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FPP: 2,500 Apartments Sold Including 750 in Wrocław

Dear Customers,

In 2015 we celebrated the Tenth Anniversary of FPP and reached the 2,500 mark of apartments sold, including 750 at our Wrocław-based projects. We are well aware here at FPP that we have been able to meet these objectives mainly thanks to the trust you put into us in the past and continue to do so in connection with our current projects. And for that we wish to express our sincere thanks and appreciation to you.

In Q4 2015 FPP completed the construction of the B4 buildings at the Ostoja Wilanów project in Warsaw (www.ostoja-wilanow.com) and of the Osiedle Moderno project in Wrocław (www.osiedlemoderno.pl). In the spring of 2015, we broke ground for the C2 buildings at Ostoja Wilanów, at the same time continuing construction works at the Apartamenty Innova project, buildings 6.5 and 6.4 in Wrocław (www.apartamentyinnova.pl). In H1 2016, we are planning to break ground for the B2 building at Ostoja Wilanów and the 6.3 building at Apartamenty Innova II. In line with our quality policy established as a good practice at FPP, sale of apartments for both projects will start after the construction works get underway. As regards the construction of the B2 building at Ostoja Wilanów, SKANSKA, which is already familiar with the Ostoja Wilanów project having been previously involved in the construction of the B4 and C2 buildings, has been appointed as general contractor.

In 2015 FPP sold 341 apartments and handed over keys to 253 dwellings. Last year, sale revenues reached PLN 90 million, while external borrowing continued at a very low level. As at 31 December 2015, FPP's debt with financial institutions totalled PLN 12.5 million. Our financial performance figures are available on our website, at the Financial Data tab, including tabulated financial highlights as well as the current data after an audit carried out by an independent auditor. In 2015, DELOITTE was appointed yet another year in a row to audit FPP's accounts. As soon as the audit is complete, we will provide you with the relevant information at the above tab.

In December last year, as part of a competition for the best housing projects completed between 2012 and 2015, Polish Association of Property Developers awarded FPP the second prize within the Sustainable Development Construction category for the C4 buildings at Ostoja Wilanów in Warsaw. This distinction and the fact that, project after project, you have graced us with your unwavering trust provide us as a team with a powerful intensive and strong motivation to continue our efforts. Thanks again for your support.

Warsaw, date: 22 February 2016





FPP was established in 2005, and its shareholders comprise Spanish company MARTINSA-FADESA S.A. (51% equity interest) and Polish company POLNORD S.A. (49% equity interest). At present, FPP is involved in the implementation of the Ostoja-Wilanów property development project (www.ostoja-wilanow.com) in Warsaw and the Apartamenty-Innova project (www.apartamentyinnova.pl) in Wrocław. FPP has completed the Osiedle-Innova (www.osiedle-innova.com ) and Osiedle-Moderno (www.osiedlemoderno.pl ) property development projects in Wrocław. In addition, FPP holds land in Poland that is sufficient to build some 700 more apartments. From its inception to 31 December 2015, FPP sold the total of 2,567 apartments, including over 750 in Wrocław and handed over 2,366 apartments to their owners. In 2015 alone, FPP sold 341 apartments, handed over 253 apartments, and generated PLN 89.9 million in revenues.

Open days 2-7 November 2015 in Wrocław
The percentage of completion ratio of the Innova Appartments buildings 6.5 and 6.4 in Wrocław is amounts to 40%.
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