Global City Holdings
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23

Jul

Purchase of a 45% interest in a plot of land in the city of Russe, Bulgaria

The Board of Managing Directors of Cinema City International N.V. with its corporate seat in Amsterdam, the Netherlands (the "Company") informs that the Company's wholly owned Dutch subsidiary - IT Sofia BV through a new Bulgarian affiliated company in which IT Sofia BV is holding 45% of the share capital and the total voting rights, entered into an agreement for the purchase of a 60-thousand m plot of land located in Russe, Bulgaria.

Ocif Eastern Europe Ltd ("Ocif") is holing also 45% of the share capital and the total voting rights of the said Bulgarian company, while the remaining 10%-interest in the company is held by the original owner of the said plot of land, who, under the agreement, has been granted a right to sell this interest to IT Sofia BV and Ocif at a future date.

The purchase price paid for the plot of land was EUR 22.5 mln, of which the share of IT Sofia BV and Ocif was EUR 11.25 mln each.

Like in the case of the Company's two other real estate investments in Bulgaria - in Plovdiv (please refer to current reports: No. 24/2007 dated June 30, 2007 and 13/2006 dated December 22, 2006) and in Sofia (please refer to the Company's prospectus dated 17 November 2006 -Material Contracts — Mall of Sofia Agreements), the Company together with Ocif intends to develop upon the acquired land a 25,000 to 35,000 square meter shopping mall with the city's first modern multiplex theatre located therein.

Legal grounds: Art. 56.1.1 of the Act of 29 July 2005 on the public offering, conditions governing the introduction of financial instruments to organised trading system and on public companies.

A signature of persons authorised to represent the Company: Mr. Israel Greidinger - a Managing Director, proxy