4/2011 Resignation of a member of the Supervisory Board

The Management Board of Celtic Property Developments S.A. (the Company) acting on the basis of § 5 sec. 1 point 21 and § 27 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 nonmember state hereby announces that on the 4th of February The Company received a resignation of a member of the Supervisory Board submitted by Mr. Krzysztof Cichocki.

1) Date of resignation: statement is dated 4th of February 2011, and a resignation will come into force the day proceding the day of the Shareholders Meeting of the Company agenda will include the possibility of electing a member or members of the Supervisory Board;

2) Name and surname of the supervisor: Krzysztof Cichocki;

3) Position held in the Company: Member of the Supervisory Board;

4) The reason for the resignation, If the reasons for these have been given by the person deciding: The person resigning gave no reasons for resignation.

Signatures of the persons entitled to representation:
1. Elżbieta Wiczkowska, Member of the Board, 4.02.2011
2. Christopher Bruce, Member of the Board, 4.02.2011