MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

Voluntary Resignation

CONDUCT INCLUDING (1) FAILURE TO OBTAIN FIRM APPROVAL TO ACT AS AGENT FOR A FAMILY MEMBER'S ACCOUNT, AND (2) FAILURE TO ADHERE TO FIRM STANDARDS REGARDING OPENING A NEW ACCOUNT AND PROCESSING NEW ACCOUNT DOCUMENTATION FOR THE SAME CLIENT.

IT WAS FULLY DISCLOSED WHICH I AS A NRC ADMINISTRATIVE MANAGER ACT AS AGENT FOR MY FATHER'S ACCOUNT AT BRANCH LEVEL WITH ANOTHER ADMINISTRATIVE MANAGER'S APPROVAL BEFORE IT WAS OPENED. IT WAS ALSO AUTOMATICALLY DISCLOSED AND MONITORED BY ML ASSOCIATE MONITOR SYSTEM SINCE I DISCLOSED MYSELF AS POA. THIS WAS UNSOLICITED PER MY FATHER'S INSTRUCTION. WHILE SOME DOCUMENTS WERE SENT BACK TO FIRM VIA FAX AND MAIL, HE ALSO MADE A PERSONAL TRIP FROM OVERSEA TO USA TO SIGN DOCUMENTATIONS. DUE TO THE INTERNAL CHANGES, I WAS THE ONLY SUPERVISOR FOR NON RESIDENT ACCOUNT WHEN IT WAS OPENED. IT WAS A MATTER OF SUPERVISORY RESPONSIBILITY. THE ACCOUNT WAS OPENED UNDER PROPER CHANNEL WITH FULLY DISCLOSURE.