Investor relations

Legal basis : art. 17 section 1 of MAR - confidential information.

Subject: Programme of buy-back of own shares under the invitation to tender for sale in transactions outside the regulated market.

Content of the report:

Management Board of J.W. Construction Holding S.A. with its registered office in Ząbki ("Company") informs that on 5 December 2019, acting pursuant to Resolution No. 4 of the Extraordinary General Meeting of the Company of 15 March 2019 on granting consent to the acquisition of own shares by the company, determining the rules for the acquisition of own shares by the company and the creation of a reserve capital for the acquisition of own shares ("Resolution"), it decided to proceed with the acquisition of fully paid-up own shares of the Company traded on the main market of the Warsaw Stock Exchange ("WSE"), i.e. on the official listing market and therefore adopted a resolution on determining the remaining terms and conditions of the purchase of own shares, including the price and number of the purchased own shares. In the aforementioned resolution of the Management Board the following terms and conditions of the share buy-back program were set:

The programme will be implemented through an invitation to tender for the Company's shares in transactions outside the regulated market operated by WSE, addressed by the Company to all its shareholders, the terms and conditions of which are similar to those of the public tender offer for the sale of shares, in order to enable and ensure that all shareholders of the Company can sell their own shares to the Company.

As part of the buy-back program, the Company will purchase up to 7,000,000 (in words: seven million) shares at a price of PLN 2.99 (in words: two zlotys 99/100) per share.

The buy-back program will be conducted through an independent investment company Dom Maklerski Banku Ochrony Środowiska S.A. with its registered office in Warsaw on the terms specified by the law, taking into account the rules concerning the redemption of own shares resulting from this resolution.

The start date for enrolment is 9 December 2019.

The end of the enrolment period is 18 December 2019.

The anticipated date of acquisition is 27 December 2019.

The buy-back of own shares is conducted with the purpose of their redemption together with the reduction of the Company's share capital, and the legal basis for the conducted programme of buy-back of own shares is art. 362 § 1 point 8 of the Commercial Companies Code.

At the same time, the Management Board of the Company, in its resolution adopted today, decided to suspend, for the duration of the conducted buy-back as part of the invitation for shareholders to submit offers for the sale of the Company's shares in transactions outside the regulated market operated by GWP, the ongoing program of buy-back of shares and stabilization in accordance with Article 5 of the MAR Regulation implemented on the basis of the Management Board's Resolution No. 1 of 26 July 2019. The buy-back of own shares covered by this resolution shall be effected from the amount of the reserve capital established in accordance with the provisions of § 5 of the Resolution, intended for settlement of the total purchase price of the Company's shares plus the costs of purchase of the Company's shares, less the amounts spent on settlement of the previously purchased shares under the buy-back program carried out pursuant to the Management Board resolution No. 1 of 5 April 2019 and the share buy-back program and stabilization pursuant to art. 5 of the MAR Regulation implemented on the basis of the Management Board's Resolution No. 1 of 26 July 2019.

Detailed information is included in the Invitation to submit sales offers attached to this report.