RNS Number:2565L
UBS Warburg(EMM)
19 May 2003


PRIVATEFORM 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 LIMITED
                        ....................................................................................
Date of disclosure       TIME /@ "dd MMMM yyyy" 19 May 2003
                        ....................................................................................
Contact Name            Michael Hodnett
                        ....................................................................................
Telephone number        020-7568 5846
                        ....................................................................................
Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
Salvesen (Christian) Plc
                                  _______________________________________
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.


























                                                                                      PRIVATE

                                                                                     FORM 38.5

                               CONNECTED EXEMPT MARKET-MAKERS:

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


Dealing in                SALVESON (CHRISTIAN) PLC                 (name of company)

                          .......................................
                          ....
Class of Security         ORD GBP 0.28

                          ...............................................................
Date of disclosure         TIME /@ "d-MMM-yy" 19-May-03

                          ...............................................................
Date of dealing           15-May-03

                          ...............................................................
Name of EMM               UBS LIMITED

                          ...............................................................
Name of offeree / offeror with whom connected        SALVESON (CHRISTIAN) PLC

                                                     ....................................
Total Number of securities bought      50,400

                                       ........................
Highest price paid*                    0.6585 GBP

                                       ........................
Lowest price paid*                     0.63 GBP

                                       ........................
Total number of securities sold        9,575

                                       ........................
Highest price received*                0.6715 GBP

                                       ........................
Lowest price received*                 0.6348 GBP




















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