Global City Holdings
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13

Dec

Decrease of a total vote held 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 13 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 Zollamtstrasse in Vienna, Austria ("BACA") that on 12 December 2006, 403,353 ordinary bearer shares in the Company (the "Shares") representing 0.8% of the Company's share capital and giving rights to 403,353 votes constituting 0.8% 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 settlement of sale contracts of the Shares.

Furthermore, the Company was informed that as at 12 December 2006 BACA together with its subsidiaries held 674,811 Shares constituting 1.33% of the share capital, entitling to 674,811 votes at the Company's general shareholders' meeting and representing 1.33% of the total vote at the Company's general shareholders' meeting.

Prior to the sale of the above-mentioned Shares, 6,960,015 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. 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

The sale of Shares by BACA was a means of technical settlement of the Shares allotted in the international private placement of the Company's shares. Once the final settlement of the allotted Shares had been effected, BACA share in the Company's share capital and in the total vote at the Company's general shareholders' meeting decreased significantly, as intended and which was announced by BACA in its notification dated 11 December 2006.

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)