RNS Number:3708U
Citigroup Global Markets UK EqtyLtd
19 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: 19 January 2004

Date of Dealing: 16 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: 1 February 2005



Writing of Swap

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

Swap reference price


Closing out of Swap

Number of Ordinary Shares to which the Swap is referenced: 100

Swap closing out price: 1.4450 GBP



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


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