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Simon Bunce appointed as President and Chief Executive Officer for UBS Securities Japan

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UBS Securities Japan Limited (UBSSJL), the principal UBS Investment Bank operating entity in Japan, has named Simon BUNCE as President and Chief Executive Officer.

Currently Global Chief Operating Officer for UBS Investment Bank, Bunce replaces Mark CHIBA who recently stepped down as President and CEO of UBS (Japan) to establish his own private equity investment firm.

Bunce has worked at UBS for 14 years and is a member of the board of UBS Investment Bank. He has extensive experience throughout the organisation with previous roles as Joint-Head of E-Commerce, Global Head of Sales in Fixed Income, Rates and Currencies (FIRC) and Head of Sales Trading and Research - Europe and Asia, also in FIRC.

"Simon will review our current positioning, strategy and resources in the market across all products and services to ensure we are appropriately positioned for any upswing in activity in the Japanese domestic and international market places. His appointment will increase the already building momentum of our businesses in Japan," said Clive STANDISH, CEO of UBS in Asia Pacific.

"Our client teams have established strong relationships with institutional and corporate clients both inside Japan and with those international clients who do business in Japan. Simon's direct experience in both the investment bank and FIRC businesses as well as his proven ability to promote cross-business cooperation will enable our Japan business to establish even more productive links both around the region and across the globe," added Standish.

"Significant year-on-year improvements in the performance of our businesses in Japan - particularly in FIRC and equities - demonstrate that within the businesses the right steps are being taken, and that our client franchise continues to improve. Both UBS and the UBS Investment Bank remain wholly committed to this market and Simon's appointment will increase the momentum of our businesses in Japan," he added.

The appointment becomes effective on 30th September.

Tokyo, 29 September 2003