Global City Holdings
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11

Dec

Crossing of the reporting threshold in Cinema City International N.V.

The Board of Managing Directors of Cinema City International N.V. with its corporate seat in Amsterdam (the "Company") informs that on 11 December 2006 the Company was informed in accordance with Art. 69 of the act of 29 July 2005 on public offerings and conditions governing the introduction of financial instruments to organised trading system and on public companies (the "Act") by Bank BPH S.A. acting on behalf of Bank Austria Creditanstalt AG with its corporate seat at 13 Vordere Zoliamtstrasse in Vienna, Austria ("BACA") that on 7 December 2006, 6,960,015 ordinary bearer shares in the Company (the "Shares") representing 13.72% of the Company's share capital and giving rights to 6,960,015 votes constituting 13.72% of the total vote at the Company's general shareholders' meeting was registered on BACA securities account held at Bank BPH S.A., which resulted from the allotment of Shares acquired on the basis of a subscription placed in the international private placement.

Furthermore, the Company was informed that as at 7 December 2006 BACA together with its subsidiaries held 7,231,473 Shares constituting 14.26% of the share capital, entitling to 7,231,473 votes at the Company's general shareholders' meeting and representing 14.26% of the total vote at the Company's general shareholders' meeting.

Prior to the acquisition of the above-mentioned Shares, BACA had not held any securities in the Company.

The acquisition of Shares by BACA and its subsidiaries resulted from a technical settlement of the Shares allotted in the international private placement of the Company. BACA share in the Company's share capital and in the total vote at the Company's general shareholders' meeting will significantly decrease once the final settlement of the allotted Shares has been effected, which will be notified by BACA in accordance with Art. 69 of the Act.

BACA does not intend to increase the number of shares held in the Company's share capital within 12-month period following the date of this notification.

Legal grounds: Art. 70.1 of the Act of the Act of July 29, 2005 on public offerings and conditions governing the introduction of financial instruments to organised trading system and on public companies (Journal of Laws of 2005, No. 184 item 1539 as amended)