mil] Gross margin on sales [%] 62. 98% Q 1 2011 2, 62 p. p. Q 1 2012 Q 1 2011 v Decrease in revenues from sales in Q 1 2012 by 62, 98%, y/y. v Decrease in gross margin on sales in Q 1 2012 by 2, 62 p. p y/y. 7 Q 1 2012

Financial results for Q 1 2012 Profit from operating activities [PLN mil] Net profit [PLN mil] 65. 19% Q 1 2011 87. 05% Q 1 2012 Q 1 2011 v Decrease in profit from operating activities in Q 1 2012 by 65. 19% y/y v Decrease in net profit in Q 1 2012 by 87. 05% y/y 8 Q 1 2012

Implementation of the gross profit from sales in Q 1 2012 The level of gross profit earned from sales after Q 1 2012 is PLN 12. 99 mil. The percentage of developer projects recognized in profit from sales: Other locations Units recognized in results Q 1 2012 vs Q 1 2011: Q 1 2011 9 Q 1 2012

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

The implemented strategy 11

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

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 m 2 Stara Dana hotel project 4* 31, 785 m 2 4, 157 m 2 Hanza Tower Jerozolimskie Point office-service project office project 20, 500 m 2 A luxurious guest Czarny Potokhouse - Sopot hotel project 4* with 5 -star SPA&Wellness complex Target estimated value of facilities is PLN 600 mil 13 2, 852 m 2

An innovative project - Villa Campina is the first prestigious estate of single-family Numbers houses in Poland based on an American concept Show. Case Number of undeveloped plots: 194 House. Its assumption is to present 12 ready to move-in houses Total area of undeveloped plots: 162, 058 m 2 diverse in terms of architecture Estimated value of utilized plots: PLN 123 mil and interior design. Ready show houses: 12 (value of PLN 19 million) Show. Case House concept Number of parcels: 719 m² to 1, 387 m² As the first in Poland, we are offering a prestigious estate of single Toal area of houses: 116 m² to 193 m² -family houses, which are created by the inhabitants themselves Distance from Warsaw: about 8 km by selection of plots and projects of houses. From the exposition Distance from Kampinos National Park: 5 km of 12 types of show houses, the client can select a preferred Distance from Ożarów: 5 km project and entrust the developer its implementation and all the paperwork associated with it. 14

Housing investments implemented in Q 1 2012 - housing spaces 596 376 208 184 12 houses in Ożarów 27, 722 „Osiedle "Osiedle Światowida” Światowida" Number of units 255 "Słoneczny "Zielona Dolina "Osiedle „Osiedle "Słoneczny Park" „Zielona Dolina I” I", "Osiedle Park" Lewandów Centrum II", Lewandów I " I"–Centrum II" Łódź ul. Zdziarska Street Zdziarska buildings 3 -6 Łódź bud. 3 -6 17, 938 UFS 12, 225 10, 413 „Osiedle "Zielona Dolina "Słoneczny „Osiedle Centrum II", "Zielona Dolina I" ul. „Słoneczny Park” "Osiedle Centrum II"Światowida” "Osiedle I", Zdziarska Park" Łódź Zdziarska Łódź Światowida" Street 15 8, 763 "Osiedle Lewandów I"– "Osiedle Lewandów buildings 3 -63 -6 I" - bud.

Housing investments - planned to commence v 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 Investment Warsaw, at Kasprzaka Street Number of flats: Investments beyond Warsaw Investment UFS Katowice, at Tysiaclecia Street 585 27, 657 m 2 Gdynia, at Spokojna Street 440 33, 500 m 2 Katowice, at Bałtycka Street 256 14, 688 m 2 Poznań, at Jaroczyńskiego Street 183 9, 423 m 2 Łódź, at Tymienieckiego Street III 106 5, 165 m 2 Gdynia, at Sochaczewska Street 55 3, 400 m 2 7, 500 m 2 Gdynia, at Powstania Wielkopolskiego Street 52 3, 200 m 2 16 2, 510 m 2 Total: 1, 677 97, 033 m 2 4, 754 238, 003 m 2 3, 000 148, 974 m 2 Warasaw, Zielona Dolina II 853 37, 219 m 2 Warsaw, at Berensona Street 259 11, 875 m 2 Warsaw, at Antoniewska Street 255 14, 515 m 2 Warsaw, Aluzyjna II 147 6, 985 m 2 Warsaw, at Odkryta II 82 4, 158 m 2 Warsaw, at Zdziarska III 52 2, 256 m 2 Warsaw, at Aluzyjna I 40 2, 011 m 2 Ożarów Mazowiecki (houses) 50 Warsaw, at Lewandów Street (houses) Total: Number of flats: *Investments which are planned to launch in 2012 are in green colour 16

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

Sales policy of the Company in 2012 v Packages offering special conditions, dedicated to employees of institutions co-operating with J. W. Construction Holding S. A. v Conducting strategic marketing activities in all areas of communication with Clients v Contest of tenders made by Customers v 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 v Constant monitoring of the real estate market 18

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 19

Contents 2 J W Construction — the biggest