EMM Disclosure

RNS Number:9713N
UBS AG (EMM)
25 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           25 July 2003
                             ....................................................................................
Contact Name                 Brenton Amedee
                             ....................................................................................
Telephone number             020-7568 4981
                             ....................................................................................
Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
Debenhams Plc - Contract For Difference

iSoft Plc - Contract For Difference

Chubb Plc - Contract For Difference
                                     _______________________________________
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.







                CONNECTED EXEMPT MARKET-MAKERS/EXEMPT PRINCIPAL TRADERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in Contract for Differences ("CFD") referenced to...Debenhams Plc, Ord
0.10

Date of Disclosure:                    25 July 2003

Date of Dealing                         24 Jul 2003

Name of EMM/EPT...                    UBS AG

Name of offeree / offeror with whom connected      Permira

Product Type.........(long/short) CFD          Short

Maturity Date                         24 Apr 2004

Writing of CFD

Number of securities to which the CFD is referenced 0

CFD reference price: (High) 0 GBP............................(Low) 0 GBP......
.....................

Closing out of CFD

Number of securities to which the CFD is referenced      200,000

CFD reference price: (High) 4.30 GBP               (Low) 4.30 GBP



Further disclosure should be made where necessary so that the nature of the dealings can be fully understood.

















                CONNECTED EXEMPT MARKET-MAKERS/EXEMPT PRINCIPAL TRADERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in Contract for Differences ("CFD") referenced to... iSoft Plc, Ord 0.10

Date of Disclosure:                    25 July 2003

Date of Dealing                         24 Jul 2003

Name of EMM/EPT...                    UBS AG

Name of offeree / offeror with whom connected     Torex

Product Type.........(long/short) CFD          Long

Maturity Date                         24 Apr 2004

Writing of CFD

Number of securities to which the CFD is referenced 0

CFD reference price: (High) 0 GBP............................(Low) 0 GBP......
.....................

Closing out of CFD

Number of securities to which the CFD is referenced      162,813

CFD reference price: (High) 0 GBP               (Low) 0 GBP



Further disclosure should be made where necessary so that the nature of the dealings can be fully understood.

















                CONNECTED EXEMPT MARKET-MAKERS/EXEMPT PRINCIPAL TRADERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in Contract for Differences ("CFD") referenced to... Chubb Plc, Ord 0.36

Date of Disclosure:                    25 July 2003

Date of Dealing                         24 Jul 2003

Name of EMM/EPT...                    UBS AG

Name of offeree / offeror with whom connected     United Technologies Corp

Product Type.........(long/short) CFD          Long

Maturity Date                         24 Apr 2004

Writing of CFD

Number of securities to which the CFD is referenced 0

CFD reference price: (High) 0 GBP............................(Low) 0 GBP......
.....................

Closing out of CFD

Number of securities to which the CFD is referenced      3,000,000

CFD reference price: (High) 0.75 GBP               (Low) 0.75 GBP



Further disclosure should be made where necessary so that the nature of the dealings can be fully understood.

















                CONNECTED EXEMPT MARKET-MAKERS/EXEMPT PRINCIPAL TRADERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in Contract for Differences ("CFD") referenced to... Chubb Plc, Ord 0.36

Date of Disclosure:                    25 July 2003

Date of Dealing                         24 Jul 2003

Name of EMM/EPT...                    UBS AG

Name of offeree / offeror with whom connected     United Technologies Corp

Product Type.........(long/short) CFD          Short

Maturity Date                         24 Apr 2004

Writing of CFD

Number of securities to which the CFD is referenced 0

CFD reference price: (High) 0 GBP............................(Low) 0 GBP......
.....................

Closing out of CFD

Number of securities to which the CFD is referenced      3,000,000

CFD reference price: (High) 0.75 GBP               (Low) 0.75 GBP



Further disclosure should be made where necessary so that the nature of the dealings can be fully understood.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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