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Halloran Appointed Co-Head Asia Pacific Credit Trading

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UBS AG (Tokyo Branch) has appointed Michael HALLORAN as Co-Head of Credit Trading, Asia Pacific.

Halloran joins UBS from Nikko Citigroup where he was a Managing Director and Head of Credit Trading in Japan. Halloran begins his new role on 14th June working with Co-Head Credit Trading, Asia Pacific, Lee KNIGHT, reporting to Sal NARO, Managing Director and Global Head of Credit Derivatives and Steve BELL, Global Head of Credit Trading. Regionally, Halloran will report to Sharon Mitchell, Regional Head of Fixed Income, Interest Rates and Currencies, Asia Pacific. With Halloran's appointment, UBS's current Asian, Australian and Japanese credit trading operations join as part of a single Asia Pacific credit structure. Both cash and derivative trading activities will be managed within the new structure.

"Michael's appointment upgrades significantly our Asia Pacific credit trading platform, and also provides the catalyst for us to re-align our resources in a way that better meets the needs of our clients," said Mitchell. "In recent years we have built a dominant credit trading business in Asian emerging markets. With Michael's experience, he and Lee will leverage this expertise across all of Asia Pacific."

"We will continue to invest in our business - our people and technology - as we have over the past three years to deliver our clients in Asia Pacific the region's best fixed income and rates services," commented Naro.

With more than 13 years of experience in fixed income and credit trading, Halloran has worked in London, New York and Tokyo. First joining Salomon Brothers in 1991, Halloran has spent his career with its successor firms.

Hong Kong, 7 June 2004