Dom Development S.A.

2014 Results Presentation 26 February 2015

Building value on solid foundations

• Long-term goals

• Strong balance sheet

• Consistent dividend policy

• Clear communication

2

Janusz Zalewski Vice President of the MB. CFO

over 20 years of industry experience

Małgorzata Kolarska Vice President of the MB. COO

over 10 years of industry experience

Janusz Stolarczyk Member of the MB

Business Development Director over 20 years of industry experience

Terry Roydon Member of the MB

over 40 years of international industry experience

Jarosław Szanajca CEO

Co-founder of Dom Development S.A. Over 20 years in housing development

Strong foundations of the Housing Market

current mid-term long-term

Interest Rates

4 Source: National Bank of Poland, Central Statistics Office of Poland

current

7,00%

4,70%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

0%

1%

2%

3%

4%

5%

6%

7%

I III V VII IX XI I III V VII IX XI I III V VII IX XI I III V VII IX XI I III V VII IX XI

2010 2011 2012 2013 2014

Average interest on mortgages (left axis) Real wage dynamics (right axis)

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

5-14 15-24 25-34 35-44 45-54 55-64 65-74 75<

Demography

5 As of 31.12.2013. own analysis based on data from Central Statistics Office of Poland

Warsaw Population Age Structure Baby boomers from the turn of 1970’s and 1980’s start to live on their own –

strong support for popular standard flats demand in the coming years

mid-term

Second-time buyers. upper-standard flats.

Migration Trends

Capital city agglomeration (over 1 m citizens) % of country population 1. Athens (Greece) 33.4%

2. Copenhagen (Denmark) 28.4%

3. Dublin (Ireland) 27.1%

4. Vienna (Austria) 25.5%

5. Budapest (Hungary) 25.5%

6. Lisbon (Portugal) 23.8%

7. Helsinki (Finland) 22.8%

8. London (Great Britain) 22.0%

9. Oslo (Norway) 21.6%

10. Stockholm (Sweden) 20.8%

11. Minsk (Belarus) 20.1%

12. Belgrade (Serbia) 19.4%

13. Brussels (Belgium) 19.1%

14. Sofia (Bulgaria) 18.9%

15. Paris (France) 17.5%

16. Amsterdam (Netherlands) 13.9%

17. Prague (Czech Republic) 13.6%

18. Madrid (Spain) 13.4%

19. Moscow (Russia) 11.7% 20. Bucharest (Romania) 10.0%

21. Kiev (Ukraine) 7.6%

22. Rome (Italy) 5.9%

23. Warsaw (Poland) 5.9% 24. Berlin (Germany) 5.4%

6

long-term

Own analysis based on: Thomas Brinkhoff: Major Agglomerations of the World. http://www.citypopulation.de

Only 5.9% of Poland’s population lives in the Warsaw agglomeration

(2.3m people)

Residential Market

• Sales volumes at 2007 boom levels but without rampant price

growth

• Market supply and demand balanced

• Record-low interest rates support mortgage market

• Homes for the Young – higher price limits continue to support

popular standard flats sales in Warsaw

7

Operational and Financial Outcomes of 2014

Q4 2014

Catching the wave

• Record-high quarterly sales – 531 flats net in Q4 2014

• Increasing sales whilst taking care of margins

• Maintaining a large broad offer

• Safe cash levels (PLN 353m) and very low gearing of 5%

9

Yearly Net Sales

806

1 427

1 7681 457

1 6521 889

0

500

1 000

1 500

2 000

2009 2010 2011 2012 2013 2014

10

No. of flats

Quarterly Net Sales

11

361334 339

386414

466

400

463

495

531

0

100

200

300

400

500

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

No. of flats

Dom’s Offer

12

443

1 582 1 515 1 545 1 625 1 952

580

206 223 458 232

283

-

500

1 000

1 500

2 000

2 500

31/12/2009 1 023

31/12/2010 1 788

31/12/2011 1 738

31/12/2012 2 003

31/12/2013 1 857

31/12/2014 2 235

Flats under construction Finished flats

No. of flats

New Construction Starts

13

585

2 151

1 685 1 701 1 830

Q1: 297

Q2: 1020

Q3: 338

Q4: 249

0

500

1 000

1 500

2 000

2009 2010 2011 2012 2013 2014

10 projects 10 projects

2 projects

12 projects

11 projects 12projects

1 904

4 out of 12 projects commenced in 2014 are new locations.

No. of flats

Units under construction and in preparation

583

2 745 2 921 2 123

2 946 2 815

7 024 6 770

7 929 7 023

6 211

4 587

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

31/12/2009 31/12/2010 31/12/2011 31/12/2012 31/12/2013 31/12/2014

under construction in preparation

14

No. of flats

Handovers

15

1 547

694

1 282

1 970

1 562

1 958

0

500

1 000

1 500

2 000

2009 2010 2011 2012 2013 2014

No. of flats

Flats sold but not delivered as of 31.12.2014

1 059 flats including:

• 196 finished flats • 863 flats under construction

Financial results – effect of low-margin popular standard flats deliveries

2014 2013 Change Q4 2014 Q4 2013 Change

Sales Revenues 784.3 676.4 16.0% 262.8 212.6 23.6%

Revenue per 1 Flat Delivered (PLNk) 400.5 433.0 -7.5% 425.2 428.6 -0.8%

Gross Profit on Sales 152.0 157.1 -3.2% 58.2 54.4 7.0%

Gross Profit Margin 19.4% 23.2% -3.8 pp 22.2% 25.6% -3.4 pp

EBITDA 72.3 76.5 -5.5% 37.8 36.4 3.9%

EBITDA Margin 9.2% 11.3% -2.1 pp 14.4% 17.1% -2.7 pp

Net Profit 55.9 54.5 2.6% 29.7 26.1 14.0%

EPS (PLN) 2.25 2.20 2.3% 1.20 1.05 13.9%

16 IAS 18, PLN m

Maintaining Safe Balance Sheet

17

Consolidated Balance Sheet IAS 18, PLN m 31.12.2014 31.12.2013 Change

Cash 352.8 327.4 7.8%

Work in Progress 1,000.4 1,167.1 -14.3%

Flats sold and not delivered (units) 1,059 1,128 -6.1%

Net Debt 41.2 116.6 -64.7%

Equity 858.3 856.5 0.2%

Gearing (Net Debt/Equity) 4.8% 13.6% -8.8 pp

Net Assets per Share (PLN) 34.65 34.60 0.1%

Dividends paid

18

Dividend Payments From the Profit for 2014 (recommended)

From the Profit for 2013 From the Profit for 2012

Dividend per Share PLN 2.25 PLN 2.20 PLN 3.68

Total Dividend Payment PLN 55.7m PLN 54.5m PLN 91.0m

% of Net Profit 100% 100% 100%

0,15

2,04

0,80 0,80 0,90

1,50

3,68

2.20 2.25*

2006 2007 2008 2009 2010 2011 2012 2013 2014

*Management Board’s Recommendation

Dividend per share (PLN) Dividend payments (PLN m)

3,7

50,1

19,6 19,6 22,1

37,0

91,0

54.5 55.7*

2006 2007 2008 2009 2010 2011 2012 2013 2014

*Management Board’s Recommendation

Comfortable Debt Maturity Structure

19

353

100 120

50

26

78

20

0

50

100

150

200

250

300

350

cash as of31.12.2014

by 31.12.2015 by 31.12.2016 by 31.12.2017 by 31.12.2018

Unsecured Bonds Bank Loans

PLN m

270

124

2014 – objectives achieved

20

Reaction to market situation

Strategic potential development

Optimising capital efficiency

• Commencement of 12 new projects (1,900 flats) • Extending the offer eligible for Homes for the Young • Offer enriched with broader selection of apartments

• Placing margins above sales volume • Long-term stable financing structure

• Land bank diversification by project location, scale and segment

• Modernization of Company’s operations and systems

Summary:

Appendices

22

Appendix 1:

Commencement of Handovers in 2015

Project No. of Flats in Project Commencement of

Handovers

Q2 Oaza ph 3 218 June 2015

Saska Apartamenty n. Jeziorem ph 1 162 June 2015

Q3

Palladium 245 July 2015

Wilno II ph 1 168 August 2015

Żoliborz Artystyczny ph 3 228 September 2015

Aura 1a 122 September 2015

Q4

Willa Lindego 121 November 2015

Saska Apartamenty n. Jeziorem ph 2 224 November 2015

Rezydencja Mokotów 134 December 2015

Pod Różami 107 December 2015

Al. Piastów 171 December 2015

Żoliborz Artystyczny ph 4 222 December 2015

Wilno 2a ph 2 149 December 2015

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Appendix 2:

Projects Under Construction and in Preparation as of 31/12/2014

TOTAL UNDER

CONSTRUCTION IN PREPARATION FINISHED

WARSAW 2 240 4 432 21 674

WROCLAW 575 155 246

DOM 2 815 4 587 21 920

PROJECT UNDER

CONSTRUCTION IN

PREPARATION

AL. PIASTÓW 171 ---

OAZA 218 ----

AURA 186 155

WROCLAW 575 155

PROJECT UNDER

CONSTRUCTION IN

PREPARATION

WILLA LINDEGO 121 ---

ŻOLIBORZ ARTYSTYCZNY 450 749

REZYDENCJA MOKOTÓW (NARUSZEWICZA)

134 ---

OSIEDLE POD RÓŻAMI (WŁODARZEWSKA)

107 ---

GARAŻOWA ---- 326

BUKOWIŃSKA ---- 235

BUKOWIŃSKA NAD SKARPĄ

---- 207

TOTAL LEFT BANK

812 1 517

PROJECT UNDER

CONSTRUCTION IN PREPARATION

REGATY ---- 204

PALLADIUM (AKACJE) 245 824

KLASYKÓW 231 204

WILNO 566 1 065

APARTAMENTY SASKA NAD JEZIOREM

386 239

SASKA III --- 379

TOTAL RIGHT BANK

1 428 2 915

Dom Development S.A. endeavours to ensure that the information in the presentation is complete. up-to-date and accurate. However. we do not make any guarantees in this respect. Dom Development S.A. connot accept responsibilty for the consequences of using such information. and in particular any loss caused by reliance thereon for the purpose of investment decisions. The material contained in the presentation originates from reliable public sources and to the best knowledge of Dom Development S.A. may be considered reliable.

24

For further information. please contact: Magdalena Kempa Investor Relations Specialist

tel. +48 22 351 68 49 e-mail: magdalena.kempa@domdevelopment.com.pl www.inwestor.domdevelopment.com.pl