OFFICIAL NOTICE OF ADDITIONAL FEES FOR IP SERVICES IN VENEZUELA

Dear Sirs,

Kindly be informed that on May 5, the Venezuelan Patent & Trademark Office (VPTO) issued an Official Notice informing that as from May 7, 2015 they will be charging an additional fee to the current official fees, corresponding to the procedures listed below. This fee was approved in the Tax Stamp Act in force since November 2014.

Furthermore, the note states that natural and legal persons of foreign nationalities must pay these additional fees in dollars of the United States of America at an exchange rate and in a bank account both still not defined.

Remarkably, there are doubts about the application of the Official Notice regarding the following: the exchange rate to apply, which nationality will be considered in cases of assignments and licenses, and if the "Registration" concept refers to "Application" or "Granting". Consequently, we attended a meeting with the Registrar raising doubts and we will inform you as soon as they are cleared. As of today, May 8, the VPTO accepted trademark applications without additional fees and patent applications from foreign applicants by charging the additional fees in local currency.

The additional fees in bolivars (VEF) are:

1)    Trademark and patent Registration (still pending to verufy if refers to application or granting)   Bs.     7.500
2)    Obtaining of trademark and patent Certificate                     Bs.     2.250
3)    Trademark Renewal                                                         Bs.   15.000
4)    Assignment and Merger of trademark and patent                Bs.   15.000
5)    Change of Name of trademark and patent                          Bs.     3.000
6)  Change of Address of trademark and patent                         Bs.     3.000
7)    Recordal of License Agreement of trademark and patent      Bs    22.500
8)    Payment of first patent Annuity                                          Bs.   15.000
9)  Payment of subsequent Annuity. Annual increments of Bs. 15.000 up to  Bs. 300.000

We will be informing you the fees in USD and Euro once the exchange rate to be used is defined.
Any questions in this regard, please contact via e: info@clarkemodet.com.ve

Sincerely,

Clarke, Modet & Co. Venezuela