CPO Conversion

Celtic PLC
03 September 2007


                                   CELTIC PLC

                          SHARE CONVERSION ENTITLEMENT

3 September 2007

On 1 September 2007 Cumulative Convertible Preferred Ordinary Shares of 100p
each in the capital of the Company ('CPO Shares') became convertible, at the
instance of shareholders, into Ordinary Shares of 1p each ('Ordinary Shares')
and Deferred Shares of 1p each ('Deferred Shares').

The conversion rate that will apply to all conversions has been fixed under the
Articles of Association at 2.08 Ordinary Shares for each CPO Share. Deferred
Shares will also be issued for nominal value balancing purposes only.

The conversion rate has been calculated in accordance with the formula stated in
Article 4.3.2(a) (ii) of the Company's Articles of Association and by reference
to the average middle market price of Ordinary Shares on the 3 dealing days
prior to 1 September 2007.

Conversion is at the option of shareholders. Any new Ordinary Shares issued on
conversion will rank parri passu in all respects with existing Ordinary Shares.
Application to list new Ordinary Shares issued on conversion of CPO Shares will
be made as required. Deferred Shares will not be listed, are not transferable
and carry no substantive economic rights.

Conversion application forms can be obtained by any of the following methods:

   •By writing to Computershare Investor Services plc, PO Box 859, The
    Pavilions, Bridgwater Road, Bristol, BS99 1XZ


   •By telephoning the Shareholder Helpline on 0845 143 4004


   •Download from the Computershare Investor Services plc website at the
    following URL :

http://www.computershare.com/celtic/CPOconversionform

Contacts:

Eric Riley (Financial Director)             0141 551 4298
Tom O'Neill (Financial Controller)          0141 551 4247

John Depasquale - Seymour Pierce Limited    020 7107 8000




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