RNS Number:8626M
UBS AG (EMM)
27 June 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               27-Jun-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:
  BULMER(H.P.)HLDGS
  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.

                                                                                                                        
                     FORM 38.5
                                     CONNECTED EXEMPT MARKET-MAKERS:
              DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                      BULMER(H.P.)HLDGS
 Class of securities             ORD GBP0.05
 Date of disclosure              27-Jun-2003
 Date of dealing                 26-Jun-2003
 Name of EMM                     UBS AG
 Name of offeree / offeror with whom connected                Scottish & Newcastle Plc
 Total Number of securities bought                                                             10,342
 Highest price paid*                                                                           3.3129   GBP
 Lowest price paid*                                                                            3.3129   GBP
 Total Number of securities sold                                                               90,897
 Highest price received*                                                                        547.5   GBP
 Lowest price received*                                                                           545   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              27-Jun-2003
 Date of dealing                 26-Jun-2003
 Name of EMM                     UBS AG
 Name of offeree / offeror with whom connected                Adviser to United Technologies Corporation
 Total Number of securities bought                                                             10,342
 Highest price paid*                                                                           0.7558   GBP
 Lowest price paid*                                                                            0.7514   GBP
 Total Number of securities sold                                                               90,897
 Highest price received*                                                                        547.5   GBP
 Lowest price received*                                                                           545   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              27-Jun-2003
 Date of dealing                 26-Jun-2003
 Name of EMM                     UBS AG
 Name of offeree / offeror with whom connected                Cordiant Communications Plc
 Total Number of securities bought                                                             10,342
 Highest price paid*                                                                           0.0290   GBP
 Lowest price paid*                                                                            0.0290   GBP
 Total Number of securities sold                                                               90,897
 Highest price received*                                                                        547.5   GBP
 Lowest price received*                                                                           545   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               27-Jun-2003
 Date of dealing                  26-Jun-2003
 Name of EMM                      UBS AG
 Name of offeree / offeror with whom connected                 Permira
 Total Number of securities bought                                                              10,342
 Highest price paid*                                                                            4.0100   GBP
 Lowest price paid*                                                                             4.0050   GBP
 Total Number of securities sold                                                                90,897
 Highest price received*                                                                         547.5   GBP
 Lowest price received*                                                                            545   GBP


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