RNS Number:3900N
UBS AG (EMM)
10 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             10-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:
  BRITISH BIOTECH
  CHUBB
  CORDIANT COMMUNICATIONS GROUP
  DEBENHAMS
  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                     BRITISH BIOTECH
 Class  of  securities          ORD 5P

 Date of disclosure             10-Jul-2003
 Date of dealing                09-Jul-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected                 Vernalis
 Total Number of securities bought                                                            695,625
 Highest price paid*                                                                           0.7014   GBP
 Lowest price paid*                                                                            0.6140   GBP
 Total Number of securities sold                                                              500,000
 Highest price received*                                                                       0.6979   GBP
 Lowest price received*                                                                        0.6979   GBP
                                                                                                                        
            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            10-Jul-2003
 Date of dealing               09-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Adviser to United Technologies Corporation
 Total Number of securities bought                                                            2,905
 Highest price paid*                                                                         0.7550   GBP
 Lowest price paid*                                                                          0.7550   GBP
 Total Number of securities sold                                                              3,000
 Highest price received*                                                                     0.7585   GBP
 Lowest price received*                                                                      0.7585   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            10-Jul-2003
 Date of dealing               09-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected               Cordiant Communications Plc
 Total Number of securities bought                                                        1,850,000
 Highest price paid*                                                                         0.0400   GBP
 Lowest price paid*                                                                          0.0375   GBP
 Total Number of securities sold                                                          1,950,000
 Highest price received*                                                                     0.0400   GBP
 Lowest price received*                                                                      0.0375   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             10-Jul-2003
 Date of dealing                09-Jul-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Permira
 Total Number of securities bought                                                           235,310
 Highest price paid*                                                                          4.2050   GBP
 Lowest price paid*                                                                           4.1900   GBP
 Total Number of securities sold                                                             299,360
 Highest price received*                                                                      4.2175   GBP
 Lowest price received*                                                                       4.1900   GBP


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