27/2011 First draw-down of the loan for the realization of the IRIS project in Warsaw

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (“The Company”) hereby announces that today has been informed by its subsidiary company Belise Investments Sp. z o.o. concerning the first draw-down of the investment loan and VAT loan granted by Bank Zachodni WBK S.A. on the basis of the Loan Agreement signed 12 August 2011. The Company has previously declared the above agreement in the current report No. 20/2011 on 12 August, 2011.

The above means that Belise Investments sp. z o.o. has completed conditions necessary to drawdown the loan and the first payment was booked today. The investment loan and the VAT loans were granted with regard to the realization of the office building IRIS, located at 9, Cybernetyki street, in Warsaw.

Legal basis: Art. 5.1.3 and 5.1.4 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, 20 December 2011
2. Christopher Bruce, Member of the Management Board, 20 December 2011.