RNS Number:8580S
UBS AG (EMM)
04 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              04-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            04-Dec-2003

  Date of dealing               03-dec-2003

  Name of EMM                   UBS AG

  Name of offeree / offeror with whom connected             Carlton Communications

  Total Number of securities bought                                                       4,124,791

  Highest price paid*                                                                        2.4949   GBP

  Lowest price paid*                                                                         2.3125   GBP

  Total Number of securities sold                                                            55,530

  Highest price received*                                                                    2.3775   GBP

  Lowest price received*                                                                     2.3075   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            04-Dec-2003

  Date of dealing               03-dec-2003

  Name of EMM                   UBS AG

  Name of offeree / offeror with whom connected             Carlton Communications

  Total Number of securities bought                                                       2,063,437

  Highest price paid*                                                                        1.2775   GBP

  Lowest price paid*                                                                         1.2275   GBP

  Total Number of securities sold                                                           973,825

  Highest price received*                                                                    1.2700   GBP

  Lowest price received*                                                                     1.2350   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            04-Dec-2003

  Date of dealing               03-dec-2003

  Name of EMM                   UBS AG

  Name of offeree / offeror with whom connected             Torex Group Plc

  Total Number of securities bought                                                         274,625

  Highest price paid*                                                                        3.3200   GBP

  Lowest price paid*                                                                         3.1400   GBP

  Total Number of securities sold                                                           208,946

  Highest price received*                                                                    3.3200   GBP

  Lowest price received*                                                                     3.1500   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            04-Dec-2003

  Date of dealing               03-dec-2003

  Name of EMM                   UBS AG

  Name of offeree / offeror with whom connected             Torex Group Plc

  Total Number of securities bought                                                          48,500

  Highest price paid*                                                                        5.8000   GBP

  Lowest price paid*                                                                         5.6500   GBP

  Total Number of securities sold                                                           164,359

  Highest price received*                                                                    5.8300   GBP

  Lowest price received*                                                                     5.6400   GBP





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