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UBS AG (0KZH)

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Thursday 16 June, 2005

UBS AG

SAR 5 - Pipex communications

UBS AG
16 June 2005

                                                                      FORM SAR 5



                            DISCLOSURE OF DISPOSALS

       (Rule 5 of The Rules Governing Substantial Acquisitions of Shares)


Name of seller                                  UBS AG London Branch


Beneficial owner, if different from above


Names of any other persons acting by agreement
or understanding (see SAR 5)
Company dealt in                                PIPEX COMMUNICATIONS PLC

Class of voting shares (eg ordinary shares)     ORDINARY SHARES

Date of disposal                                15 JUNE 2005





Number of shares disposed of                    2,868,312

Number of rights over shares disposed of #

Nature of rights over shares




Total holding of voting shares (and percentage  391,950,000 (17.76%)
of total voting shares in issue)

Total holding of rights over shares (and
percentage of total voting shares in issue)

Combined total holding (and percentage) of      391,950,000 (17.76%)
voting shares and rights over shares





Date of disclosure                              16 June 2005

Contact name                                    Angela Huff

Telephone number                                +44 20 7568 4981




#  See the definition of 'rights over shares' in the Definitions Section of the
SARs.

For details of the SARs disclosure requirements, see SARs 3 and 5 and their
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.


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