Holding structure

Organizational Structure

J.W. Construction Holding established one – purpose companies in order to enable the implementation of specific investments (developer projects). The scope of their activity has been described below:

Construction Invest Sp. z o.o.

Construction Invest Sp. z o. o. has been registered in the entrepreneurs register on 9th February 2006 under the number KRS 250688. 100% shares in the Company are owned by J.W. Construction Holding SA. The capital stock of the Company amounts 50.000 PLN and is subdivided into 100 shares with nominal value of 500 PLN each. The activity of Construction Invest sp. z o. o. is associated with development and selling of real estates at their own account. It has been established in order to purchase the real estates, to obtain the building permits and to transfer the real estates together with building permit to the benefit of J.W. Construction Holding SA. Construction Invest Sp. z o. o. is one of one – purpose companies established to implement the specific project.

TBS Marki Sp. z o.o.

TBS Marki Sp. z o. o. has been registered in the entrepreneurs register on 28th November 2001 under the number KRS 65232. 99,99% shares in the Company TBS Marki are owned by J.W. Construction Holding SA. The capital stock of the Company amounts 13.360.000 PLN and is subdivided into 22.720 shares with nominal value of 500 PLN each. TBS Marki Sp. z o.o. has been established as the Social Housing Construction Society in accordance with the regulations included in the Act on Some Forms of Supporting Housing Construction. The Company is the investor responsible for the implementation of four projects i.e. „Lisi Jar”, „Marki V”, „Warszawa Białołęka (TBS)” and „Sochaczew, Piłsudskiego Street (TBS)”.

Lokum Sp. z o.o.

Lokum Sp. z o.o. has been registered in the entrepreneurs register under the number KRS 170570 on 20th August 2003 . 99,99% shares in the Company are owned by J.W. Construction Holding SA. The capital stock of the Company amounts 3.778.500 PLN and is subdivided into 7.557 shares with nominal value of 500 PLN each. Lokum sp. z o.o. has been established one – purpose company responsible for Willa Konstancin project in Konstancin – Jeziorna since 2006.

Business Financial Construction Sp. z o.o. (BFC)

Business Financial Construction Sp. z o.o. has been registered in the entrepreneurs register on 24th May 2002, under the number KRS 114675. 99,99 % shares in the Company are owned by J.W. Construction Holding SA. The capital stock of the Company amounts 4.347.000 PLN and is subdivided into 8.694 shares with nominal value of 500 PLN each. The activity of Business Financial Construction Sp. z o. o. is associated with the servicing of sales of the apartments constructed by the Company and other subjects from the Group.

JW Projekt Sp. z o.o.

JW Projekt Sp. z o.o. has been registered in the Entrepreneurs Register on 20th February 2004 under the number KRS 195210. J.W. Construction Holding SA is in the possession of 99,99 % of shares in the Company. The value of capital stock of the company is equal to 1.155.600PLN and is subdivided into 5.778 shares with nominal value of 200PLN per share. On 19th February 2008, the Company changed its name from Dremet - Projekt Sp. z o.o. to J.W. Projekt Sp. z o.o. The Company has transferred its architectural and design operations to J.W. Projekt Sp. z o.o.

Project 55 Sp. z o.o.

Project 55 Sp. z o.o. has been registered in the entrepreneurs register on 22nd November 2002 under number KRS 139665. 99,99% shares in the Company are owned by J.W. Construction Holding SA. The capital stock of the Company amounts 7.528.500 PLN and is subdivided into 15.057 shares with nominal value of 500 PLN each. Project 55 sp. z o.o. has been established as one – purpose company acting as the developer. Project 55 Sp. is the investor responsible for Górczewska Housing Estate erection.

Interlokum Sp. z o.o.

Interlokum Sp. z o.o. has been registered in the entrepreneurs register under the number KRS 170216 on 18th August in 2003. 99% shares in the Company are owned by J.W. Construction Holding SA. The capital stock of the Company Interlokum Sp. z o.o. amounts 50.000 PLN and is subdivided into 100 shares with nominal value of 500 PLN each. Interlokum Sp. z o.o. has been established as one – purpose company to implement „Skarpa IV” project.

Przedsiębiorstwo Turystyczne Czarny Potok S.A.

Przedsiębiorstwo Turystyczne Czarny Potok S.A. has been registered in the entrepreneurs register under the number KRS 91153 on 14th February 2002. 100% shares in the Company are owned by J.W. Construction Holding SA. The capital stock of the Company amounts 1.994.000 PLN and is subdivided into 500 registered shares series A with nominal value of 100 PLN each and 19.440 registered shares series B with nominal value of 100 PLN each. The company activity is associated with hotel services, among others in Resting Centre in Krynica. The permit for its extension has been obtained in 2006. In scope of modernization of hotel object there shall emerge a modern, four-star hotel and SPA.

Deweloper Sp. z o.o.

Deweloper Sp. z o. o. has been registered in the National Court Register under the number KRS 170493 on 22nd August 2003 . 99% shares in the Company are owned by J.W. Construction Holding SA. The capital stock of the Company amounts 50.000 PLN and is subdivided into 100 shares with nominal value of 500 PLN each. The company activity is associated with roads construction. Deweloper sp. z o.o. renders its services only for the entities out of the J.W. Construction Holding SA. Group. Any project has been not implemented by Spółka Deweloper sp. z o.o. in 2006.

Klub Sportowy Piłkarski Polonia Warszawa S.A.

Klub Sportowy Piłkarski Polonia Warszawa S.A. (Football Club POLONIA) has been registered in the entrepreneurs register on 19th September 2003 under the number KRS 173656. 100% shares in the Company are owned by J.W. Construction Holding SA. The capital stock of the Company amounts 1.544.000 PLN and is subdivided into 5.000 registered shares series A with nominal value of 100 PLN each and 10.440 registered shares series B with nominal value of 100 PLN each. Klub Sportowy Piłkarski Polonia Warszawa S.A. has a football team .

J.W. Construction International Sp. z o.o.

100% of capital stock in the Company are owned by J.W. Construction Holding SA. The activity of the Company is associated with the projects implementation in the scope of housing construction in the territory of Russian Federation. Currently – it is Victoria Park investment in Kołomna City in region of Moscow.

J.W. Construction S.A.

J.W. Construction S.A. Company with headquarters in Ząbki at 326 Radzymińskiej Street is registered in Entrepreneurs Register of National Court Register, run by Regional Court for Capital City of Warsaw, XIV Commercial Department under KRS number 0000290315. Initial capital of the Company is divided into 500.000 shares of nominal value of 1 PLN per one item. The target of the Company setting up is taking over of J.W.Construction Holding S.A. activities in scope of building industry. The Company holds a 99.99 per cent interest in J.W. Construction S.A.

Porta Transport Sp. z o.o.

The company Porta Transport spółka z o.o with head office in Szczecin, entered at the Entrepreneurs Register at KRS number 0000177420. The share capital of the Company is subdivided into 258.308 shares with nominal value of 100 PLN per share. The Company is engaged in economic activity in the scope of transport services to the benefit of Porta Szczecińska Nowa spółka z o.o. in the premises of Szczecińska Shipyard as well as forwarding services home and abroad. The Company holds 100 per cent of the company’s share capital.

J.W. Construction Bułgaria EOOD

The Company was registered by the Municipal Court in Sofia (Bulgaria) under the laws of Bulgaria as the equivalent of the Polish private limited company (spółka z ograniczoną odpowiedzialnością) on 8 October 2007. J.W. Construction Holding S.A. acquired 500 shares of BGN 10 par value each and the total par value of BGN 5,000 in the company’s capital. The shares account for 100 per cent of the share capital of J.W. Construction Bułgaria EOOD. J.W. Construction Holding S.A. intends to operate in Bulgaria through the company.

JWCH Budownictwo Drogowe Sp. z o.o.

JWCH Budownictwo Drogowe Sp. z o.o., with its seat in Ząbki, Poland, was entered in the Register of Entrepreneurs with the reference number KRS 0000299665 on 21 February 2008. The Company holds a 99.95 per cent interest in the company’s capital. The share capital amounts to PLN 100,000 and consists of 2,000 shares of PLN 50 par value each. JWCH Budownictwo Drogowe Sp. z o.o. provides road construction services.

JWCH Produkcja Budowlana Sp. z o.o.

JWCH Produkcja Budowlana Sp. z o.o., with its seat in Ząbki, Poland, was entered in the Register of Entrepreneurs with the reference number KRS 0000300959 on 7 March 2008. The Company holds a 99.99 per cent interest in the company’s capital. The share capital amounts to PLN 15,495,000 and consists of 309,900 shares of PLN 50 par value each. JWCH Produkcja Budowlana Sp. z o.o. took over the manufacture of prefabricated building elements from the Company.

Yakor House Sp. z o.o.

Yakor House Sp. z o.o. with head office in Soczi Republic of Russia. The Issuer is in the possession of 70% of share capital in the Company. The value of share capital amounts 10.500.000 rubels. The Company is the owner of a real estate in the territory of Soczi which will be used to implement a residential and services project.

SASPOL INFRASTRUCTURE Sp. z o.o

SASPOL INFRASTRUCTURE Sp. z o.o., a limited liability company domiciled in Ząbki, entered in the register of enterpreneurs of the National Court Register 0000335050 on 21 February 2010. The company holds 25% its share capital. Share capital of SASPOL INFRASTRUCTURE Sp. z o.o amounts to PLN 5,000 and is divided into 100 shares with a nominal value of PLN 50,00 each. SASPOL INFRASTRUCTURE Sp. z.o.ois a special purpose vehicle made up of foreign partners through which, the Company, together with these partners, will take part in tenders for the realization of works connected with infrastructure.

Stadnina Mazowiecka Sp. z o.o.

Stadnina Mazowiecka Sp. z o.o.

Stadnina Mazowiecka Sp. z o.o. a limited liability company domiciled in Ząbki, entered in the register of enterpreneurs of the National Court Register on 3 January 2007. The company obtained 100% its share capital on 30 June 2010. Share capital of Stadnina Mazowiecka Sp. z o.o. amounts to PLN50,000 and is divided into 1,000 shares with a nominal value of PLN 0,50 each.

Investor relations