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24/2011 Payment of the interim dividend against expected dividend from profits of the year 2011

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (“The Company”) announces that it has approved an interim cash dividend payment of 3.406.825,20 PLN or 0,10 PLN gross per share against expected dividend from profits of the year 2011.

A total of 34 068 252 B series bearer shares is entitled to the payment of the interim dividend. The interim dividend payment will be made on 23 December 2011 to all Company’s shareholders registered on 15 December 2011.

The Management Board of Celtic Property Developments S.A. informs that the Company has the adequate financial resources for the interim dividend payment.

The interim dividend payment is consistent with Art. 349 § 2 of the Code of Commercial Companies as well as with the § 15 section 4 of the Company Statutes, i.e.:

– the annual financial statements of Celtic Property Developments S.A. on 31 December 2010 shows the net profit of 23.563 thousands PLN for the period from 1st January 2010 to 31 December 2010;

– the half-year financial statements of Celtic Property Developments S.A. on 30 June 2011 shows the net profit of 11.579 thousands PLN for the period from 1st January 2011 to 30 June 2011. Financial statements were audited by PricewaterhouseCoopers
sp. z o.o, registered audit company No. 144.

The Supervisory Board of Celtic Property Developments S.A. has approved on 22 November 2011 the payment of the interim dividend according to the Company Management Board proposal.

Legal basis:
Art. 38 section 1 point 11 of the 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 non-member state.

Signatures of the persons entitled to representation:
1. Andrew Morrison Shepherd, President of the Management Board, 23 November 2011
2. Christopher Bruce, Member of the Board, 23 November 2011

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