10 November 2011

Presentation of the results

Q3 2011

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

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

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

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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

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The most significant events in Q3 2011

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The Company's results in - Q3 2011

The value of credits granted for investment projects

PLN 87 mil

sold flats

units handed over to customers171

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

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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

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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)

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The results of J.W. Construction Holding S.A.

• Sale of apartments• Revenue, margin, profit• Premises recognized in a result

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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

Results for Q3 2011

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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 [%]

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-66.94%

-4,66 p.p.

Results for Q3 2011

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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

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-85.22%

-81.26%

Results for Q3 2011

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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%

Results for Q3 2011

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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%

Gross profit taking from sales for 3 quarters 2011

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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:

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Premises from an offer for recognition as a result of subsequent quarters*

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* in units

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Implemented investments of J.W Construction Holding S.A.

• Housing investments• Commercial investments

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Investments implemented in Q3 2011 residential spaces

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In H3/2011, the Company implemented the construction of 1,619 premises and 12 houses with the UFS of 79 003 m2

12 Domów w Ożarowie

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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

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Implemented hotel-commercial projects with an area of 58 657 sq m.

Class A office building Hotel 4 * SPA & Wellness Resort 5 * Hanza Tower

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Investments implemented in the third quarter of 2011 residential spaces

Usable Space

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The development strategy ofJ.W. Construction Holding S.A.

• Geographic diversification• Investment plans • External contracts

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Geographic diversification of residential and commercial investments

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Designations:

commercial investments

housing investments

housing investments- new directions

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Katowice, Tysiaclecia Street

UFS: 27,657 m2Warsaw:

Zielona Dolina II UFS, 41,979 m2

Warsaw:Kasprzaka Street UFS: 148 974m2

Ożarów - houses UFS: 1 708m2

WarsawAluzyjna I UFS:

2 011m2

Gdynia, Powstania

Wielkopolskiego UFS: 3,258 m2

WarsawOdkryta II UFS

4 158m2

Warsaw:Aluzyjna II

UFS: 6,985 m2

Warsaw:Berensona UFS

11,875 m2Katowice,

Bałtycka Street UFS: 14,688 m2

Warsaw:Antoniewska UFS

14,515 m2Gdynia,

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;

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Housing projects - planned to start

Łódź Tymieckiego III UFS: 5,038 m2

* the Company intends to build ultimately 209 houses

WarsawZdziarska I

UFS: 2,256 m2

Wrocław: Powstańców

Śląskich StreetUFS: 2230 m2

Lewandów houses

UFS: 2 510m2

*

Strong entry in the segment of commercial properties - investments planned to start

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Wrocaław ProjectLocation: Wrocław - CentrumUFS number 24,039 m2Date of completion: Q4 2012Date of completion: Q4 2014

Pileckiego PileckiegoLocation: Ursynów, WarsawUFS number 7,697 m2Date of completion: Q4 2012Date of completion: Q4 2014

Miasteczko Kasprzaka ProjectLocation: Wola, WarsawUFS number 72,055 m2Date of completion: Q3 2012Date of completion: Q3 2016

10 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

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Sales policy

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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

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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

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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