11/2012 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”) regarding the sale of shares in KMA sp. z o.o with headquarters in Warsaw, was concluded. 100% of shares in KMA Sp. z o.o. were owned by Celtic Investments Limited headquartered in Nicosia, Cyprus („the Seller”), which is subsidiary of CELTIC PROPERTY DEVELOPMENTS S.A. The Seller owned in KMA sp. z o.o. 100 shares with a nominal value of 500,00 PLN each, with total nominal value of 50.000,00 PLN. The shares represented 100% of share capital of KMA sp. z o.o. As a result of the transaction, nor the Company or its subsidiaries hold shares in KMA sp. z o.o.

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 as well as the KMA Sp. z o.o. as the Company’s subsidiary did not have a significant impact on the Celtic Group’s financial result following the fact that KMA Sp. z o.o. have not been conducting activities during last time.

The Management Board informs the public about the Agreement in order to present changes in the Celtic Group structure.

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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