10/2012 Conclusion of the agreement regarding sale of shares in subsidiary company

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (“the Company”) informs, that on 23 May 2012 the sale agreement (“the Agreement”) was signed regarding the sale of shares in Devin Investments Sp. z o.o., in which 100% of shares were owned by Lakia Enterprises Limited, headquartered in Nicosia, Cyprus, which is a subsidiary of CELTIC PROPERTY DEVELOPMENTS S.A. Lakia Enterprises Limited is the sole shareholder of Devin Investments Sp. z o.o., in which it had 816 shares, at 500.00 PLN each, of the total amount of 408.000,00 PLN. As a result of the transaction, neither CELTIC PROPERTY DEVELOPMENTS S.A. nor its subsidiaries companies hold shares in Devin Investments Sp. z o.o.. Devin Investments Ltd. has the right of perpetual usufruct for the real estate situated in Warsaw, Włochy district, at Łopuszańska 22 street, with a total area of 4,5 ha.

The conclusion of the Agreement is not a significant agreement within the meaning of the Decree of Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent information required by law of nonmember state. The Management Board informs the public about the Agreement, following the fact that the conclusion of this Agreement constitutes an element of the implementation of Company’s strategy, adopted in 4Q 2011 and focusing on the realization of Ursus project and sale of other projects from the Group portfolio.

Signatures of persons entitled to representation:
1. Elżbieta Donata Wiczkowska, Member of the Board, 23 May 2012
2. Christopher Bruce, Member of the Board, 23 May 2012.


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