BUSINESS REGISTRATION DIVISION
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
STATE OF HAWAII

TO: MERRILL ROY

YOU ARE HEREBY NOTIFIED that the Commissioner of Securities of the Department of Commerce and Consumer Affairs, State of Hawaii, issued a Preliminary Order to Cease and Desist against you on March 20, 2006 alleging that you have violated the Uniform Securities Act, Chapter 485, HRS, and that, therefore, disciplinary action should be taken against you.
Pursuant to Section 485-18.7, Hawaii Revised Statutes, you have the right to request a hearing on the Preliminary Order to Cease and Desist. This request must be in writing and must be served upon the Office of Administrative Hearings, P.O. Box 541, Honolulu, HI 96809 within thirty (30) days of the date of this Notice.
You have the right to retain legal counsel for all stages of these proceedings. Copies of the specific allegations against you are available at the Securities Enforcement Branch, 335 Merchant Street, Room 205, Honolulu, Hawaii 96813, or telephone (808) 586-2740.
DATED: Honolulu, Hawaii, May 24, 2006

CORINNA M. WONG
Commissioner of Securities
(SB05523149 5/28, 6/4/06) STATE OF HAWAII