14/2012 Changes in the significant agreement

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. („the Company”, „the Issuer”) hereby announces, that on 31 May 2012 the Company received signed agreements (“Agreements”) for assumption of debt and set-off. The Agreements are related to the loan granted by Celtic Property Developments S.A to its subsidiary East Europe Property Financing AB headquartered in Stockholm, Sweden („EEPF”), on the basis of the agreement signed 31 December 2009 („the Loan”).

The principal amount of the Loan, including accrued and unpaid interests, amounted to PLN 389,874,573.30 as at 1st May 2012. With regard to the above, liabilities of EEPF to Celtic Property Developments S.A. were assumed by other subsidiaries from the Celtic Group on the basis of Agreements for assumption of debt and set-off.

The above steps are part of actions taken by the Group aimed to simplify its organizational structure and optimize its operating costs.

The Agreements constitute a significant agreement in the meaning of Decree of Minister of Finance dated 19th of February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent information required by law of nonmembers of state, due to their total value of 389,874,573.30 PLN. This amount exceeds 10% of Celtic Property Developments S.A. equity which at 31 March 2012 amounted to PLN 550,870 ths.

Signatures of persons entitled to representation:
1. Christopher Bruce, Member of the Management Board, 1st June 2012
2. Elżbieta Wiczkowska, Member of the Management Board, 1st June 2012

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