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UBS announced today the appointment of Per E Larsson as CEO for the Middle East and North Africa (MENA) and as a member of the Group Managing Board. Larsson will join UBS on 1 October 2008 and will be based in Dubai, reporting to Alex Wilmot-Sitwell, Chairman & CEO UBS Group, EMEA.

Michel Adjadj will be appointed Chairman for MENA, in addition to his current role as head of UBS’s Eastern Mediterranean, Middle East and African Wealth Management business.

Until recently, Larsson was the CEO of Borse Dubai and CEO and board member of the Dubai International Financial Exchange (DIFX). In this role, he developed the DIFX into a fully functional exchange attracting the biggest IPO in the Middle East through DP World and growing the Sukuk market on the DIFX to become the world's largest. As the CEO of Borse Dubai he was instrumental in the creation of the partnership between the NASDAQ OMX Group and the DIFX.

Before joining Borse Dubai and DIFX, Larsson was the Executive Chairman of Nilorngruppen and OSM; President, CEO and board member of OMX; and Chairman of the OMX Stock and Derivatives Exchanges, OMLX in the UK (today EDX) and OMX Technology.

Commenting on the appointment Alex Wilmot-Sitwell said: "The Middle East and North Africa is one of our most important growth markets and these appointments are a further step in demonstrating our long-term commitment to the region. Per's wealth of expertise and extensive relationships will position us well to further deliver the full strengths and capabilities of the firm and maximise our growth and profitability in this important region."

Per E Larsson added: “UBS has a unique client franchise and long history in the Middle East. I look forward to working closely with all businesses to build on the already impressive presence in the region.”

Peter Burnett will continue as CEO of the Investment Bank in MENA until 30th September, when he will take on a new opportunity within UBS. A further announcement regarding his new role will be made in due course.

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About UBS

UBS is one of the world's leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.

UBS is the leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.

UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 38% of its employees working in the Americas, 33% in Switzerland, 16% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 80,000 people around the world. Its shares are listed on the SWX Swiss Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

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