FADESA POLNORD POLSKA
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Thanks a Thousand, Wrocław!

Dear Customers,

In May 2017 we reached one thousand apartments sold in Wrocław. So we would like to take this opportunity to thank you for the trust you have placed in our company when you decided to purchase an apartment from us. We are at Fadesa Polnord Polska (FPP) deeply grateful to you and want to assure you our commitment to continue to offer quality projects. In order to guarantee quality, a team of employees from various departments of FPP explores in great detail all the aspects of each of our projects, from the overall concept to construction and financing to sales and marketing.

That work has also resulted in two further buildings, the erection of which commenced in April 2017, namely two 18-storey towers of the Apartamenty Innova III project (www.apartamentyinnova.pl) in Wrocław. The Apartamenty Innova project is made up of three stages comprising in aggregate four towers and an adjacent seven-storey building. The first of the stages (buildings 6.5 and 6.4) was successfully completed in December 2016. Completion of the second-stage construction works, i.e. the second tower (building 6.3), is scheduled for late 2017. The third stage of the project (buildings 6.1 and 6.2), Apartamenty Innova III, was entrusted to a local company, HARAS Sp. z o.o., to act as the General Contractor, with the financing provided by GETIN NOBLE BANK S.A. Both the General Contractor and the Bank have prior experience with FPP in Wrocław, having worked with us on our previous project, Osiedle Innova (www.osiedle-innova.com). Sale of apartments in both buildings (6.1 and 6.2) commenced just after breaking ground for the project, as is dictated by the quality standards employed by the FPP Group.

In Warsaw we have made good progress with the construction of the B2 building, the last one in Ostoja-Wilanów. In December 2016, its erection was contracted out to SKANSKA. Completion of the construction works is scheduled for September 2017. The building will mark the conclusion of our flagship project in Warsaw, Ostoja-Wilanów (www.ostoja-wilanow.com). That is why our team has been busy for several months now with a new residential project, so that we can offer it to our customers in Warsaw. The new project takes its inspiration from the Ostoja Wilanów estate, or it can even be said to complement it. It has a large number if not all the components that are responsible for the key value-added of the Ostoja: extensive green areas among buildings, a park, a yard... Summing up this brief outline of the construction works, 30 June 2017 saw in aggregate 374 apartments under construction both in Warsaw and Wrocław.

As regards the other performance highlights, in the first half of 2017, FPP sold in aggregate 135 apartments and handed over 136 units to their owners. Our debt to financial institutions continues at a very low level (PLN 9.4 million as at 30 June 2017). The financial statements for the 2016 financial year audited by DELOITTE are available for your review at the Financial Data tab.

In conclusion, we would like to thank you again for your unwavering trust.

Warsaw, date: 19 July 2017.

FPP was incorporated in 2005 by its shareholders - Spanish company MARTINSA-FADESA S.A. (51% equity interest) and Polish company POLNORD S.A. (49% equity interest). At present, FPP has underway residential development projects Ostoja-Wilanów (www.ostoja-wilanow.com) in Warsaw and Apartamenty-Innova (www.apartamentyinnova.pl) in Wrocław. In Wrocław, FPP has completed residential development projects Osiedle-Innova (www.osiedle-innova.com) and Osiedle-Moderno (www.osiedlemoderno.pl). FPP also owns land in Poland that is sufficient to build around 350 further apartments. From its incorporation until 30 June 2017, FPP sold 2,946 apartments, including 1,026 in Wrocław, and handed over 2,769 apartments to its owners. In 2016, FPP sold 276 apartments, handed over 276 units, and issued invoices totalling PLN 136.9 million


The progress of construccion works in the B2 building in Ostoja Wilanów in Warsaw is at the level of 89%
The progress of construction works in the 6.3 building in Apartamenty Innova II in Wroclaw is at the level of 75%.
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