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Michael Chin appointed Head of Equities for UBS in Taiwan and replaced by Young Chang.

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Michael CHIN has been appointed Head of Equities for UBS in Taiwan. Young CHANG, currently Head of Research and Equity Strategy in Seoul will succeed Chin as Head of Equities for UBS in Korea and as co-Branch Manager of UBS Securities Seoul Branch.

Chin replaces Francis YU who after 10 years with UBS in Taipei has accepted a position with UBS Wealth Management in Hong Kong.

"I inherit the number-one business in Taiwan which Francis has built, and look forward to taking the franchise to the next level of success, and at the same time increasing my knowledge of the region," said Chin.

"As Michael takes over the number one business in Taiwan, I am similarly honoured to be taking the helm of the leading equities business in Korea," said Chang.

Both Chin and Chang will assume their new roles in the first quarter of 2005. 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 led the successful build-up of UBS's institutional client franchise in Korea.

Chang worked for Goldman Sachs as an analyst covering Asia-Pacific steel, and the auto, shipbuilding, building material and Internet sectors before joining UBS in 2003 as Head of Korea equities research. Chang also worked for Deutsche Bank and Merrill Lynch.

"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.

Seoul, 16 December 2004