RNS Number:9927S
UBS AG (EMM)
08 December 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              08-Dec-2003

  Contact Name                    Equities Compliance

  Telephone number                0207 568 4981

  Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:

  CARLTON COMMUNICATIONS
  GRANADA
  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.




                                                                                                                        
           FORM 38.5

                                    CONNECTED EXEMPT MARKET-MAKERS:

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

  Dealing in                    CARLTON COMMUNICATIONS

  Class of securities           ORD GBP0.05

  Date of disclosure            08-Dec-2003

  Date of dealing               05-dec-2003

  Name of EMM                   UBS AG

  Name of offeree / offeror with whom connected             Carlton Communications

  Total Number of securities bought                                                         106,966

  Highest price paid*                                                                        2.4375   GBP

  Lowest price paid*                                                                         2.3850   GBP

  Total Number of securities sold                                                           609,078

  Highest price received*                                                                    2.4375   GBP

  Lowest price received*                                                                     2.3875   GBP




                                                                                                                        
           FORM 38.5

                                    CONNECTED EXEMPT MARKET-MAKERS:

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

  Dealing in                    GRANADA

  Class of securities           ORD GBP0.10

  Date of disclosure            08-Dec-2003

  Date of dealing               05-dec-2003

  Name of EMM                   UBS AG

  Name of offeree / offeror with whom connected             Carlton Communications

  Total Number of securities bought                                                          74,900

  Highest price paid*                                                                        1.2925   GBP

  Lowest price paid*                                                                         1.2700   GBP

  Total Number of securities sold                                                           141,043

  Highest price received*                                                                    1.2975   GBP

  Lowest price received*                                                                     1.2676   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            08-Dec-2003

  Date of dealing               05-dec-2003

  Name of EMM                   UBS AG

  Name of offeree / offeror with whom connected             Torex Group Plc

  Total Number of securities bought                                                             305

  Highest price paid*                                                                        3.0800   GBP

  Lowest price paid*                                                                         3.0600   GBP

  Total Number of securities sold                                                               473

  Highest price received*                                                                    3.0800   GBP

  Lowest price received*                                                                     3.0600   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            08-Dec-2003

  Date of dealing               05-dec-2003

  Name of EMM                   UBS AG

  Name of offeree / offeror with whom connected             Torex Group Plc

  Total Number of securities bought                                                          90,639

  Highest price paid*                                                                        5.0700   GBP

  Lowest price paid*                                                                         5.0546   GBP

  Total Number of securities sold                                                            97,275

  Highest price received*                                                                    5.0870   GBP

  Lowest price received*                                                                     5.0648   GBP





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