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17 Sep 2008, 12:09 pm

DFSA Statement on Lehman Brothers in the DIFC

The Board of the Dubai Financial Services Authority (DFSA) today announces the appointment of Paul Koster as the next Chief Executive Officer (CEO) of the DFSA. Paul succeeds David Knott, who retires from full time employment in December of this year, after nearly four years with the DFSA. David is widely credited as having established the DFSA as a highly regarded regulator operating to world-class standards.

Paul Koster, 55, was previously commissioner and Member of the Executive Board, Autoriteit Financiële Markten (AFM), the Netherlands Authority for Financial markets. Of his new role he said: "I am honoured and delighted to be joining such a world-class regulatory organisation. I very much look forward to becoming part of the DFSA and spending the next few years in this dynamic and stimulating environment."

Abdullah Saleh, Chairman of the DFSA, commenting on the appointment said; "Paul's experience in shaping and developing the Dutch AFM is very relevant to the next phase of the DFSA's growth, as the Dubai International Financial Centre (DIFC) continues to expand so successfully and is in full business mode. After an extensive and thorough search, we are delighted that we have attracted a person of his calibre and standing to the organisation's Board, executive and staff."

Bio Briefing:

Paul Koster, 55, joined the Autoriteit Financiële Markten, the Netherlands, Authority for the Financial Markets, in 2001 as Commissioner and Member of the Executive Board, until this year (2008). He was formerly Executive Vice President (World Wide Auditing) at Royal Phillips Electronics 1998-2001, he was the Managing Partner Corporate Finance, Coopers & Lybrand 1988-1998, Chief Compliance Officer and acting Commissioner of Quotations, Amsterdam Stock Exchange 1986-1988 and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen. He was previously Chair, SISE (sub-committee on international standards endorsement) within CESR (the Committee of European Securities Regulators) until May 2006 and then Chair CESR-FIN. He was also a member of the International Organisation of Securities Commissions (IOSCO) chairs committee. He is a Dutch national, married with 2 grown up children.

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