RNS Number:2811R
UBS AG (EMM)
24 October 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           24 October 2003
                             ....................................................................................
Contact Name                 Equity Compliance
                             ....................................................................................
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

Torex Plc - Contract For Difference

                                     _______________________________________
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:                    24 October 2003

Date of Dealing                         23 Oct 2003

Name of EMM/EPT...                    UBS AG

Name of offeree / offeror with whom connected      Laragrove

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

Maturity Date                         23 July 2004

Writing of CFD

Number of securities to which the CFD is referenced     733,710

CFD reference price: (High) 4.737 GBP               (Low) 4.660 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.
















                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... Torex Plc, Ord 0.10

Date of Disclosure:                    24 October 2003

Date of Dealing                         23 Oct 2003

Name of EMM/EPT...                    UBS AG

Name of offeree / offeror with whom connected     Torex

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

Maturity Date                         11 May 2004

Writing of CFD

Number of securities to which the CFD is referenced 0

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

Closing out of CFD

Number of securities to which the CFD is referenced      10,000

CFD reference price: (High) 6.0817 GBP               (Low) 6.0817 GBP



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

















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

EMMNKQKDDBDDCKB