Laws of the People's Republic of China

Reply of the China Securities Regulatory Commission on Replacing the Chief Representative of Beijing Representative Office of Merrill Lynch International Limited Company

Zheng Jian Ji Gou Zi [2006] No. 86

Merrill Lynch International Limited Company,

We have received your application and related materials on replacing the chief representative of Beijing representative office. We have decided upon examination to approve Xue Haiqing to replace Wang Zhonghe and take the post of the chief representative of your Beijing Representative Office.

The China Securities Regulatory Commission

May 15, 2006