RNS Number:3702L
UBS Warburg(EMM)
21 May 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 LIMITED
                             ....................................................................................
Date of disclosure           21 May 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:
Salvesen (Christian) Plc
                                     _______________________________________
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                 SALVESON (CHRISTIAN) PLC                         (name of company)

                           ...........................................
Class of Security          ORD GBP 0.28

                           ...............................................................
Date of disclosure         21-May-03

                           ...............................................................
Date of dealing            20-May-03

                           ...............................................................
Name of EMM                UBS LIMITED

                           ...............................................................
Name of offeree / offeror with whom connected               SALVESON (CHRISTIAN) PLC

                                                            ....................................
Total Number of securities bought           0

                                            ........................
Highest price paid*                         0 GBP

                                            ........................
Lowest price paid*                          0 GBP

                                            ........................
Total number of securities sold             10,000

                                            ........................
Highest price received*                     0.62 GBP

                                            ........................
Lowest price received*                      0.62 GBP









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