EMM Disclosure

RNS Number:1696N
UBS AG (EMM)
04 July 2003



  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               04-Jul-2003
  Contact Name                     Brenton Amedee
  Telephone number                 0207 568 4981
  Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
  CHUBB
  CORDIANT COMMUNICATIONS GROUP
  DEBENHAMS
  MCCARTHY & STONE
  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                    CHUBB
 Class of securities           ORD GBP0.36
 Date of disclosure            04-Jul-2003
 Date of dealing               03-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Adviser to United Technologies Corporation
 Total Number of securities bought                                                        1,881,097
 Highest price paid*                                                                         0.7563   GBP
 Lowest price paid*                                                                          0.7550   GBP
 Total Number of securities sold                                                                  0
 Highest price received*                                                                     0.0000   GBP
 Lowest price received*                                                                      0.0000   GBP
                                                                                                                        
            FORM 38.5
                                   CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                    CORDIANT COMMUNICATIONS GROUP
 Class of securities           ORD GBP0.50
 Date of disclosure            04-Jul-2003
 Date of dealing               03-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Cordiant Communications Plc
 Total Number of securities bought                                                          315,000
 Highest price paid*                                                                         0.0295   GBP
 Lowest price paid*                                                                          0.0290   GBP
 Total Number of securities sold                                                            539,201
 Highest price received*                                                                     0.0300   GBP
 Lowest price received*                                                                      0.0297   GBP
                                                                                                                        
          FORM 38.5
                                    CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                     DEBENHAMS
 Class of securities            ORD GBP0.10
 Date of disclosure             04-Jul-2003
 Date of dealing                03-Jul-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Permira
 Total Number of securities bought                                                           257,660
 Highest price paid*                                                                          4.1600   GBP
 Lowest price paid*                                                                           4.1550   GBP
 Total Number of securities sold                                                             497,282
 Highest price received*                                                                      4.1700   GBP
 Lowest price received*                                                                       4.1500   GBP
                                                                                                                        
            FORM 38.5
                                   CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                    MCCARTHY & STONE
 Class of securities           GBP0.20
 Date of disclosure            04-Jul-2003
 Date of dealing               03-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              McCarthy and Stone Plc
 Total Number of securities bought                                                           21,410
 Highest price paid*                                                                         4.8091   GBP
 Lowest price paid*                                                                          4.7800   GBP
 Total Number of securities sold                                                              7,714
 Highest price received*                                                                     4.8370   GBP
 Lowest price received*                                                                      4.8070   GBP


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