RNS Number:2699U
Citigroup Global Markets UK EqtyLtd
15 January 2004





    Rule 38.5 (CFD)



            CONNECTED EXEMPT MARKET-MAKERS/EXEMPT PRINCIPAL TRADERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS





Dealing in Swap referenced to...Granada Plc Ordinary Shares



Date of Disclosure 15 January 2004



Date of Dealing 14 January 2004



Name of EMM/EPT Citigroup Global Markets UK Equity Ltd



Name of offeree / offeror with whom connected Granada Plc



Product Type.........Short performance Swap



Maturity Date 01 February 2005





Writing of Swap



Number of Ordinary Shares to which the Swap is referenced 100



Swap reference price 1.3850 GBP



Closing out of Swap



Number of (class of security) to which the Swap is referenced



Swap closing out price













Further disclosure should be made where necessary so that the nature of the
dealings can be fully understood.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

EMMUVRARSVRAAAR