Document:

Form of Medium-Term Notes Linked to a Global ETF Basket

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

			
	CUSIP NO. 94986RBD2	 	FACE AMOUNT: $            
	REGISTERED NO.     	 	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to a Global ETF Basket 

due March 30, 2012 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption
Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date”
shall be March 30, 2012. If no Market Disruption Event (as defined below) occurs or is continuing with respect to a Basket Component (as defined below) on the scheduled Calculation Day (as defined below), the Initial Stated Maturity Date will
be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the scheduled Calculation Day, the “Stated Maturity Date” shall be the later of
(i) three Business Days (as defined below) after the postponed Calculation Day with respect to such Basket Component (or, if the Calculation Day is postponed with respect to more than one Basket Component, three Business Days after the latest
postponed Calculation Day) and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 
 Any
payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the
Company for such purpose. 
 “Face Amount” shall mean, when used with respect to this Security, the amount set
forth on the face of this Security as its “Face Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Ending Price is greater than the Starting Price, the lesser of: 

 

	 	(i)	the Face Amount plus: 

  

															
	
[

	 		 	
[

	  		  	
]
	  		  	
]
	  	
	 	 Face Amount  x

 
	 	  	Ending Price – Starting Price	  	  	 x  Participation Rate

 
	  	  	 ; and
  

	 	 	  	Starting Price	  	  	  	  

  

	 	(ii)	the Capped Value; 

  

	 	•	 	 If the Ending Price is less than or equal to the Starting Price, but greater than or equal to the Threshold Price: the Face Amount; or

  

	 	•	 	 If the Ending Price is less than the Threshold Price: 

 

									
	
[

	 		  		  		  	
]

	 	 Face Amount  x

 
	  	Ending Price  x	  	Multiplier	  
	 	  	Starting Price	  		  

 “Basket” shall mean a basket comprised of the
following Basket Components, with the return of each Basket Component having the weighting noted parenthetically: iShares MSCI EAFE Index Fund (25%); iShares Russell 2000 Index Fund (25%); SPDR S&P 500 ETF Trust (25%); and SPDR S&P MidCap
400 ETF Trust (25%). 
 “Basket Component” shall mean each of the iShares MSCI EAFE Index Fund, the iShares
Russell 2000 Index Fund, the SPDR S&P 500 ETF Trust and the SPDR MidCap 400 ETF Trust. 
 “Underlying
Index” shall mean each of the MSCI EAFE Index, the Russell 2000 Index, the S&P 500 Index and the S&P MidCap 400 Index. 

The “Pricing Date” shall mean September 27, 2010. 

The “Starting Price” is 100. 

The “Ending Price” will be calculated based on the weighted returns of the Basket Components and will be equal to the
product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 25% of the Component Return of the iShares MSCI EAFE Index Fund; (B) 25% of the Component Return of the iShares Russell 2000 Index Fund; (C) 25% of the
Component Return of the SPDR S&P 500 ETF Trust; and (D) 25% of the Component Return of the SPDR S&P MidCap 400 ETF Trust. 
  

 2 

 The “Component Return” of a Basket Component will be equal to: 

Final Component Price – Initial Component Price 

Initial Component Price 

where, 
  

	 	•	 	 the “Initial Component Price” is the Fund Closing Price of such Basket Component on the Pricing Date; and

  

	 	•	 	 the “Final Component Price” will be the Fund Closing Price of such Basket Component on the Calculation Day.

 The Initial Component Prices of the Basket Components are as follows: iShares MSCI EAFE Index Fund (55.10);
iShares Russell 2000 Index Fund (66.82); SPDR S&P 500 ETF Trust (114.32); and SPDR S&P MidCap 400 ETF Trust (144.35). 

The “Fund Closing Price,” with respect to a Basket Component on any Trading Day, means the product of (i) the
Closing Price of one share of such Basket Component (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day and (ii) the Adjustment Factor applicable to such Basket Component on such Trading
Day. 
 The “Closing Price” with respect to a share of a Basket Component (or one unit of any other security
for which a Closing Price must be determined) on any Trading Day means the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal
United States securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. 

The “Adjustment Factor” means, with respect to a share of a Basket Component (or one unit of any other security for
which a Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of such Basket Component. See “Anti-dilution Adjustments Relating To A Basket Component; Alternate
Calculation—Anti-dilution Adjustments.” 
 The “Capped Value” is 115% of the Face Amount of this
Security. 
 The “Threshold Price” will be equal to 85% of the Starting Price. 

The “Participation Rate” is 100%. 

The “Multiplier” is 1.17647. 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 
  

 3 

 A “Trading Day” with respect to a Basket Component means a day, as
determined by the Calculation Agent, on which (i) the Relevant Exchange (as defined below) with respect to such Basket Component is open for trading for its regular trading session and (ii) the Relevant Exchange on which futures or options
contracts related to such Basket Component or any successor thereto, if applicable, are traded, are open for trading for their respective regular trading sessions. 

The “Calculation Day” shall be March 23, 2012 or, if such day is not a Trading Day, the next succeeding Trading
Day. The Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the Calculation Day, such Calculation Day for such
Basket Component will be postponed to the first succeeding Trading Day on which a Market Disruption Event for such Basket Component has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth
scheduled Trading Day after the scheduled Calculation Day for such Basket Component, that eighth scheduled Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed eight scheduled Trading Days after the scheduled
Calculation Day for such Basket Component and such eighth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Basket Component on such eighth scheduled Trading Day, the Calculation
Agent will determine its good faith estimate of the Closing Price of such Basket Component on such eighth scheduled Trading Day. Notwithstanding a postponement of a Calculation Day for a particular Basket Component due to a Market Disruption Event
with respect to such Basket Component, the originally scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event. See “—Market Disruption Events.” 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of September 30, 2010 between the
Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person
that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Ending Price and the Redemption Amount, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

Market Disruption Events 

A “Market Disruption Event” means, with respect to a Basket Component, any of the following events as determined by the
Calculation Agent in its sole discretion: 
  

	 	(A)	 A material suspension or material limitation of trading or the unavailability of the Closing Price of the shares of such Basket Component or any
Successor Fund (as defined below under “Anti-dilution Adjustments Relating To A Basket 

  

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Component; Alternate Calculation—Liquidation Events”) has been imposed by the Relevant Exchange on which such shares are traded, at any time during the one-hour period preceding the
Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by such Relevant Exchange or otherwise. 

  

	 	(B)	A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of Trading in options or
futures contracts related to such Basket Component or any Successor Fund on the Relevant Exchange on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the Relevant Exchange, or
otherwise. 

  

	 	(C)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the shares of such Basket Component or any Successor Fund at any time during the one-hour period that precedes the Close of Trading on that day. 

 

	 	(D)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the futures or options contracts relating to such Basket Component or any Successor Fund on the Relevant Exchange on which those futures or options contracts are traded, at any time during the one-hour period that precedes the Close of
Trading on that day. 

  

	 	(E)	The closure of the Relevant Exchange on which the shares of such Basket Component or any Successor Fund or the Relevant Exchange on which futures or options contracts
relating to such Basket Component or any Successor Fund are traded prior to its scheduled Close of Trading unless the earlier closing time is announced by such Relevant Exchange at least one hour prior to the earlier of (1) the actual closing
time for the regular trading session on such Relevant Exchange and (2) the submission deadline for orders to be entered into such Relevant Exchange for execution at the Close of Trading on that day. 

For purposes of determining whether a Market Disruption Event has occurred: 

 

	 	(1)	“Close of Trading” means in respect of any Relevant Exchange, the scheduled weekday closing time on a day on which such Relevant Exchange is scheduled
to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and 

 

	 	(2)	“Relevant Exchange” for any share, option or option contract means the primary exchange or quotation system on which such share, option or option
contract is traded, as determined by the Calculation Agent. 

  

 5 

 Anti-dilution Adjustments Relating To A Basket Component; Alternate Calculation 

Anti-dilution Adjustments 

The Calculation Agent, in its sole discretion, may adjust the Adjustment Factor as a result of certain events related to a Basket
Component or any Successor Fund, as applicable, which occur during the term of this Security. Such events include, but are not limited to, the following: 
  

	 	(A)	Stock Splits and Reverse Stock Splits  

If a stock split or reverse stock split has occurred, then once such split has become effective, the Adjustment Factor will be adjusted to
equal the product of the prior Adjustment Factor and the number of securities which a holder of one share (or other applicable security) of such Basket Component before the effective date of such stock split or reverse stock split would have owned
or been entitled to receive immediately following the applicable effective date. 
  

	 	(B)	Stock Dividends  

 If a
(i) stock dividend (i.e., issuance of additional shares (or other applicable security) by a Basket Component) that is given ratably to all holders of record of shares (or other applicable security) of a Basket Component or
(ii) distribution of shares (or other applicable security) of a Basket Component has occurred, then once the dividend has become effective and the shares (or other applicable security) of such Basket Component are trading ex-dividend, the
Adjustment Factor will be adjusted on the ex-dividend date to equal the prior Adjustment Factor plus the product of the prior Adjustment Factor and the number of shares (or other applicable security) of such Basket Component which a holder of one
share (or other applicable security) of such Basket Component before the date the dividend became effective and the shares (or other applicable security) of such Basket Component traded ex-dividend would have owned or been entitled to receive
immediately following that date; provided, however, that no adjustment will be made for a distribution for which the number of securities of such Basket Component paid or distributed is based on a fixed cash equivalent value, unless such
distribution is an Extraordinary Dividend as defined and discussed below. 
  

	 	(C)	Extraordinary Dividends  

If an Extraordinary Dividend (as defined below) has occurred, then on the ex-dividend date, the Adjustment Factor will be adjusted to
equal the product of the prior Adjustment Factor and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of such Basket Component on the Trading Day preceding the ex-dividend date, and the denominator of
which is the amount by which the Closing Price per share (or other applicable security) of such Basket Component on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend Amount (as defined below). 

 

 6 

 For purposes of determining whether an Extraordinary Dividend has occurred: 

 

	 	(1)	“Extraordinary Dividend” means, with respect to a cash dividend or other distribution with respect to the shares (or other applicable security) of such
Basket Component, a dividend or other distribution which exceeds the immediately preceding non-Extraordinary Dividend on the securities of such Basket Component (as adjusted for any subsequent corporate event requiring an adjustment hereunder, such
as a stock split or reverse stock split) by an amount equal to at least 10% of the Closing Price of such Basket Component on the Trading Day preceding the ex-dividend date with respect to the Extraordinary Dividend (the “ex-dividend
date”); and 

  

	 	(2)	“Extraordinary Dividend Amount” with respect to an Extraordinary Dividend for the securities of such Basket Component will equal:

  

	 	•	 	 in the case of cash dividends or other distributions that constitute regular dividends, the amount per share (or other applicable security) of such
Basket Component of that Extraordinary Dividend minus the amount per share (or other applicable security) of the immediately preceding non-Extraordinary Dividend for that share (or other applicable security) of such Basket Component; or

  

	 	•	 	 in the case of cash dividends or other distributions that do not constitute regular dividends, the amount per share (or other applicable security) of
such Basket Component of that Extraordinary Dividend. 

 To the extent an Extraordinary Dividend is not paid in
cash, the value of the non-cash component will be determined by the Calculation Agent. A distribution on the securities of such Basket Component described below under the sections entitled “—Other Distributions” and
“—Reorganization Events” below that also constitute an Extraordinary Dividend will only cause an adjustment pursuant to those sections. 
  

	 	(D)	Other Distributions  

 If
a Basket Component declares or makes a distribution to all holders of the shares (or other applicable security) of such Basket Component of any class of its capital stock, evidences of its indebtedness or other non-cash assets, including, but not
limited to, transferable rights and warrants, then, in each of these cases, the Adjustment Factor will equal the product of the prior Adjustment Factor and a fraction, the numerator of which will be the Closing Price per share (or other applicable
security) of such Basket Component, and the denominator of which will be the Closing Price per share (or other applicable security) of such Basket 

 

 7 

 
Component, less the fair market value, as determined by the Calculation Agent, as of the time the adjustment is effected of the portion of the capital shares, assets, evidences of indebtedness,
rights or warrants so distributed or issued applicable to one share (or other applicable security) of such Basket Component. 
  

	 	(E)	Reorganization Events  

If a Basket Component, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange of securities with
another exchange traded fund, and such Basket Component is not the surviving entity, then, on or after the date of such event, the Calculation Agent shall, in its sole discretion, make an adjustment to the Adjustment Factor or the method of
determining the Redemption Amount or any other terms of this Security as the Calculation Agent determines appropriate to account for the economic effect on this Security of such event (including adjustments to account for changes in volatility,
expected dividends, stock loan rate or liquidity relevant to this Security), and determine the effective date of that adjustment. If the Calculation Agent determines that no adjustment that it could make will produce a commercially reasonable
result, then the Calculation Agent may deem such event a Liquidation Event (as defined below). 
 Liquidation Events

 If a Basket Component is de-listed, liquidated or otherwise terminated (a “Liquidation Event”), and a
successor or substitute exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to such Basket Component, then, upon the Calculation Agent’s notification of that determination to the Trustee
and the Company, any subsequent Fund Closing Price for such Basket Component will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded fund (such exchange traded fund being referred to herein as a
“Successor Fund”). 
 Upon any selection by the Calculation Agent of a Successor Fund, the Company will cause
notice to be given to Holder of this Security. 
 If a Basket Component undergoes a Liquidation Event prior to, and such
Liquidation Event is continuing on, the date that the Fund Closing Price of such Basket Component is to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent will, in its
discretion, calculate the Fund Closing Price for such Basket Component on such date by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate such Basket Component. 

If a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for a Basket Component, such
Successor Fund or Fund Closing Price will be used as a substitute for such Basket Component for all purposes, including for purposes of determining whether a Market Disruption Event exists. 

 

 8 

 If at any time the method of calculating a Basket Component or a Successor Fund, or the
related Underlying Index, is changed in a material respect, or if a Basket Component or a Successor Fund is in any other way modified so that such Basket Component does not, in the opinion of the Calculation Agent, fairly represent the price of the
securities of such Basket Component or such Successor Fund had such changes or modifications not been made, then the Calculation Agent will, at the close of business in New York City on the date that the Fund Closing Price is to be determined, make
such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund comparable to such Basket Component or Successor Fund, as the case may be,
as if such changes or modifications had not been made, and calculate the Fund Closing Price and the Redemption Amount with reference to such adjusted Closing Price of such Basket Component or such Successor Fund, as applicable. 

Calculation Agent 

The Calculation Agent will determine the Redemption Amount and the Ending Price. In addition, the Calculation Agent will
(i) determine if adjustments are required to the Fund Closing Price and/or the Adjustment Factor of a Basket Component under the circumstances described in this Security, (ii) if a Basket Component undergoes a Liquidation Event, select a
Successor Fund or, if no Successor Fund is available, determine the Fund Closing Price of such Basket Component, and (iii) determine whether a Market Disruption Event has occurred. 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a
broker-dealer, bank or other financial institution) with respect to this Security. 
 All determinations made by the Calculation
Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. All percentages and
other amounts resulting from any calculation with respect to this Security will be rounded at the Calculation Agent’s discretion. 

Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to
have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid derivative contract in respect of the
Basket. 
 Redemption and Repayment 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to
March 30, 2012. This Security is not entitled to any sinking fund. 
  

 9 

 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount
(calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Redemption Amount hereof calculated as provided herein as though the date of acceleration was the Calculation Day; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is
continuing on that day, the Calculation Day will be postponed as provided herein. 
  

 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or
its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[The remainder of this page has been left intentionally blank] 

 

 10 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 DATED:
                     
  

					
	WELLS FARGO & COMPANY
		
	 By:
	 	  

		 	  

		 	Its:	 	  

 [SEAL] 

 

					
	 Attest:
	 	  

		 	  

		 	Its:	 	  

 TRUSTEE’S
CERTIFICATE OF 
 AUTHENTICATION 
 This
is one of the Securities of the 
 series designated therein described 

in the within-mentioned Indenture. 
  

			
	CITIBANK, N.A.,
		 	as Trustee
		
	 By:
	 	  

		 	Authorized Signature
		
		 	OR
	
	WELLS FARGO BANK, N.A.,
		 	as Authenticating Agent for the Trustee
		
	 By:
	 	  

		 	Authorized Signature

  

 11 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to a Global ETF Basket 

due March 30, 2012 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series of the Securities
designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The
amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of
economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one
or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 
  

 12 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture,
relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not
apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and
subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it
is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within
90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the
Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities
in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 
  

 13 

 This Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Redemption Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of
conflicts of laws. 
  

 14 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	  	—	  	as tenants in common
			
	 TEN ENT
	  	—	  	as tenants by the entireties
			
	 JT TEN
	  	—	  	as joint tenants with right
		  		  	of survivorship and not
		  		  	as tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	 —
	 	  
	 	Custodian	 	  

		 		 	(Cust)	 		 	(Minor)

  

	
	 Under Uniform Gifts to Minors Act

	
	  

	(State)

 Additional
abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and
transfer(s) unto 
 Please Insert Social Security or 

Other Identifying Number of Assignee 
  

	
	  

  

	
	
	  

	
	  

	
	  

(PLEASE PRINT OR TYPE NAME AND
ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE) 
  

 15 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint
                     attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated:                     

  

	
	  

	
	  

 NOTICE: The signature to
this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever. 

 

 16Tata Brand Equity & Business Promotion Agreement, dated February 2 2010

 Exhibit 4.8 

 

 

 TATA BRAND EQUITY & BUSINESS PROMOTION AGREEMENT 

THIS AGREEMENT is made on this 2nd day of February 2010 BETWEEN TATA
SONS LIMITED, a Company incorporated under the Indian Companies Act VII of 1913 and having its registered office at Bombay House, 24, Homi Mody Street, Mumbai 400 001 (hereinafter called “the
Proprietor”) of the First Part and : 
 Subsidiaries of Tata Communications Ltd. having their name, registered office and
country of incorporation as set out in Schedule B (hereinafter collectively called “the Subscribers”) of the Other Part: 

WHEREAS the prevalent competitive environment created by the liberalisation and globalisation of trade and industry has resulted in
a radical transformation of the business scene and it has become imperative for individual Tata companies, wherever and to the extent possible, to pool their resources and make a co-operative effort to promote a unified common TATA
brand which, collectively, would match the Brand Equity of well-known international brand names; 

 

 

  

 1 

 AND WHEREAS there is immense goodwill and brand awareness attached to
the TATA name/mark which the Proprietor proposes to further systematically develop, promote and enhance in order to provide the collective strength of Tatas to the businesses of Individual Tata companies and add value to their
businesses as well as legally protect the TATA Brand; 
 AND WHEREAS a Scheme
known as the ‘TATA Brand Equity & Business Promotion Scheme’ (hereinafter referred to as ‘the Scheme’) has been drawn up by the Proprietor with the above-mentioned objectives and under the Scheme the
Proprietor has agreed to initiate certain measures and undertake specific obligations and responsibilities as more particularly set out hereinafter; 

AND WHEREAS the Proprietor has, as part of the measures envisaged under the Scheme, drawn up a Code of Conduct
(hereinafter referred to as ‘the Code’) to be followed in all its dealings by any company associating itself or continuing to associate itself with the TATA name in order to enhance and preserve the TATA Brand
Equity; 
 And Whereas Tata Communications Limited had approached the Proprietor expressing the desire of the Subscribers to subscribe to
the Scheme and use and associate with the Marks in respect of the products and services of the Subscribers as applicable, and comply with the Code; 

AND WHEREAS the Subscribers, a list whereof is annexed hereto as Annexure B, wish to subscribe to the Scheme and use
and associate with the Marks in respect of the products and services of the Subscribers as applicable and comply with the Code and each of the Subscribers have obtained the approval of their Board of Directors to enter into this agreement with Tata
Sons Limited on their behalf; 
 AND WHEREAS the Proprietor is agreeable to the grant of and the
Subscribers are agreeable to accept a subscription to the Scheme on the terms and conditions hereafter set out; 
 NOW
THEREFORE, in consideration of the premises and mutual covenants and agreements herein contained, the parties hereto hereby covenant, agree and declare as follows: 

1 Interpretation and Definition 
 1.1 In
this Agreement unless the context otherwise admits the following terms shall have the following meanings: 
 “Annual Net
Income”: Net income exclusive of excise duty, governmental taxes (not being taxes levied on profits) and non-operating income of the financial year in which the Use occurs; (for the purpose of computation of net income the proportion of
income which is derived from the sale of products/services such as the bulk commodity kind will be eligible to invite a multiple of 0.75).ln computing the Annual Net Income of each of the Subscribers, the turnover in respect of billings to Tata
Communications Limited or to any Subscriber shall be excluded. No other adjustment shall be made in respect of any other consolidation adjustments. 

“Annual Profit Before Tax”: Profit after interest and depreciation but before Income tax of each subsidiary for the financial year in
which the Use occurs; 
 “Code”: The TATA Code of Conduct adopted by the Subscribers. 

“Group/the group”: All subscribers to the Scheme, collectively. 

“Business Name”: The word TATA used whether as part of the corporate name of the Subscriber or to brand the products and /or services of
the Subscriber or to represent the Subscriber’s association with the TATA group in any other manner. 

 

 

  

 2 

 “Major Campaigns”: Major communications and/or publicity and/or advertising exercises and
campaigns including but not limited to those conducted through media, mail shots, sponsorships, community affairs programmes, surveys, leaflets and all other form of advertising; 

‘Marketing Indicia’ Certain trading names, logos, advertising slogans and images, colour schemes, styles of labelling, emblems and other
manifestations characteristic of the Tata brand to be developed by the Proprietor for use by the Subscribers to this and similar agreements; 

“Marks/the Marks”: The Marks set out in the Schedule ‘A’ hereto and developed/to be newly developed either as a trademark
under the Trade Marks Act 1999 or as a ‘work’ under the Copyright Act, 1957 and owned, registered/to be registered in the name of the Proprietor for use by the Subscribers to this and similar Agreements as set out in the Schedule
‘A’ hereto; 
 “Media”: All manner of mass communication including but not limited to radio, television, satellite
and other telecommunication modes, newspapers, magazines, journals and advertising hoardings irrespective of the method of transmission of the communicated material; 

“Other use” Use of Business Name and Marketing Indicia other than in the sale and promotion of Products and Services such as obtaining
finance, recruitment, joint venture negotiations with government institutions and any activity which benefits the business or business conduct of the subscriber: 

“Products and Services”: The products / services of the Subscribers; 

“Promote/Promoting the Interest”: Shall include enforcing the mark or symbol developed, adopted and used by the Proprietor against third
parties, either in a civil or in a criminal action; 
 “Protect/Protection”: Shall include the creation and development of a
mark or a symbol (which may or may not incorporate the word TATA) by the Proprietor in pursuance of this Agreement to project the group image and further includes the registration of such mark either as a trademark under Indian
regulations governed by the Trade Marks Act, 1999 or as a ‘work’ under the Copyright Act, 1957. These expressions shall further include filing opposition(s) to third party conflicting application(s) and rectification(s) against conflicting
registration(s). It shall also mean to prosecute, defend and enter into legal proceedings in any territory of the world in defense of the interests of the Subscribers companies and to collect and disseminate statistical and other information
relating to the TATA Marks or to the collective reputation of the Subscribers companies or any other information likely to be useful to its members. 

“Satisfactory Quality”: Has the meaning ascribed to it in sub-section 16 of the Sale of Goods Act, 1930; 

“Subsidiary/Subsidiaries” - A subsidiary/ Subsidiaries shall mean a company/companies in which Tata Communications Limited by
itself and/or with its Holding company/other Subsidiaries holds either directly or indirectly more than 50% of the share capital. The list of subsidiaries bound by this agreement is set out in Schedule B hereto; 

“Territory”: means World-wide; 

“the Scheme”: The TATA Brand Equity & Business Promotion Scheme formulated by the Proprietor; 

“Working Day”: A day on which banks are open for business in Mumbai; 

1.2 Words importing the singular shall include the plural and vice versa; words importing the male gender shall include the female gender and vice versa
and words importing a person shall include a company or corporation and vice versa; 
 1.3 The headings in this Agreement are included for
convenience only and shall be ignored in construing the same. 
 1.4 References herein to Clauses and Sub-clauses shall unless otherwise
specified be construed as references to Clauses and Sub-clauses of this Agreement. 

 

 

  

 3 

 2 Obligations and Responsibilities of the Proprietor 

2.1 The Proprietor shall have the following obligations and responsibilities: 

a) to protect and promote the collective image and goodwill of the Group and prevent any mark or symbol developed and owned by the
Proprietor from being usurped and/or diluted in any way and to this end, the Subscribers hereby authorise the Proprietor to act on its behalf to the extent necessary; 

b) to organise periodically, as may be deemed necessary, corporate identity and brand promotional activities and campaigns through various
media including electronic/telecommunication/satellite communication media (e.g. TATA Website) etc., printing and publishing of promotional material and such other activities as, in the opinion of the Board of Directors of the
Proprietor company, will enhance the TATA Brand Equity and correspondingly benefit the business of the Subscribers; 

c) to co-ordinate major campaigns involving the promotion and development of the Marks; 

d) to engage the services of specialist agencies both in India and Internationally as the need may be to energise and enhance the overall
TATA Brand Equity which eventually could result in a greater market share for the products and services of the Subscribers and help in the preservation and vindication of the trust and confidence reposed by
customers, business associates, stakeholders and the society in general; 
 e) to engage professional consultants for conducting
industry/organisational studies/research for the formulation of Group business strategies and policies that would assist the subscribing companies to emerge as business leaders in the evolving markets; 

f) for the attainment of the overall objectives of the TATA Brand Equity & Business
Promotion Scheme and interacting closely with the participating Tata companies in a centrally co-ordinated manner, engage and set up a team of senior personnel and/or advisors/consultants and/or specialist firms as well as provide them with the
necessary supporting staff and facilities to perform their functions; 
 g) to take steps to make available a pool of sharable
resources of the Tata Group including managerial talent trained in TATA values to the Subscribers; 
 h) to
provide necessary guidance to the Subscribers in order to ensure uniformity in the application of the Group policies relating to good business practices; 

i) to adopt the JRD Quality Value and/or other such process as a means to appraise the performance of the Subscribers in
various areas of its activity and to guide and assist the Subscribers in the attainment of higher standards of quality of its products, services and management; 

j) to provide such support and assistance to the Subscribers as the Board of Directors of the Proprietor company may consider necessary in
certain circumstances including securing the support of Group companies to the extent and in a manner permissible under the prevalent laws; 

k) to encourage support to the Subscribers’ business from Group companies subject to the availability of products and services of a
desirable quality at competitive rates; 
 l) to undertake activities which in the opinion of the Board of Directors of the
Proprietor company are essential for the purposes of promoting, developing, maintaining, managing and legally protecting the Tata name, the Marks in India and abroad and thereby endeavour to promote the business of the Subscribers to achieve greater
profitability and enhancement of stakeholder value; 
 m) to undertake measures to preserve the stability of the management of
the Subscribers in order to protect the larger interests of its stakeholders. 

 

 

  

 4 

 n) for the purposes of promoting the business of the Subscribers, to provide assistance in
accessing the network of domestic and international business contacts and availing the services of the domestic and overseas offices of the Proprietor and the Group companies; 

o) to institutionalise mechanisms to share and propagate best management practices amongst the Subscribing companies; 

p) to manage and supervise the implementation of the Scheme and ensure compliance with the terms of this Agreement and the Code.

 3 Grant 
  

	3.1	The Proprietor hereby grants to the Subscribers for the term and subject to the conditions of this Agreement a personal but non-exclusive and non-assignable
subscription to use the Business Name and Marketing Indicia. At the sole option of the Proprietor, the Subscribers shall have a right to enter into a separate Registered User’s/Licence Agreement for the use of the Marks in relation to its
products and/or services in the Territory in relation to the Subscribers’ business in the manner and to the extent set out in Clause 12 of this Agreement. The Subscribers shall always adhere to the Code and further assist the Proprietor
in protecting and enforcing the Marks; 

  

	3.2	These Subscribers shall have the right to use the word TATA as part of their business name but not as part of any trade mark other than the Marks or as part of any
marketing indicia in any way whatsoever unless specifically permitted by the Proprietor. 

  

	3.3	Nothing in this Agreement shall entitle the Subscribers or any of its Subsidiaries to grant any sub-subscription to any other party. 

4 Use of the Business Name, Marks and Marketing Indicia 
  

	4.1	(a) The Subscribers shall use the Business Name, Marks and Marketing Indicia upon or in relation to the Products and Services only in such manner that the
distinctiveness, reputation or validity of the Business Name, Marks and Marketing Indicia shall not be impaired. 

(b) For the purposes of sub-clause 4.1 (a) the Subscribers shall on request of the Proprietor comply with the reasonable requirements
of the Proprietor as to the form, manner, scale and context of use of the Marks and of the statements to accompany any of the same. 
  

	4.2	The Subscribers shall not conduct without the prior written consent of the Proprietor the whole or any part of its business under a business name or trading style which
incorporates any of the Business Name, Marks or Marketing Indicia other than as provided for in this Agreement or which otherwise in the opinion of the Proprietor might impair the validity, reputation or distinctiveness of the Business Name, Marks
and the Marketing Indicia. 

  

	4.3	The Subscribers shall use and display any of the Business Name, Marks or Marketing Indicia in relation to any other name(s), mark, or indicia owned by any third-party
or parties (including the Subscribers or any shareholder of the Subscribers or any Affiliate of a shareholder of the Subscribers) only as approved by the Proprietor. Any change in such use or display shall require the prior written consent of the
Proprietor. 

  

	4.4	The Subscribers shall not use without the prior written consent of the Proprietor the Business Name, Marks or Marketing Indicia so as to suggest that any two (or more)
marks constitute a single or composite name, trademark or marketing indicia or are under the same proprietorship. 

 

 

  

 5 

 5 Control of Use of the Marks and Marketing Indicia 

 

	5.1	In order to maximise the impact and benefit to both parties of the subject matter of this subscription - 

(a) the Subscribers shall supply the Proprietor with detailed Major Campaign schedules which involve the Business Name, Marks or Marketing
Indicia as soon as these are known and agreed internally by the Subscribers; 
 (b) the Proprietor shall supply the Subscribers
with information similar to that referred to in sub-clause 5.1 (a) in relation to Major Campaign schedules sponsored by the Proprietor relating to the business of the Subscribers in the Territory. 

In order not to clash in their respective communications efforts each party shall keep the other informed in good time of any changes to
such schedules. If it is found that there is any clash in content or timing of any Major Campaign, the parties shall consult together with a view to revising such content or timing in a manner satisfactory to each. If agreement is not reached within
a reasonable time, the Proprietor’s decision as to the action to be taken by each party shall be final and the Subscribers shall abide by it but neither party shall be required to pay any compensation or reimbursement of expenses to the other
in relation to such decision. 
  

	5.2	The Subscribers shall adopt the guidelines and codes relating to visual standards, advertising standards and such other printed material as may from time to time become
available and be considered by the Proprietor to be useful or necessary. If there is a conflict or inconsistency between the manuals and this Agreement the terms of this Agreement shall prevail. 

 

	5.3	The Subscribers shall comply strictly with the principles and rules laid down in the manuals, the codes and material supplied there under as the same may from time to
time be updated, amended or reissued. In providing updated, amended or reissued manuals and materials, the Proprietor shall give the Subscribers reasonable notice in advance of the dates from which such updates, amendments or reissues should be
used. 

  

	5.4	In the event of conflict or doubt as to the meaning or exact requirements of any part of any of the manuals, the codes and material supplied thereunder, the Subscribers
shall seek guidance in writing from the Proprietor. The Subscribers may also submit any draft material in which the Business Name, Marks or Marketing Indicia are used, which the Subscribers is not required under Clause 5 to submit to the Proprietor,
for advice or approval. 

  

	5.5	The Subscribers shall submit to the Proprietor for approval copies of all Concept Boards/Treatments and Story Boards in respect of all Major Campaigns involving the
Business Name, Marks or Marketing Indicia. The Proprietor shall within 10 Working Days of receipt of any such Story Boards advise the Subscribers in writing whether approval is given. If full approval is not given the Proprietor shall specify the
grounds for withholding approval and shall indicate what remedial steps it considers necessary. 

  

	5.6	Where the Subscribers are required other than under sub-clause 5.5 to submit or otherwise does submit material for advice or approval to the Proprietor, the Proprietor
shall within 15 Working Days of receipt of any such submission provide advice or as the case may be advise the Subscribers in writing whether approval is given. If full approval is not given the Proprietor shall specify the grounds for withholding
approval and shall indicate what remedial steps it considers necessary. 

  

	5.7	In the case of submissions pursuant to sub-clause 5.5 and for the purposes of sub-clause 5.6 if no written response is forthcoming from the Proprietor to the
Subscribers by the stipulated time, the Subscribers shall give written notice to such effect to the Proprietor following receipt of which the Proprietor shall respond within 3 Working Days failing which the Subscribers shall be released from its
obligation to obtain approval in relation to the individual submission or request in question. 

 

 

  

 6 

	5.8	For the avoidance of doubt, the provisions of Clause 5 relating to liaison and submissions, requests and approvals are intended to secure best results from the benefit
of the subscription granted hereunder and nothing in Clause 5 is intended to cause or have as its effect a restriction on either party’s ability in its general commercial activities in achieving its individual advertising and market penetration
goals. 

 6 Quality and Standards 
  

	6.1	The Subscribers shall at all times ensure that the Products are produced, sold or otherwise disposed of, supplied, used and maintained and that the Services are
provided by or for the Subscribers in accordance and full compliance with all licences, permits, legislations, registrations, regulations, restrictions, standards and codes applicable in the Territory under which the Subscribers or as the case may
be its Affiliates, its suppliers, its contractors, sub-contractors or its or their employees or its or their agents are or may be lawfully required to operate in relation to the production, sale, supply, disposition, use and maintenance of the
Products and the provision of the Services as any of the same may be in force or applicable from time to time during the term of this Agreement. 

  

	6.2	Where there is no licence, permit, legislation, registration, regulation, restriction, code or standard applicable, the Subscribers shall ensure that Products are
produced, sold or otherwise disposed of, supplied, used and maintained, at a standard at least equivalent to Satisfactory Quality and that Services are provided in accordance with good industry practice. 

 

	6.3	In all cases the Subscribers shall ensure that the production, sale, supply, disposition and use of all Products and the provision of all Services is carried out in
compliance with all relevant legislation and regulations relating to health and safety and protection of the environment. 

 7
Proprietor Access 
  

	7.1	Without imputing any liability to the Proprietor or any of its Affiliates, the Subscribers shall permit the persons authorised by the Proprietor at all reasonable times
to enter the premises of the Subscribers for the purpose of verifying the standards of quality of the Products and Services upon or in relation to which the Business Name, Marks or Marketing Indicia are being used as well as their compliance with
the Code, and shall at the request of the Proprietor furnish at the Subscribers’ expenses for inspection and analysis such samples of the Products or Services and evidence of their compliance with the Code as may reasonably be requested. The
Subscribers shall procure for itself identical rights of access to the premises of any of its customers, contractors, sub-contractors or service suppliers for the purpose of verifying the standards of quality of any of the Products being produced or
supplied or any of the Services being provided for or on behalf of the Subscribers by that contractor, sub-contractor or service supplier and to be furnished with such samples of the Products or Services for inspection and analysis and evidence of
their compliance with the Code as may reasonably be requested. Where necessary the Subscribers shall also endeavour to procure reasonable access for the Proprietor to the premises of the contractors, sub-contractors or service suppliers for the
purpose of verifying the use of the Business Name, Marks or Marketing Indicia as permitted and of their compliance with the Code. 

  

	7.2	The Subscribers shall, upon the Proprietor’s request, provide to the Proprietor examples of any item supplied by or on behalf of the Subscribers which bear or
relates to the Business Name, Marks or Marketing Indicia. 

  

	7.3	The Subscribers shall, upon the Proprietor’s request, provide to the Proprietor examples and evidence of the Subscribers’ and or its contractor’s or
sub-contractor’s compliance with the Code. 

 

 

  

 7 

 8 Product Liability and Indemnity 

 

	8.1	Notwithstanding the provisions of Clause 2 and notwithstanding any approval or agreement by the Proprietor pursuant to Clause 3.1:- 

(a) all conditions, warranties, statements, liabilities and guarantees whether statutory or otherwise as or relating to the suitability,
merchantability, Satisfactory Quality and performance ability of the Products and Services are the responsibility solely of the Subscribers and in no circumstances whatsoever shall the Proprietor be liable in contract, tort or otherwise for any
costs, expenses, liabilities, damages or losses including any consequential losses or any special losses whether any of the same shall be direct or indirect that may be suffered by the Subscribers or by any third party, howsoever caused; and

 (b) the Proprietor shall not be liable in contract, tort or otherwise in respect of the production, processing, use, sale or
other disposition of the Products or any non-compliance with the provisions of Clause 6 and accordingly the Subscribers shall indemnify and keep the Proprietor indemnified in respect of all costs, liabilities, damages, losses, claims and expenses
which may be incurred or suffered by the Subscribers or by any third parties, in tort or otherwise, and arising in any way out of the manufacture, use, sale or other disposition of the Products and Services and Other Use. 

 

	8.2	The Subscribers shall be exclusively responsible for the technical and commercial operation of the production or processing of the Products and provision of the
Services and for all Products and Services sold or supplied by or on behalf of the Subscribers. 

 9 Tata Code of Conduct 

  

	9.1	The Subscribers acknowledges that the grant of a subscription by virtue of these presents to the use of the Business Name, Marks or Marketing Indicia is circumscribed
by the provisions of the Code, adherence to which is a sine qua non to the continued derivation of benefits of the TATA brand affiliation. The Subscribers therefore undertakes to conduct its business affairs at all times by following
in letter and spirit the Code. The Subscribers agree to take immediate steps to make all its employees aware of the Code, obtain their commitment and ensure their adherence to the Code. The Subscribers shall also create the climate and provide
opportunities for the voicing of genuinely held concerns about behaviour or decisions that are perceived to be in contravention of the Code to enable remedial action to be taken. 

 

	9.2	The Subscribers undertake to provide the Proprietor relevant information and access to its premises, properties and records at all times to verify that the provisions
of the Code are fully honoured. The Subscribers further undertake to ensure that remedial action is taken within a reasonable time upon any violation coming to its notice or upon being pointed out by the Proprietor. 

 

	9.3	In case the Subscribers are joint venture companies, the application and implementation of the Code may be governed by an agreement between the joint venture partners.
Unless an alternate or a stricter provision is incorporated in such an agreement all the provisions of the Code will apply without exception. 

10 Acknowledgement of Rights 
  

	10.1	The Subscribers hereby acknowledge that the Proprietor is the sole and rightful owner of the Business Name, Marks or Marketing Indicia and agrees that during the
continuance of this Agreement the Subscribers will not claim any rights in or to the Business Name, Marks or Marketing Indicia other than the permission to use them as specifically provided herein and further that both during the continuation and
after the termination of this Agreement the Subscribers will not dispute nor assist others to dispute the validity or ownership of the Business Name, Marks or Marketing Indicia in relation to any goods or services or Other Use whatsoever or
wheresoever. 

 

 

  

 8 

	10.2	The Subscribers further agree that all lawful use and goodwill of the Business Name, Marks or Marketing Indicia by the Subscribers shall inure to the benefit of the
Proprietor and that the Subscribers shall, during or after the continuance of this Agreement, execute such assignments, assurances or other documents as shall reasonably be required by the Proprietor to give effect to the provisions of this
paragraph. 

  

	10.3	Copyright in all manuals, codes, materials, statements and information supplied to the Subscribers under this Agreement by the Proprietor shall remain throughout in the
ownership of the Proprietor. 

 11 Procedure in case of potential infringement 

 

	11.1	Upon becoming aware of: 

 (a) any
infringement or suspected infringement of any of the Business Name, the Marks, the Marketing Indicia; or 
 (b) any application
for or registration of a trademark which the Subscribers believe should be opposed or cancelled on the grounds of interference (actual or potential) with any rights in and to any of the Business Name, the Marks, the Marketing Indicia; or 

(c) any matter or circumstance of whatsoever nature which in the opinion of the Subscribers might affect the interests of the Proprietor
or the Subscribers in the Business Name, the Marks, the Marketing Indicia. 
 The Subscribers shall forthwith notify the
Proprietor but the Subscribers shall not institute any action or proceeding for infringement, cancellation or otherwise take any steps unless specifically requested or agreed to by the Proprietor. 

 

	11.2	If in any case (whether pursuant to a notification under Sub-clause 11.1 or otherwise) the Proprietor shall desire to institute any action or proceeding or take any
other step for the protection of any of the Business Name, Marks or Marketing Indicia in relation to the use covered by this Agreement, the Subscribers shall if so requested by the Proprietor join with the Proprietor in all and any action and
proceeding and step which the Proprietor shall in its sole discretion determine to take and shall render to the Proprietor such assistance as the Proprietor may require. 

 

	11.3	All costs and expenses in any action or proceeding or other step pursuant to this Clause 11 shall be borne between the parties as the parties from time to time agree.

 12. Subscription 
  

	12.1	In consideration of the obligations and responsibilities undertaken by the Proprietor pursuant to Clause 2 hereof and the authorisation granted to the Subscribers under
Clause 3 hereof, each Subscriber shall during the currency of this Agreement pay or ensure that each of the Subscribers will pay or procure to be paid to the Proprietor a subscription amount, raised against each of the Subscribers by the
Proprietor, at the rate of 0.25% of the Annual Net Income in such manner as may be directed by the Proprietor. 

  

	12.2	Notwithstanding anything contained in Clause 12.1 the maximum subscription payable by each subscriber shall not exceed 5 percent of its Annual Profit Before Tax.

  

	12.3	The Proprietor shall have the right to waive the subscription and the waiving of the subscription by the Proprietor shall be made by written notice from the Proprietor
to the Subscribers and shall represent an additional document to this Agreement. A waiver of the subscription shall not affect the validity of any Clause of this Agreement and shall not represent a waiver of any rights of the Proprietor under this
Agreement. 

  

	12.4	The Proprietor shall have the right to review from time to time, if necessary, in order to fulfill its obligations and responsibilities under Clause 2, the
subscriptions outlined in Clause 12.1 of this Agreement. 

 

 

  

 9 

	12.5	No change in the Use by the Subscriber will be permitted unless prior approval is obtained from the Proprietor. The change in the Use by the Subscriber to be approved
by the Proprietor will be accompanied by a change in the categorisation of the subscriber and the subscription payable. Any change in the Use authorised by the Proprietor shall be subject to the provisions of Clause 4. 

 

	12.6	The Subscribers shall, along with the remittance of the subscription, payable at par at Mumbai or in such manner as may be directed by the Proprietor, render to the
Proprietor the Statement of Computation of the consolidated Annual Net Income and consolidated Annual Profit Before Tax signed by a duly authorised representative of the Subscribers. Such Statement shall be delivered to the Proprietor along with the
payment of the subscription due. 

  

	12.7	If the Proprietor so requests, the Subscribers shall, within 30 days of such request, provide the Proprietor with such additional information and documentation as will
enable the Proprietor or an independent auditor appointed by the Proprietor to confirm the contents of the Statement referred to above. The Subscribers shall remit any further sums which may be determined to be payable by the Subscribers.

  

	12.8	The Subscribers shall at all times during the currency of this Agreement, keep true and accurate records and particulars of the operations conducted by the Subscribers
which may be material for the purpose of determining the sums due to the Proprietor hereunder and the said records and particulars shall be open during normal business hours to inspection by a representative or an independent auditor appointed by
the Proprietor upon the Proprietor giving reasonable notice to the Subscribers and such representative shall be free to make copies or extracts from such records insofar as such copies or extracts are relevant to the determination of the sums due to
the Proprietor hereunder. 

  

	12.9	Insofar as any governmental or other relevant authorities in the Territory shall require the Subscribers to deduct tax from any payments due to the Proprietor under
this Agreement, the Proprietor hereby gives its consent to such deduction and the Subscribers undertake to make payment of such tax to the relevant authorities; provided, however, that both parties to this Agreement shall use their best endeavours
to secure maximum relief or exemption from any such tax in accordance with the provisions of any applicable double taxation treaty between the Republic of India and the Territory in respect of all payments made under this Agreement. In the event
that any payment of tax is made by the Subscribers pursuant to this Clause the Subscribers shall promptly send to the Proprietor the appropriate Certificate of deduction of tax and all other supporting documentation. 

13 Duration and Termination provisions 
  

	13.1	The Commencement Date of the subscription granted under this Agreement shall be April 1, 2008 and it shall, subject to the provisions for earlier termination
provided for in this Agreement, continue in force until terminated by either party. 

  

	13.2	The Subscription granted under this Agreement may be terminated as follows: 

(a) by written agreement between the parties; or 

(b) by the Proprietor on six months notice in writing for reasons to be recorded; or 

(c) forthwith, by the Proprietor, against such Subscribers who commit a breach of any of the provisions of this Agreement and fail to
rectify the same within thirty days of receiving written notification of such breach from the Proprietor. 
  

	13.3	The Proprietor shall have the right to terminate the subscription granted under this Agreement against all or any of the Subscribers immediately upon the happening of
any one or more of the following events occurring or coming to the attention of the Proprietor; 

 

 

  

 10 

 (a) failure of any of the Subscribers to obtain the permission of the Proprietor for changes
in the Use according to Clauses 4.3 and 12.5; 
 (b) failure of any of the Subscribers to make due payments according to Clause
12; 
 (c) failure of any of the Subscribers to secure and maintain the necessary consents from its shareholders to undertake the
business for which this subscription is granted; 
 (d) failure of any of the Subscribers to secure and maintain necessary
operating licences from the Government of the Territory; 
 (e) the introduction of any legislation or regulation compulsorily
transferring or otherwise depriving the shareholders of any of the Subscribers or any of them of any of their shares in the Subscribers; 

(f) any of the Subscribers disposing of or being deprived of its business or a substantial part thereof; 

(g) any of the Subscribers going into liquidation (other than a voluntary liquidation for the purpose of reconstruction or amalgamation
the terms of which have been agreed to in writing by the Proprietor) or becoming party to any merger or consolidation as a result of which their rights under this Agreement would pass to any other person firm or corporation (other than a
reconstruction, amalgamation, merger or consolidation the terms of which have been agreed to in writing by the Proprietor); 

(h) if the Proprietor and/or Subscribers to a similar Agreement and their affiliates cease to hold in the aggregate at least 15% of the
Equity Capital of Tata Communications Limited; 
 (i) if the business of any of the Subscribers continues to be
unprofitable for three consecutive years as a result of which no subscription is paid during that period. 
 In the event of
termination under sub-clauses (c) or (d) above the Subscribers shall pay to the Proprietor a single fixed sum by way of liquidated damages calculated as equal to the Proprietor’s costs in preparation of and for the operation of this
Agreement. 
  

	13.4	In the event a Subscriber ceasing to be a subsidiary of Tata Communications Limited, then such company shall immediately cease using the Business Name, Marks or
Marketing Indicia in whatever manner including on packaging, stationery and advertising material and change their corporate name by deleting Tata therefrom; 

 

	13.5	In the event Tata Communications Limited itself ceases to be authorized to use the Tata name in any manner all the Subscribers shall cease from using the Tata
name in any manner and change their corporate name by deleting Tata therefrom; 

  

	13.6	If at any time it should come to the Proprietor’s attention that any of the Business Name, the Marks, the Marketing Indicia are not in use by any of the
Subscribers as envisaged hereunder and such non-use continues or has continued for a total period of 180 days, the subscription granted hereunder in respect of the Business Name, the Marks, the Marketing Indicia whichever is the subject of such
non-use may be forthwith revoked by the Proprietor on written notice to the Subscriber to such effect and all rights granted hereunder in relation thereto shall thereupon immediately revert to the Proprietor. 

 

	13.7	Termination of this Agreement under any of the provisions of Clause 13 shall be subject to the provisions of Clauses 10 and 13 hereof. 

 

	13.8	The provisions of Clauses 10, 13 and 16 shall survive any termination of this Agreement and/or any revocation pursuant to Clause 13. 

 

 

  

 11 

 14 Post Termination 

Upon termination of this Agreement in any manner whatsoever the Subscribers and its Subsidiaries: 

(a) shall neither use or assist others to use any of the Business Name the Marks and Marketing Indicia nor any other mark, word or words
(including any translation of any of the Business Name the Marks and Marketing Indicia) which in the opinion of the Proprietor might be confused therewith, either - 

(i) as a trademark in relation to any goods or service or other use whatsoever; or 

(ii) as the style or name (or as part of the style or name) of any firm, partnership or corporation or otherwise; or 

(iii) as a descriptive or generic term, including the use of such trade mark or such style or name on or in relation to packages, labels,
advertising and other materials; 
 and 

(b) shall ensure the immediate payment of all outstanding subscription due pursuant to Clause 12 prior to termination and in respect of
any stocks of the Products and Services existing at the time of termination which the Proprietor may decide to authorise the Subscribers to dispose of after termination. 

15 Variation 
 Subject to
Clause 18.1 hereof the parties may at any time by express agreement add to, delete or amend the contents of this Agreement. 
 16
Confidentiality 
 16.1 It is acknowledged by both parties that the existence (as distinct from the content)
of this Agreement once executed will be regarded as being in the public domain. 
  

	16.2	The parties hereto shall keep secret and confidential and not disclose to any third party the contents of this Agreement and all business information acquired
thereunder and shall procure that their Affiliates and shareholders and the officers, employees agents and professional advisors or any of them observe this confidentiality obligation. 

 

	16.3	The Subscribers shall keep secret and confidential all information relating to marketing plans, strategies and information of and/or belonging to the Proprietor, or any
of their Affiliates and shall not disclose any such information howsoever or whensoever acquired and irrespective of the form such information may be in, to any third party including but not limited to its shareholders and shall ensure that such
information is only disclosed to such of its employees as reasonably require such information in the proper course of their work. 

  

	16.4	The obligations of confidentiality in this Clause 16 shall not apply to information which is - 

 

	 	(a)	in the public domain or hereafter becomes so through no breach of this Agreement; or 

 

	 	(b)	is in the possession of the Subscribers at the date hereof and is not subject to other obligations of confidentiality; or 

 

	 	(c)	is lawfully acquired from a third party with the right to make disclosure. 

 

	16.5	Notwithstanding the provisions of this Clause 16, information subject to this Clause 16 may be disclosed: 

 

	 	(a)	with and subject to the prior written consent of the owner of such information; or 

 

	 	(b)	as properly required by law or judicial process; or 

  

	 	(c)	to auditors and professional advisers, ALWAYS PROVIDED that such disclosures are as far as practicable made under similar obligations of confidentiality as are
contained herein. 

 

 

  

 12 

	16.6	Nothing in this Agreement shall oblige either party to divulge any information that it considers it is prevented from divulging by rules, law or regulations including
but not limited to the Stock Exchange and for the avoidance of doubt the release in this sub-clause 16.6 shall apply to any requirement in this Agreement to provide information on Major Campaigns where such Major Campaign is predominantly for a
purpose relating to the Subscribers’ or its Affiliates’ activities which may be governed by the rules, laws or regulations in question. 

  

	17	Public Announcements 

 The
Subscribers shall not make any public announcement concerning this Agreement or its subject matter without the prior written consent of the Proprietor. 
  

	18	Miscellaneous 

  

	18.1	No variation or amendment of this Agreement shall bind either party unless made in writing in the English language and agreed to in writing by or on behalf of both
parties. 

  

	18.2	If any provision of this Agreement is held by any court of competent jurisdiction to be void or unenforceable in whole or part, this Agreement shall continue to be
valid as to the unaffected provisions thereof. 

 The parties shall, as far as practicable, replace any such void
or unenforceable provisions with legal and enforceable provisions which achieve, to the extent possible and permissible by law, the objects of this Agreement. 
  

	18.3	The provisions of this Agreement shall supersede any prior agreement or understanding verbal or in writing and shall constitute the entire agreement between the parties
hereto with respect to the subject matter herein. 

 Notices and written statements hereunder shall be sent to the
party entitled thereto by facsimile or other quickest mode of communication available with confirmation by registered post to its address first above written or at such other address as may from time to time be communicated in writing to the other
party. 
  

	18.4	All disputes arising in any way out of or affecting this Agreement shall be referred to arbitration for settlement in accordance with the Arbitration and Conciliation
Act, 1996, as amended from time to time. Arbitration shall take place in Mumbai. 

  

	18.5	The construction validity and performance of this Agreement shall be governed by Indian laws and the parties submit to the jurisdiction of the Courts in Mumbai.

 This Agreement is executed in two counterparts each of which shall constitute the original. 

IN WITNESS WHEREOF the parties hereto have caused these presents to be executed the day and year first above
written in the manner hereinafter appearing. 
  

					
	For and on behalf of	 		 	For and on behalf of
	TATA SONS LIMITED	 		 	The Subscribers
			
	  

 

	 		 	
 

	Name: Dr. J.J. Irani	 		 	Authorised Signatory
	Designation: Director	 		 	Name: Satish Ranade
		 		 	Designation: Company Secretary & Chief Legal Officer, Tata Communications Limited.

TCL CONTRACT REG NO.431 
  

 13 

 Schedule A 

 

 

 

 

  

 14 

 Schedule B 

List of Subscribers 
  

							
	 Sr.
No.
	  	 Name of Company
	  	 Registered address
	  	 Country

	1	  	Tata Communications Internet Services Limited	  	274 Captain Gaur Marg, Srinivaspuri, Delhi -110065	  	India
	2	  	Tata Communications Banking InfraSolutions Limited	  	Plot No: C-21/ C 36, ‘G’ Block, Bandra Kurla Complex, Bandra East, Mumbai 400 098.	  	India
	3	  	Tata Communications Transformation Services Limited	  	Plot No: C-21/ C 36, ‘G’ Block, Bandra Kurla Complex, Bandra East, Mumbai 400 098.	  	India
	4	  	Tata Communications Lanka Limited	  	60, Second Floor, Dharmapala Mawatha, Colombo - 3, Sri Lanka	  	Sri Lanka
	5	  	Tata Communications (Australia) Pty Limited	  	King Street Wharf, Suite 503, 35 Lime Street, Sydney NSW2000, Australia	  	Sydney, Australia
	6	  	Tata Communications (America) Inc.	  	2711 Centerville Road, Suite 400, Wilmington, Delaware 19808	  	USA
	7	  	Tata Communications Services (America) Inc.	  	2711 Centerville Road, Suite 400, Wilmington, Delaware 19808	  	USA
	8	  	Tata Communications (US) Inc.	  	2711 Centerville Road, Suite 400, Wilmington, Delaware 19808	  	USA
	9	  	Tata Communications (Belgium SPRL	  	Avenue Louise 331-333, 1050 Brussels, Belgium	  	Belgium
	10	  	Tata Communications (Bermuda) Limited	  	Clarendon House, 2 Church Street, Hamilton HM11, Bermuda	  	Bermuda
	11	  	Tata Communications Services (Bermuda) Ltd	  	Clarendon House, 2 Church Street, Hamilton HM11, Bermuda	  	Bermuda
	12	  	Tata Communications (Canada) ULC	  	Suite 900, 1959 Upper Water Street, Halifax, Nova Scotia, B3J, 3N2	  	Canada
	13	  	Tata Communications (France) SAS	  	131 Avenue Charles de Gaulle, 92200 Neuilly-surSeine, France	  	France
	14	  	Tata Communications Deutschland GmbH	  	Frankfurt am Main, Germany	  	Frankfurt, Germany
	15	  	Tata Communications (Guam) LLC	  	Suite 1008 DNA Building 238 Archbishop F.C. Flores Street 96910 Hagatna, Guam	  	Guam
	16	  	Tata Communications (Hong Kong) Limited	  	Unit 2402, Bank of America Tower, No. 12 Harcourt Road, Hong Kong	  	Hong Kong
	17	  	Tata Communications (Hungary) LLC	  	1051 Budapest, Roosevelt ter 7-8 Hungary	  	Hungary
	18	  	Tata Communications (Ireland) Limited	  	6th Floor, South Bank House, Barrow Street, Dublin 4	  	Ireland
	19	  	Tata Communications (Italy) Sri	  	Via Vittor Pisani 16, Milano 20124, Italy	  	Italy
	20	  	Tata Communications (Japan) KK	  	Asahi Seimei Ebisu Building 8F 1-3-1 Ebisu, Shibuya-ku, Tokyo 150-0013 Japan	  	Japan
	21	  	Tata Communications (Netherlands) B.V.	  	1098XH Amsterdam, Science Park 400, The Netherlands	  	Netherlands

 

 

  

 15 

							
	22	  	Tata Communications (Nordic) AS	  	Sandviksveien 26, 1363 Hovik Norway	  	Norway
	23	  	Tata Communications (Poland) Sp. Zoo	  	ui Populama 6, 02-473 Warsaw, Poland	  	Poland
	24	  	Tata Communications (Portugal) Unipessoal LDA	  	Avenida da Liberdade 224 - Edificio Eurolex, 1250-148 Lisboa Portugal	  	Portugal
	25	  	Tata Communications (Portugal) Instalacao E Manutencao De Redes LDA	  	Rua Severino Falcao 14, Prior Velho, Loures Lisbon	  	Portugal
	26	  	Tata Communications (Puerto Rico) Inc	  	Popular Center Building, 209 Munoz Rivera Ave, Suite 201, San Juan, Puerto Rico, 00918	  	Puerto Rico
	27	  	Tata Communications (Russia) LLC	  	Russia 121 099 Smolenskaya sq. 3 office 621	  	Russia
	28	  	Tata Communications International Pte. Ltd.	  	5 Shenton Way #34-10 UIC Building Singapore 068808	  	Singapore
	29	  	Tata Communications (Sweden) AB	  	c/o Bird & Bird Advoket KB, Norrlandsgaten, S-E Box 7714, 103 95 Stockholm, Sweden	  	Sweden
	30	  	Tata Communications (Switzerland) GmbH	  	c/o Lenz & Staehelin, Aktiengeselscraft, Bleicherweg 58, Zurich 8002, Switzerland	  	Switzerland
	31	  	Tata Communications (UK) Limited	  	Suite 7.03, 2 Harbour Exchange, Harbour Exchange Square, London	  	UK
	32	  	Tata Communications (Middle East) FZ-LLC	  	Office No. 302, Building No.12, Third Floor, Dubai, United Arab Emirates	  	UAE
	33	  	Tata Communications (Taiwan) Limited	  	10F-1, No.155, Sec. 1, Keelung Rd., Taipei City, Taiwan	  	Taiwan

 

 

  

 16 

 TATA CODE OF CONDUCT 

The TATA name represents more than a century of ethical conduct of business in a wide array of markets and commercial activities in India and abroad. As
the owner of the TATA mark, Tata Sons Limited (“Tata Sons”) wishes to strengthen the TATA brand by formulating “The TATA Code of Conduct” (“the Code”) enunciating the values which have governed and shall govern the
conduct and activities of companies associating with or using the TATA name and of their employees. 
 Although it shall be the responsibility
of all employees of a TATA Company to ensure compliance with the Code it shall be the obligation of the senior management of the TATA Company to establish and maintain the Company’s conduct of business in accordance with the Code as well as
supervise compliance with the Code. Any actual or perceived violation of the Code reported to the management of the Company shall be duly investigated and appropriate corrective actions taken. The management of a TATA company shall apply appropriate
disciplinary actions against employees who willfully do not comply with the Code. The management of the TATA Company shall also keep the Corporate Assurance Department of Tata Sons duly apprised of such matters and submit annually a declaration or
compliance report as may be prescribed. 
 The TATA Code of Conduct, as annexed hereto, has been adopted by the Subscribers. 

For and on behalf of the Subscribers 
  

			
	Name:	 	 Authorized Signatory

Satish Ranade, Company Secretary & Chief Legal Officer,

Tata Communications Limited

		
	Signature:	 	

 Signed this      day of February 2010 

 

 17 

 TATA CODE OF CONDUCT 

1. National interest 
 The Tata Group is
committed to benefit the economic development of the countries in which it operates. No Tata company shall undertake any project or activity to the detriment of the wider interests of the communities in which it operates. 

A Tata company’s management practices and business conduct shall benefit the country, localities and communities in which it operates, to the extent
possible and affordable, and shall be in accordance with the laws of the land. 
 A Tata company, in the course of its business activities,
shall respect the culture, customs and traditions of each country and region in which it operates. It shall conform to trade procedures, including licensing, documentation and other necessary formalities, as applicable. 

2. Financial reporting and records 
 A
Tata company shall prepare and maintain its accounts fairly and accurately, and in accordance with the accounting and financial reporting standards which represent the generally accepted guidelines, principles, standards, laws and regulations of the
country in which the company conducts its business affairs. 
 Internal accounting and audit procedures shall reflect, fairly and accurately,
all of the company’s business transactions and disposition of assets, and shall have internal controls to provide assurance to the company’s board and shareholders that the transactions are accurate and legitimate. All required information
shall be accessible to company auditors and other authorised parties and government agencies. There shall be no wilful omissions of any company transactions from the books and records, no advance-income recognition, and no hidden bank account and
funds. 
 Any wilful and material misrepresentation of and / or misinformation on financial accounts and reports shall be regarded as a
violation of the Code, apart from inviting appropriate civil or criminal action under relevant laws. No employee shall make, authorise, abet or collude in an improper payment, unlawful commission or bribing. 

3. Competition 
 A Tata company shall
fully support the development and operation of competitive, open markets and shall promote the liberalisation of trade and investment in each country and market in which it operates. Specifically, no Tata company or employee shall engage in
restrictive trade practices, abuse of market dominance or similar unfair trade activities. 
 A Tata Company or employee shall market the
company’s products and services on their own merits and shall not make unfair and misleading statements about competitors’ products and services. Any collection of competitive information shall be made only in the normal course of business
and shall be obtained only through legally permitted sources and means. 

 

 

  

 18 

 4. Equal-opportunities employer 

A Tata company shall provide equal opportunities to all its employees and all qualified applicants for employment without regard to their race, caste,
religion, colour, ancestry, marital status, gender, sexual orientation, age, nationality, ethnic origin or disability. 
 Human resource
policies shall promote diversity and equality in the workplace, as well as compliance with all local labour laws, while encouraging the adoption of international best practices. 

Employees of a Tata company shall be treated with dignity and in accordance with the Tata policy of maintaining a work environment free of all forms of
harassment, whether physical, verbal or psychological. Employee policies and practices shall be administered in a manner consistent with applicable laws and other provisions of this Code, respect for the right to privacy and the right to be heard,
and that in all matters equal opportunity is provided to those eligible and decisions are based on merit. 
 5. Gifts and donations

 A Tata company and its employees shall neither receive nor offer or make, directly or indirectly, any illegal payments, remunerations,
gifts, donations or comparable benefits that are intended, or perceived, to obtain uncompetitive favours for the conduct of its business. The company shall cooperate with governmental authorities in efforts to eliminate all forms of bribery, fraud
and corruption. 
 However, a Tata company and its employees may, with full disclosure, accept and offer nominal gifts, provided such gifts are
customarily given and/or are of a commemorative nature. Each company shall have a policy to clarify its rules and regulations on gifts and entertainment, to be used for the guidance of its employees. 

6. Government agencies 
 A Tata company
and its employees shall not, unless mandated under applicable laws, offer or give any company funds or property as donation to any government agency or its representative, directly or through intermediaries, in order to obtain any favourable
performance of official duties. A Tata company shall comply with government procurement regulations and shall be transparent in all its dealings with government agencies. 

7. Political non-alignment 
 A Tata
company shall be committed to and support the constitution and governance systems of the country in which it operates. 
 A Tata company shall
not support any specific political party or candidate for political office. The company’s conduct shall preclude any activity that could be interpreted as mutual dependence / favour with any political body or person, and shall not offer or give
any company funds or property as donations to any political party, candidate or campaign. 
 8. Health, safety and environment

 A Tata company shall strive to provide a safe, healthy, clean and ergonomic working environment for its people. It shall comply with all
health, safety and environmental regulations in the jurisdiction in which it operates. A Tata company shall be committed to best practices in the health and safety of employees. It shall prevent the wasteful use of natural resources and be committed
to improving the environment, particularly with regard to the emission of greenhouse gases, and shall endeavour to offset the effect of climate change in all spheres of its activities. 

 

 

  

 19 

 A Tata company, in the process of production and sale of its products and services, shall strive for
economic, social and environmental sustainability. 
 9. Quality of products and services 

A Tata company shall be committed to supply goods and services of world class quality standards, backed by after-sales services consistent with the
requirements of its customers, while striving for their total satisfaction. The quality standards of the company’s goods and services shall meet applicable national and international standards. 

A Tata company shall display adequate health and safety labels, caveats and other necessary information on its product packaging. 

10. Corporate citizenship 
 A Tata
company shall be committed to good corporate citizenship, not only in the compliance of all relevant laws and regulations but also by actively assisting in the improvement of quality of life of the people in the communities in which it operates. The
company shall encourage volunteering by its employees and collaboration with community groups. 
 Tata companies are also encouraged to develop
systematic processes and conduct management reviews, as stated in the Tata ‘corporate sustainability protocol’, from time to time so as to set strategic direction for social development activity. 

The company shall not treat these activities as optional, but should strive to incorporate them as an integral part of its business plan. 

11. Cooperation of Tata companies 
 A
Tata company shall cooperate with other Tata companies, including applicable joint ventures, by sharing knowledge and physical, human and management resources, and by making efforts to resolve disputes amicably, as long as this does not adversely
affect its business interests and shareholder value. 
 In the procurement of products and services, a Tata company shall give preference to
other Tata companies, as long as they can provide these on competitive terms relative to third parties. 
 12. Public representation of the
company and the group 
 The Tata Group honours the information requirements of the public and its stakeholders. In all its public
appearances, with respect to disclosing company and business information to public constituencies such as the media, the financial community, employees, shareholders, agents, franchisees, dealers, distributors and importers, a Tata company or the
Tata Group shall be represented only by specifically authorised directors and employees. It shall be the sole responsibility of these authorised representatives to disclose information about the company or the Group. 

13. Third-party representation 
 Parties
which have business dealings with the Tata Group but are not members of the Group, such as consultants, agents, sales representatives, distributors, channel partners, contractors and suppliers, shall not be authorised to represent a Tata company
without the written permission of the Tata company, and / or if their business conduct and ethics are known to be inconsistent with the Code. 

 

 

  

 20 

 Third parties and their employees are expected to abide by the Code in their interaction with, and on behalf
of, a Tata company. Tata companies are encouraged to sign a non-disclosure agreement with third parties to support confidentiality of information. 

14. Use of the Tata brand 
 The use of
the Tata name and trademark shall be governed by manuals, codes and agreements to be issued by Tata Sons. The use of the Tata brand is defined in and regulated by the Tata Brand Equity and Business Promotion Agreement. No third party or joint
venture shall use the Tata brand to further its interests without specific authorisation. 
 15. Group policies 

A Tata company shall recommend to its board of directors the adoption of policies and guidelines periodically formulated by Tata Sons. 

16. Shareholders 
 A Tata company shall
be committed to enhancing shareholder value and complying with all regulations and laws that govern shareholder rights. The board of directors of a Tata company shall duly and fairly inform its shareholders about all relevant aspects of the
company’s business, and disclose such information in accordance with relevant regulations and agreements. 
 17. Ethical Conduct 

 Every employee of a Tata company, including full-time directors and the chief executive, shall exhibit culturally appropriate deportment in
the countries they operate in, and deal on behalf of the company with professionalism, honesty and integrity, while conforming to high moral and ethical standards. Such conduct shall be fair and transparent and be perceived to be so by third
parties. 
 Every employee of a Tata company shall preserve the human rights of every individual and the community, and shall strive to honour
commitments. 
 Every employee shall be responsible for the implementation of and compliance with the Code in his / her environment. Team
members shall also be encouraged by the employee to comply. Failure to adhere to the Code could attract severe consequences, including termination of employment. 

18. Regulatory compliance 
 Employees of
a Tata company, in their business conduct, shall comply with all applicable laws and regulations, in letter and spirit, in all the territories in which they operate. If the ethical and professional standards of applicable laws and regulations are
below that of the Code, then the standards of the Code shall prevail. 
 Directors of a Tata company shall comply with applicable laws and
regulations of all the relevant regulatory and other authorities. As good governance practice they shall safeguard the confidentiality of all information received by them by virtue of their position. 

19. Concurrent Employment 
 Consistent
with applicable laws, an employee of a Tata company shall not, without the requisite, officially written approval of the company, accept employment or a position of responsibility (such as a consultant or a director) with any other company, nor
provide freelance services to anyone, with or without remuneration. In the case of a full-time director or the chief executive, such approval must be obtained from the board of directors of the company 

 

 

  

 21 

 20. Conflict of interest 

An employee or director of a Tata company shall always act in the interest of the company, and ensure that any business or personal association which he /
she may have does not involve a conflict of interest with the operations of the company and his / her role therein. 
 An employee, including
the executive director (other than independent director) of a Tata company, shall not accept a position of responsibility in any other non-Tata company or not-for-profit organisation without specific sanction. 

The above shall not apply to (whether for remuneration or otherwise): 
  

	 	a)	nominations to the boards of Tata companies, joint ventures or associate companies; 

 

	 	b)	memberships / positions of responsibility in educational / professional bodies, wherein such association will benefit the employee / Tata company;

  

	 	c)	nominations / memberships in government committees / bodies or organisations; 

 

	 	d)	exceptional circumstances, as determined by the competent authority. 

Competent authority, in the case of all employees, shall be the chief executive, who in turn shall report such exceptional cases to the board of
directors on a quarterly basis. In case of the chief executive and executive directors, the Group Corporate Centre shall be the competent authority. 

An employee or a director of a Tata company shall not engage in any business, relationship or activity which might conflict with the interest of his /
her company or the Tata Group. A conflict of interest, actual or potential, may arise where, directly or indirectly... 
  

	 	(a)	an employee of a Tata company engages in a business, relationship or activity with anyone who is party to a transaction with his / her company;

  

	 	(b)	an employee is in a position to derive an improper benefit, personally or to any of his / her relatives, by making or influencing decisions relating to any transaction;

  

	 	(c)	an independent judgement of the company’s or Group’s best interest cannot be exercised. 

The main areas of such actual or potential conflicts of interest shall include the following: 

 

	 	(a)	An employee or a full-time director of a Tata company conducting business on behalf of his / her company or being in a position to influence a decision with regard to
his / her company’s business with a supplier or customer where his / her relative is a principal officer or representative, resulting in a benefit to him / her or his / her relative. 

 

	 	(b)	Award of benefits such as increase in salary or other remuneration, posting, promotion or recruitment of a relative of an employee of a Tata company, where such an
individual is in a position to influence decisions with regard to such benefits. 

  

	 	(c)	The interest of the company or the Group can be compromised or defeated. 

Notwithstanding such or any other instance of conflict of interest that exist due to historical reasons, adequate and full disclosure by interested
employees shall be made to the company’s management. It is also incumbent upon every employee to make a full disclosure of any interest which the employee or the employee’s immediate family, including parents, spouse and children, may have
in a family business or a company or firm that is a competitor, supplier, customer or distributor of or has other business dealings with his / her company. 

Upon a decision being taken in the matter, the employee concerned shall be required to take necessary action, as advised, to resolve / avoid the
conflict. 
 If an employee fails to make the required disclosure and the management of its own accord becomes aware of an instance of conflict
of interest that ought to have been disclosed by the employee, the management shall take a serious view of the matter and consider suitable disciplinary action against the employee. 

 

 

  

 22 

 21. Securities transactions and confidential information 

An employee of a Tata company and his / her immediate family shall not derive any benefit or counsel, or assist others to derive any benefit, from access
to and possession of information about the company or Group or its clients or suppliers that is not in the public domain and, thus, constitutes unpublished, price-sensitive insider information. 

An employee of a Tata company shall not use or proliferate information that is not available to the investing public, and which therefore constitutes
insider information, for making or giving advice on investment decisions about the securities of the respective Tata company, Group, client or supplier on which such insider information has been obtained. 

Such insider information might include (without limitation) the following: 

 

	 	•	 	 acquisition and divestiture of businesses or business units; 

 

	 	•	 	 financial information such as profits, earnings and dividends; 

 

	 	•	 	 announcement of new product introductions or developments; 

 

	 	•	 	 asset revaluations; 

  

	 	•	 	 investment decisions / plans; 

  

	 	•	 	 restructuring plans; 

  

	 	•	 	 major supply and delivery agreements; 

  

	 	•	 	 the raising of finances. 

An employee of a Tata company shall also respect and observe the confidentiality of information pertaining to other companies, their patents,
intellectual property rights, trademarks and inventions; and strictly observe a practice of non-disclosure. 
 22. Protecting company assets

 The assets of a Tata company shall not be misused; they shall be employed primarily and judiciously for the purpose of conducting the
business for which they are duly authorised. These include tangible assets such as equipment and machinery, systems, facilities, materials and resources, as well as intangible assets such as information technology and systems, proprietary
information, intellectual property, and relationships with customers and suppliers. 
 23. Citizenship 

The involvement of a Tata employee in civic or public affairs shall be with express approval from the chief executive of his / her company, subject to
this involvement having no adverse impact on the business affairs of the company or the Tata Group. 
 24. Integrity of data furnished 

 Every employee of a Tata company shall ensure, at all times, the integrity of data or information furnished by him/her to the company. He/she
shall be entirely responsible in ensuring that the confidentiality of all data is retained and in no circumstance transferred to any outside person/party in the course of normal operations without the express guidelines from or, approval of the
management.” 
 25. Reporting concerns 

Every employee of a Tata company shall promptly report to the management, and / or third-party ethics helpline, when she / he becomes aware of any actual
or possible violation of the Code or an event of misconduct, act of misdemeanour or act not in the company’s interest. Such reporting shall be made available to suppliers and partners, too. 

 

 

  

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 Any Tata employee can choose to make a protected disclosure under the whistleblower policy of the company,
providing for reporting to the chairperson of the audit committee of the board of directors or specified authority. Such a protected disclosure shall be forwarded, when there is reasonable evidence to conclude that a violation is possible or has
taken place, with a covering letter, which shall bear the identity of the whistleblower. 
 The company shall ensure protection to the
whistleblower and any attempts to intimidate him / her would be treated as a violation of the Code. 

 

 

  

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