09:35     CG-HWL  @EC0509<03883> - Announcement (1)                           

    This announcement appears for information purposes only and does          
    not constitute an invitation or offer to acquire, purchase or             
    subscribe for the Warrants described below.                               
                                                                              
    The Stock Exchange of Hong Kong Limited (the "Stock Exchange")            
    takes no responsibility for the contents of this announcement,            
    makes no representation as to its accuracy or completeness and            
    expressly disclaims any liability whatsoever for any loss                 
    howsoever arising from or in reliance upon the whole or any part          
    of the contents of this announcement.                                     
                                                                              
    50,000,000 European Style (Cash Settled) Call Warrants 2005               
    relating to the existing issued ordinary shares of                        
                                                                              
    HK$0.25 each of                                                           
    Hutchison Whampoa Limited                                                 
                                                                              
    issued by                                                                 
                                                                              
    CITIGROUP GLOBAL MARKETS HOLDINGS INC.                                    
    (a corporation duly incorporated and existing under the laws              
    of the State of                                                           
    New York, the United States of America)                                   
                                                                              
    Announcement                                                              
                                                                              
    The directors of Citigroup Global Markets Holdings Inc. (the              
    "Issuer") announce their intention to issue 50,000,000 European           
    Style (Cash Settled) Call Warrants 2005 ("Warrants"), every ten           
    Warrants relating to one existing issued ordinary share of                
    HK$0.25 each (the "Shares") of Hutchison Whampoa Limited                  
    ("Company"), at an issue price of HK$0.47 per Warrant.                    
                                                                              
    The Warrants are European style and may only be exercised on              
    29th September 2005 (the "Expiry Date"). The Warrants are in              
    registered form and exercisable only in trading board lots of             
    10,000. Every ten Warrants will entitle the holder on exercise            
    thereof to receive from the Issuer a payment of an amount in              
    Hong Kong dollars calculated by the Issuer (the "Cash Settlement          
    Amount") equal to (a) the Entitlement multiplied by (i) the               
    arithmetic mean of the closing price of one Share (as derived             
    from the Daily Quotation Sheet of the Stock Exchange (subject             
    to any adjustment)) for each Valuation Date (being each of the            
    five Business Days (as defined in the terms and conditions of             
    the Warrants)) immediately preceding the Expiry Date less (ii)            
    the exercise price of HK$72.50 less (b) the Exercise Expenses             
    (as defined in the terms and conditions of the Warrants).                 
                                                                              
    If on the Expiry Date the Cash Settlement Amount is greater than          
    zero, the Warrants will be automatically exercised (without               
    notice being given by the holders of the Warrants) and the Issuer         
    or its agent will pay to such holders an amount calculated in             
    the manner described above.                                               
                                                                              
    The Warrants have not been and will not be registered under the           
    U.S. Securities Act of 1933, as amended, and will not be offered,         
    sold, delivered or traded, at any time, indirectly or directly,           
    in the United States or to, or for the account or benefit of,             
    any U.S. person. The Issuer declares that any offer of the                
    Warrants at any time complies with the relevant rules of any              
    jurisdiction where the Warrants are or will be offered.                   
                                                                              
    An application will be made to the Stock Exchange for the listing         
    of and permission to deal in the Warrants on the Stock Exchange.          
    The date of commencement of dealings is expected to be 21st               
    February, 2005.                                                           
                                                                              
    All necessary arrangements will be made to enable the Warrants            
    to be admitted to the Central Clearing and