RNS Number:5897T
UBS AG (EMM)
23 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             23-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            23-Dec-2003
 Date of dealing               22-dec-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Carlton Communications
 Total Number of securities bought                                                           78,453
 Highest price paid*                                                                         2.2800   GBP
 Lowest price paid*                                                                          2.2450   GBP
 Total Number of securities sold                                                             25,606
 Highest price received*                                                                     2.2775   GBP
 Lowest price received*                                                                      2.2450   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            23-Dec-2003
 Date of dealing               22-dec-2003
 Name of EMM                   UBS AG
 Name of offeree / offeror with whom connected              Derwent Valley Holdings Ltd
 Total Number of securities bought                                                            2,500
 Highest price paid*                                                                         7.5000   GBP
 Lowest price paid*                                                                          7.5000   GBP
 Total Number of securities sold                                                              8,000
 Highest price received*                                                                     7.5700   GBP
 Lowest price received*                                                                      7.5700   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             23-Dec-2003
 Date of dealing                22-dec-2003
 Name of EMM                    UBS AG
 Name of offeree / offeror with whom connected               Granada
 Total Number of securities bought                                                           567,422
 Highest price paid*                                                                          1.2075   GBP
 Lowest price paid*                                                                           1.1950   GBP
 Total Number of securities sold                                                           1,093,592
 Highest price received*                                                                      1.2200   GBP
 Lowest price received*                                                                       1.1925   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             23-Dec-2003
 Date of dealing                22-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                                                                 830
 Highest price received*                                                                      3.6475   GBP
 Lowest price received*                                                                       3.6225   GBP


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