12/2013 Initial capital increase in the authorized capital

Management Board of Celtic Property Developments SA (The Company) announces that on 20 March 2013 adopted resolution to increase the share capital within the authorized capital (the Resolution).

On the basis of the Resolution, the share capital of the Company will be increased from the amount of 3,430,748.80 zł (three million, four hundred thirty thousand seven hundred forty eight polish zloty and eighty groszy) up to 3,450,682.10 zł (three million, four hundred fifty thousand six hundred eighty two polish zloty), for the amount 19,933.30 zł (nineteen thousand nine hundred thirty-three polish zloty and thirty groszy) by the issue in the authorized capital of 199,333 (one hundred ninety-nine thousand three hundred thirty-three) series F ordinary bearer shares with a nominal value of 0,10 zł (ten groszy) per share (the Series F Shares).

The share capital of the Company through the issuance of Series F Shares, takes place within the limits of the authorized capital, on the basis described above Board’s Resolutions, which was authorized to carry out the capital increase in the above manner, on a basis of § 4a of the Company’s Articles of Association.

Share capital increase through the issuance of Series F Shares shall be made with the consent of the Supervisory Board, excluding the subscription rights of the existing shareholders, in form of a private issuance, addressed to a selected, cooperating with the Company other company.

The Management Board decided that the issue price per Series F Share will be equal to its nominal value and amount to 0,10 zł (ten cents) per share, which the Supervisory Board agreed. Series F Shares will be fully paid in cash by bank transfer to the bank account of the Company within seven (7) days from the date of acceptance of the offer to acquire Series F Shares.

In accordance to the increase of the share capital on a basis of above Resolution, amendments to the Articles of the Company has been made in § 4. 1 of the Articles of Association reading as follows:

“The initial capital of the Company equal to 3,430,748.80 zł (three million, four hundred thirty thousand seven hundred forty eight polish zloty) and is divided into 34,307,488 (thirty four million three hundred and seven thousand four hundred eighty eight) shares with a nominal value of 0.10 PLN (ten groszy) each, including:

a) 34,068,252 (thirty four million sixty eight thousand two hundred fifty two) series B ordinary bearer shares,
b) 163 214 (one hundred and sixty-three thousand two hundred and fourteen) series C ordinary bearer shares,
c) 76,022 (seventy-six thousand and twenty-two) series D ordinary bearer shares”

replaced by the following:

“The initial capital of the Company equal to 3,450,682.10 zł (three million, four hundred fifty thousand six hundred eighty two polish zloty) and is divided into 34,506,821 (thirty four million five hundred and six thousand eight hundred twenty one) shares with a nominal value of 0.10 PLN (ten groszy) each, including:

a) 34,068,252 (thirty four million sixty eight thousand two hundred fifty two) series B ordinary bearer shares,
b) 163 214 (one hundred and sixty-three thousand two hundred and fourteen) series C ordinary bearer,
c) 76,022 (seventy-six thousand and twenty-two) series D ordinary bearer shares,
d) 199 333 (one hundred ninety nine three hundred thirty three) series F ordinary bearer shares”

The Management Board also announces that about the registration of share capital increase and the change in the Articles of Association will inform in the separate current reports after receipt of a court registration. Furthermore, in accordance with the attorney contained in Resolution No. 7 of the Extraordinary General Meeting dated on 2 September 2010, immediately after the registration of share capital increase through the issuance of Series F Shares, the Company will take factual and legal steps leading to admission and introduction of series F shares on the Warsaw Stock Exchange market.

Signatures of persons authorized to represent the Company:
1. Elizbieta Donata Wiczkowska, Member of the Board, 21 March 2013,
2. Aled Rhys Jones, Member of the Board, 21 March 2013,

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