The Management Board of CITY INTERACTIVE S.A.
hereby provides information on its operation in Latin America. Peru – in accordance with the current report No. 28/2008, in Q4 the operating activity of CITY INTERACTIVE SAC has been discontinued. At present the company does not generate any significant costs, and the Issuer will aim at total liquidation or sale of the existing legal entity.
Brazil and Mexico – the Management Board of CITY INTERACTIVE S.A. took a decision on the closure of the operating subsidiaries. The Company will continue its operation in Latin America countries by selling its products through a network of local video games distributors. In the opinion of the Management Board, such a structure will allow for a better use of human resources by concentrating them on larger, more developed markets and more effective use of financial resources which will be utilised on investments with higher planned rates of return. The funds invested up to date in the operation of Brazilian and Mexican companies are marginal as compared to the scale of operation of the Issuer, and they are limited only to the acquired share capital.
