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Petrochina Co Ltd – ‘SC 13E3/A’ on 12/23/05 re: Jilin Chemical Industrial Co Ltd – EX-99.(C).4

On:  Friday, 12/23/05, at 6:01am ET   ·   Accession #:  1145549-5-2156   ·   File #:  5-50686

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

12/23/05  Petrochina Co Ltd                 SC 13E3/A              8:1.9M Jilin Chemical Industrial Co Ltd  RR DONN… FundSuiteArc/FA

Amendment to Tender-Offer Statement — Going-Private Transaction   —   Schedule 13E-3
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13E3/A   Petrochina Sc 13E-3/A                               HTML    106K 
 2: EX-99.(C).1  EX-99.(C).1 Update on Potential Acquisition of     HTML    170K 
                          the Minority Interests in Jilin Chemical               
 3: EX-99.(C).2  EX-99.(C).2 Project 517 - Preliminary Transaction  HTML     19K 
                          & Valuation Considerations, Dated May                  
                          23, 2005                                               
 4: EX-99.(C).3  EX-99.(C).3 Project Chunhui, Dated June 23, 2005   HTML    285K 
 5: EX-99.(C).4  EX-99.(C).4 Data Book - Interim Update of Trading  HTML    142K 
                          & Premium Information, Dated August 3,                 
                          2005                                                   
 6: EX-99.(C).5  EX-99.(C).5 Updated Executive Timetable and Data   HTML    225K 
                          Book, Dated October 14, 2005                           
 7: EX-99.(C).6  EX-99.(C).6 Data Book, Dated October 25, 2005      HTML     88K 
 8: EX-99.(C).7  EX-99.(C).7 Data Book, Dated October 26, 2005      HTML    108K

EX-99.(C).4   —   EX-99.(C).4 Data Book – Interim Update of Trading & Premium Information, Dated August 3, 2005

This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

  exv99wxcyw4  
 

Exhibit (c)(4)

REQUESTED BY HONG KONG SECURITIES AND FUTURES COMMISSION
THE FINANCIAL AND OTHER INFORMATION CONTAINED IN THE PRESENTATION WAS EXTRACTED FROM PUBLICLY AVAILABLE INFORMATION AND WAS NOT INTENDED TO BE USED IN THE COMPOSITE DOCUMENT IN RELATION TO THE H SHARE OFFER AND WAS THEREFORE NOT PREPARED WITH A VIEW TO ENSURING COMPLIANCE WITH RULE 10 OF THE TAKEOVERS CODE.

 

 

Confidential
Presentation to:
Project Chunhui
DATA BOOK — INTERIM UPDATE OF TRADING AND PREMIUM INFORMATION
AUGUST 3, 2005
    (CITIGROUP LOGO)

 

 

A-Share Turnover Information
(BAR CHART)
(LINE GRAPH)
                                                                 
Turnover Information
Price   15 Days   30 Days           45 Days   59 Days
    Trading   % of Total   Trading   % of Total   Trading   % of Total   Trading   % of Total
    Volume   A- Shares   Volume   A- Shares   Volume   A- Shares   Volume   A- Shares
    (MM)           (MM)           (MM)           (MM)        
 
< 2.25
     —       —       —       —       —       —       —       —  
2.25 - 2.39
     3.2       1.6 %     3.2       1.6 %     3.2       1.6 %     3.2       1.6 %
2.40 - 2.54
     16.8       8.4 %     16.8       8.4 %     16.8       8.4 %     16.8       8.4 %
2.55 - 2.69
     10.4       5.2 %     10.4       5.2 %     10.4       5.2 %     10.4       5.2 %
2.70 - 2.84
     14.3       7.1 %     17.9       8.9 %     17.9       8.9 %     17.9       8.9 %
2.85 - 2.99
     10.7       5.3 %     10.7       5.4 %     10.7       5.4 %     10.7       5.4 %
3.00 - 3.14
     —       0.0 %     4.7       2.3 %     4.7       2.3 %     6.7       3.4 %
3.15 - 3.29
     —       0.0 %     4.3       2.2 %     7.2       3.6 %     16.3       8.2 %
3.30 - 3.44
     —       0.0 %     4.1       2.1 %     22.4       11.2 %     48.7       24.3 %
3.45 - 3.59
     —       0.0 %     16.4       8.2 %     33.3       16.7 %     39.6       19.8 %
3.60 - 3.75
     —       0.0 %     9.3       4.6 %     26.6       13.3 %     27.0       13.5 %
3.75 - 3.90
     —       0.0 %     —       0.0 %     2.6       1.3 %     2.6       1.3 %
> 3.90
     —       —       —       —       —       —       —       —  
Note: The days shown above are active trading days. Shares equivalent to the total number of A shares were traded in the last 59 days. Information as of August 1, 2005.
50% of Y’s A shares have traded at or below RMB 3.30 in the last 59 days
80% of Y’s A shares have traded at or below RMB 3.60 in the last 59 days
    (CITIGROUP LOGO)

1

 

H-Share Turnover Information
(BAR GRAPH)
(BAR GRAPH)
                                                                 
Turnover Information
Price   10 Days   20 Days   30 Days   39 Days
    Trading   % of Total   Trading   % of Total   Trading   % of Total   Trading   % of Total
    Volume   H- Shares   Volume   H- Shares   Volume   H- Shares   Volume   H- Shares
    (MM)           (MM)           (MM)           (MM)        
 
< 1.45
     —       —       —       —       —       —       —       —  
1.45 – 1.49
     —       0.0 %     2.0       0.2 %     2.0       0.2 %     2.0       0.2 %
1.50 – 1.44
     —       0.0 %     5.8       0.6 %     5.8       0.6 %     5.8       0.6 %
1.55 – 1.59
     —       0.0 %     22.2       2.3 %     22.2       2.3 %     22.2       2.3 %
1.60 – 1.64
     0.5       0.1 %     14.1       1.5 %     14.1       1.5 %     42.8       4.4 %
1.65 – 1.69
     —       0.0 %     46.4       4.8 %     46.4       4.8 %     102.9       10.7 %
1.70 – 1.74
     2.5       0.3 %     53.8       5.6 %     53.8       5.6 %     73.1       7.6 %
1.75 – 1.79
     29.1       3.0 %     43.9       4.5 %     43.9       4.5 %     77.0       8.0 %
1.80 – 1.84
     40.3       4.2 %     58.8       6.1 %     58.8       6.1 %     91.5       9.5 %
1.85 – 1.89
     13.2       1.4 %     36.0       3.7 %     42.1       4.4 %     105.3       10.9 %
1.90 – 1.94
     7.8       0.8 %     28.2       2.9 %     71.9       7.4 %     171.6       17.8 %
1.95 – 1.99
     54.8       5.7 %     54.8       5.7 %     99.2       10.3 %     143.0       14.8 %
2.00 – 2.04
     35.8       3.7 %     35.8       3.7 %     68.2       7.1 %     90.8       9.4 %
2.05 – 2.10
     15.0       1.6 %     15.0       1.6 %     28.6       3.0 %     36.8       3.8 %
> 2.10
     —       —       —       —       —       —       —       —  
Note: The days shown above are active trading days. Shares equivalent to the total number of H shares were traded in the last 39 days. Information as of August 1, 2005.
67.67% of Y’s H shares have traded at or below HK$ 1.95 in the last 59 days
90% of Y’s H shares have traded at or below HK$ 2.05 in the last 59 days
    (CITIGROUP LOGO)

2

 

Premium Statistics– H Shares
                                                                         
Trading Data of Y’s H Shares (Premium versus Reference Price)
    Stock                
    Price as           52-Week    
    of           Performance   Average Closing Price
    8/1/2005   IPO Price   High   Low   10 days   20 days   30 days   90 days   6 months
(HK$)   2.03   1.59   3.13   1.31   1.85   1.84   1.88   1.84   2.07
Reference                                                                        
Price                                                                        
     
2.03
     0.0 %     27.4 %     -35.2 %     54.6 %     9.3 %     10.0 %     7.8 %     10.0 %     -2.4 %
2.08
     2.5 %     30.6 %     -33.6 %     58.4 %     12.0 %     12.8 %     10.5 %     12.7 %     0.1 %
2.13
     4.9 %     33.7 %     -32.0 %     62.2 %     14.6 %     15.5 %     13.1 %     15.4 %     2.5 %
2.18
     7.4 %     36.9 %     -30.4 %     66.0 %     17.3 %     18.2 %     15.8 %     18.1 %     4.9 %
2.23
     9.9 %     40.0 %     -28.8 %     69.8 %     20.0 %     20.9 %     18.4 %     20.8 %     7.3 %
2.28
     12.3 %     43.2 %     -27.2 %     73.7 %     22.7 %     23.6 %     21.1 %     23.5 %     9.7 %
2.33
     14.8 %     46.3 %     -25.6 %     77.5 %     25.4 %     26.3 %     23.8 %     26.3 %     12.1 %
2.38
     17.3 %     49.5 %     -24.0 %     81.3 %     28.1 %     29.1 %     26.4 %     29.0 %     14.5 %
2.43
     19.8 %     52.6 %     -22.4 %     85.1 %     30.8 %     31.8 %     29.1 %     31.7 %     16.9 %
2.48
     22.2 %     55.8 %     -20.8 %     88.9 %     33.5 %     34.5 %     31.7 %     34.4 %     19.3 %
2.53
     24.7 %     58.9 %     -19.2 %     92.7 %     36.2 %     37.2 %     34.4 %     37.1 %     21.8 %
Source: Bloomberg
 
3   (CITIGROUP LOGO)

 

 

Premium Statistics — A Shares
                                                                         
Trading Data of Y’s A Shares (Premium versus Reference Price)
    Stock                
    Price as           52-Week    
    of   IPO   Performance   Average Closing Price
    8/1/2005   Price   High   Low   10 days   20 days   30 days   90 days   6 months
(RMB)        2.92        3.5        6.54        2.34        2.73        2.76        2.99        3.86        4.23
Reference                                                                        
Price                                                                        
     
4.13
     41.6 %     18.1 %     -36.8 %     76.7 %     51.3 %     49.9 %     38.4 %     7.1 %     -2.4 %
4.24
     45.1 %     21.0 %     -35.2 %     81.0 %     55.0 %     53.6 %     41.8 %     9.7 %     0.1 %
4.34
     48.6 %     24.0 %     -33.7 %     85.4 %     58.7 %     57.3 %     45.2 %     12.4 %     2.5 %
4.44
     52.1 %     26.9 %     -32.1 %     89.8 %     62.5 %     61.0 %     48.6 %     15.0 %     4.9 %
4.54
     55.6 %     29.8 %     -30.5 %     94.1 %     66.2 %     64.7 %     52.0 %     17.7 %     7.3 %
4.64
     59.1 %     32.7 %     -29.0 %     98.5 %     69.9 %     68.4 %     55.4 %     20.3 %     9.7 %
4.75
     62.6 %     35.6 %     -27.4 %     102.8 %     73.7 %     72.1 %     58.9 %     23.0 %     12.1 %
4.85
     66.1 %     38.5 %     -25.9 %     107.2 %     77.4 %     75.8 %     62.3 %     25.6 %     14.5 %
4.95
     69.5 %     41.5 %     -24.3 %     111.6 %     81.1 %     79.5 %     65.7 %     28.3 %     16.9 %
5.05
     73.0 %     44.4 %     -22.7 %     115.9 %     84.9 %     83.2 %     69.1 %     30.9 %     19.3 %
5.15
     76.5 %     47.3 %     -21.2 %     120.3 %     88.6 %     86.9 %     72.5 %     33.5 %     21.8 %
     Source: Bloomberg
 
4   (CITIGROUP LOGO)

 

 

Traded Petrochemical Companies
(COMPANY LOGOS & PERFORMANCE GRAPHS)
(COMPANY LOGOS & PERFORMANCE GRAPHS)
China Companies            Asian Oils 140 130 120 190 180
110 170 160
100 150 140
90 130 120 80 110 100 70 90
07/2004 09/2004 12/2004 02/2005 05/2005 07/2005
60 Thai Comparables            Taiwan Comparables 07/18/04 09/29/04 12/11/04 02/22/05 05/06/05 07/18/05 Japan Comparables            S-Oil            China Comparables            Shenzhen A-Share            SPC            Nikkei 225 KOSPI            STI Shanghai A-Share            HSCEI            SET
    (CITIGROUP LOGO)

5

 

Traded Petrochemical Companies
Information of Traded Petrochemical Companies (as of Aug 1, 2005)
                                                         
Valuation Multiples   Share     Market     Price / EPS     Firm     Firm Value / EBITDA  
(Dollar in Millions, Except Stock Price)   Price     Cap(a)     2005E     2006E     Value(b)     2005E     2006E  
            (in US$MM)                     (in US $MM)                  
 
Y (A Share)
   RMB 2.92   $ 1,187       14.2x       7.1x     $ 1,678       5.5x       4.8x  
 
                                                        
Chinese Cos — A shares
                                                        
Sinopec Shanghai Petrochemical Co Ltd
   RMB 3.55     2,977       6.8x       7.4x       3,711       4.5x       5.1x  
China Petroleum and Chemical (Sinopec)
     4.08       42,880       9.3       9.0       65,355       5.1       5.0  
             
 
           Mean     8.0x       8.2x               4.8x       5.1x  
             
 
                                                        
Y (H Share)
   HK$2.03   $ 1,187       10.2x       5.1x     $ 1,678       5.5x       4.8x  
 
                                                        
Chinese Cos — H shares
                                                        
Sinopec Shanghai Petrochemical Co Ltd
   HK$2.75     2,977       5.5x       6.0x       3,711       4.5x       5.1x  
Sinopec Zhenhai Refining & Chemical Co
     8.30       2,695       8.1       7.1       2,524       4.1       3.6  
PetroChina
     7.05       159,467       9.5       10.3       163,068       5.3       5.4  
China Petroleum and Chemical (Sinopec)
     3.38       42,880       8.0       7.7       65,355       5.1       5.0  
             
 
           Mean     7.7x       7.8x               4.7x       4.8x  
 
           Median     8.0       7.4               4.8       5.0  
             
 
                                                        
Other Asian Cos
                                                        
Formosa Chemicals & Fibre Corp
   TW$51.3   $ 8,410       6.3x       6.9x       $9,722       8.0x       8.5x  
Formosa Petrochemicals Corp
   TW$58.1     16,292       10.7       11.7       20,628       8.3       7.6  
National Petrochemical PCL
   THB 116     853       9.2       8.5       885       5.5       5.5  
PTT Public Co Ltd
   THB 228     15,524       9.4       9.3       18,672       8.5       7.9  
S Oil Corporation
   KRW 79,100     8,565       10.8       11.5       8,887       6.9       7.3  
Showa Shell Sekiyu KK
   JPY 1,224     4,094       15.3       15.5       4,952       8.4       8.6  
Singapore Petroleum Company
   SGD 5.05     1,499       7.0       6.6       1,825       6.9       6.4  
TonenGeneral Sekiyu KK
   JPY 1,215     6,321       16.6       17.3       6,936       8.2       8.6  
             
 
           Mean     10.7x       10.9x               7.6x       7.5x  
 
           Median     10.1       10.4               8.1       7.8  
             
 
Source: Estimates based on IBES. No updated EBITDA forcast for Y since issuing profit warning.
 
(a)   Market cap for all classes of shares, which is sum of H-shares’ share price multipled by number of H-shares outstanding and A-shares’ share price multipled by number of legal person shares and A-shares outstanding. Firm value based on net debt as of Dec 31, 2004 from Company’s annual report
 
(b)   Firm Value equals market equity value plus straight debt, minority interest, less investments in unconsolidated affiliates and cash.
Y is currently trading at multiples significantly higher than it’s A-Share and H-Share peers
 
6   (CITIGROUP LOGO)

 

 

Key Statistics of H-Share and A-Share Offers (Option 1 – X + Y)
Cost of Acquiring Minority Position (Prices as of Aug 1, 2005)
                                                                         
    Premium to Six Month Average Price  
    0.0%     5.0%     10.0%     12.5%     15.0%     17.5%     20.0%     22.5%     25.0%  
     
Price per Share paid to Minority
                                                                        
A Share (RMB)
     4.23       4.45       4.66       4.76       4.87       4.97       5.08       5.19       5.29  
H Share (HK$)
     2.07       2.18       2.28       2.33       2.38       2.44       2.49       2.54       2.59  
 
                                                                        
Number of Shares held by Minority (MM)
                                                                        
A Shares
     200       200       200       200       200       200       200       200       200  
H Shares
     965       965       965       965       965       965       965       965       965  
 
                                                                        
X Share Price
                                                                        
H Share (HK$)
     7.05       7.05       7.05       7.05       7.05       7.05       7.05       7.05       7.05  
 
                                                                        
Conversion Ratios
                                                                        
Y’s H Shares per X’s H Share (without additional premium
     3.40       3.24       3.09       3.02       2.96       2.89       2.83       2.78       2.72  
Y’s H Shares per X’s H Share (with additional premium)
     3.09       2.94       2.81       2.75       2.69       2.63       2.58       2.52       2.47  
 
                                                                        
Number of X Shares Required (MM)
                                                                        
H Share (share offer at no additional premium)
     283.8       298.0       312.2       319.3       326.4       333.5       340.6       347.7       354.8  
% of X’s enlarged equity
     1.6 %     1.7 %     1.7 %     1.8 %     1.8 %     1.9 %     1.9 %     1.9 %     2.0 %
H Share (share offer at 10% additional premium)
     312.2       327.8       343.4       351.2       359.0       366.8       374.6       382.4       390.2  
% of X’s enlarged equity
     1.7 %     1.8 %     1.9 %     2.0 %     2.0 %     2.0 %     2.1 %     2.1 %     2.2 %
 
Note:
 
(1)   For the purpose of this analysis, we have assumed 100% acceptance rate for the Share offer.
 
7   (CITIGROUP LOGO)

 

 

Key Statistics of H-Share and A-Share Offers (Option 1 – X + Y)
Share Offer at 10% additional premium to the Cash Offer (Prices as of Aug 1, 2005)
(RMB Millions, except per share data)
                                                                                         
            Consideration   Cash Offer Premium to Six Month Average Price  
            Payable   0.0%     5.0%     10.0%     12.5%     15.0%     17.5%     20.0%     22.5%     25.0%  
Percentage of
Shareholders accepting Cash
Offer(balance
shareholders
accepting Share
Offer)		   (Image)   H-Share Cash Offer Price (HKD)     2.07       2.18       2.28       2.33       2.38       2.44       2.49       2.54       2.59  
                 
    A-Share Cash Offer Price (RMB)     4.23       4.45       4.66       4.76       4.87       4.97       5.08       5.19       5.29  
                 
    0%   Cash     —       —       —       —       —       —       —       —       —  
        Value of Shares     3,226       3,388       3,549       3,630       3,710       3,791       3,872       3,952       4,033  
 
                 
        Total     3,226       3,388       3,549       3,630       3,710       3,791       3,872       3,952       4,033  
 
    20%   Cash     587       616       645       660       675       689       704       719       733  
 
        Value of Shares     2,581       2,710       2,839       2,904       2,968       3,033       3,097       3,162       3,226  
 
                 
        Total     3,168       3,326       3,484       3,564       3,643       3,722       3,801       3,880       3,960  
 
    40%   Cash     1,173       1,232       1,291       1,320       1,349       1,379       1,408       1,437       1,466  
 
        Value of Shares     1,936       2,033       2,129       2,178       2,226       2,275       2,323       2,371       2,420  
                 
        Total     3,109       3,264       3,420       3,498       3,575       3,653       3,731       3,808       3,886  
    60%   Cash     1,760       1,848       1,936       1,980       2,024       2,068       2,112       2,156       2,200  
 
        Value of Shares     1,291       1,355       1,420       1,452       1,484       1,516       1,549       1,581       1,613  
 
                 
        Total     3,050       3,203       3,355       3,432       3,508       3,584       3,660       3,737       3,813  
 
    80%   Cash     2,346       2,464       2,581       2,640       2,698       2,757       2,816       2,874       2,933  
 
        Value of Shares     645       678       710       726       742       758       774       790       807  
 
                 
        Total     2,992       3,141       3,291       3,366       3,440       3,515       3,590       3,665       3,740  
 
    100%   Cash     2,933       3,080       3,226       3,300       3,373       3,446       3,520       3,593       3,666  
 
        Value of Shares     —       —       —       —       —       —       —       —       —  
                 
        Total     2,933       3,080       3,226       3,300       3,373       3,446       3,520       3,593       3,666  
 
Notes:
 
(1)   Share consideration assumed to be at a 10% premium to the cash consideration
 
(2)    Exchange rate of HKD 0.96 / CNY 1
 
(3)   As per Company guidance at meeting of 19 July, we understand that the Company is considering only a cash consideration at present
 
    (CITIGROUP LOGO)

8

 

Information of Public Market Transaction Premia
4   Key factors which determine the level of premium in both situations required include:
  •   Cash vs. stock acquisition currency
 
  •   Level of expected competition for target
 
  •   Need for target to sell and perspectives of target shareholders over future viability of company
                                                 
                    Premia prior to Announce
Year   Target   Acquiror   1 Day   10 Days   30 Days   60 Days
 
2005
   Henderson China   Henderson Land     56.3 %     50.9 %     54.0 %     54.3 %
2005
   Yanhua   Sinopec     10.9       18.8       23.9       24.3  
2004
   Kwong Sang Hong Intl   Power Jade Capital Ltd     5.0       23.0       36.2       52.63  
2003
   Chevalier Constr Hldg   Chevalier Intl Hldg Ltd     16.3       16.3       23.8       37.4  
2003
   JGC Holding   Public Bank Bhd     19.7       19.4       21.3       25.6  
2003
   SIIC Medical Science   Shanghai Indl Hldg Ltd     15.0       20.8       24.3       31.9  
2003
   eSun Holdings Ltd   Lai Sun Development     27.3       28.6       30.6       18.9  
 
 
           Average (Excl High/low)     17.8 %     22.1 %     27.8 %     34.4 %
 
Source: Bloomberg, Company Filings With reference to cash alternatives only
    (CITIGROUP LOGO)

9

 

Any terms set forth herein are intended for discussion purposes only and are subject to the final terms as set forth in separate definitive written agreements.
Prior to entering into any transaction contemplated hereby (a “Transaction”) you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks), as well as the legal, tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters.
We are required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with us. We will ask for your complete name, street address, and taxpayer ID number. We may also request corporate formation documents, or other forms of identification, to verify information provided.
We maintain a policy of strict compliance to the anti-tying provisions of the Bank Holding Company Act of 1956, as amended, and the regulations issued by the Federal Reserve Board implementing the anti-tying rules (collectively, the “Anti-tying Rules”). Moreover our credit policies provide that credit must be underwritten in a safe and sound manner and be consistent with Section 23B of the Federal Reserve Act and the requirements of federal law. Consistent with these requirements and our Anti-tying Policy:
4   You will not be required to accept any product or service offered by Citibank or any Citigroup affiliate as a condition to the extension of commercial loans or other products or services to you by Citibank or any of its subsidiaries, unless such a condition is permitted under an exception to the Anti-tying Rules.
 
4   We will not vary the price or other terms of any Citibank product or service based on the condition that you purchase any particular product or service from Citibank or any Citigroup affiliate, unless we are authorized to do so under an exception to the Anti-tying Rules.
 
4   We will not require you to provide property or services to Citibank or any affiliate of Citibank as a condition to the extension of a commercial loan to you by Citibank or any Citibank subsidiary, unless such a requirement is reasonably required to protect the safety and soundness of the loan.
 
4   We will not require you to refrain from doing business with a competitor of Citigroup or any of its affiliates as a condition to receiving a commercial loan from Citibank or any of its subsidiaries, unless the requirement is reasonably designed to ensure the soundness of the loan.
Any prices or levels contained herein are preliminary and indicative only and do not represent bids or offers. These indications are provided solely for your information and consideration, are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this presentation may include results of analyses from a quantitative model which represent potential future events that may or may not be realized, and is not a complete analysis of every material fact representing any product. Any estimates included herein constitute our judgment as of the date hereof and are subject to change without any notice. We and/or our affiliates may make a market in these instruments for our customers and for our own account. Accordingly, we may have a position in any such instrument at any time.
© 2005 Citigroup Global Markets Inc. Member SIPC. CITIGROUP and Umbrella Device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world.
© 2005 Citigroup Global Markets Limited. Regulated by the Financial Services Authority. CITIGROUP and Umbrella Device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world.
    (CITIGROUP LOGO)

 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘SC 13E3/A’ Filing    Date    Other Filings
Filed on:12/23/05SC 13E3/A,  SC 14D9/A,  SC TO-T/A
8/3/05
8/1/05
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