RNS Number:8666N
UBS AG (EMM)
23 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             23-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
  DEBENHAMS
  ISOFT GROUP
  TOREX
  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            23-Jul-2003
 Date of dealing               22-Jul-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Adviser to United Technologies Corporation
 Total Number of securities bought                                                        9,101,485
 Highest price paid*                                                                         0.7565   GBP
 Lowest price paid*                                                                          0.7550   GBP
 Total Number of securities sold                                                          9,110,651
 Highest price received*                                                                     0.7600   GBP
 Lowest price received*                                                                      0.7600   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             23-Jul-2003
 Date of dealing                22-Jul-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Permira
 Total Number of securities bought                                                           481,390
 Highest price paid*                                                                          4.2408   GBP
 Lowest price paid*                                                                           4.2170   GBP
 Total Number of securities sold                                                             404,140
 Highest price received*                                                                      4.2464   GBP
 Lowest price received*                                                                       4.2367   GBP
                                                                                                                        
          FORM 38.5
                                    CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                     ISOFT GROUP
 Class  of  securities          ORD GBP0.10

 Date of disclosure             23-Jul-2003
 Date of dealing                22-Jul-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected                Torex Group Plc
 Total Number of securities bought                                                           421,410
 Highest price paid*                                                                          3.3552   GBP
 Lowest price paid*                                                                           3.0200   GBP
 Total Number of securities sold                                                             300,000
 Highest price received*                                                                      3.3200   GBP
 Lowest price received*                                                                       3.0608   GBP
                                                                                                                        
          FORM 38.5
                                    CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                     TOREX
 Class  of  securities          ORD GBP0.10

 Date of disclosure             23-Jul-2003
 Date of dealing                22-Jul-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected                Torex Group Plc
 Total Number of securities bought                                                           375,081
 Highest price paid*                                                                          5.8174   GBP
 Lowest price paid*                                                                           4.9261   GBP
 Total Number of securities sold                                                              45,000
 Highest price received*                                                                      5.3340   GBP
 Lowest price received*                                                                       5.1000   GBP


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

EMMBBGDRRDDGGXX