RNS Number:3212Q
UBS AG (EMM)
29 September 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             29-Sep-2003
  Contact Name                   Amit Davda
  Telephone number               0207 568 4981
  Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
  TAYLOR WOODROW
  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.
                                       1
                                                                                                                        
               FORM 38.5
       Amendment
                                        CONNECTED EXEMPT MARKET-MAKERS:
          DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
    Dealing in                      TAYLOR WOODROW
    Class  of  securities           ORD GBP0.25

    Date of disclosure              29-Sep-2003
    Date of dealing                 16-Sep-2003
    Name of EMM                     UBS AG
    Name of offeree / offeror with whom connected                 Taylor Woodrow Plc
    Total Number of securities bought                                                             334,067
    Highest price paid*                                                                            2.4225   GBP
    Lowest price paid*                                                                             2.4025   GBP
    Total Number of securities sold                                                               109,765
    Highest price received*                                                                        2.4225   GBP
    Lowest price received*                                                                         2.4025   GBP


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