RNS Number:6503P
UBS AG (EMM)
11 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             11-Sep-2003
  Contact Name                   Brenton Amedee
  Telephone number               0207 568 4981
  Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
  TAYLOR WOODROW
  TOREX
  WILSON CONNOLLY HOLDINGS
  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.
                                       2
                                                                                                                        
          FORM 38.5
                                    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             11-Sep-2003
 Date of dealing                10-Sep-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Taylor Woodrow Plc
 Total Number of securities bought                                                           106,073
 Highest price paid*                                                                          2.5050   GBP
 Lowest price paid*                                                                           2.4825   GBP
 Total Number of securities sold                                                             113,854
 Highest price received*                                                                      2.5025   GBP
 Lowest price received*                                                                       2.4800   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             11-Sep-2003
 Date of dealing                10-Sep-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected                Torex Group Plc
 Total Number of securities bought                                                             4,600
 Highest price paid*                                                                          6.0000   GBP
 Lowest price paid*                                                                           5.9761   GBP
 Total Number of securities sold                                                                   0
 Highest price received*                                                                      0.0000   GBP
 Lowest price received*                                                                       0.0000   GBP
                                                                                                                        
           FORM 38.5
                                    CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                     WILSON CONNOLLY HOLDINGS
 Class  of  securities          GBP0.25

 Date of disclosure             11-Sep-2003
 Date of dealing                10-Sep-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected                Taylor Woodrow Plc
 Total Number of securities bought                                                             10,559
 Highest price paid*                                                                           2.3091   GBP
 Lowest price paid*                                                                            2.3000   GBP
 Total Number of securities sold                                                                    0
 Highest price received*                                                                       0.0000   GBP
 Lowest price received*                                                                        0.0000   GBP


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