CAP Clean Air

RNS Number:4942G
UBS AG (EMM)
16 December 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

                                ............16 DECEMBER
2004...................................................................................



Date of dealing

                                ........15 DECEMBER
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             4.04               03/09/2005          2,046
SHORT CFD           CLOSING             4.04               03/09/2005          18,413
SHORT CFD           CLOSING             4.04               06/09/2005          5,000
SHORT CFD           CLOSING             4.04               06/09/2005          45,000
SHORT CFD           CLOSING             4.04               08/09/2005          22,500
SHORT CFD           CLOSING             4.04               08/09/2005          2,500












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