19 February 2006 — Senior Appointments at the DFSA

The Dubai Financial Services Authority today announced the following senior appointments:

Mr. Martin Kinsky — Managing Director, Markets

Mr. Kinsky was until recently a senior executive at the Australian Stock Exchange (ASX), one of the leading stock exchanges in the Asia-Pacific region. Over a career spanning some 30 years he has led almost every activity conducted by that Exchange. He started as company secretary; became general counsel and subsequently has had national responsibilities covering Listings, Membership, Intermediaries and Enforcement.

Mr. Kinsky will assume overall responsibility for the DFSA’s regulation of the DIFX and other future exchanges that may receive authorization to operate within the DIFC. He will commence with the DFSA in early March.

Mr. Michael Zamorski — Managing Director, Supervision

Mr. Zamorski is a senior officer at the Federal Deposit Insurance Corporation in Washington and has 29 years experience in US banking supervision. As Director of Supervision at FDIC he was responsible for overseeing that agency’s supervisory activities for the safety and soundness, compliance and consumer protection for 5,200 banks for which the FDIC was the primary Federal regulator. As head of International Affairs, he has represented the FDIC on the Basel Committee and has been actively engaged in the development and implementation of international regulatory standards for the banking sector.

Mr. Zamorski will have overall responsibility for the supervision of authorized firms within the DIFC, covering banking, insurance and asset management. He will commence with DFSA in early April.

Mr. John Gilchrist — Director, Communications and Strategic Planning

Mr. Gilchrist will take up his position with the DFSA in April. He brings a wide range of corporate experience to the DFSA, particularly in the areas of communications and strategic planning. His previous positions have included Director corporate communications at Clearstream International and Head of markets planning and finance at the London Stock Exchange. As Managing Director of reGEN sarl he has overseen many strategic planning assignments in the financial services sectors and been a regular public speaker on industry issues.

Mr. Gary Wallis — Head of HR

Mr. Wallis will join the DFSA in March where he will assume responsibility for human resources planning and management. He has more than 25 years experience in human resources, including 9 years in the financial services sector. As HR Director at Cendant Corporation he has had responsibility for managing HR policy and operations covering 4,500 people. He has previously worked in Dubai with HSBC and ABN AMRO and is therefore familiar with the environment in which the DFSA operates.

Commenting on these appointments the Chief Executive of the DFSA, Mr. David Knott, said:

"I am delighted that these outstanding executives are joining the DFSA. They bring a wealth of expertise and experience in their respective disciplines that will further consolidate DFSA’s standing as world class financial services regulator. Their arrival will substantially finalize the composition of the DFSA’s leadership group that will oversee the expected rapid growth of the DIFC over the next two years."