Script Dividend Scheme

Celtic PLC
22 June 2005


                                   CELTIC PLC

                        SCRIP DIVIDEND SCHEME PROPOSALS

Celtic plc confirms its intention to introduce a scrip dividend scheme to enable
its shareholders to elect to receive ordinary shares of 1p each instead of cash
dividends payable by the Company.

A circular containing full details of the proposed scheme will be sent to
shareholders shortly.

The proposals, which are recommended by the Directors, are subject to
shareholder approval. This will be sought at an Extraordinary General Meeting
and separate Class Meetings to be held on 21 July 2005.

The main elements of the proposals are:

   • Holders of convertible preferred ordinary shares and preference shares
    can elect to receive dividends payable on their shares in fully paid new
    ordinary shares, instead of cash.


   • Company able to offer scrip dividend alternative for any dividends
    declared on ordinary shares in the future.


   • Elections effective for all future dividends but can be cancelled at any
    time.


   • Fractions of new ordinary shares will not be issued but cash balances
    will be rolled forward to be included in future calculations.


   • Open to shareholders with registered addresses in the United Kingdom and
    Republic of Ireland.

Ends

Press and media enquiries to:

Iain Jamieson, Celtic PR Department 0141 551 4235




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