RNS Number:3197L
UBS Warburg(EMM)
20 May 2003


PRIVATEFORM 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       TIME /@ "dd MMMM yyyy" 20 May 2003
                        ....................................................................................
Contact Name            Steve Noone
                        ....................................................................................
Telephone number        020-7568 9289
                        ....................................................................................
Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
Salvesen (Christian) Plc

Salvesen (Christian) Plc Contract for Difference

Powderject Pharmaceuticals Plc

Powderject Pharmaceuticals 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.


























                                                                                      PRIVATE

                                                                                     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         TIME /@ "d-MMM-yy" 20-May-03

                          ...............................................................
Date of dealing           19-May-03

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

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

                                                     ....................................
Total Number of securities bought      130,678

                                       ........................
Highest price paid*                    0.60 GBP

                                       ........................
Lowest price paid*                     0.5485 GBP

                                       ........................
Total number of securities sold        25,000

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

                                       ........................
Lowest price received*                 0.5648 GBP














                                                                                      PRIVATE

                                                                                     FORM 38.5

                               CONNECTED EXEMPT MARKET-MAKERS:

             DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Dealing in                POWDERJECT PHARMACEUTICALS PLC           (name of company)

                          .......................................
                          ....
Class of Security         ORD GBP 0.10

                          ...............................................................
Date of disclosure         TIME /@ "d-MMM-yy" 20-May-03

                          ...............................................................
Date of dealing           19-May-03

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

                          ...............................................................
Name of offeree / offeror with whom connected        CHIRON CORP

                                                     ....................................
Total Number of securities bought      381,460

                                       ........................
Highest price paid*                    5.45 GBP

                                       ........................
Lowest price paid*                     5.4281 GBP

                                       ........................
Total number of securities sold        162,500

                                       ........................
Highest price received*                5.4219 GBP

                                       ........................
Lowest price received*                 5.4219 GBP











Rule 38.5 (CFD)







            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...Powderject
Pharmaceuticals Plc



Date of Disclosure:
TIME /@ "dd MMMM yyyy" 20 May 2003



Date of Dealing
   19May 2003



Name of EMM/EPT...                                                         UBS
LIMITED



Name of offeree / offeror with whom connected             Chiron Corp



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



Maturity Date
    19 Feb 2004



Writing of CFD



Number of securities to which the CFD is referenced  675,000



CFD reference price: (High)  5.43 GBP............................(Low) 5.41 GBP
...........................



Closing out of CFD



Number of securities to which the CFD is referenced    2,030



CFD reference price: (High)  4.0625 GBP                        (low)  4.0625 GBP





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

























Rule 38.5 (CFD)







            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...Powderject
Pharmaceuticals Plc



Date of Disclosure:
TIME /@ "dd MMMM yyyy" 20 May 2003



Date of Dealing
   19May 2003



Name of EMM/EPT...                                                         UBS
LIMITED



Name of offeree / offeror with whom connected             Chiron Corp



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



Maturity Date
    19 Feb 2004



Writing of CFD



Number of securities to which the CFD is referenced  387,500



CFD reference price: (High)  5.43 GBP............................(Low) 5.42 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.

























Rule 38.5 (CFD)







            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...Salvesen (Christian)
Plc



Date of Disclosure:
TIME /@ "dd MMMM yyyy" 20 May 2003



Date of Dealing
   19May 2003



Name of EMM/EPT...                                                         UBS
LIMITED



Name of offeree / offeror with whom connected             Salvesen (Christian)
Plc



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



Maturity Date
    18 Nov 2003



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    60,000



CFD reference price: (High)  0.5764 GBP                        (low)  0.5764 GBP





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












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