CAP Clean Air

RNS Number:3398F
UBS AG (EMM)
17 November 2004

                                                                 FORM 38.5 (CFD)



                        CONNECTED EXEMPT MARKET-MAKERS:

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







Dealing in Contract for Difference

 ("CFD") referenced to ..................Capital Radio



Date of disclosure

                                ............17 November
2004...................................................................................



Date of dealing

                                ........16  November
2004.............................................



Name of EMM            UBS AG


........................................................................................................................
................



Name of offeree / offeror with whom connected


     ........GWR GROUP................




PRODUCT              BUY/SELL             PRICE                MATURITY             SHARE REFERENCE
                                                                                    QUANTITY
SHORT CFD            CLOSING              4.1955 GBP           13/07/2005           10,000
SHORT CFD            CLOSING              4.1955 GBP           21/07/2005           50,000
SHORT CFD            CLOSING              4.1955 GBP           21/07/2005           75,000






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