15/2011 Second opening of the draft of zoning plan (“The Plan”) for re-development of postindustrial areas in the area of Orłów Piastowskich street

The Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. („The Company”) hereby announces, that on May 30, 2011, the draft of zoning plan for redevelopment of postindustrial areas in the area of Orłów Piastowskich street was open for the public for the second time.

The Plan will be available for the public from 30 May 2011 to 30 June 2011, at the headquarters of the City Office of Warsaw. Comments to the Plan may be presented until 21 of July 2011. The announcement regarding the opening of the Draft Plan was made by the President of City of Warsaw on 16 May 2011 (Resolution no 810/2011).

The Draft Plan covers ca 220 hectares of land, principally terrains after the former tractor production plant ZPC Ursus, situated 9 km from the center of Warsaw City. Celtic Property Developments S.A. owns ca 58 hectares of land on the territory covered by the Plan.

The draft Plan anticipate creation of the multifunctional urban area, with residential area for ca 25 thousand habitants, office and commercial developments for large, medium and small enterprises and workshops, including also currently existing business in the district of Ursus. According to estimations, about 20 thousand people may find employment in commercial premises situated on the territory covered by the Plan.

Additionally, the Plan guarantees areas for public buildings and institutions, which shall complete urban area with all necessary elements.

Details on the Draft Plan can be found on the web page of the City Office of Warsaw, in the Public Bulletin Information: www.bip.warszawa.pl.

Signatures of the persons entitled to representation:
1. Elżbieta Donata Wiczkowska, Member of the Board, 30 May 2011
2. Christopher Bruce, Member of the Board, 30 May 2011