DECISION OF CSRS CONCERNING LIFTING THE RESTRICTIONS ON THE BUSINESSES OF UNITED SECURITIES CO., LTD.

Decision of CSRS concerning Lifting the Restrictions on the Businesses of United Securities Co., Ltd.

Zheng Jian Ji Gou Zi [2006] No. 162

United Securities Co., Ltd.

On May 11, 2006, this Commission issued a Decision concerning Restricting the Businesses of United Securities Co., Ltd. (Zheng Jian
Ji Gou Zi [2006] No. 85), which provides that the measures for restricting your company’s businesses would be taken since May 15,
2006, including the suspension of recommendation and underwriting businesses, of the account securities agency business, of conducting
new businesses, of increase and acquisition of business branches and of move and transfer of business branches.

Whereas your company has replenished the full amount of shortage of settlement fund for the client transactions, according to Article
150 of the Securities Law, this Commission decides to lift the aforementioned restrictions on your company’s businesses since July
21, 2006.

China Securities Regulatory Commission (CSRS)

July 20, 2006