Contents

2

Contents 2

J.W. Construction - the biggest developer in the crisis period in Central-East Europe 3

Significant events in Q1 2012 4

The Company's results in Q1 2012 5

Sales of flats in Q1 2012 vs Q1 2011 6

Financial results for Q1 2012 7-8

Implementation of the gross profit from sales in Q1 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 Q1 2012 - housing spaces 15

Housing investments - planned to commence 16

Sales policy of the Company in 2012 17-18

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 Q1 2012

4

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;

Preparation works to the opening of a hotel-conference complex - Czarny Potok in

Krynica Zdrój

Entry into a final stage of an investment implementation of an exclusive guest house in

Sopot;

Continuation of talks regarding an investment purchase at Kasprzaka Street

(final transaction in April).

Obtaining an occupancy permission for a sewage treatment plant in Ożarów Mazowiecki;

The Company's results in Q1 2012

5

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.

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

Investments to launch in 2012:- Gdynia, at Powstania Wielkopolskiego Street - a building permit- Gdynia, at Sochaczewska Street- Poznań, at Jaroczyńskiego Street - a building permit

about PLN 50 mil

206

3

6 Ongoing housing investments

4

6

J.W. Construction Holding S.A sold 206 units* in Q1 2012. Other investments planned to launch with sales are in the pipeline

* Data on sales include sales of "Oxygen" investment (22 premises)

Sales of flats in Q1 2012 vs Q1 2011

January February March Total Q1

7

Financial results for Q1 2012

Decrease in revenues from sales in Q1 2012 by 62,98%, y/y.

Decrease in gross margin on sales in Q1 2012 by 2,62 p.p y/y.

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

125,6

46,5

I Q 2011 I Q 2012

30,54

27,92

I Q 2011 I Q 2012

62.98% 2,62 p.p.

Q1 2011 Q1 2012 Q1 2011 Q1 2012

8

Financial results for Q1 2012

Profit from operating activities [PLN mil]

Net profit [PLN mil]

Decrease in profit from operating activities in Q1 2012 by 65.19% y/y

Decrease in net profit in Q1 2012 by 87.05% y/y

31,6

11,0

I Q 2011 I Q 2012

19,3

2,5

I Q 2011 I Q 2012

65.19% 87.05%

Q1 2011 Q1 2012 Q1 2011 Q1 2012

9

Implementation of the gross profit from sales in Q1 2012

The level of gross profit earned from sales after Q1 2012 is PLN 12.99 mil. The percentage of developer projects recognized in profit from sales:

29%

42%

11%

14%

1% 3%

Lewandów Park II (26)

Górczewska Park (23)

Bursztynowe Osiedle (11)

Lewandów Park I (16)

Aleja Wiślana (3)

Pozostałe lokalizacje (5)

Units recognized in results Q1 2012 vs Q1 2011:

84

370

I Q 2011 I Q 2012Q1 2011 Q1 2012

Other locations

10

Premises from an offer for recognition in results of subsequent quarters

* in units

2 079

596

376

255

208

184

168

117

77

65

33

Razem

Zielona Dolina I

Słoneczny Park

Łódź Os. Centrum II

Lewandów Park I bud. 3-6

Światowida

Lewandów Park II

Górczewska Park

Lewandów Park I

Pozostałe

Bursztynowe Osiedle

Total

Other locations

The implemented strategy

11

ZegrzeStrykówCieszynTarnowo

Krynica ZdrojSopot Szczecin

Hotels

Office buildings

A Class Hanza Tower

Jerozolimskie Point

Szczecin

2* & 3*

4* & 5*

Hotel 500 chain

1. Czarny Potok2. JW. - luxlux 3. Stara Dana

Warsaw

Flats Popular

Apartments

Houses Exclusive

1.Centrum I & II2.Górczewska Park3.Osiedle Światowida4.Lewandów Park5.Zielona Dolina 6.Os. Bursztynowe7.Słoneczny Park

OXYGEN

Villa Campina

Properties diversifications due to market segment, prestige and location

Warsaw

Warsaw

Ożarów Maz

J.W. CONSTRUCTION HOLDING S.A.COMMERCIAL SEGMENT

HOUSING SEGMENT

prestige

location

Łódź

Ożarów Maz

12

Commercial spaces- a systematic growth in the value of the Company's assets

13

We are building the value for shareholders through a diversification of income sources, what results in a systematic growth of

the Company's assets.

Hanza Tower - office-service project

Jerozolimskie Point - office project

Czarny Potok- hotel project 4* with 5-star SPA&Wellness complex

A luxurious guest house - Sopot

4,979 m2 20,500 m24,157 m2Usable Space

Stara Dana - hotel project 4*

31,785 m2 2,852 m2

Target estimated value of facilities is PLN 600 mil

14

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

Number of undeveloped plots: 194

Total area of undeveloped plots: 162,058m2

Estimated value of utilized plots: PLN 123 mil

Ready show houses: 12 (value of PLN 19 million)

Number of parcels: 719 m² to 1,387 m²

Toal area of houses: 116 m² to 193 m²

Distance from Warsaw: about 8 km

Distance from Kampinos National Park: 5 km

Distance from Ożarów: 5 km

An innovative project - Villa Campina

15

Housing investments implemented in Q1 2012 - housing spaces

12 Domów w Ożarowie

UFS

Number of units

"Zielona Dolina I", Zdziarska

Street

"Zielona Dolina I", Zdziarska

Street

"Słoneczny Park"

„Osiedle Centrum II",

Łódź

"Osiedle Lewandów

I"– buildings 3-6

„Osiedle Światowida”

"Słoneczny Park"

„Osiedle Centrum II",

Łódź

"Osiedle Lewandów

I"– buildings 3-6

„Osiedle Światowida”

12 houses in Ożarów

16

Housing investments - planned to commence

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 which are planned to launch in 2012 are in green colour

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

17

Sales policy of the Company in 2012

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 2012

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 HeadDirector 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 85e-mail.: relacje.inwestorskie @ jwconstruction.com.pl