31/2012 Opening of the liquidation process of the Issuer’s subsidiary

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (The Company, The Issuer) hereby announces that today was informed that on 7 August 2012 the application to register the liquidation of Celtic Property Developments Kft with its registered office in Budapest, Hungary, (registration number 01-09-906284), was filled in Budapest Court of Registry (Fővárosi Törvényszék Cégbírósága). The resolution on Celtic Property Developments Kft dissolution and opening of the liquidation procedure was adopted by the Meeting of Shareholders of Celtic Investments Limited (Issuer’s subsidiary) with its registered office in Nicosia, Cyprus, held on 1st August 2012. Celtic Investments Limited owns 100% of shares in Celtic Property Developments Kft. Ms. Amanda Spring was appointed as Celtic Property Developments Kft liquidator.

The liquidation of Celtic Property Developments Kft is a part of restructuring activities in order to simplify Celtic Capital Group organizational structure.

Legal basis:
Art. 5.1.24 and art. 30.18 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 nonmembers of state.

Signatures of the persons entitled to representation:
1. Elżbieta Donata Wiczkowska, Member of the Board, 8 August 2012
2. Aled Rhys Jones, Member of the Board, 8 August 2012