EMM Disclosure

RNS Number:2650U
UBS AG (EMM)
15 January 2004



  FORM 38.5 (SUMMARY)
  Lodge with Company Announcements Office and the Panel. Use a separate form for each class of securities in which
  dealings have been made.
                                              CONNECTED EXEMPT MARKET-MAKERS:
                            DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
  Name of EMM                    UBS AG
  Date of disclosure             15-Jan-2004
  Contact Name                   Equities Compliance
  Telephone number               0207 568 4981
  Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
  JARVIS HOTELS
  TBI
  AMENDMENT
  If the attached Rule 38.5 disclosure is to amend a previous disclosure, please state which element(s) of previous
  disclosure was incorrect:
  In the case of option business or dealings in derivatives full details should be given on a separate sheet so that the
  nature of the dealings can be fully understood. For options this should include the number of securities under option,
  the exercise period (or in the case of exercise, the exercise date), the exercise price and any option money paid or
  received. For derivatives this should include, at least, the number of reference securities to which they relate (when
  relevant), the maturity date (or if applicable the closing out date) and the reference price.For full details of
  disclosure requirements see Rules 8 and 38 of the Code. If in doubt contact the Monitoring Section of the Panel, Tel 
No:
  020-7638 0129.
                                                                                                                        
          FORM 38.5
                                    CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                     JARVIS HOTELS
 Class of securities            ORD GBP0.05
 Date of disclosure             15-Jan-2004
 Date of dealing                14-jan-2004
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Jarvis Hotels
 Total Number of securities bought                                                           915,994
 Highest price paid*                                                                          1.4600   GBP
 Lowest price paid*                                                                           1.4600   GBP
 Total Number of securities sold                                                           1,000,000
 Highest price received*                                                                      1.4622   GBP
 Lowest price received*                                                                       1.4622   GBP
                                                                                                                        
            FORM 38.5
                                   CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                    TBI
 Class of securities           ORD GBP0.10
 Date of disclosure            15-Jan-2004
 Date of dealing               14-jan-2004
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              UBS AG is financial advisor to RWE, associate of Hochtief
 Total Number of securities bought                                                          460,841
 Highest price paid*                                                                         0.6750   GBP
 Lowest price paid*                                                                          0.6739   GBP
 Total Number of securities sold                                                              5,036
 Highest price received*                                                                     0.6750   GBP
 Lowest price received*                                                                      0.6715   GBP


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            The company news service from the London Stock Exchange
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