EMM Disclosure

RNS Number:2283N
UBS AG (EMM)
07 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             07-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.
                                       1
                                                                                                                        
            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            07-Jul-2003
 Date of dealing               04-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Adviser to United Technologies Corporation
 Total Number of securities bought                                                            1,916
 Highest price paid*                                                                         0.7558   GBP
 Lowest price paid*                                                                          0.7558   GBP
 Total Number of securities sold                                                          3,875,349
 Highest price received*                                                                     0.7550   GBP
 Lowest price received*                                                                      0.7550   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            07-Jul-2003
 Date of dealing               04-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected               Cordiant Communications Plc
 Total Number of securities bought                                                          114,165
 Highest price paid*                                                                         0.0295   GBP
 Lowest price paid*                                                                          0.0295   GBP
 Total Number of securities sold                                                            275,000
 Highest price received*                                                                     0.0370   GBP
 Lowest price received*                                                                      0.0330   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             07-Jul-2003
 Date of dealing                04-Jul-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Permira
 Total Number of securities bought                                                           591,797
 Highest price paid*                                                                          4.1875   GBP
 Lowest price paid*                                                                           4.1728   GBP
 Total Number of securities sold                                                             573,147
 Highest price received*                                                                      4.1864   GBP
 Lowest price received*                                                                       4.1750   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            07-Jul-2003
 Date of dealing               04-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected               McCarthy and Stone Plc
 Total Number of securities bought                                                           95,436
 Highest price paid*                                                                         5.1391   GBP
 Lowest price paid*                                                                          5.0346   GBP
 Total Number of securities sold                                                             78,300
 Highest price received*                                                                     5.2300   GBP
 Lowest price received*                                                                      4.9200   GBP


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