RNS Number:1615N
UBS AG (EMM)
03 July 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            03-Jul-2003
 Contact Name                  Brenton Amedee
 Telephone number              0207 568 4981
 Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
 POWDERJECT PHARMACEUTICALS
    AMENDMENT TO SHARES BOUGHT AND SOLD IN POWDERJECT PHARMACEUTICALS
 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.
       amendment                                                                                                        
                 FORM 38.5
                                          CONNECTED EXEMPT MARKET-MAKERS:
            DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
      Dealing in                      POWDERJECT PHARMACEUTICALS
      Class of securities             ORD GBP0.10
      Date of disclosure              03-Jul-2003
      Date of dealing                 02-Jul-2003
      Name of EMM                     UBS AG
      Name of offeree / offeror with whom connected                Chiron Corp
      Total Number of securities bought                                                                  0
      Highest price paid*                                                                                0   GBP
      Lowest price paid*                                                                                 0   GBP
      Total Number of securities sold                                                                    0
      Highest price received*                                                                            0   GBP
      Lowest price received*                                                                             0   GBP


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