Contents*

2011 - time of strengthening the leader's position in the industry 3Significant events in 20114The Company's results in 20115External factors influencing the company's activity.6Internal factors influencing the company's activity. 7Sales of flats quaterly in 2011 vs 20108Financial results in 20119-10Results for Q4 201111-12Implementation of the gross profit from sales in 2011 13Premises from an offer for recognition as a result of subsequent quarters 14Implemented investments in 2011 - housing spaces 15Implemented investments in 2011 - commercial spaces 16Currently implemented housing investments in Warsaw and its surroundings17Housing projects - planned to start18Housing investments - planned to be launched - an innovative project of Villa Campina19Sales policy of the Company in 2011 20-21Objectives 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 25,000Geographic diversification of the Company - residential developments completed and planned for a launch in Warsaw, Gdynia, d, 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 ZdrjModernization 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*Developer of commercial spaceWe 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*Obtaining building permits for construction of housing investments: in Pozna, at Jaroczyskiego Streetin Warsaw, at wiatowida, at Zdziarska Street, for next 4 buildings in Osiedle Lewandw Park and for next 4 houses in Krczki KaputyObtaining a building permit for construction of commercial space at Wyzwolenia Street in the centre of Szczecin - Hanza TowerThe commencement of new residential investments: Osiedle wiatowida, Osiedle Lewandw Park (buildings 3-6), ZdziarskaConstruction commencement of a prestigious commercial investment in Szczecin - Hanza TowerThe 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 d and Warsaw estate at wiatowida Street. Preparation for opening of a hotel-leisure complex -Czarny Potok in Krynica Zdrj to openConcluding 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 d for housing investment implementation (at Tymienieckiego Street)

The Company's results in 2011*

External factors influencing the company's activity.*

Internal factors influencing the company's activity. *A financial surplus from ready projectsIncreased sales for projects beyond the city of Warsaw ( larger scale of activity)Future revenues on commercial part

* 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

*Financial results in 2011Decrease 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 [%]

*Financial results in 2011Profit from operating activities [PLN mil]Net profit [PLN mil]Decrease in profit from operating activities in 4 quarters 2011 by 55.15% y/yDecrease in net profit for 4 quarters 2011 by 66.03% y/y

*Results for Q4 2011Revenues 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

*Results for Q4 2011Profit from operating activities [PLN mil]Net profit [PLN mil]Decrease in profit from operating activities in Q4 2011 by 83.60% y/yDecrease in net profit in Q4 2011 by 94.82% y/y

*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:

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

*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. Number of unitsUFS

Wykres1

12 Domw w Oarowie

Seria 1

Arkusz1

Seria 1

12 Domw w Oarowie

Aby zmieni rozmiar zakresu danych wykresu, przecignij prawy dolny rg zakresu.

*Currently implemented housing investments in Warsaw and its surroundingsWarsaw

*Implemented investments in 2011 - commercial spaces Implemented hotel-commercial projects with an area of 60 985 m2.at Badylarska Street Class A office buildingHotel 4 * SPA & Wellness Resort 5 * Hanza Tower

InvestmentUFS in total:"Hanza Tower" - Szczecin36,328 m2Hotel "Czarny Potok" in Krynica Zdrj20,500 m2Office building at Badylarska Street in Warsaw4,157 m2

*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 Investments in Warsaw and vicinityInvestments beyond Warsaw

InvestmentNumber of flats:UFSWarsaw, at Kasprzaka Street*3,000148,974 m2Warasaw, Zielona Dolina II85337,219 m2Warsaw, at Berensona Street25911,875 m2Warsaw, at Antoniewska Street25514,515 m2Warsaw, Aluzyjna II1476,985 m2Warsaw, at Odkryta II824,158 m2Warsaw, at Zdziarska III522,256 m2Warsaw, at Aluzyjna I402,011 m2Oarw Mazowiecki (houses)507,500 m2Warsaw, at Lewandw Street (houses)162,510 m2Total:4,754238,003 m2

InvestmentNumber of flats:UFSKatowice, at Tysiaclecia Street58527,657 m2Gdynia, at Spokojna Street44033,500 m2Katowice, at Batycka Street25614,688 m2Pozna, at Jaroczyskiego Street1839,423 m2d, at Tymienieckiego Street III1065,165 m2Gdynia, at Sochaczewska Street553,400 m2Gdynia, at Powstania Wielkopolskiego Street523,200 m2Total:1,67797 033 m2

*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 conceptAs 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. NumbersSpace: 116 m to 193 m Number of parcels: 200Distance from Warsaw: about 8 kmDistance from Kampinos National Park: 5 kmDistance from Oarw: 5 km Housing investments - planned to be launched - an innovative project of Villa Campina

*Sales policy of the Company in 2011 An attractive housing offer , including turnkey apartments available in Silver, Gold and Platinum programs and with full equipmentTurnkey finish programs for the Customers - Silver, Gold and PlatinumImplementation of the program, "Move in, then buy" for the investment of Lewandw ParkProfessional and free of charge credit counselingLong-term cooperation with banks the best offer of credits on the market of mortgages only for the Companys customers.Offer of various financing programmes for CustomersAttractive 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

*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 ClientsContest of tenders made by CustomersSpecial offer for customers on the occasion of the Company's participation in the fair trade and during the organization of open days of house estatesConstant monitoring of the real estate market

*Objectives for the next quarters of 2012 Housing properties:

Popular flats and ones with a higher standard:Activities connected with preparing new investments to launchMaintaining market leadership in Warsaw - the expansion of the commercial offerActivity extension with entirely new projects in various parts of Poland (Katowice, Gdynia, Poznan) Single-family housesThe 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 Zdrj

*Investor Relations:Magorzata Szwarc-SrokaEconomy Division and Investor Relations Office HeadDirector of J.W. Construction Holding S.AMember of the Management Board of J.W Construction S.A.phone: 22 771 77 85e-mail.: relacje.inwestorskie @ jwconstruction.com.pl

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