03 August 2006 — DFSA Announces Senior Appointments

Dubai, 3 August 2006: The Dubai Financial Services Authority today announced the appointment of Mr Ian Johnston to the new position of Managing Director, Policy and Legal Services.

Mr Johnston is a well known and experienced international regulator who is joining DFSA from the Securities and Futures Commission of Hong Kong where he has been acting as a special advisor to the Commission.

Previously, he held senior roles with the Australian Securities and Investments Commission including Executive Director, Financial Services Regulation.

Mr Johnston is a member of the Joint Forum which comprises representatives of the major international regulatory standard setters (IOSCO, BASLE and IAIS) and which researches regulatory issues that impact across the banking, securities and insurance sectors. He will join the DFSA in October 2006.

Other recent appointments at the DFSA include:

Mr Matthew Gamble has been appointed Associate Director, Audit — where he is responsible for auditor registration and supervision. Mr Gamble was formerly an officer of the Qatar Financial Centre Regulatory Authority. He commenced his new role with DFSA on 30 July 2006.

Ms Joyce Maykut QC, DFSA's General Counsel, has been reappointed for a further 3 year term and will also become Secretary to the DFSA Board from 17 August 2006.

Commenting on these appointments, Mr David Knott, Chief Executive of the DFSA said: "These latest appointments add valuable experience and expertise that will enhance DFSA's capabilities and reputation as a world class financial services regulator.

Mr Johnston's appointment recognises the critical importance of quality policy formation and administration in light of the rapid growth of the DIFC and the recent and future expansion of activities to include trusts, managed funds, (including funds administration and custody), REITS, securitization and family office services.

Mr Gamble's appointment coincides with DFSA's release of a consultation paper outlining our proposals for the future conduct of audit within the DIFC. He has ideal credentials to lead our work program in that area.

Ms Maykut QC has been a key member of the DFSA's senior executive team since the DIFC was first established. I am delighted that she has agreed to renew her contract for a further 3 years and to take on the additional responsibilities of Secretary to the Board."