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Francis Yu joins Wealth Management in Hong Kong and Michael Chin appointed head of Taiwan equities.

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After 10 years leading UBS's number one ranked equities business in Taiwan, Francis YU will be relocating to Hong Kong to join UBS Wealth Management. Michael CHIN, currently head of UBS's market leading equities business in Korea, will replace Yu as head of Taiwan equities.

"We're the number one house in Taiwan. I've been in this role for 10 years and it seemed the right time to seek new challenges. I'm still a young man with a lot to do," said Yu. "As the largest wealth manager in Asia Pacific and the fastest growing region in UBS wealth management globally, the opportunity to work in a different country and different business presents many exciting opportunities," he concluded.

"Francis has built a terrific business in Taiwan and I look forward to taking it to the next level while at the same time increasing my regional knowledge and enjoying the experience of working and living in another country," said Chin Both Yu and Chin will assume their new roles in the first quarter of 2005.

Yu joined UBS in 1994. Between 1994 and 1999 he was Head of Distribution in Taiwan. Since assuming leadership of the business in 1999, UBS has been the most successful broker in Taiwan, ranking in the top three for each of the past five years. In his new role Yu will be developing equity solutions for Wealth Management in Asia Pacific.

Chin joined UBS in Hong Kong in 1997, and was the Regional Head of Asian Sales from 2000 to 1H 2002 before relocating to Korea. In his current role Chin has lead the successful build-up of UBS's institutional client franchise in Korea.

"As we continue to build our business in Asia it is critical - as everywhere in the world - that our leadership team possesses a diversity of experience across a range of markets and see the potential for progression. These transfers enable us realize both these goals while ensuring the continued success of our business in Korea and Taiwan," said Chi-Won YOON, Head of Asian Equities.

Taipei, 16 December 2004