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2/2011 Registration by the Court changes within the share capital

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. („the Company”) hereby announces that on the 28th of January 2011 has received an order of the Court for city of Warsaw in Warsaw, XII Economic Department of National Court Registry dated 14 January 2011 (“an Order) regarding the reduction of the share capital of the Company.

In accordance to the Order the share capital of the Company has been lowered from 3.483.329,50 (three million four hundred eighty three thousand three hundred twenty nine zlotych and 50 groszy) to 3.406.825,20 (three million four hundred six thousand and eight hundred twenty five zlotych and 20 groszy).

The change was made on the basis of the Resolution no 11 of the Extraordinary Shareholder Meeting of the Company dated 20 September 2010 and it is a consequence of the remission of its own Shares acquired by the Company.
After registration of the reduction the share capital of the Company is 3.406.825,20 zlotych and it divides into 34.068.252 (thirty four million sixty eight thousand and two hundred fifty two) shares series B with a nominal value of 0.10 groszy each entitling to 34.068.252 (thirty four million sixty eight thousand and two hundred fifty two) votes on the Shareholders Meeting of the Company.

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. at the same time shall inform, that after the change registration mentioned above by the Court, the companies statue will be as it is annexed to this report (a single text).

Legal basis:
§ 5 sec. 1 point 9 and § 38 sec. 1 point Decree of Minister of Finance dated 19th of February 2009 on current and periodic information published by issuers of securities and conditions for recognising as equivalent information required by law of nonmember state (Journal of Laws from 2009 No 33 item 259 with subsequent amendments).

Signatures of the persons entitled to representation:
1. Elżbieta Wiczkowska, Member of the Board, 28.01.2011
2. Christopher Bruce, Member of the Board, 28.01.2011

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