Global City Holdings
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11

May

Current report no 09 /2009 dated 11 May 2009: Acquisition of a significant block of shares in Cinema City International NV

Cinema City International N.V. with its corporate seat in Amsterdam, The Netherlands, (the "Company") gives notification that on 8 May 2009 the Company received from Commercial Union Powszechne Towarzystwo Emerytalne BPH CU WBK SA (the “CU OFE”) the following notification:

“Pursuant to Article 69 clause 2.1.a and clause 4 of the Act of 29 July 2005 on Public Offerings and the Conditions Governing the Admission of Financial Instruments to an Organized Trading System and Public Companies (Journal of Laws No. 184 item 1539), we wish to inform you that following the purchase of shares of the Company Cinema City International N.V. (the Company) with its corporate seat in Amsterdam, The Netherlands, whose settlement occurred on 6 May 2009, Commercial Union Powszechne Towarzystwo Emerytalne BPH CU WBK SA (CU OFE), having 10.30% of the total number of votes in the Company by the previous notification, increased its share by additional 2% in the total number of votes in the Company.

Before the above mentioned transactions, as at 5 May 2009, CU OFE held 6 187 089 shares of the Company, which constituted 12,17 percent of the Company’s share capital. These shares carried 6 187 089 votes at a shareholders meeting and constitutes 12,17 percent of the total number of votes.

Following to the settlement of transactions, as described above, as at 6 May 2009, CU OFE held 6 498 457 shares of the Company, which constitutes 12,78 percent of the share capital (number of shares issued). These shares carry 6 498 457 votes at a shareholders meeting and constitutes 12.78 percent of the total number of votes.

Investment constitutes a portfolio investment, CU OFE accepts a possibility of the further increase of engagement in the Company during the coming 12 months following the date of this notification in order to achieve a maximum safety level and profitability of investments of the open pension fund. At the same time we inform that according to the Law on organization and functioning of pension funds and secondary regulations issued based on this Law, engagement of CU OFE cannot cross 20% in the Company’s equity. The Fund does neither exclude sale of shares in case of a relevant increase of the share value or the investment risk”.


Legal grounds: Article 70.1 of the Act on Public Offerings, Conditions governing the Introduction of Shares to Organized Trading and on Public Companies.