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Meeting agenda

Meeting agenda. Contents. 2. The most significant events in Q1 2013. Obtaining a permit for the use of the following investments ;. Submission of an application for a building permit for the investment in Kasprzaka Street, Warsaw:. „Bliska Wola”, Warsaw - Wola

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Meeting agenda

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  1. Meeting agenda Contents 2

  2. The most significant events in Q1 2013 • Obtaining a permit for the use of the following investments ; • Submission of an application for a building permit for the investment in Kasprzaka Street, Warsaw: „Bliska Wola”, Warsaw - Wola The investment with a housing-service-retail character, which will be implemented in stages. On 3 April, the Company received a building permit for the 1st stage of the investment comprising an implementation of153 flats and 3 services units. In next four stages there will be nearly 3,000 flats and over 70 thousand m2of commercial area. 3

  3. The most significant events in Q1 2013 • The postponement of bonds maturity date with a total value of PLN200.7 million. • The Company successfully carried out the issue of new bonds with a value of PLN 105.7 million with a maturity date falling in January 2016. The funds obtained from theissuance were spent on the purchase of substantial majority of bonds issued in June 2010 in a total amount of PLN 130 million, of which redemption would fallin June this year. • Also, negotiations with bondholders regarding extending maturity bonds date issued in April 2012 in the amount of PLN 95 million which were dedicated to cover a part of the price for the land purchased by the company at Kasprzaka Street, Warsaw were successfully completed. Due to successful negotiations, the original maturity date falling in April 2015 was extended to January 2016. • Repayment of PLN 26.7 million arising from loans. • Making funds available in the amonut of PLN 25.2 million within obtained loans, among other dedicated to co-finance the investment of "Oaza Piątkowo" in Poznań and to refinance units built within the investment of "Lewandów II". 4

  4. The most significant events in Q1 2013 • The most important marketing events in Q1 2013: • Polish Exclusive 2013 award given to Czarny Potok Hotel Resort & SPA - Krynica Zdrój • 4-star hotel of Czarny Potok Resort & Spa in Krynica Zdórj was awarded the Polish Exclusive 2013 in the category of Polish Exclusive Brand. The complex was awarded for its high quality and exclusive character of services. • Signing of the agreement under which J. W. Construction Holding S.A has become a Partner of the first edition of "Bitwa o dom" broadcast on TVN. Shooting takes place in the community of Villa Campina which belongs to the Company. 5

  5. Factors influencing the Company's activity in Q1 2013 External factors influencing the Company's activity • Developer Act - a serious obstacle in the scope of financing developers and opening escrow accounts for investments • No government program to support housing demand • Waiting for the program called "Flat for the Young" slows down the housing property market • Still restrictive banks' policy in the scope of granting mortgage loans, despite some announcements made by the PFSA on easing borrowing conditions. • Great demand for flats on the primary market NEGATIVE POSITIVE • A further reduction in interest rates by the MPC, what translates into a decrease in financial costs for developers and mortgage rates • Preparation of new government solutions along with bridge programs (including the draft amendments of a law on the protection of the rights of tenants, which would facilitate construction of new buildings for rent) • Ready flats in the Company's offer in the biggest cities in Poland • Change of the investment strategy - flexibility of organizational structures in relation to the needs of the market (system of General Contracting) • Intense competition on the market of contractors - the availability of attractive prices, thereby lowering production costs 6

  6. Sales of flats in Q1 2013 • J.W. Construction Holding S.A sold 189 units in Q1 2013* • Despite the lack of "Family on its own" program, the sales results in Q1 2013 are similar to the comparable y/y * Data on sales include sales of "Oxygen" investment (17 premises in 2013 and 22 premises in 2012) 7

  7. Selected consolidated financial data for Q1 2013 • Increase in revenues from sales in Q1 2013 by 85% y/y • Increase in net profit in Q1 2013 by 72 % y/y 8

  8. Gross margin on sales vs gross profit on sales In PLN mil • Gross margins on sales in the long term are maintained at a level of above 20%. 9

  9. Implementation of the gross profit from sales in Q1 2013 • The level of gross profit earned on sales for Q1 2013 is PLN 18 mil.The percentage of developer projects recognized in profit from sales: Units recognized in results Q1 2012 vs Q1 2013: 10

  10. Premises (in units) in an offer to recognize in results of subsequent quarters 330 Units sold - not commissioned 11

  11. Investments implemented in Q1 2013 • In Q1 2013, the Company implemented 1,302 units within housing investment with a total area of 71,685 m2 and 36,328 m2 of floor space within commercial investment ("zero" level) * The investment is implemented within General Contracting by the Company of JWC Sp. z o.o. 12

  12. Investments planned to start • During the next 2 years, the Company, on a basis of an owned land bank, plans to start the implementation of nearly 6,100 units: Investments in Warsaw and vicinity Investments beyond Warsaw *Investments which are planned to start in 2013 are in green colour 13

  13. The strategy for next years • Launching of the nearly 6,100 units over the next two years, including more than 2,100 premises by the end of 2013 • Continuing the reduction of fixed costs, including overhead costs, through an internal reorganization of the Company • To intensify works related to the preparation of project documentation and obtaining building permits, particularly those which are planned to launch in 2013 • To 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, Poznań • Limitation and postponement of the commercial projects' implementation • Selective acquisition of new locations and reducing the scale of construction land bank • Active actions toward non-performing assets THE MOST IMPORTANT STRATEGIC GOALS 14

  14. Overhead costs vs employment * ** *** PLN mil. Number of people Including employment in hotels: * 92 people ** 99 people *** 140 people 15

  15. Marketing and sales policy in Q1 2013 Selected projects planned to start in 2013: Osiedle Millenium • Concentration of strategic marketing and advertising activities in the field of Internet marketing • Extension of activities with an additional area of communication with the Customer • - nationwide television (TVN - Bitwa o Dom) within the support of the Company's property sales and PR activities • Campaigns targeting the sale of turnkey apartments in Warsaw, Ożarów Mazowiecki and Łódź • Promotion of investments in Poznan and Gdynia which were launched to sales in 2012 • Continuation of the marketing and sales program under the banner of "Life Elevated" 16

  16. Marketing and sales policy in Q1 2013 Selected projects planned to start in 2013: Osiedle Millenium • Attractive housing offer, including turnkey premises with a possibility of full furnishing • Premium products - Villa Campina - single family houses and Oxygen Apartments • Individual approach to the customer – the possibility of negotiating the prices depending on the payment amount and schedule • Professional and free of charge credit counselling • Long-term cooperation with banks– the best offer of credits on the market of mortgages only for the Company’s customers. • Interior design programs for Clients available at the Interior Design Development Center • 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 communities 17

  17. Selected projects implemented in Q1 2013: Rezydencja Redłowo source: google.maps.pl 18

  18. Selected projects planned to start in 2013: Bliska Wola source: google.maps.pl 19

  19. Selected projects planned to start in 2013: Osiedle Millenium Selected projects planned to start in 2013: Osiedle Millenium source: google.maps.pl 20

  20. Thank you for your attention INVESTOR RELATIONS: Małgorzata Szwarc-Sroka Economy 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 85 e-mail.: relacje.inwestorskie@jwconstruction.com.pl 21

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