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Felice Chen appointed Co-Head Investment Banking for UBS in Taiwan

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Felice CHEN has been appointed Co-Head of Investment Banking ("IBD") for UBS in Taipei. Chen will work closely with Sean CHAO, Country Head and Branch Manager for UBS in Taiwan, in managing the IBD business in Taiwan. The appointment becomes effective on 2nd April, 2004. Chen will report to Co-Heads IBD Asia, Peter BURNETT and Robert RANKIN.

Most recently deputy chief executive of the Development Fund, Chen was also an advisor on finance, banking and investment to the Cabinet of the Taiwan Government and a committee member of the National Corporate Governance Policy Task Force at the Council for Economic Planning and Development. She is also an advisor to the Executive Yuan. Trained as a lawyer, Chen has worked at HSBC, Lehman Brothers and ING Barings in a career spanning securities, banking, finance, and the law. "The success of the US$1.6 billion IPO for Chunghwa Telecom and the US$936 million GDR issue for China Steel in 2003 show the strengths of our investment banking business in Taiwan. I am confident that Felice's appointment will help ensure that UBS is not merely a strong player in Taiwan, but the leading player in this critically important market," said Peter Burnett, Co-Head IBD Asia.

Chen will be responsible for levering on the significant cross-border flows that take place between Taiwan and the mainland. In this capacity, she has been named a Vice Chairman of IBD Asia.

" We have enormous confidence in the potential of the market in Taiwan. Felice's arrival will undoubtedly provide momentum to our already-strong franchises in the technology, FIG and industrial sectors there," added Robert Rankin.

Chen obtained her law degree from National Taiwan University, and was a Visiting Scholar, Graduate School of Business, Stanford University during 2001~2.

Hong Kong, 30 March 2004