2013-06-26

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Contents The most significant events in Q1 2014

Factors influencing the Company's activity in Q1 2014

The strategy for next years

Sales of flats in Q1 2014

Selected consolidated financial data for Q1 2014

Gross margin on sales vs gross profit on sales

Implementation of the profit from sales from developer projects in Q1 2014

Overheads vs employment

Premises in the offer to be recognized in the result in subsequent quarters

Housing investments implemented in Q1 2014

Investments planned to be run

The most important marketing events in Q1 2014:

Marketing and sales policy in Q1 2014

Selected projects planned to be run in 2014:

Conditions for intensification of the investment program

Basic information on the issue of Series C Shares

Schedule of transactions - key dates

Projects to be run in 2014-2016

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The most significant events in Q1 2014

Obtaining a final use permit for the investment ofOaza Piątkowo in Poznań.

Obtaining a final building permit for the investment of Osiedle Centrum III in Łódź.

The total repayment of a loan granted in the amount of PLN 20 million to refinance the cost of the construction of premises in Ożarow Mazowiecki.

Submission of applications for building permits for the following investments: Bliska Wola, stages B1 & B2 (964 units, Warsaw) – permits obtained in Q2 2014, stage B1 launched to sale.

Shares Issue Announcement and commencement of works on the prospectus preparation.

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Factors influencing the Company's activity in Q1 2014

Maintaining low interest rates of mortgages as a favourable factor to finance the flat purchase.

Polish housing market enters the growth phase of the business cycle - increase in the number of transactions and housing prices.

The introduction of the government program Mieszkanie dla Młodych (since early 2014) - the Company had at the beginning of the year 500 completed units available in this program.

Stable prices of materials and construction services.

Conduct of marketing and advertising activities aimed at intensifying sales of completed units.

Finalisation of processes associated with the preparation of key investments designed to run in the next quarter.

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Factors influencing the Company's activity in Q1 2014

Still restrictive policy of FSA in relation to mortgage credits - restrictions on loans in foreign currencies, Recommendation S

Act developer introducing trust accounts - the act inhibits quick proceeding in the scope of financing and enforces increase in financial expenses

Changes in government support projects in the housing market - the uncertainty in the market resulting in significant seasonality of demand

Long-lasting process of obtaining necessary administrative decisions in relation to the currently ongoing and future projects.

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The strategy for next years

To start the biggest number of new residential projects offering faster, current cash flow and return on investment from previously purchased plots. Implementation of projects within SPVs to increase transparency and accelerate the flow of financing acquisition.To intensify works related to the preparation of project documentation and obtaining building permitsTo strengthen the leader position both among developers in Warsaw (on the basis of an owned extensive land bank), and across the country, due to its expansion into other areas of Poland– Tri-City market, Łódź, Katowice, PoznańReduction and postponement of commercial and hotel projects, acquisition of partners for implementing these projects is being consideredSelective acquisition of new locations and reducing the scale of construction land bankActive actions toward non-performing assetsContinuing the reduction of fixed costs, including overhead costs, through an internal reorganization of the CompanyThe new issue of shares in order to speed up the launch of the new investments.

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Sales of flats in Q1 2014

J.W. Construction Holding S.A in Q1 2014 sold 248 units compared to 189 units y/y, an increase by 31.22% y/y.An important factor influencing the sale of the first quarter is the government program MdM, stimulating demand from customers.

* Data on sales include sales of "Oxygen" investment (25 premises in Q1 2014, 17 premises in Q1 2013)

4766 76

189

79 86 83

248

January February March Total*

2013 2014

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Selected consolidated financial data for Q1 2014

Decrease in revenues from sales in Q1 2014 by 24%, y/y.

Increase in net profit in Q1 2014 by 21% y/y

Selected financial data Q1 2013 Q1 2014 Change

Revenues on sales PLN 85.9 mil PLN 65.3 mil -24.0%

Gross profit on sales PLN 18.0 mil PLN 15.5 mil -13.9%

Gross margin on sales 21% 23.7% +2,7 p.p.

Operating profit PLN 14.7 mil PLN 13.1 mil -10.9%

Net profit PLN 4.3 mil PLN 5.2 mil +20.9%

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Gross margin on sales vs gross profit on sales

Gross margin on sales in the long term is maintained at a level of about 20%.

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30,7

7,7

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18 20,6 18,611,7

15,5

28,0% 28,2%

13,8%

20,1% 21,0% 21,6%24,1%

17%

23,7%

0

5

10

15

20

25

30

35

0%

5%

10%

15%

20%

25%

30%

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Gross profit on sales Gross margin on sales

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Implementation of the profit from sales from developer projects in Q1 2014

The percentage of particular investments recognized in profit from sales within developer projects:

Units recognized in results in Q1 2013 vs Q1 2014

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Overheads vs employment

Including employment in hotels:

* 99 people

** 140 people

*** 140 people

Nu

mb

er o

f peop

le

6,79

5,264,30

627*

447**

0

100

200

300

400

500

600

700

0,00

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

Q1 2012 Q1 2013 Q1 2014

total overheads (PLN mil) employment

361***

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Premises (in units) in the offer to be recognized in the result in subsequent quarters

sold premies not transferred

298

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Housing investments implemented in Q1 2014

In Q1 2014, the Company implemened 4 residential investments with the total number of 362 units covering 19,000 square metres of UFS.

In addition to housing investments, the Company implemented a hotel venue in Q1 called Stara Dana in Szczecin with an estimated

net total area of 5,077 m2.

Housing investments

Project's nameNumber of

unitsUS (m2)

Pending investments - housing

Bliska Wola - Stage A, Warsaw - J.W. Group Sp. z o.o. 1 SKA

156 7,716

Nowe Tysiąclecie, Katowice – Nowe Tysiąclecie Sp. z o.o.

149 7,085

"Villa Campina" - houses, 5 803

Rezydencja Redłowo – Gdynia – Seahouse Sp. z o.o.

52 3,223

TOTAL 362 18,827

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Investments in Warsaw and vicinity

InvestmentNumber of units

Usable Space

Warsaw, Bliska Wola Stage II * B1

673 30,368 m2

Warsaw, Bliska Wola Stage II * B2

291 12,960 m2

Warsaw, Bliska Wola Stage III 479 21,185 m2

Warsaw, Bliska Wola Stage IV 527 24,200 m2

Warsaw, Bliska Wola Stage V 733 33,000 m2

Warsaw, Zielona Dolina II* stage I

549 25,486 m2

Warsaw, Zielona Dolina II* stage II 315 12,772 m2

Warsaw, Berensona Street* 263 11,717 m2

Warsaw, Antoniewska Street 221 13,763 m2

Investments to be run (as at 31 March 2014)

During the next 2 years, the Company, on a basis of an owned land bank, plans to start the implementation of about 5,800 units:

*Investments planned to be run in 2014

InvestmentNumber of units

Usable Space

Warsaw, Lewandów IV* 90 3,230 m2

Warsaw, Aluzyjna Street I 32 1,850 m2

Warsaw, Aluzyjna Street II 68 3,670 m2

Warsaw, Odkryta Street II 82 4,158 m2

Warsaw, Osada Wiślana * 21 1,088 m2

Warsaw, Zielona Dolina III 54 2,248 m2

Warsaw, Nowodworska 12 Street

1,903 m2

Villa Campina - houses, Ożarów*

31 4,983 m2

Warsaw, Lewandów III 129 7,501 m2

TotalNumber of units

4,570Usable Space216,081 m2

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Investments beyond Warsaw

Investments planned to be run

InvestmentNumber of

unitsUsable Space

Katowice, Nowe Tysiąclecie, Stage 2, Building B1

149 7,085 m2

Katowice, Nowe Tysiąclecie, Stage 3 329 16,175 m2

Osiedle „Centrum III”, Łódź Tymienieckiego Street*

96 4,886 m2

Katowice, Bałtycka Street, Stage I* 71 4,182 m2

Katowice, Bałtycka Street, Stage II 79 5,309 m2

Katowice, Bałtycka Street, Stage III 86 4,996 m2

Gdynia, Spokojna Street, Stage II 236 13,500 m2

Gdynia, Spokojna Street, Stage I* 196 11,471 m2

Gdynia, Sochaczewska Street* 51 3,478 m2

Total: 1,293 71,082 m2

*Investments planned to be run in 2014

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The most important marketing- sale events in Q1 2014

Concentration of promotional activities on the offer which is available in the program of "Mieszkanie dla Młodych" - in Warsaw, Łódź, Poznań and Katowice.

"Mieszkanie dla Młodych" Seminar Organization (in Hotel 500, Zegrze) - combination of educational functions with the promotion of Zielona Dolina development.

Completion of the sale of apartments in investments such as Lewandów Park and Bliska Wola (Stage I)

Construction completion of the Oaza Piątkowo investment - advertising campaign of apartments ready to settle

Introduction to the sale of energy-efficient houses in the Villa Campina investment

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Marketing and sales policy in Q1 2014

Conducting strategic marketing activities in all areas of communication with the Client

Individual approach to the Client – the flexibility in terms of possibility of negotiating the prices depending on the payment amount and schedule.

The organization of the "Saleout of Last Flats" from ready to settle investments

Organization of regular Open Days at Trade Offices and participation at Local Real Estate trade fairs

Effective cross marketing - the cooperation with Hotel 500 and Czarny Potok Resort & Spa chain in terms of cross-promotion.

Selected projects planned to be run in 2014:

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Project Bliska Wola

Location Wola, Warsaw

Number of units 964

UFS (m2) 43,328

Description

good location - just 3 km to the strict city centrevery well developed communication infrastructure

- subway station in the end of 2014recreation area - central parkinteresting, modern architecture of buildingscompetitive prices of flats

Selected projects planned to be run in 2014: Warsaw, Kasprzaka Street - Bliska Wola, Stage II (B1+B2)

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ProjectŁódź

Tyminieckiego Street

Location Łódź, Street

Number of flats: 96

UFS (m2) 4,886

Description

the design covers 3 facilities with max. 7 storeysprestigious location in the historic area of Łódźwide choice of metric areas and rooms arrangementsenclosed and supervised areasafe playgrounds

Selected projects planned to be run in 2014:Łódź, Tymienieckiego Street – Osiedle Centrum III

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Project

Warsaw, Tyminieckiego

Berensona Street

LocationWarsaw,

Berensona Street

Number of flats: 263

UFS (m2) 11,717

Description

the design covers 12 buildings low, prestige developmentlocated on Białołęka– the most resiliently developing district in Warsawsafe playgrounds in the area of the developmentproximity of agglomeration conveniences: schools, kindergartens, shopping centresquick access to the downtown area.

Selected projects planned to be run in 2014:Warsaw, Berensona Street

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ProjectGdynia, Spokojna

Street

LocationGdynia, Spokojna

Street

Number of flats: Stage 1 196

UFS (m2) Stage 1 11,471

Description

attractive location - vicinity of Leśna and Spacerowa streetslow, cosy developmentwide choice of metric areas and rooms arrangementsthe design of rooms arrangement allows for any interiors arrangementproximity of beach and Trójmiejski Park Krajobrazowy

Selected projects planned to be run in 2014:Gdynia, Spokojna Street, Stage I

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ProjectGdynia, Sochaczewska

Street

LocationGdynia, Sochaczewska

Street

Number of flats: 51

UFS (m2) 3,478

Description

attractive location - the area of Sochaczewska Streetgreen area, proximity of the beach, rich urban infrastructurelow, cosy developmentinteresting architecturevaried metric areas, floorplans easy to arrange

Selected projects planned to be run in 2014:Gdynia, Sochaczewska Street

Planned Issue of Shares

Conditions for intensification of the investment program

The entrance of the housing market in the growth phase of the cycle resulting from the gradual improvement of the macroeconomic situation in Poland and the increasing availability of credit financing;

Reflection on the housing market confirmed by the increase in housing sales and increase transaction prices over the past 12 months;

The increase of quarterly ROS in the Group's offer in the second half of 2013 additionally confirms the favourable situation on the primary market activity;

The Group has a significant land bank acquired and prepared for development in times of market downturn;

The bank land includes plots in major Polish cities including prestigious locations in Warsaw and Gdynia;

The Group intends to develop its offer more than 2,300 units in 2014 and another 3,500 units in next two years;

Commencement of housing projects in the assumed scale and schedule will require obtaining approximately PLN 95 million of own funds to complement their own contribution in projects to 30%;

Given the recovery in demand into account , the launch of a significant number of new projects in various locations should result in an abrupt increase in the Group's sales in the near term;

The Group's goal is to achieve the sale rate at the level of about 2,000 units per annum in the medium term;

Inflows from the realization of the investment program will provide a major source of reducing financial leverage of the Group in the future.

Basic information on the issue of Series C Shares

Issuance rate

Assumed net value of issue

The approach of the Majority

Shareholder

Assumed issue price

From 3 to 40,554,960 shares of series C (up to 75% of the current share capital of the Company)

Dependent on the issue price

To be confirmed at a later stage, based on feedback from investors and the market price of the shares

The Majority Shareholder holding approximately 62.8% of the total number of shares, declared the execution of one's subscription rights and acquisition of new shares

Issue targets To complement the own contribution to 30% in parts of ongoing and planned developer projects (min. 68.6% of the inflows from the issue)

Conversion of part of the Group's interest-bearing liabilities (max. 31.4% of the inflows from the issue)

Number of shares per 1 subscription

right

The subscription right of 3 shares per every 4 subscription rights, (0.75 shares for 1 subscription right)

9 April

14 May

26 May

4 June

Adoption of a resolution by the Extraordinary General Meeting on the issue shares with subscription rights

Financial results release for Q1 2014

Publication of the issue price of series C shares and the number of issued shares

Other key dates for the issue will be derived from the date of approval of this Prospectus

Quotation of subscription rights will start after the approval of the Prospectus and will continue 8 working days

Subscriptions for shares will be completed three days after the end of quotation of subscription rights

Allotment of shares is expected to be approximately 7 working days after the end of the subscriptions

Within the issue it is expected to use the rights to the shares until the registration of a new issue

The day of subscription right

Schedule of transactions - key dates

30 May The last day of the shares quotation with subscription right

Projects to be run in 2014-2016Project's name Market Segment Location UFS in m2

Service and commercial area in m2

Number of units

Bliska Wola II - Stage B1 Flats with higher standard Warsaw 29,679 689 673

Bliska Wola II - Stage B2 Flats with higher standard Warsaw 12,960 - 291

Zielona Dolina II, Stage I Popular flats: Warsaw 23,888 1,598 549

Zielona Dolina II, Stage II Popular flats: Warsaw 12,772 - 315Berensona Street Popular flats: Warsaw 11,277 440 263

Osada Wiślana (67/1) Popular flats: Warsaw 1,088 - 21Katowice, BAŁTYCKA STR.,

stage I Popular flats: Katowice 4,182 - 71

Gdynia, Sochaczewska Street Popular flats: Gdynia 3,478 - 51Łódź Centrum III Popular flats: Łódź 4,886 - 96

Gdynia, Spokojna / Leśna Street, stage I

Popular flats: Gdynia 11,471 - 196

Lewandów 4 (53/6) Popular flats: Warsaw 3,230 - 90Houses - Ożarów, Anita i

MargaritaSingle-family houses Ożarów Maz 4,983 - 31

Bliska Wola III - Stage C Flats with higher standard Warsaw 20,941 19,244 479

Bliska Wola III - Stage D Flats with higher standard Warsaw 23,600 35,100 527

Bliska Wola III - Stage E Flats with higher standard Warsaw 33,000 17,300 733

Zielona Dolina III Popular flats: Warsaw 2,248 - 54

Katowice, Tysiąclecia stage B1 Popular flats: Katowice 7,085 - 149

Katowice, Tysiąclecia stage A2, B2, B3

Popular flats: Katowice 16,175 - 329

Katowice, BAŁTYCKA STR., stage II

Popular flats: Katowice 5,309 - 79

Katowice, BAŁTYCKA STR., stage III

Popular flats: Katowice 4,996 - 86

Odkryta Street II Popular flats: Warsaw 4,158 - 82Aluzyjna Street I Popular flats: Warsaw 1,850 - 32Aluzyjna Street II Popular flats: Warsaw 3,670 - 68

Lewandów III Popular flats: Warsaw 7,501 - 129Antoniewska Street Popular flats: Warsaw 13,763 - 221

Nowodworska 12 Street Terraced houses Warsaw 1,903 - 12Gdynia, Spokojna / Leśna

Street, stage IIPopular flats: Gdynia 13,500 - 236

Total     283,593 74,371 5,863Source: Company

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Thank you for your attention

INVESTOR RELATIONS:

Małgorzata Szwarc-SrokaEconomy Division

and Investor Relations Office HeadDirector of Economic and Director of Investor Relations of J.W. Construction Holding S.A.

Member of Management Board of J.W. Construction Sp. z o.o.

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