RNS Number:4845T
UBS AG (EMM)
19 December 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             19-Dec-2003
  Contact Name                   Equities Compliance
  Telephone number               0207 568 4981
  Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
  CARLTON COMMUNICATIONS
  DERWENT VALLEY HLDGS
  GRANADA
  ISOFT GROUP
  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.
                                                                                                                        
            FORM 38.5
                                   CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                    CARLTON COMMUNICATIONS
 Class of securities           ORD GBP0.05
 Date of disclosure            19-Dec-2003
 Date of dealing               18-dec-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Carlton Communications
 Total Number of securities bought                                                          472,339
 Highest price paid*                                                                         2.3375   GBP
 Lowest price paid*                                                                          2.3050   GBP
 Total Number of securities sold                                                             69,591
 Highest price received*                                                                     2.3475   GBP
 Lowest price received*                                                                      2.3075   GBP
                                                                                                                        
            FORM 38.5
                                   CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                    DERWENT VALLEY HLDGS
 Class of securities           ORD GBP0.05
 Date of disclosure            19-Dec-2003
 Date of dealing               18-dec-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Derwent Valley Holdings Ltd
 Total Number of securities bought                                                           22,500
 Highest price paid*                                                                         7.6000   GBP
 Lowest price paid*                                                                          7.6000   GBP
 Total Number of securities sold                                                             11,770
 Highest price received*                                                                     7.6500   GBP
 Lowest price received*                                                                      7.6500   GBP
                                                                                                                        
          FORM 38.5
                                    CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                     GRANADA
 Class of securities            ORD GBP0.10
 Date of disclosure             19-Dec-2003
 Date of dealing                18-dec-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Granada
 Total Number of securities bought                                                         1,350,449
 Highest price paid*                                                                          1.2383   GBP
 Lowest price paid*                                                                           1.2200   GBP
 Total Number of securities sold                                                          10,229,389
 Highest price received*                                                                      1.2475   GBP
 Lowest price received*                                                                       1.2225   GBP
                                                                                                                        
          FORM 38.5
                                    CONNECTED EXEMPT MARKET-MAKERS:
       DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
 Dealing in                     ISOFT GROUP
 Class of securities            ORD GBP0.10
 Date of disclosure             19-Dec-2003
 Date of dealing                18-dec-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Torex Group Plc
 Total Number of securities bought                                                                 0
 Highest price paid*                                                                          0.0000   GBP
 Lowest price paid*                                                                           0.0000   GBP
 Total Number of securities sold                                                              40,900
 Highest price received*                                                                      3.5000   GBP
 Lowest price received*                                                                       3.4923   GBP


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

EMMBBBDDIUBGGXC