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Meeting agenda

Meeting agenda. Contents. 2. Meeting agenda. Contents. 3. Year2012 - time of multiplying the Company's assets, completion of implemented investments and preparation of future projects bank.

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Meeting agenda

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  1. Meeting agenda Contents 2

  2. Meeting agenda Contents 3

  3. Year2012 - time of multiplying the Company's assets, completion of implemented investments and preparation of future projects bank • In 2012, the Company was implementing a construction of 3 commercial-hotel projects with a usable floor area of almost 60,000 m2in : Szczecin, Krynica Zdrój and Sopot • Some upgrading works were carried out in Hotels 500 Developer of commercial space • In 2012, the construction of 9housingprojectswerecarried out simultaneously(including 1 investment in General Contarcting) • Purchasecompletion of a plot of land at Kasprzaka Street, wherean investment comprisingnearly3,000 unitsand 70,000 m2 of usablefloorspacewill be erected • Intensiveworks on the preparation to launchnewinvestments in Warsaw, Łódź, Gdynia and Katowice werecarried out Developer of housing space 4

  4. Doubling tangible assets Tangible assets and investment properties • Doubled values of tangible assets and investment properties in the period of 2.5 year: +98% Debt interest • The rate of growth of debt was lower than the growth rate of fixed assets +16% 5

  5. Meeting agenda The most important events in 2012 • Finalization of land acquisition and adoption of a conceptual design of a residential-services complexat Kasprzaka Street in Warsaw. • PLN 155 mil net– the value of a purchased land • ca.3,000unitsand 70,000m2 of US; 5 stages of the investment implementation • Opening of a hotel complex of Czarny Potok Hotel Resort & SPA in KrynicaZdrój in September: • PLN 200 mil– the value of a market valuation • 231 luxuriousrooms; 500seats in conferencerooms, luxurious SPA • in less than 3 monthsafteropening, the Hotel was recognized as Investment of the Year 2012(a prizeawarded by the National Central Bureau of Certification, appreciatingbothinnovative design and the highest standard of a luxurycomplex). Czarny Potok Hotel Resort&SPA 6

  6. Meeting agenda The most important events in 2012 • Obtaining a building permit for construction 2 housingestates in Gdynia at Powstania Wielkopolskiego and in Katowice at Tysiąclecia Street • Construction completion of 5 housinginvestments and 2 commercialprojects: • Osiedle Światowida - Warsaw • Osiedle Zielona Dolina I - Warsaw • Osiedle Lewandów (build. 3-6) - Warsaw • Villa Campina – Ożarów Mazowiecki (multifamilybuildings) • Osiedle Centrum II - Łódź • Sopot Guest-house • Czarny Potok Hotel Resort & SPA - Krynica Zdrój • Acquisition of newloans with anapproximatetotalvalue of PLN 100 mil. • Prizes and awards: • GoldenStatuette POLISH HERCULES 2011 in the category: POLISH PROPERTY DEVELOPER • 1st place in CIJ Journal for the best developer in the Central - Eastern Europe in times of crisis • The Company was ranked in "500 Ranking" of Bloomberg Businessweek Poland • JWCH S.A was on the " List of 200 biggestPolishenterprisers" selectedby Rzeczpospolita daily. 7

  7. Factors influencing the Company's activity in 2012 External factors influencing the Company's activity • The restrictive policy of banks in termsofgivingmortgagecredits • High interestrates in the financial market of WIBOR - limiting the creditworthiness of the Company'scustomers • The lastmonths of "Family on itsOwn" program • Great demand for flats on the primary market • Developer Act -restrictions in developer financing • Pressureto decreaseflatprices NEGATIVE POSITIVE • Ready flats in the offer of the Company • 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 • Stable prices on the market of buildingmaterials 8

  8. Sales of apartments in 2012 * ** • J.W. Construction Holding S.A in 2012 sold 853 units, including 306 in Q4, whataccording to Rzeczpospolita newspapergives the Company the 2nd place in the ranking on a number of sold flats Including: * 30 premises in OXYGEN investment** 61 premises in OXYGEN investment 9

  9. Selected consolidated financial data for the fourth quarter of 2012 • Increase in revenues from sales in Q4 by 63.1% y/y • Increase in gross margin on sales in Q4 2012 by 1 p.p y/y. 10

  10. Selected consolidated financial datafor 2102 • Decrease in revenues from sales in 2012 by 6.1% y/y • Maintaining gross margin on sales in 2012 at a good level. Slight decrease in 2012 by 4.2 p.p y/y 11

  11. Implementation of the gross profit on sales in 2012 • The level of gross profit earned from sales for 2012 is PLN 80.37 mil of which PLN 56.48 mil is from developer projects.The percentage of developer projects recognized in profit from sales: Unitsrecognized in results in 2012 vs 2011: 12

  12. Premises from an offer for recognition in results of subsequent quarters * in units * 13

  13. Implemented investments in 2012 - housing spaces 12 Houses "Villa Campina" Osiedle Zielona Dolina I Osiedle Lewandów I build. 3-6 Osiedle Villa Campina Osiedle OXYGEN Osiedle Centrum II Rezydencja Redłowo OazaPiątkowo Osiedle Światowida UFS Number of units 2,050 Houses "Villa Campina" * Investment implemented in General Contracting 14

  14. Implemented investments in 2012 - commercial spaces • In 2012,the Company was executing commercial-hotel projects with a total usable floor area of almost 60,000 m2. Hanza Tower Luxurious guest-house in Sopot Hotel 4* Czarny Potok Hotel Resort&SPA 15

  15. Investments planned to start • During the nexttwoyears, the Company, on a basis of anowned land bank, plans to start the implementationnearly6,100 units: Investments in Warsaw and vicinity Investments beyond Warsaw *Investmentswhichareplanned to start in 2013 are in greencolour 16

  16. The strategy for next years THE MOST IMPORTANT STRATEGIC AIMS • To start the biggestnumber of new residential projectsofferingfaster, currentcashflow and return on investment from previouslypurchasedplots.  • To intensifyworksrelated to the preparation of projectdocumentation and obtaining building permits • To strengthen the leader positionbothamongdevelopers in Warsaw (on the basis of anownedextensive land bank), and across the country, due to itsexpansionintootherareas of Poland– Tri-City market, Łódź, Katowice, Poznań • Reduction and postponement of commercial and hotel projects, acquisition of partners for implementingtheseprojectsisbeingconsidered • Selectiveacquisition of newlocations and reducing the scale of construction land bank • Active actionstoward non-performing assets • Continuing the reduction of fixedcosts, includingoverheadcosts, throughaninternalreorganization of the Company 17

  17. Selected projects implemented in 2012: Rezydencja Redłowo Location: Gdynia, Redłowo Number of flats: 52 UFS: 3,259 m2 Project's net value:about PLN 27 mil Description: • Modern housing in a cosy and low-rise development • Functional and perfected floor-plans of apartments with an area from 38 to 96 m2 • The community is fully fenced, monitored with physical protection. • Excellent location, Kępa Redłowska reservation close by 18

  18. Selected projects planned to start in 2013: Miasteczko Kasprzaka Location: Wola, Warsaw Numberofunits: 156 in Stage I, 965 in Stage II(argetnumber of units in the investment: 3.000) 1st stage UFS: 7,550 m2 2nd stage UFS: 41,725 m2 Services- trade-offices: target: about 70,000 m2 Project's net value:about PLN 53 mil for Stage 1 aboutPLN 298 mil for Stage 2 Description: • Staging • Verygoodlocation - just3km to the citycentre • Numerous transport nodes in the area • Shopping mall: modern cosyspaces 19

  19. Selected projects planned to start in 2013: Osiedle Millenium Description: • Staging • Very good location - just 5 minute drive to the city centre • Well developed communication infrastructure • Shopping mall: Silesia City Center • The proximity of green and recreational areas Location: Katowice, Os.Tysiaclecia Number of flats: 149 in Stage I(target number of units in the investment: 685) 1st stage UFS: 7,040 m2 Project'snetvalue:about PLN 35 mil 20

  20. Investor Relations: Małgorzata Szwarc-Sroka Economy Division and Investor Relations Office HeadDirector of Economic and Director of Investor Relations J.W Construction Holding S.A. Member of Management Board of J.W Construction S.A. phone: 22 771 77 85 e-mail.: relacje.inwestorskie@jwconstruction.com.pl 21

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