RNS Number:2048O
UBS AG (EMM)
31 July 2003


PRIVATEFORM 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       TIME /@ "dd MMMM yyyy" 31 July 2003
                        ....................................................................................
Contact Name            Brenton Amedee
                        ....................................................................................
Telephone number        020-7568 4981
                        ....................................................................................
Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
Debenhams Plc - Contract For Difference  AMENDMENT TO CFD'S PURCHASED




                                  _______________________________________
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/EXEMPT PRINCIPAL TRADERS:

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



Dealing in Contract for Differences ("CFD") referenced to...Debenhams Plc, Ord
0.10



Date of Disclosure:
TIME /@ "dd MMMM yyyy" 31 July 2003



Date of Dealing
   30 Jul 2003



Name of EMM/EPT...                                                         UBS
AG



Name of offeree / offeror with whom connected             Permira



Product Type.........(long/short) CFD                             Bought



Maturity Date
    30 Apr 2004



Writing of CFD



Number of securities to which the CFD is referenced  800,000



CFD reference price: (High) 4.33   GBP............................(Low) 4.33 GBP
...........................



Closing out of CFD



Number of securities to which the CFD is referenced    0



CFD reference price: (High)  0 GBP                                  (Low)  0 GBP





Further disclosure should be made where necessary so that the nature of the
dealings can be fully understood.


































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