China Netcom Group Corporation -Hong Kong- Limited Appoints Citigroup Depositary for NYSE Listed ADR Program.

NEW YORK -- Citigroup Depositary Receipt Services, the leading depositary bank, announced today that it has established an American Depositary Receipt (ADR) Program for China Netcom Group Corporation (Hong Kong) Limited ("China Netcom"), a leading fixed-line telecommunications operator in China and a leading international data communications operator in the Asia Pacific Region. The company is headquartered in Beijing, China. This is an initial public offering of American Depositary Shares (ADSs) in the U.S. market, and is part of a global offering with the ordinary shares listed on the Hong Kong Stock Exchange. E[acute accent]The ADSs are now listed on the NYSE under the symbol CN (CUSIP #16940Q 10 1). Each NYSE-traded ADS represents 20 ordinary shares trading on the Hong Kong Stock Exchange. E[acute accent]"We look forward to supporting China Netcom as the company makes strides to broaden its U.S. and global investor base," said Sanjeev Nanavati, Managing Director, Citigroup Depositary Receipt Services. E[acute accent]"We expect the NYSE listed ADR program will help us build visibility and expand the potential to grow our investor base in the world's largest capital market. We are committed to the success of this key component of our global IPO." said Edward Tian Suning, CEO of China Netcom. E[acute accent]China Netcom is the only telecommunications company in China that operates an extensive network and offers international data services in the Asia-Pacific region. The company offers fixed line telephone services, broadband and other Internet-related services, business and data communications services and international telecommunications services. China Netcom's customer base in the northern service region in China consisted of 77.6 million fixed line subscribers (94.6% market share) as of June 30, 2004. In addition, as of that same date, China Netcom's broadband market share in the northern service region grew to 92.9% with 4.2 million subscribers. China Netcom's regional connectivity combined with its dominant position in Beijing, which serves as headquarters for many large Chinese corporations and the China operations of many large multinationals, provides China Netcom with a strong base for further expanding our corporate and international telecommunications business. E[acute accent]For background on Citigroup ADR programs, as well as industry trends and developments, please visit www.citigroup.com/adr.

E[acute accent]About Citigroup Depositary Receipt Services

E[acute accent]Citigroup Depositary Receipt Services is a leader in bringing quality issuers to the U.S. market and promoting American Depositary Receipts (ADRs) as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the resources of Citigroup and the means to diversify shareholder bases and increase liquidity. In addition, Citigroup's financial strength and global reach provide clients with access to Citigroup's on-the-ground presence and in-depth knowledge of 90 local markets. E[acute accent]Depositary Receipt Services is a business line within Citigroup(R) Global Transaction Services, a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 115 billion in average liability balances, more than $ 6.7 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com

E[acute accent]About Citigroup

E[acute accent]Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

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