17/2012 Conclusion of the agreement regarding sale of shares in subsidiary company

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (“the Company”) informs, that today was informed that the sale agreement (“the Agreement”) was signed regarding the sale of all shares in Tenth Planet d.o.o, headquartered in Kotor, Republic of Montenegro.

100% of shares in Tenth Planet d.o.o, of total nominal value of EUR 10.000,00, were owned by Lakia Enterprises Limited, headquartered in Nicosia, Cyprus, which is a subsidiary of CELTIC PROPERTY DEVELOPMENTS S.A. As a result of the transaction, neither CELTIC PROPERTY DEVELOPMENTS S.A. nor its subsidiaries companies hold shares in Tenth Planet d.o.o. Tenth Planet d.o.o. was the owner of the real estates situated in Risan, Zagora and Dobrota in Republic of Montenegro.

The conclusion of the Agreement is not a significant agreement within the meaning of the Decree of Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent information required by law of nonmember state. The Management Board informs the public about the Agreement, following the fact that the conclusion of this Agreement constitutes an element of the implementation of Company’s strategy, adopted in 4Q 2011 and focusing on the realization of Ursus project and sale of other projects from the Group portfolio.

Legal basis:
Article 56.1.2 of the Act on Public Offering – current and periodic information

Signatures of persons entitled to representation:
1. Andrew Morrison Shepherd, President of the Management Board, 2 July 2012
2. Elżbieta Donata Wiczkowska, Member of the Management Board, 2 July 2012