Contents

2

2011 - time of strengthening the leader's position in the industry 3

Significant events in 2011 4

The Company's results in 2011 5

External factors influencing the company's activity. 6

Internal factors influencing the company's activity. 7

Sales of flats quaterly in 2011 vs 2010 8

Financial results in 2011 9-10

Results for Q4 2011 11-12

Implementation of the gross profit from sales in 2011 13

Premises from an offer for recognition as a result of subsequent quarters 14

Implemented investments in 2011 - housing spaces 15

Implemented investments in 2011 - commercial spaces 16

Currently implemented housing investments in Warsaw and its surroundings 17

Housing projects - planned to start 18

Housing investments - planned to be launched - an innovative project of Villa Campina 19

Sales policy of the Company in 2011 20-21

Objectives for the next quarters of 2012 22

2011 - time of strengthening the leader's position in the industry

J.W. Construction Holding S.A is a leading housing developer in Polandand the most recognizable

brand in the Warsaw market (title of Housing Brand of the Year 2011);

The Company has completed 53 housing investments since its establishment.

In 1994 - 2011, the Company commissioned a record number of flats: about 25,000

Geographic diversification of the Company - residential developments completed and planned for a

launch in Warsaw, Gdynia, Łódź, Katowice, Poznan;

In the nearest 2 years, the Company is planning to introduce to its offer about 6 ,400 units from the

owned land bank;

J.W. Construction Holding S.A is the leader in innovative sales programs that help customers

purchase a flat (eg. "10/90", "Move in, then buy").

J.W. Construction Holding S. is the first residential developer in Poland, which pointed to the need of

diversifying revenue sources through extending the offer to include commercial spaces;

In 2011, the Company was implementing a construction of 3 commercial-hotel projects with a usable

floor area of almost 61 000 m2 in Warsaw, Szczecin, Krynica Zdrój

Modernization of Hotels 500 - 4 two-and three-star hotels in attractive locations;

The development of the hotel sector through a construction of a prestigious centre "Czarny Potok" in

Krynica.

Developer of housing space

3

Developer of commercial space

We establish value for shareholders through the systematic development of business activity, innovative sales solutions and expansion of the

Company's fixed assets.

Significant events in 2011

4

Obtaining building permits for construction of housing investments: • in Poznań, at Jaroczyńskiego Street• in Warsaw, at Światowida, at Zdziarska Street, for next 4 buildings in Osiedle

Lewandów Park and for next 4 houses in Kręczki Kaputy Obtaining a building permit for construction of commercial space at Wyzwolenia Street in

the centre of Szczecin - Hanza Tower The commencement of new residential investments: Osiedle Światowida,

Osiedle Lewandów Park (buildings 3-6), Zdziarska Construction commencement of a prestigious commercial investment in Szczecin -

Hanza Tower The continuation of implementation of the first external project - Oxygen at Wronia Street

in Warsaw. Acquisition of investment loans with a value of PLN 139 million for a partial financing the

implementation of two stages of the investments:Zielona Dolina, Osiedle at Tymienieckiego Street in Łódź and Warsaw estate at Światowida Street.

Preparation for opening of a hotel-leisure complex -Czarny Potok in Krynica Zdrój to open Concluding a preliminary property purchase agreement of a property at Kasprzaka

Street, Warsaw for about 3,000 flats and over 72 thousand of square meters of retail space

The Company won a tender for a land purchase in Łódź for housing investment implementation (at Tymienieckiego Street)

The Company's results in 2011

5

The value of credits granted for investment projects

Flats sold (including 30 premises from "Oxygen" investment - implemented by the Company of J.W. Construction S.A.)

units commissioned to customers

ongoing investments, including: -two commercial projects (Jerozolimskie Point- Warsaw; Hanza Towe - Szczecin)-1 hotel project (Czarny Potok - Krynica Zdrój)

residential investments in the pipeline - to be launched in 2012

PLN 139 mil

968

1029

6

9

External factors influencing the company's activity.

6

Subsequent provisions of Recommendation S for banks issued by PFSA entered into force in January 2012 Introduced regulations mean lower creditworthiness for many clients and limitation of the possibility of taking a loan in foreign currency.

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

Recommendation S

The government program

"Rodzina na Swoim"

Great demand for flats

Internal factors influencing the company's activity.

7

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

Increased sales for projects beyond the city of Warsaw ( larger scale of activity)

Future revenues on commercial part

Access to sources of

Stable finances

Owned land bank

The presence in various Polish cities

Available offer

Maintaining a margin

Diversified revenue

8

In 2011, J.W. Construction Holding S.A sold 1 029 units* Other investments planned to be launched sales are in the pipeline

* Data on sales for 2011 include sales of "Oxygen" investment (30 premises)

Sales of flats quaterly in 2011 vs 2010

9

Financial results in 2011

Decrease in revenues from sales for 4 quarters 2011 by 38,93%, y/y.

Maintaining margin for 4 quarters 2011 on a good level. A slight decrease by 1.88 p.p y/y.

Revenues from sales [PLN mil] Gross margin on sales [%]

38.93%

1,88p.p.

10

Financial results in 2011

Profit from operating activities [PLN mil]

Net profit [PLN mil]

Decrease in profit from operating activities in 4 quarters 2011 by 55.15% y/y

Decrease in net profit for 4 quarters 2011 by 66.03% y/y

55.15%

66.03%

11

Results for Q4 2011

Revenues from sales [PLN mil] Gross margin on sales [%]

Decrease in revenues from sales in Q4 2011 by 45,62%, y/y.

Decrease in margin in Q4 by 6.25 p.p y/y

45.62%

6,25p.p.

12

Results for Q4 2011

Profit from operating activities [PLN mil]

Net profit [PLN mil]

Decrease in profit from operating activities in Q4 2011 by 83.60% y/y

Decrease in net profit in Q4 2011 by 94.82% y/y

83.60%

94.82%

13

Implementation of the gross profit from sales in 2011

The level of gross retained earnings from sales in 2011 is PLN 101,36 mil. The main percentage was in the following investments:

Recognized flats in the cumulative results for 4 quarters 2011 vs 2010:

14

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

* in units

15

Implemented investments in 2011 - housing spaces

In 2011, the Company implemented the construction of 1,619 premises and 12 houses with a total area of 79,111 sq m of usable floor space.

12 Domów w Ożarowie

Number of units

UFS

16

Currently implemented housing investments in Warsaw and its surroundings

Warsaw

17

Implemented investments in 2011 - commercial spaces

Implemented hotel-commercial projects with an area of 60 985 m2.

at Badylarska Street Class A office building

Hotel 4 * SPA & Wellness Resort 5 *

Hanza Tower

Investment UFS in total:

"Hanza Tower" - Szczecin 36,328 m2

Hotel "Czarny Potok" in Krynica Zdrój 20,500 m2

Office building at Badylarska Street in Warsaw

4,157 m2

18

Housing projects - planned to start

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

* Land at Kasprzaka Street is purchased with preliminary agreement

InvestmentNumber of

flats:UFS

Warsaw, at Kasprzaka Street* 3,000 148,974 m2

Warasaw, Zielona Dolina II 853 37,219 m2

Warsaw, at Berensona Street 259 11,875 m2

Warsaw, at Antoniewska Street 255 14,515 m2

Warsaw, Aluzyjna II 147 6,985 m2

Warsaw, at Odkryta II 82 4,158 m2

Warsaw, at Zdziarska III 52 2,256 m2

Warsaw, at Aluzyjna I 40 2,011 m2

Ożarów Mazowiecki (houses) 50 7,500 m2

Warsaw, at Lewandów Street (houses)

16 2,510 m2

Total: 4,754 238,003 m2

InvestmentNumber of flats:

UFS

Katowice, at Tysiaclecia Street

585 27,657 m2

Gdynia, at Spokojna Street 440 33,500 m2

Katowice, at Bałtycka Street 256 14,688 m2

Poznań, at Jaroczyńskiego Street

183 9,423 m2

Łódź, at Tymienieckiego Street III

106 5,165 m2

Gdynia, at Sochaczewska Street

55 3,400 m2

Gdynia, at Powstania Wielkopolskiego Street

52 3,200 m2

Total: 1,677 97 033 m2

Investments in Warsaw and vicinity Investments beyond Warsaw

19

Villa Campina is the first prestigious estate of single-family houses in

Poland based on an American concept ShowCase House. Its

assumption is to present 12 ready to move-in houses diverse in terms of

architecture and interior design.

ShowCase House concept

As the first in Poland, we are offering a prestigious estate of single-family

houses, which are created by the inhabitants themselves by selection of

plots and projects of houses. From the exposition of 12 types of show

houses, the client can select a preferred project and entrust the

developer its implementation and all the paperwork associated with it.

Numbers

Space: 116 m² to 193 m²

Number of parcels: 200

Distance from Warsaw: about 8 km

Distance from Kampinos National Park: 5

km

Distance from Ożarów: 5 km

Housing investments - planned to be launched - an innovative project of Villa Campina

20

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

21

Sales policy of the Company in 2011

Packages offering special conditions, dedicated to employees of institutions co-operating with J.W. 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

22

Objectives for the next quarters of 2012

Housing properties:

Popular flats and ones with a higher standard: Activities connected with preparing new investments to launch Maintaining market leadership in Warsaw - the expansion of the commercial offer Activity extension with entirely new projects in various parts of Poland (Katowice,

Gdynia, Poznan)

Single-family houses

The implementation of the first project of single-family houses based on an American concept of

ShowCase House in Poland. The estate is created by its inhabitants. From the exposition of 12 types of show houses, the client can select a preferred project and entrust the developer its implementation and all the paperwork associated with it.

Commercial properties:

Implementation of office projects: Warsaw, SzczecinHotel activity - modernization of the chain of Hotels 500, a launch of hotel-leisure complex

"Czarny Potok" in Krynica Zdrój

23

Investor Relations:

Małgorzata Szwarc-Sroka

Economy Division and Investor Relations Office HeadDirector of J.W. Construction

Holding S.A

Member of the Management Board of J.W Construction S.A.

phone: 22 771 77 85e-mail.: relacje.inwestorskie @ jwconstruction.com.pl