7/2012 Conclusion of the agreement regarding sale of shares in subsidiary company

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (hereinafter “the Company”, “the Issuer”) informs that on 15 May 2012 the sale agreement (hereinafter “the Agreement”) regarding the sale of shares in 17/110 Gaston Investments spółka z ograniczoną odpowiedzialnością sp.k. was concluded. 100% of shares were owned by the Company’s subsidiaries: Challange Eighteen Sp. z o.o (99%) and Gaston Investments Sp. z o.o. (1%). As a result of the transaction, nor the Company or its subsidiaries do not hold shares in 17/110 Gaston Investments spółka z ograniczoną odpowiedzialnością sp.k.

The Agreement is not a significant agreement according to the meaning 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 as well as the activities of the subsidiary company 17/110 Gaston Investments spółka z ograniczoną odpowiedzialnością sp.k.did not have a significant impact on the Company financial results.

Signatures of persons entitled to representation:
1. Andrew Morrison Shepherd, President of the Management Board, 15 May 2012
2. Elżbieta Donata Wiczkowska, Member of the Board, 15 May 2012.