MEMORANDUM OF UNDERSTANDING
BETWEEN
THE FEDERAL FINANCIAL MARKETS SERVICE OF THE RUSSIAN FEDERATION
AND
THE NATIONAL COMMISSION ON SECURITIES OF THE BOLIVARIAN REPUBLIC OF VENEZUELA

IN RELATION TO
MUTUAL CO-OPERATION
AND INFORMATION SHARING

The Federal Financial Markets Service, represented in the instrument by its Head Vladimir Milovidov acting under Regulation of the Government of the Russian Federation of June 30, 2004 N 317

The National commission on securities, autonomous Authority, created in accordance with the Law on capital markets, published in Republic of Venezuela Official newspaper N 1.566 on 31, December 1973, represented in the instrument by its President Antonio Marquez Sanchez, appointed in accordance with Decision N 052 on 2, April 2009, published in Republic of Venezuela Official newspaper N 39.152.

The Federal Financial Markets Service and the National commission on securities come to an agreement on Memorandum of Understanding and exchange of information, which shall apply on the basis of following terms.

DIFINITIONS

1. The Federal Financial Markets Service (hereinafter referred to as "FFMS") is the federal executive organization responsible for implementing government policy on the securities market, regulating activities of professional securities market participants, and protecting the rights of investors and shareholders.