RNS Number:2575D
UBS AG (EMM)
23 September 2004



  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-Sep-2004
  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:
  CAPITAL RADIO
  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.
                                      CONNECTED EXEMPT MARKET-MAKERS:                                                   
       FORM 38.5
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
  Dealing in                     CAPITAL RADIO
  Class of securities            ORD GBP0.025
  Date of disclosure             23-Sep-2004
  Date of dealing                22-sep-2004
  Name of EMM                    UBS AG
  Name of offeree / offeror with whom connected               GWR GROUP
  Total Number of securities bought                                                                 0
  Highest price paid*                                                                          0.0000   GBP
  Lowest price paid*                                                                           0.0000   GBP
  Total Number of securities sold                                                                 158
  Highest price received*                                                                      4.5675   GBP
  Lowest price received*                                                                       4.5675   GBP


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

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