Issue of Equity

Celtic PLC
30 October 2007


                                   CELTIC PLC
                               SHARE CONVERSIONS
                                
On 1 September 2007 Cumulative Convertible Preferred Ordinary Shares of 100p
each in the capital of Celtic plc ('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 applying
under the company's articles of association is 2.08 Ordinary Shares for each CPO
Share.

As at 22 October 2007, applications for conversion of 2,435,632 CPO Shares had
been processed, resulting in the issue of 5,066,095 new Ordinary Shares of 1p
each and 238,496,205 deferred shares of 1p each.

The new Ordinary Shares issued on conversion carry full voting rights and rank
parri passu in all respects with existing Ordinary Shares. Deferred shares will
not be listed, are not transferable and carry no voting rights or substantive
economic rights.

Application has been made to list the new Ordinary Shares issued as a result of
this first tranche of conversions with effect from 31 October 2007.

As at 26 October 2007, applications in respect of a further 40,800 CPO shares
had been received and processed, with 84,864 new Ordinary Shares and 3,995,136
Deferred Shares issued. An application for listing of the new Ordinary Shares
arising from the second tranche of applications will be made shortly.

As at 29 October 2007, the following shares of Celtic plc, post conversion, are
in issue:

86,462,392 Ordinary Shares of 1p each
15,535,225 Cumulative Convertible Preferred Ordinary Shares of 100p each
16,798,943 Cumulative Convertible Preference Shares of 60 p each
342,843,704 Deferred Shares of 1p each

The above figures may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or change their interest in, Celtic under the FSA's Disclosure and
Transparency Rules.



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