Document:

Form of Medium-Term Notes, Series K

 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. 94986R4U2 
	
FACE AMOUNT: $                   
  

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the Lowest Performing of the S&P 500®
Index 
 and the Russell 2000® Index due March 31, 2025 

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) on the Stated Maturity Date (as defined below), unless this Security is redeemed prior to the Stated Maturity Date as provided below under “Optional Redemption,” and to pay Contingent Coupon Payments
(as defined below) on the Face Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified herein at the Applicable Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date
and the Optional Redemption Date (as defined below), if any. The “Initial Stated Maturity Date” shall be March 31, 2025. If the Final Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be
the “Stated Maturity Date.” If the Final Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial Stated Maturity Date and (ii) the third Business Day (as defined
below) after the last Final Calculation Day as postponed. 
 “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.” 

 Optional Redemption 

The Company may, at its option, redeem this Security, in whole but not in part, on any Optional Redemption Date (as defined
below) by giving notice to the Holder hereof on or before the Calculation Day (as defined below) immediately preceding that Optional Redemption Date. If this Security is redeemed, the Holder hereof will receive the Optional Redemption Price (as
defined below) plus a final Contingent Coupon Payment (as defined below), if any, on the applicable Optional Redemption Date. Unless the Company defaults in the payment of the Optional Redemption Price plus the final Contingent Coupon Payment, if
any, this Security will cease to be outstanding on such Optional Redemption Date, no additional Contingent Coupon Payments will be payable on this Security and the Holder hereof will have no further rights under this Security after such Optional
Redemption Date. The “Optional Redemption Price” is equal to the Face Amount of this Security. The “Optional Redemption Dates” shall be the Contingent Coupon Payment Dates (as defined below) following each
Calculation Day scheduled to occur from March 2018 to December 2024, inclusive. 
 Payment of Contingent Coupon Payments, the Redemption Amount and
the Optional Redemption Price 
 On each quarterly Contingent Coupon Payment Date, the Company shall pay a
Contingent Coupon Payment if, and only if, the Closing Level (as defined below) of the Lowest Performing Index (as defined below) on the related Calculation Day (as defined below) is greater than or equal to its Coupon Threshold Level (as defined
below). A “Contingent Coupon Payment,” if payable as provided herein, shall be equal to the product of (i) the Face Amount of this Security, (ii) the Applicable Contingent Coupon Rate, and (iii) 90/360. The
“Contingent Coupon Payment Dates” shall be the fourth Business Day following each Calculation Day, as each such Calculation Day may be postponed as herein provided, provided that the Contingent Coupon Payment Date with respect to
the Final Calculation Day will be the Stated Maturity Date. Any Contingent Coupon Payments will be rounded to the nearest cent, with one-half cent rounded upward. The “Applicable Contingent Coupon Rate” that will apply with respect
to any Calculation Day is as follows: 
  

			
	 For the Calculation Days scheduled to occur from

June 2017 to March 2021:
	  	 7.10% per annum

		
	 For the Calculation Days scheduled to occur from

June 2021 to March 2025:
	  	 10.10% per annum

 Any Contingent Coupon Payment so payable, and punctually paid or duly provided for, on any
Contingent Coupon Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such Contingent Coupon
Payment next preceding such Contingent Coupon Payment Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent Coupon Payment Date. 

Any Contingent Coupon Payment not punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of 

  
 2 

 
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. 
 Payment of any Contingent Coupon Payment on this
Security will be made in immediately available funds at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota; provided, however, that, at the option of the Company, payment of any Contingent Coupon
Payment may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Payments of any Contingent
Coupon Payment and the Redemption Amount or the Optional Redemption Price, as applicable, 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. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, any payments on this
Security will be made to the Depositary by wire transfer of immediately available funds. 
 Payment of the Redemption Amount
or the Optional Redemption Price, as applicable, and any Contingent Coupon Payments on this Security will be made 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. 
 Definitions Relating to Redemption Amount, the Optional Redemption Price and Contingent Coupon Payments 

If this Security is not redeemed prior to the Stated Maturity Date as provided above under “Optional Redemption,”
the “Redemption Amount” of this Security will equal: 
  

	 	•	 	 if the Ending Level of the Lowest Performing Index on the Final Calculation Day (as defined below) is greater
than or equal to its Downside Threshold Level: the Face Amount; or 

  

	 	•	 	 if the Ending Level of the Lowest Performing Index on the Final Calculation Day is less than its Downside
Threshold Level: 

  

																											
		 		 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	 	 	Face Amount	 	  x        	 	Performance Factor of the Lowest Performing	 	 	 		 		 		 		 	
		 		 		 		 	 	 	 	 	Index on the Final Calculation Day	 	 	 		 		 		 		 	

 All calculations with respect to the Redemption Amount will be rounded to the nearest one hundred-thousandth,
with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Redemption Amount will be rounded to the nearest cent, with one-half cent rounded upward. 

  
 3 

 “Index” shall mean each of the S&P 500 Index and the Russell
2000 Index. 
 The “Pricing Date” shall mean March 29, 2017. 

The “Lowest Performing Index” for any Calculation Day will be the Index with the lowest Performance Factor on
that Calculation Day (as such Calculation Day may be postponed for one or both Indices). 
 The “Performance
Factor” with respect to an Index on any Calculation Day is its Closing Level on such Calculation Day divided by its Starting Level (expressed as a percentage). 

The “Starting Level” with respect to the S&P 500 Index is 2361.13, its Closing Level on the Pricing Date,
and with respect to the Russell 2000 Index is 1371.645, its Closing Level on the Pricing Date. 
 The “Ending
Level” of an Index will be its Closing Level on the Final Calculation Day. 
 The “Coupon Threshold
Level” with respect to the S&P 500 Index is 1652.791, which is equal to 70% of its Starting Level, and with respect to the Russell 2000 Index is 960.1515, which is equal to 70% of its Starting Level. 

The “Downside Threshold Level” with respect to the S&P 500 Index is 1416.678, which is equal to 60% of
its Starting Level, and with respect to the Russell 2000 Index is 822.987, which is equal to 60% of its Starting Level. 

The “Closing Level” with respect to each Index on any Trading Day means the official closing level of that
Index reported by the relevant Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into
account the decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “—Market Disruption Events” and “—Discontinuance
of an Index; Alteration of Method of Calculation.” 
 “Index Sponsor” shall mean the sponsor or
publisher of an Index. 
 “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. 

The “Calculation Days” shall be the 25th day of each
March, June, September and December commencing June 2017 and ending December 2024, and the Final Calculation Day. If any such day is not a Trading Day with respect to either Index, that Calculation Day for each Index will be postponed to the next
succeeding day that is a Trading Day with respect to each Index. A Calculation Day for an Index is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below) with respect to such Index on such Calculation Day.
The “Final Calculation Day” is March 25, 2025. If a Market Disruption Event occurs or is continuing with respect to an Index on any Calculation Day, then such Calculation Day for such Index will be postponed to the first
succeeding Trading Day for such Index on which a Market 

  
 4 

 
Disruption Event for such Index has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day for such Index after the
originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day for such Index. If a Calculation Day has been postponed eight Trading Days for an Index after the originally scheduled Calculation Day and a
Market Disruption Event occurs or is continuing with respect to such Index on such eighth Trading Day, the Calculation Agent will determine the Closing Level of such Index on such eighth Trading Day in accordance with the formula for and method of
calculating the Closing Level of such Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such
security, its good faith estimate of the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange) on
such date of each security included in such Index. As used herein, “closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time
of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange. Notwithstanding the postponement of a Calculation Day for one Index due to a Market Disruption
Event with respect to such Index on such Calculation Day, the originally scheduled Calculation Day will remain the Calculation Day for the other Index if such other Index is not affected by a Market Disruption Event on such day. 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of March 18, 2015
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, whether a Contingent Coupon Payment will be made, the Optional Redemption Price, if any, and the Redemption Amount, if any,
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. 

Certain Definitions 
 A
“Trading Day” with respect to an Index means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security underlying such Index are scheduled to be open for trading for
their respective regular trading sessions and (ii) each Related Futures or Options Exchange with respect to such Index is scheduled to be open for trading for its regular trading session. 

The “Relevant Stock Exchange” for any security underlying an Index means the primary exchange or quotation
system on which such security is traded, as determined by the Calculation Agent. 

  
 5 

 The “Related Futures or Options Exchange” for an Index means an
exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to such Index. 

Discontinuance Of An Index; Alteration Of Method Of Calculation 

If an Index Sponsor discontinues publication of an Index, and such Index Sponsor or another entity publishes a successor or
substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to such Index (a “Successor Equity Index”), then, upon the Calculation Agent’s notification of that determination to the
Trustee and the Company, the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity for purposes of calculating the Closing Level of such Index on any date of determination. Upon
any selection by the Calculation Agent of a Successor Equity Index, the Company will cause notice to be given to the Holder of this Security. 

In the event that an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, a
Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate a substitute Closing Level for such Index in accordance with the formula for and method of
calculating such Index last in effect prior to the discontinuance, but using only those securities that comprised such Index immediately prior to that discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a
level as a substitute for such Index, the Successor Equity Index or level will be used as a substitute for such Index for all purposes, including the purpose of determining whether a Market Disruption Event exists. 

If on a Calculation Day an Index Sponsor fails to calculate and announce the level of an Index, the Calculation Agent
will calculate a substitute Closing Level of such Index in accordance with the formula for and method of calculating such Index last in effect prior to the failure, but using only those securities that comprised such Index immediately prior to that
failure; provided that, if a Market Disruption Event occurs or is continuing on such day with respect to such Index, then the provisions set forth above under the definition of “Calculation Days” shall apply in lieu of the
foregoing. 
 If at any time the relevant Index Sponsor makes a material change in the formula for or the method of
calculating an Index, or in any other way materially modifies such Index (other than a modification prescribed in that formula or method to maintain such Index in the event of changes in constituent stock and capitalization and other routine
events), then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of such Index is to be calculated, calculate a substitute Closing Level of such Index in
accordance with the formula for and method of calculating such Index last in effect prior to the change, but using only those securities that comprised such Index immediately prior to that change. Accordingly, if the method of calculating an Index
is modified so that the level of such Index is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust such Index in order to arrive at a level of such Index as if it had not been
modified. 

  
 6 

 Market Disruption Events 

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

	 	(A)	 The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock
Exchanges or otherwise relating to securities which then comprise 20% or more of the level of such Index or any Successor Equity Index at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of
movements in price exceeding limits permitted by those Relevant Stock Exchanges or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related
Futures or Options Exchange or otherwise in futures or options contracts relating to such Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that
day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise. 

  

	 	(C)	 The occurrence or existence of 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, securities that then comprise 20% or more of the level of such Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during
the one-hour period that ends at the Close of Trading on that day. 

  

	 	(D)	 The occurrence or existence of 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, futures or options contracts relating to such Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the
one-hour period that ends at the Close of Trading on that day. 

  

	 	(E)	 The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then
comprise 20% or more of the level of such Index or any Successor Equity Index are traded or any Related Futures or Options Exchange with respect to such Index or any Successor Equity Index prior to its Scheduled Closing Time unless the earlier
closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock
Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual
closing time on that day. 

  
 7 

	 	(F)	 The Relevant Stock Exchange for any security underlying such Index or Successor Equity Index or any Related
Futures or Options Exchange fails to open for trading during its regular trading session. 

 For purposes
of determining whether a Market Disruption Event has occurred with respect to an Index: 
  

	 	(1)	 the relevant percentage contribution of a security to the level of such Index or any Successor Equity Index
will be based on a comparison of (x) the portion of the level of such Index attributable to that security and (y) the overall level of such Index or Successor Equity Index, in each case immediately before the occurrence of the Market
Disruption Event; 

  

	 	(2)	 the “Close of Trading” on any Trading Day for such Index or any Successor Equity Index means
the Scheduled Closing Time of the Relevant Stock Exchanges with respect to the securities underlying such Index or Successor Equity Index on such Trading Day; provided that, if the actual closing time of the regular trading session of any such
Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market Disruption Event” above, with respect to any security
underlying such Index or Successor Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading” means such actual closing time and (y) for purposes of clauses (B) and (D) of the
definition of “Market Disruption Event” above, with respect to any futures or options contract relating to such Index or Successor Equity Index, the “Close of Trading” means the latest actual closing time of the regular trading
session of any of the Relevant Stock Exchanges, but in no event later than the Scheduled Closing Time of the Relevant Stock Exchanges; 

  

	 	(3)	 the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options
Exchange on any Trading Day for such Index or any Successor Equity Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other
trading outside the regular trading session hours; and 

  

	 	(4)	 an “Exchange Business Day” means any Trading Day for such Index or any Successor Equity Index
on which each Relevant Stock Exchange for the securities underlying such Index or any Successor Equity Index and each Related Futures or Options Exchange with respect to such Index or any Successor Equity Index are open for trading during their
respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior to its Scheduled Closing Time. 

Calculation Agent 

The Calculation Agent will determine whether a Contingent Coupon Payment will be made, the Optional Redemption Price, if any,
and the Redemption Amount, if any. In addition, the Calculation Agent will (i) determine if adjustments are required to the Closing Level of an Index 

  
 8 

 
under the circumstances described in this Security, (ii) if publication of an Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine
the Closing Level of such Index under the circumstances described in this Security, 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. 

Redemption and Repayment 

This Security is not subject to repayment at the option of the Holder hereof prior to March 31, 2025. This Security is
subject to redemption prior to March 31, 2025 as set forth under “Optional Redemption” above. This Security is not entitled to any sinking fund. 

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 two sentences) 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, plus a portion of a final
Contingent Coupon Payment, if any. The Redemption Amount and any final Contingent Coupon Payment will be calculated as though the date of acceleration were the Final Calculation Day. The final Contingent Coupon Payment, if any, will be prorated from
and including the immediately preceding Contingent Coupon Payment Date to but excluding the date of acceleration. 
  

 

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] 

  
 9 

 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

  
 10 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the Lowest Performing of the S&P 500®
Index 
 and the Russell 2000® Index due March 31, 2025 

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 

  
 11 

 
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 

  
 12 

 
form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

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 Contingent Coupon Payments, if any, and the Redemption Amount or the Optional Redemption Price, as applicable, on this Security 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 any Contingent Coupon Payments or the Redemption Amount or the Optional Redemption
Price, as applicable, on this Security 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. 

  
 13 

 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)

  
 14 

 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. 

  
 15EX-10.1

 Exhibit 10.1 

INVESTOR PURCHASE AGREEMENT 

INVESTOR PURCHASE AGREEMENT, dated March 31, 2017 (this “Agreement”), by and among Affinion Group Holdings, Inc., a
Delaware corporation (the “Company”), Affinion Group, Inc. (the “Issuer”), Affinion Investments, LLC (“Affinion Investments” and, together with the Company and the Issuer, the “Affinion
Parties” and each individually, an “Affinion Party”) and Elliott Management Corporation, (together with its affiliates, “Elliott”), Franklin Mutual Quest Fund (“Franklin”), Empyrean Capital
Partners, LP (“Empyrean”) and Metro SPV LLC (“ICG”, and together with Elliott, Franklin and Empyrean, the “Initial Investors”; and together with any Additional Investors (as defined herein), the
“Investors”). The foregoing parties hereto are collectively referred to as the “Parties” and each individually is referred to as a “Party.” Unless otherwise specified herein, all capitalized terms
used and not defined herein shall have the meanings ascribed to them in the Support Agreement, dated as of the date of this Agreement, by and among the Affinion Parties, on the one hand, and certain holders of debt and equity of the Affinion
Parties, on the other hand (such agreement, together with all exhibits, term sheets, schedules and annexes thereto, as amended, restated or otherwise modified pursuant to the terms thereof, the “Support Agreement”). 

WHEREAS, concurrently with the execution of this Agreement, the Company intends to implement a financial restructuring in accordance with the
terms and conditions set forth in the Support Agreement and the agreements contemplated thereby (the “Restructuring”) relating to the existing debt and other obligations of the Company and certain of its Subsidiaries; 

WHEREAS, the Restructuring provides for the Exchange Offers pursuant to which (A) the Issuer will offer to exchange or repurchase for
cash at the holder’s election (collectively, the “AGI Exchange Offer”) all of the 7.875% Senior Notes due 2018 of the Issuer (the “Existing AGI Notes”) for (x) new Senior PIK Toggle Notes due 2022 of the
Issuer (the “New Notes”) and Warrants (the “New Warrants”) to purchase Common Stock, par value $0.01 per share (the “Common Stock”) of the Company or (y) cash (the “AGI Cash
Election”) and the related solicitation of consents (the “Consent Solicitation”); (B) the Company will offer to exchange or repurchase for cash at the holder’s election (collectively, the “Holdings
Exchange Offer”) all of the 13.75%/14.50% Senior Secured PIK Toggle Notes due 2018 of the Company (the “Existing Holdings Notes”) for (x) New Notes and New Warrants to purchase Common Stock of the Company or
(y) cash (the “Holdings Cash Election”); and (C) Affinion Investments will offer to exchange or repurchase for cash at the holder’s election (collectively, the “Investments Exchange Offer” and,
together with the AGI Exchange Offer and the Holdings Exchange Offer, the “Exchange Offers”) by Affinion Investments all of the 13.50% Senior Subordinated Notes due 2018 of Affinion Investments (the “Existing Investments
Notes” and, together with the Existing AGI Notes and Existing Holdings Notes, the “Existing Notes”) for (a) New Notes and New Warrants to purchase Common Stock of the Company or (b) cash (the “Investments
Cash Election” and, together with the AGI Cash Election and the Holdings Cash Election, the “Cash Elections”); 

WHEREAS, the applicable Affinion Party, may elect, in its sole discretion to optionally redeem (x) all, but not less than all, of the
outstanding Existing AGI Notes not otherwise exchanged or tendered in the AGI Exchange Offer by the Issuer, in accordance with their terms, including for the avoidance of doubt, the applicable redemption prices, any call or redemption premiums and
any accrued interest pursuant to the indenture governing the Existing AGI Notes (the “Optional AGI Notes Refinancing”), (y) all, but not less than all, of the outstanding Existing Holdings Notes not otherwise exchanged or
tendered in the Holdings Exchange Offer by the Company, in accordance with their terms, including for the avoidance of doubt, the applicable redemption prices, any call or redemption premiums and any accrued interest pursuant to the indenture
governing the Existing Holdings Notes (the “Optional Holdings Notes Refinancing”) and (z) all, but not less than all, of the outstanding Existing Investments Notes not otherwise exchanged or tendered in the Investments Exchange
Offer by Affinion Investments, in accordance with their terms, including for the avoidance of doubt, the applicable redemption prices, any call or redemption premiums and any accrued interest pursuant to the indenture governing the Existing
Investments Notes (the “Optional Investments Notes Refinancing” and, together with the Optional AGI Notes Refinancing and the Optional Holdings Notes Refinancing, the “Optional Refinancings”); 

 WHEREAS, the Initial Investors have reviewed the Support Agreement; 

WHEREAS, subject to the terms and conditions hereof, the Initial Investors have agreed, and any Additional Investor will agree, to purchase,
to the extent required by this Agreement, additional New Notes, and the Company hereby does enter into the Put Options (as defined herein) with the Initial Investors, and to the extent applicable, any Additional Investor; and 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the parties hereby agree as
follows: 
 Section 1. Definitions. The following terms will have the meaning set forth below: 

“Additional Investor” has the meaning assigned to it in Section 8.14 hereof. 

“Affiliate” of any Person means any Person that directly or indirectly controls, or is under common control with, or is
controlled by, such Person, including any funds or accounts managed by, or entities under common management of, such Person. As used in this definition, “control” (including with its correlative meanings, “controlled by” and
“under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person (whether through ownership of securities or partnership or other
ownership interests, by contract or otherwise). 
 “Affinion Parties” has the meaning assigned to it in the Preamble. 

“AGI Cash Election” has the meaning assigned to it in the Recitals. 

“AGI Exchange Offer” has the meaning assigned to it in the Recitals. 

“Agreement” has the meaning assigned to it in the Preamble. 

“Applicable New Notes” has the meaning assigned to it in Section 2.03(f) hereof. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect,
or any successor statute. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which commercial
banks in New York, New York are authorized or required by law to close. 
 “Cash Elections” has the meaning assigned to it
in the Recitals. 
 “Cash Elections Purchase” has the meaning assigned to it in Section 2.02(b) hereof. 

“Cash Elections Purchase Amount” means, with respect to each Investor, an amount equal to the Cash Elections Purchase Price
multiplied by such Investor’s Purchase Percentage. 
 “Cash Elections Purchase Price” means the sum of the
aggregate amount of cash paid or payable by the Affinion Parties in connection with the Cash Elections. 
 “Closing Date”
has the meaning assigned to it in Section 2.03(a) hereof. 
 “Common Stock” has the meaning assigned to it in
the Recitals. 

  
 2 

 “Company” has the meaning assigned to it in the Preamble. 

“Consent Solicitation” has the meaning assigned to it in the Recitals. 

“Defaulting Investor” has the meaning assigned to it in Section 8.15 hereof. 

“Definitive Documentation” has the meaning assigned to it in Section 6.01(d) hereof. 

“DTC” means The Depository Trust Company. 

“Exchange Offers” has the meaning assigned to it in the Recitals. 

“Existing AGI Notes” has the meaning assigned to it in the Recitals. 

“Existing Holdings Notes” has the meaning assigned to it in the Recitals. 

“Existing Investments Notes” has the meaning assigned to it in the Recitals. 

“Existing Notes” has the meaning assigned to it in the Recitals. 

“Financing Fee” has the meaning assigned to it in Section 2.03(d) hereof. 

“Funding Fee” has the meaning assigned to it in Section 2.03(e) hereof. 

“GAAP” means generally accepted accounting principles, consistently applied, as applicable for the relevant entity for which
accounts are being prepared on the basis of the jurisdiction in which such entity was incorporated, organized or formed and registered. 

“Governmental Authority” means (a) any national, federal, state, county, municipal, local or foreign or supranational
government, or other political subdivision thereof, (b) any entity exercising executive, legislative, judicial, regulatory, tribunal, taxing or administrative functions of or pertaining to government, and (c) any arbitrator or arbitral
body or panel, department, ministry, instrumentality, agency, court, commission or body of competent jurisdiction. 
 “Holdings Cash
Election” has the meaning assigned to it in the Recitals. 
 “Holdings Exchange Offer” has the meaning assigned to
it in the Recitals. 
 “Indenture” means the indenture governing the New Notes. 

“Initial Investors” has the meaning assigned to it in the Preamble. 

“Investments Cash Election” has the meaning assigned to it in the Recitals. 

“Investments Exchange Offer” has the meaning assigned to it in the Recitals. 

“Investors” has the meaning assigned to it in the Preamble. 

“Issuer” has the meaning assigned to it in the Preamble. 

“Judgments” mean, collectively, judgments, orders, injunctions, decrees, rulings, stipulations or awards (whether rendered by
a court, administrative agency or other Governmental Authority, or by settlement or agreement, arbitration or otherwise). 

“Laws” means, collectively, laws, codes, statutes, regulations, requirements, variances, writs, ordinances of any
Governmental Authority or Judgments. 

  
 3 

 “Loss” means any liability, charge, legal action or proceeding, assessed
interest, penalty, tax, fee, obligation of any kind or nature (whether accrued or fixed, or absolute or contingent), loss, damage, claim, cost or expense, including court costs and reasonable attorneys’ fees and expenses and disbursements. 

“New Notes” has the meaning assigned to it in the Recitals. 

“New Warrants” has the meaning assigned to it in the Recitals. 

“Optional AGI Notes Refinancing” has the meaning assigned to it in the Recitals. 

“Optional AGI Notes Refinancing Purchase Amount” means, with respect to each Investor, an amount equal to the Optional AGI
Notes Refinancing Purchase Price multiplied by such Investor’s Purchase Percentage. 
 “Optional AGI Notes Refinancing
Purchase Price” means the sum of the aggregate amount of cash paid or payable by the Issuer in connection with the Optional AGI Notes Refinancing. 

“Optional Holdings Notes Refinancing” has the meaning assigned to it in the Recitals. 

“Optional Holdings Notes Refinancing Purchase Amount” means, with respect to each Investor, an amount equal to the Optional
Holdings Notes Refinancing Purchase Price multiplied by such Investor’s Purchase Percentage. 
 “Optional Holdings Notes
Refinancing Purchase Price” means the sum of the aggregate amount of cash paid or payable by the Company in connection with the Optional Holdings Notes Refinancing. 

“Optional Investments Notes Refinancing” has the meaning assigned to it in the Recitals. 

“Optional Investments Notes Refinancing Purchase Amount” means, with respect to each Investor, an amount equal to the
Optional Investments Notes Refinancing Purchase Price multiplied by such Investor’s Purchase Percentage. 
 “Optional
Investments Notes Refinancing Purchase Price” means the sum of the aggregate amount of cash paid or payable by AGI Investments in connection with the Optional Investments Notes Refinancing. 

“Optional Refinancings” has the meaning assigned to it in the Recitals. 

“Optional Refinancings Investor Purchase Amount” means, with respect to each Investor, an amount equal to the applicable
Optional Refinancings Purchase Price multiplied by such Investor’s Purchase Percentage. 
 “Optional Refinancings
Purchase Price” means, with respect to each Optional Refinancing, the sum of the aggregate amount of cash paid or payable by the Affinion Parties in connection with such Optional Refinancing. 

“Party” has the meaning assigned to it in the Preamble. 

“Person” includes all natural persons, corporations, business trusts, limited liability companies, associations, companies,
partnerships, joint ventures and other entities, as well as governments and their respective agencies and political subdivisions. 

“Post-Pre-Emptives Diluted Equity” has the meaning assigned to it in the Term Sheet. 

  
 4 

 “Purchase” has the meaning assigned to it in Section 2.02(a) hereof. 

“Purchase Notice” has the meaning assigned to it in Section 2.02(c) hereof. 

“Purchase Percentage” means, (i) other than as provided in clause (ii) below, with respect to an Investor, the
applicable percentage amount for such Investor as set forth on Schedule A hereof and (ii) solely for the purposes of calculating each Initial Investor’s Financing Fee pursuant to Section 2.03(d), (x) with respect to
each Initial Investor other than Elliott and Franklin, one-half of the applicable percentage amount for such Initial Investor as set forth on Schedule A hereof and (y) with respect to Elliott and Franklin, the sum of (A) the
applicable percentage amount for Elliott and Franklin, as applicable, as set forth on Schedule A hereof and (B) the applicable pro rata portion (calculated solely between Elliott and Franklin based on their respective applicable
percentage amount set forth on Schedule A hereof) of one-half of the aggregate percentage amount of all other Initial Investors. 

“Purchase Price” means, together, the Cash Elections Purchase Price and the Optional Refinancings Purchase Price. 

“Put Options” has the meaning assigned to it in Section 2.02 hereof. 

“Restructuring” has the meaning assigned to it in the Recitals. 

“Satisfaction Notice” has the meaning assigned to it in Section 2.02(b) hereof. 

“Subsequent Funding Date” has the meaning assigned to it in Section 2.03(b) hereof. 

“Support Agreement” has the meaning assigned to it in the Recitals. 

“Term Sheet” means the term sheet attached to the Support Agreement. 

“Transfer Agent” means American Stock Transfer & Trust Company, LLC. 

“Trustee” means the trustee under the New Notes. 

Section 2. The Exchange Offers and Financing 

2.01 The Exchange Offers. Each Affinion Party will commence, administer and consummate the applicable Exchange Offer in
accordance with the Support Agreement. The Exchange Offers shall be conducted and consummated by and among the applicable Affinion Party and the participants therein on the terms, subject to the conditions and limitations and in accordance with the
procedures set forth herein and in the Support Agreement. 
 2.02 Financing. 

(a) On and subject to the terms and conditions hereof, each Investor hereby grants to the Issuer certain options (collectively,
the “Put Options”) to require the Investors to purchase New Notes in an aggregate principal amount equal to the Purchase Price (a “Purchase”), which shall be issued with New Warrants (as more particularly described
in Section 2.03(f)), at such times as set forth in, and subject to the terms and conditions of, this Agreement. 

  
 5 

 (b) On or before the first (1st) Business Day after the expiration date of
the Exchange Offers, the Issuer shall notify the Investors in writing of either (i) the election of the Issuer to require the Investors to purchase New Notes by payment by each Investor of its Cash Elections Purchase Amount, which election
shall include a true and accurate calculation of the Cash Elections Purchase Price (including a certification from the applicable exchange or tender agent as to the aggregate principal amount of Existing Notes that have been tendered for repurchase)
(the “Cash Elections Purchase Notice”), it being understood and agreed that the Put Option in respect of the Cash Elections Purchase Price shall automatically and irrevocably be deemed to have been exercised by the Issuer, without
the need for delivery of written notice or the taking of any other further action by the Issuer, the Company or any other Person, if the conditions set forth in Section 7.01 shall have been satisfied or waived in accordance with this
Agreement or (ii) in the event that (a) no Cash Elections have been made in connection with the Exchange Offers on or prior to the expiration thereof, and (b) all Existing Notes have been tendered and not withdrawn in the Exchange
Offers on or prior to the expiration thereof, that the Issuer’s Put Options to require the Investors to purchase New Notes hereunder are not being exercised (the “Satisfaction Notice”). Each Investor shall purchase New Notes in
an aggregate principal amount equal to its Cash Elections Purchase Amount referred to in clause (i) in the immediately preceding sentence (the “Cash Elections Purchase”) on the Closing Date. 

(c) From time to time, an Affinion Party may elect, in its sole discretion, to consummate an Optional Refinancing; provided
that (x) no Affinion Parties shall have any obligation to consummate any Optional Refinancing and (y) the Put Options with respect to any such Optional Refinancing will only be exercised by, and the Financing will only be available to, the
Issuer if the following conditions are satisfied or waived in accordance with this Agreement: 
 (i) with respect to any
series of Existing Notes subject to a proposed Optional Redemption, at least 90% of the aggregate principal amount of such series of Existing Notes that was outstanding on the date of this Agreement was exchanged or tendered for cash in the
applicable Exchange Offer; and 
 (ii) on or before the first (1st) Business Day after the delivery by the applicable
Affinion Party of a notice of optional redemption to the holders of the applicable series of Existing Notes evidencing the consummation of an Optional Refinancing with respect to such series of Existing Notes, such Affinion Party shall notify the
Investors in writing of the election of such Affinion Party to require the Investors to purchase New Notes by payment by each Investor of (i) in the case of the Optional AGI Notes Refinancing, its Optional AGI Notes Refinancing Purchase Amount,
(ii) in the case of the Optional Holdings Notes Refinancing, its Optional Holdings Notes Refinancing Purchase Amount and (iii) in the case of the Optional Investments Notes Refinancing, its Optional Investments Notes Refinancing Purchase
Amount, which election shall include a true and accurate calculation of the Optional Refinancings Purchase Price (including a certification as to the aggregate amount payable in connection with such Optional Refinancing) (each, an “Optional
Refinancing Purchase Notice” and, together with the Cash Elections Purchase Notice, the “Purchase Notices”) if the conditions set forth in Section 7.01 shall have been satisfied or waived in accordance with this
Agreement. Without limiting the foregoing, in the event the applicable Affinion Party intends to satisfy and discharge the applicable indenture on the date that notice of optional redemption is given to the holders of a series of Existing Notes, the
Affinion Parties shall give the Investors at least two Business Days’ prior written notice of such optional redemption. 

So long as the conditions in clauses (i) and (ii) above have been satisfied or waived in accordance with this
Agreement, each Investor shall purchase New Notes in an aggregate principal amount equal to its applicable Optional Refinancings Investor Purchase Amount referred to in the immediately preceding sentence (the applicable “Optional
Refinancings Investor Purchase”) on the applicable Subsequent Funding Date. 

  
 6 

 (d) Each Investor hereby agrees to take all action and execute and deliver all
documents required to execute its Purchase and exercise all its obligations as a purchaser of New Notes through the earliest to occur (i) the delivery of the Satisfaction Notice, (ii) the date on which the Exchange Offers and all of the
Optional Refinancings are consummated, (iii) the date on which the Affinion Parties notify the Investors of their intention not to exercise their right to redeem the remaining Existing Notes outstanding following the consummation of the
Exchange Offer and (iv) the date that is 90 days following the Closing Date (the earliest such date, the “Termination Date”). 

2.03 Payment; Closing. (a) Each Investor hereby agrees to pay its Cash Elections Purchase Amount, by wire transfer of
immediately available funds to an account designated by the Issuer, by 10:00 a.m., New York City time, on the settlement date of the Exchange Offers, which shall be the third Business Day following the expiration date thereof, so long as
(i) all conditions to the Investors obligations hereunder have been satisfied or waived in accordance with the terms hereof, (ii) all conditions to the consummation of the Exchange Offers have been satisfied or waived in accordance with
the terms thereof and (iii) all conditions to the occurrence of the effective date of the Restructuring in accordance with the Support Agreement have been satisfied or waived in accordance with the Support Agreement (other than those conditions
that are to be satisfied by action taken upon the effectiveness of the Restructuring, but subject to the satisfaction or waiver of such conditions upon the effectiveness of the Restructuring) (the “Closing Date”). 

(b) Each Investor hereby agrees to pay its Optional Refinancings Investor Purchase Amount, by wire transfer of immediately available funds to
an account designated by the Issuer, by 10:00 a.m., New York City time, on (i) the Business Day immediately preceding the date on which the applicable Affinion Party must fund the required amounts with the applicable trustee or other agent
to consummate the applicable Optional Refinancing or (ii) if the Affinion Parties have elected to satisfy and discharge the applicable indenture on the date that notice of optional redemption is given to the holders of a series of Existing
Notes and have so notified the Investors in accordance with Section 2.02(c), the date of such notice of optional redemption (each, a “Subsequent Funding Date”), so long as all conditions to the Investors obligations hereunder
have been satisfied or waived in accordance with the terms hereof (including the conditions set forth in Section 2.02(c)) and the Exchange Offers have been consummated. 

(c) On the Closing Date and each Subsequent Funding Date, the Issuer shall take all necessary actions with the Trustee and DTC to have the New
Notes be issued in book-entry form under the same CUSIP (if fungible for tax purposes), and shall notify the Investors of any actions required to be taken by, or on behalf of the Investors through their respective broker, for the New Notes purchased
by any Investor on the Closing Date or any Subsequent Funding Date to be credited to the account of such Investor in accordance with applicable procedures of DTC. All New Warrants issued in connection with the Funding Fee will be issued in
book-entry, uncertificated form, and the Transfer Agent shall send each Investor a direct registration (DRS) account statement reflecting ownership of the New Warrants held by such Investor. 

(d) The Issuer hereby agrees to issue to the Initial Investors on the Closing Date, whether or not the Initial Investors effect a Purchase but
subject to the occurrence of the Closing Date and the provisions of this Section 2.03(c), $17,500,000 in aggregate principal amount of New Notes (the “Financing Fee”) which shall be issued with New Warrants as more
particularly described in Section 2.03(f). The Financing Fee shall be deemed earned on the Closing Date, and paid to the Initial Investors pro rata in accordance with each Initial Investor’s Purchase Percentage on the date
hereof, in consideration for the Initial Investors’ execution of this Agreement; provided, however, that the Issuer 

  
 7 

 
will not be obligated to pay the Financing Fee to an Initial Investor if such Initial Investor is in material default as of the Closing Date under any of its obligations the satisfaction of which
is required to effect the Restructuring or the Support Agreement and such default is not cured by such Initial Investor on or before (i) with respect to a default under this Agreement, the fifth
(5th) Business Day following the Issuer’s delivery of a notice of such breach to such Initial Investor, and (ii) with respect to a default under the Support Agreement, the end of
the applicable cure period under the Support Agreement. 
 (e) To the extent the Investors effect a Purchase, the Issuer hereby agrees to
issue (the “Funding Fee”) to each Investor effecting such a Purchase: 
 (i) New Warrants exercisable for a
number of shares of Common Stock representing a percentage of the Post-Pre-Emptives Diluted Equity equal to (I) 16.25% multiplied by (II) its Purchase Percentage multiplied by (III) a fraction (x) the numerator of which is
equal to the sum of (A) the aggregate principal amount of Existing Notes repurchased for cash in the Exchange Offers and (B) the aggregate principal amount of Existing Notes outstanding immediately following the consummation of the
Exchange Offers and (y) the denominator of which is equal to the aggregate principal amount of Existing Notes outstanding immediately prior to the consummation of the Exchange Offers (less the aggregate principal amount of Existing Notes
exchanged by the Investors in the Exchange Offers or that were at any time subject to the obligations set forth in the Support Agreement to tender into the Exchange Offers); and 

(ii) New Notes in an aggregate principal amount equal to 3.5% of the aggregate principal amount of New Notes purchased by such
Investor pursuant to this Agreement on the Closing Date and on each Subsequent Funding Date, which shall be issued with New Warrants as more particularly described in Section 2.03(f). 

The Funding Fee, which shall be deemed earned as of the date of such Purchase, shall be issued to each Investor upon receipt of such
Investor’s Cash Elections Purchase Amount or Optional Refinancings Purchase Amount, as applicable, by the Company. 
 (f) The New
Warrants to be issued to the Investors in connection with their receipt of New Notes (i) in exchange for their Existing Notes pursuant to the Exchange Offer, (ii) upon funding of the Put Options in accordance with Section 2.02,
(iii) in satisfaction of the Financing Fee in accordance with Section 2.03(d) and (iv) in satisfaction of a component of the Funding Fee in accordance with Section 2.03(e)(ii) (collectively, the “Applicable New
Notes”) shall represent, in the aggregate, a percentage of the Post-Pre-Emptives Diluted Equity equal to the product of (A) 15% multiplied by (B) a fraction (1) the numerator of which is equal to the aggregate
principal amount of the Applicable New Notes issued to Investors in accordance with the foregoing, and (2) the denominator of which is equal to the aggregate principal amount of all the New Notes outstanding immediately after all issuances of
New Notes on the Closing Date (assuming solely for the purposes of such calculation that all of the Optional Refinancings have also been consummated on the Closing Date). Such New Warrants shall be issued to the Investors pro rata in
accordance with each Investor’s percentage of the Applicable New Notes issued to all Investors. For the avoidance of doubt, such New Warrants shall be in addition to any New Warrants issued to Investors under Section 2.03(e)(i).

  
 8 

 Section 3. Representations and Warranties of the Affinion Parties. The
representations and warranties set forth in Section 3 of the Support Agreement are hereby incorporated by reference herein and shall apply mutatis mutandis to this Agreement. Each Affinion Party makes such representations and warranties
on the date hereof and on the Closing Date. 
 Section 4. Representations and Warranties of each Investor. Each Investor
represents and warrants, severally and not jointly, to the Issuer as of the date hereof as follows: 
 4.01 Such Investor has the power and
authority to execute and deliver this Agreement and to perform its obligations hereunder. 
 4.02 This Agreement has been duly executed and
delivered by such Investor. This Agreement is the legal, valid, and binding obligation of such Investor, enforceable against such Investor in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy,
insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 4.03 Such Investor is
not a party to any contracts or other agreements that would conflict with, restrict, or prohibit such Investor’s ability to fulfill its obligations under this Agreement. 

4.04 Such Investor is (i) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or
(ii) an institutional “accredited investor” (within the meaning of Rule 501 (a)(1), (2), (3), (7) or (8) of Regulation D under the Securities Act). 

4.05 Such Investor acknowledges that it has had the opportunity to speak with a representative of the Affinion Parties and to obtain and review
information reasonably requested by such Investor from the Affinion Parties. 
 4.06 Such Investor understands that it may be required to
bear the economic risk of its investment in the New Notes indefinitely, and is able to bear such risk and the risk of a complete loss of its investment in the New Notes. 

4.07 Such Investor understands that the New Notes and the New Warrants (and the Common Stock issuable upon exercise of the New Warrants) have
not been registered under the Securities Act or any state securities laws and that the New Notes and the New Warrants (and the Common Stock issuable upon exercise of the New Warrants) are being offered to such Investor in reliance on specific
exemptions from the registration requirements of the Securities Act and state securities laws and regulations and agrees that the Affinion Parties may rely upon the truth and accuracy of, and such Investor’s compliance with, the
representations, warranties, agreements, acknowledgments and understandings of such Investor set forth herein in order to determine the availability of such exemptions and the eligibility of such Investor to acquire the New Notes and the New
Warrants (and the Common Stock issuable upon exercise of the New Warrants). Such Investor understands that there is no established market for the New Notes or the New Warrants (or the Common Stock issuable upon exercise of the New Warrants) and that
no public market for the New Notes or the New Warrants (or the Common Stock issuable upon exercise of the New Warrants) may develop. Such Investor understands that no United States federal or state agency or any other Governmental Authority has
passed on or made any recommendation or endorsement of the New Notes or the New Warrants (or the Common Stock issuable upon exercise of the New Warrants) or the fairness or suitability of the investment in the New Notes or the New Warrants (or the
Common Stock issuable upon exercise of the New Warrants), nor have such authorities passed upon or endorsed the merits of the Exchange Offers. 

4.08 Such Investor is acquiring the New Notes for investment purposes only for the account of such Investor and not for distribution in
violation of any federal or state securities laws. 

  
 9 

 Section 5. Additional Covenants. The Issuer, the Company and the Investor hereby
agree and covenant as follows: 
 5.01 Legends. The certificates evidencing the (a) New Notes to be purchased hereunder
will bear the legend as set forth in the Indenture and (b) certificates of New Warrants to be issued hereunder, if any, will bear the legend as set forth in the New Warrant Agreement. 

5.02 Further Assurances. From time to time after the date of this Agreement, the Parties hereto shall execute, acknowledge and
deliver to the other Parties such other instruments, documents, and certificates and will take such other actions as the other Parties may reasonably request in order to consummate the Transactions. 

5.03 Access to Books and Records. The Affinion Parties shall provide to the Investors and their respective advisors and
representatives reasonable access during normal business hours to all books, records, documents, properties, personnel, advisors and representatives of the Affinion Parties; provided, that the foregoing shall not require the Affinion
Parties (a) to permit any inspection, or to disclose any information, that in the reasonable judgment of the Affinion Parties would cause any of the Affinion Parties to violate any of its obligations with respect to confidentiality to a third
party if the Affinion Parties shall have used its commercially reasonable efforts to obtain, but failed to obtain, the consent of such third party to such inspection or disclosure, (b) to disclose any legally privileged information of any of
the Affinion Parties as determined based on the advice of its legal counsel, or (c) to violate any Laws. In addition, the Affinion Parties shall promptly provide written notification to the Investors of any material claim or litigation,
arbitration or administrative proceeding that is threatened in writing or filed against the Company or Issuer from the date hereof until the earlier of the (i) Termination Date and (ii) termination of this Agreement. Any requests for
information and access provided by the Affinion Parties to the Investors pursuant to this Section 5.03 shall be directed to an executive officer of the Company, the Company’s advisors or such person as may be designated by the
Company’s executive officers. 
 Each Investor hereby agrees that any information acquired by the Investor or its representatives
pursuant to this Section 5.03 shall constitute “Confidential Information” as defined in the confidentiality agreement between such Investor and the Company or any of its Affiliates (as amended, the “Confidentiality
Agreement”), subject to the terms and conditions thereof; provided, however, following the receipt of “Confidential Information” pursuant to a written request for such “Confidential Information” from an
Investor, for such purposes and solely with respect to such Investor, (x) the term “Restricted Period” shall mean the period beginning on the date the Affinion Parties deliver such information and ending on the earlier of (1) the
date that the Affinion Parties publicly disclose such information and (2) the date that is five (5) Business Days following the Affinion Parties’ delivery of such information and (y) the term “Termination Date” as used
in Section 5 of the Confidentiality Agreement shall mean the last day of the Restricted Period as defined in the preceding clause (x). 

5.04 Commercially Reasonable Efforts. The Affinion Parties shall use commercially reasonable efforts to cause the conditions set
forth in Section 6 to be satisfied and to consummate the Transactions. 
 5.05 Indemnity and Reimbursement. 

(a) Indemnity. Each of the Company and the Issuer (in such capacity, the “Indemnifying Party”) shall indemnify, defend
and hold harmless each Indemnified Party (as defined below) for any Losses in connection with, arising from or relating to any direct or third party claim, litigation, investigation or proceeding (collectively, a “Claim”) brought in
connection with any act or omission in connection with, arising from or relating to this Agreement, the Exchanges Offers or the consummation of the transactions contemplated by this Agreement; provided, that the foregoing indemnity
will not, as to each Indemnified Party, apply to any Losses (i) to the extent it is found in a final, 

  
 10 

 
non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct or gross negligence of such Indemnified Party; and/or (ii) arising out of any Claim
made or initiated by such Indemnified Party, including any such Claim for breach of this Agreement. As used herein, an “Indemnified Party” shall mean an Investor, its Affiliates and its and their directors, officers, partners,
members, employees, agents, counsel, advisors, representatives and assignees. 
 (b) Procedures. Promptly after receipt by an
Indemnified Party of knowledge that a Claim exists (a “Claim Proceeding”), such Indemnified Party will, if a claim is to be made hereunder against the Indemnifying Party in respect thereof, promptly (and in any event within ten
Business Days) notify the Indemnifying Party in writing of the commencement thereof; provided that (i) the omission so to notify the Indemnifying Party will not relieve it from any liability that it may have hereunder except to the
extent it has been materially prejudiced by such failure and (ii) the omission so to notify the Indemnifying Party will not relieve it from any liability that it may have to an Indemnified Party otherwise than on account of this
Section 5.05. In case any such Claim Proceedings are brought against any Indemnified Party and it notifies the Indemnifying Party of the commencement thereof, the Indemnifying Party will be entitled to participate therein, and, to the
extent that it may elect by written notice delivered to such Indemnified Party, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party; provided that if the defendants in any such Claim Proceedings
include both such Indemnified Party and the Indemnifying Party and such Indemnified Party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Indemnifying
Party, such Indemnified Party shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such Claim Proceedings on behalf of such Indemnified Party. Upon receipt of notice from the
Indemnifying Party to such Indemnified Party of its election so to assume the defense of such Claim Proceedings and approval by such Indemnified Party of counsel, the Indemnifying Party shall not be liable to such Indemnified Party for expenses
incurred by such Indemnified Party in connection with the defense thereof (other than reasonable costs of investigation) unless (x) such Indemnified Party shall have employed separate counsel in connection with the assertion of legal defenses
in accordance with the preceding sentence, (y) the Indemnifying Party shall not have employed counsel reasonably satisfactory to such Indemnified Party to represent such Indemnified Party within a reasonable time after notice of commencement of
the Claim Proceedings or (z) the Indemnifying Party shall have authorized in writing the employment of counsel for such Indemnified Party. 

(c) Settlements. The Indemnifying Party shall not be liable for any settlement of any such proceeding effected without its written
consent, but if settled with such consent, the Indemnifying Party shall indemnify the Indemnified Party from and against any Loss by reason of such settlement, subject to the rights of the Indemnifying Party in Section 5.05(a) to claim
exemption from its indemnity obligations. The Indemnifying Party shall not, without the prior written consent of an Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), enter into any settlement of any Claim
Proceeding unless such settlement (i) includes an explicit and unconditional release of all Indemnified Parties from the party bringing such Claim Proceeding, (ii) does not include a statement as to or an admission of fault, culpability,
or a failure to act by or on behalf of any Indemnified Party and (iii) does not include any equitable remedy or obligation of any kind binding on the Indemnified Party. The obligations of the Indemnifying Party under this
Section 5.05 shall survive any termination or rejection of this Agreement. 
 (d) Reimbursement. Each of the Company and
the Issuer shall also reimburse Elliott and Franklin pursuant to that certain Expense Reimbursement Agreement, dated March 21, 2017; provided that the terms of such Expense Reimbursement Agreement shall in no way limit any amounts
payable to the Indemnified Parties under this Section 5. 

  
 11 

 Section 6. Conditions to Investors’ Obligations. 

6.01 Conditions to Investors’ Obligations. The obligation of the Investors to consummate the Cash Elections Purchase on the
Closing Date shall be subject to the satisfaction of each of the following conditions on the Closing Date: 
 (a)
Representations and Warranties. The representations and warranties of each of the Affinion Parties set forth in Section 3 of the Support Agreement (and incorporated by reference herein) shall be true and correct in all material
respects as if made at and as of the Closing Date (except for (i) representations and warranties already so qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects, and (ii) representations and
warranties made as of a specified date, which shall be true and correct only as of the specified date); 
 (b)
Performance. The Affinion Parties shall have performed in all material respects its obligations hereunder required to be performed by it at or prior to the Closing Date; 

(c) Restructuring Support Agreement. The Support Agreement shall not have terminated, and no material default thereunder
by any Affinion Party shall have occurred and be continuing, unless waived in writing by the requisite Holders under the Support Agreement or cured within the time period specified in, and otherwise in accordance with, the Support Agreement; 

(d) Effectiveness of Definitive Documentation. All conditions to the effectiveness set forth in the Amendment to the
Shareholders Agreement, the Amended and Restated Registration Rights Agreement and the New Nominating Agreements (the “Definitive Documentation”) shall have occurred or been waived in accordance with the terms thereof (other than
the consummation of this Agreement) and the transactions contemplated by the Definitive Documentation (in the form attached to, or as otherwise provided in, the Support Agreement upon execution and delivery thereof) shall not have been amended or
modified in any material respect without the consent of the Initial Investors; 
 (e) Material Adverse Effect. No
Material Adverse Effect shall have occurred since the date of the Support Agreement; 
 (f) Purchase Notice. The
Issuer shall have delivered to the Investors a Purchase Notice in accordance with Section 2.02; 
 (g)
Fees. The Affinion Parties shall have paid or shall pay (i) to the Initial Investors on the Closing Date, the Financing Fee as set forth in Section 2.03(d) and (ii) substantially concurrently with the consummation of the
Cash Elections Purchase to the Investors, the Funding Fee as set forth in Section 2.03(e); 
 (h) Contribution
of Affinion Net Patents, Inc. The Company shall have consummated the contribution of the equity of Affinion Net Patents, Inc. to the Issuer, and Affinion Net Patents, Inc. shall be a Restricted Subsidiary and Guarantor of the New Notes under the
New Notes Indenture. 
 (i) Other Agreements. The Company and each applicable Affinion Party shall substantially
concurrently with the consummation of the Cash Elections Purchase execute the Amendment to the Shareholders Agreement, the New Registration Rights Agreement, each New Nominating Agreement and the New Warrant Agreement. 

  
 12 

 (j) Closing Certificate. Each of the Affinion Parties shall have furnished
to the Investors prior to 9:00 a.m., New York City time, on the Closing Date, a certificate, signed by an executive officer of such Affinion Party and dated as of the Closing Date, to the effect that the conditions specified in
Sections 6.01(a) and 6.01(b) have been satisfied. 
 (k) Replacement Credit Agreement. The
Replacement Credit Agreement is effective and operative substantially concurrently with the consummation of the Cash Elections Purchase on the Closing Date and permits the payment of the Funding Fee, if any, on the Closing Date and each Subsequent
Funding Date. 
 Section 7. Conditions to the Issuer’s Obligations 

7.01 Conditions to Issuer’s Obligations. The obligations of the Issuer to issue New Notes and New Warrants to each Investor
in respect of the Purchase, respectively, pursuant to Section 2 (but not the obligations of the Company, or the Issuer in respect of its indemnification obligations pursuant to Section 5.05) are subject to the satisfaction
(or the waiver by the Issuer) of the following conditions as of the Closing Date and any applicable Subsequent Funding Date: 

(a) Representations and Warranties. (i) The representations and warranties of the Investor set forth in
Sections 4.01, 4.02, and 4.04 must be true in all respects as if made at and as of the Closing Date or such Subsequent Funding Date (except for representations and warranties made as of a specified date, which shall be true
and correct only as of the specified date), and (ii) the other representations and warranties of the Investor set forth in Section 4 shall be true and correct in all material respects as if made at and as of the Closing Date (except
for representations and warranties made as of a specified date, which shall be true and correct only as of the specified date); 

(b) Performance. The Investor shall have performed in all material respects its obligations hereunder required to be
performed by it at or prior to the Closing Date or such Subsequent Funding Date; provided, however, that a default by Investors whose obligations to fund have been or are fully satisfied by a non-Defaulting Investors (as defined below)
shall not give rise to the ability of the Affinion Parties to fail to consummate the Transactions contemplated hereby. 
 (c)
No Legal Impediment to Issuance. No statute, rule, regulation or order shall have been enacted, adopted or issued by any Governmental Authority, and no judgment, injunction, decree or order of any federal, state or foreign court shall have
been issued that prohibits the Purchase or the consummation of the other Transactions; 
 (d) Effectiveness of Term
Sheet. All conditions to the effectiveness set forth in the Term Sheet shall have occurred or been waived in accordance with the terms thereof (other than the consummation of this Agreement) and the transactions contemplated by the Term Sheet
(in the form attached to the Support Agreement upon execution and delivery thereof) shall not have been amended or modified in any material respect without the consent of the Issuer; and 

(e) Restructuring Support Agreement. The Support Agreement shall not have terminated and no material default thereunder
by the Investor shall have occurred and be continuing, unless waived in writing by the Company or cured within the time period specified in, and otherwise in accordance with, the Support Agreement. 

Notwithstanding anything herein to the contrary, in the event that the Restructuring (including, for the avoidance of doubt, the Exchange
Offers) is consummated and, in connection therewith, the Investor performed in all material respects its obligations hereunder and under the Support Agreement 

  
 13 

 
required to be performed by it at or prior to the Closing Date or such Subsequent Funding Date, all of the foregoing closing conditions in this Section 7.01, to the extent not
satisfied as of the Closing Date or such Subsequent Funding Date, shall be deemed waived by the Company and Issuer. 
 Section 8.
Miscellaneous. 
 8.01 Notices. All notices, requests, consents, and other communications hereunder to any Party shall be deemed
to be sufficient if contained in a written instrument delivered in person or sent by facsimile, electronic mail, nationally recognized overnight courier, or first class registered or certified mail, return receipt requested, postage prepaid,
addressed to such Party at the address set forth below or such other address as may hereafter be designated in writing by such Party to the other Parties: 

If to the Investors: 
 As
specified on the signature pages hereto, 
 with a copy (which shall not constitute notice) to: 

White & Case LLP 
 1155
Avenue of Americas 
 New York, NY 10036 

Attention: Jonathan Michels, Esq. 

Electronic mail: jmichels@whitecase.com 

If to the Company or Issuer: 
 c/o
Affinion Group, Inc. 
 6 High Ridge Park 

Stamford, CT 06905 
 Attention:
Brian Fisher, Esq. 
 Facsimile: 203-956-1206 

Electronic mail: bfisher@affiniongroup.com 

with a copy (which shall not constitute notice) to: 

Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 
 New York, NY
10036 
 Attention: Adam Weinstein, Esq. 

Facsimile: 212-872-1002 

Electronic mail: aweinstein@akingump.com 

8.02 No Survival of Representations and Warranties, etc.. None of the representations and warranties made in
Section 3 or Section 4 hereof shall survive the Termination Date. 
 8.03 Assignment. This Agreement is
intended to bind and inure to the benefit of the Parties hereto and their respective successors, assigns, heirs, executors, administrators, and representatives; provided, however, that nothing contained in this Section 8.03
shall be deemed to permit any transfer other than in accordance with the terms of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the Parties to this Agreement, and nothing expressed
or referred to in this Agreement will be construed to give any person, other than the Parties to this Agreement, any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.
Notwithstanding the foregoing, the Investor, may assign its rights and obligations hereunder to any Affiliate thereof, provided that any such assignment shall not release such Party from any of its obligations under this Agreement to the
extent such obligations are not satisfied by any Affiliate to which such obligations are assigned. 

  
 14 

 8.04 Entire Agreement; Several Obligations. This Agreement, including the terms of
the agreements contemplated hereby and referred to herein contain the entire agreement by and between the Company, the Issuer and the Investors with respect to the Transactions and supersedes all prior agreements and representations, written or
oral, with respect thereto. To the extent there is an inconsistency between the provisions in this Agreement and the agreements contemplated hereby and referred to herein, the provisions in this Agreement shall control. 

8.05 Waivers and Amendments. 

(a) Any provision of this Agreement (including its Exhibits, Annexes, Schedules, and any attachments thereto) may be amended or waived, if, and
only if, such amendment or waiver is in writing and signed by (i) the Affinion Parties; (ii) Investors having, in the aggregate, a Purchase Percentage equal to least 66 2/3%; and (iii) if any amendment or waiver materially
disproportionately affects an Investor, such Investor; provided, however, that the condition set forth in Section 2.02(c)(i) may be waived in the sole discretion of the Affinion Parties by providing prior written notice of such
waiver to each Investor. 
 (b) Any waiver of any obligation by the Affinion Parties shall be signed by the Investors. Any waiver by any of
the Affinion Parties need not be signed by any Investor. 
 (c) No failure or delay by any Party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law. 
 8.06 Choice of Laws; Submission to Jurisdiction; Waiver of
Jury Trial. The validity of this Agreement, the construction, interpretation, and enforcement hereof, and the rights of the Parties hereto with respect to all matters arising hereunder or related hereto shall be determined under, governed
by, and construed and enforced in accordance with the internal laws of the State of New York without regard to any conflicts of laws principles (but including and giving effect to Sections 5-1401 and 5-1402 of the New York General Obligations
Law) that would result in the application of the law of another jurisdiction. Each Party to this Agreement agrees that, in connection with any legal suit or proceeding arising with respect to this Agreement, it shall submit to the non-exclusive
jurisdiction of the United States District Court for the Southern District of New York or the applicable New York state court located in New York County and agrees to venue in such courts. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

8.07 Counterparts. This Agreement may be executed in any number of counterparts and by different Parties and separate
counterparts, each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement
by electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 8.08 Headings. The
section headings of this Agreement are for convenience of reference only and shall not, for any purpose, be deemed to be part of this Agreement or otherwise affect the meaning or interpretation of this Agreement. 

  
 15 

 8.09 Severability. If any provision of this Agreement is held invalid or
unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and
effect to the extent not held invalid or unenforceable. 
 8.10 Termination. Unless otherwise agreed to in writing by the
Parties hereto, the rights and obligations of the Parties under this Agreement shall terminate: 
 (a) upon the termination
of the Support Agreement pursuant to its terms; 
 (b) if the Company and the Investors agree to terminate this Agreement;

 (c) if this Agreement is terminated if the Effective Date has not occurred by the Outside Date; or 

(d) on the Termination Date. 

Regardless of the termination of this Agreement pursuant to this Section 8.10, (i) the Parties shall remain liable for
breaches of this Agreement prior to its termination and (ii) the Company and the Issuer shall remain liable for the indemnity and reimbursement obligations set forth in Section 5.05. 

8.11 No Interpretation Against Drafter. This Agreement is the product of negotiations between the Parties hereto represented by
counsel, and any rules of construction relating to interpretation against the drafter of an agreement shall not apply to this Agreement and are expressly waived. 

8.12 Specific Performance. Without limiting the rights of each Party hereto to pursue all other legal and equitable rights
available to such Party for any other Party’s failure to perform each of its obligations under this Agreement, it is understood and agreed by each of the Parties that any breach of or threatened breach of this Agreement would give rise to
irreparable harm for which money damages would not be an adequate remedy and, accordingly, the Parties agree that, in addition to any other remedies, each non-breaching Party shall be entitled to specific performance and injunctive or other
equitable relief for any such breach or threatened breach. 
 8.13 No Recourse Against Related Parties. Notwithstanding
anything to the contrary set forth in this Agreement, none of the Parties’ Related Parties or any of their Related Parties (in each case other than the Affinion Parties, the Investor or any of their respective assignees under this Agreement)
shall have any liability, personal or otherwise, or obligation relating to or arising out of this Agreement or the transactions contemplated by this Agreement for any breach, loss, or damage for (i) any damages suffered as a result of the
failure of the Exchange Offers to be consummated and (ii) any other damages suffered as a result of or under this Agreement and the Transactions (or in respect of any oral representations made or alleged to be made in connection herewith or
therewith). As used herein, “Related Parties” of a person or entity means any of its former, current, and/or future direct or indirect equity holders, controlling persons, stockholders, directors, officers, employees, agents,
Affiliates, Subsidiaries, members, managers, general or limited partners or assignees. 
 8.14 Additional Investors. At
any time following the date hereof and prior to the Closing Date, (i) the Initial Investors may, with the consent of the Company or the Issuer, (which consent shall not be unreasonably withheld, conditioned or delayed) appoint additional
Investors and reallocate the Purchase Percentages, (ii) the Company or the Issuer may, with the consent of the Initial Investors, appoint additional Investors and reallocate the Purchase Percentages (any such person, an “Additional
Investor”). Upon (i) the appointment of an Additional Investor, (ii) the execution by such Additional Investor of customary joinder documentation, (iii) the preparation of an updated Schedule A hereto to include
such Additional Investor’s Purchase Percentage, as reasonably agreed among the Initial Investors, the Affinion Parties, and all Additional Investors (subject to the proviso in the immediately preceding 

  
 16 

 
sentence), such Additional Investor shall constitute a “Investor” under this Agreement. Each of the Affinion Parties and the Investors shall cooperate in good faith to negotiate any
reallocation of the Purchase Percentages in connection with the appointment of Additional Investors in accordance with this Section 8.14. 

8.15 Defaulting Investors. At any time following the date hereof and prior to the Closing Date, if any Investor has
materially breached this Agreement, including any representation, warranty or covenant contained herein and, if such provision can be cured, has not been cured within 5 days of notice from the Affinion Parties or an Investor that has not materially
breached this Agreement (such defaulting Investor, a “Defaulting Investor”), (i) the non-Defaulting Investors shall have the obligation, based on relative amount of the Defaulting Investor’s Purchase Percentage
assumed, to acquire such Defaulting Investors’ Purchase Percentage and (ii) prior to any acquisition of under clause (i), (x) such Defaulting Investors’ Purchase Percentage shall not be included in any calculation for purposes of
determining any vote or otherwise under this Agreement other than Section 7.01(b) of this Agreement or the Support Agreement and (y) such Defaulting Investors shall not have any rights under this Agreement. Upon the acquisition of
any Defaulting Investors’ Purchase Percentage, the Investors and the Affinion Parties shall prepare an updated Schedule A. Each of the Affinion Parties and the Investors shall cooperate in good faith to negotiate any reallocation of the
Purchase Percentages in connection with the acquisition of a Defaulting Investors’ Purchase Percentage in accordance with this Section 8.15. For the avoidance of doubt, if the Defaulting Investor was an Initial Investor, the
performing Defaulting Investors that (i) are Initial Investors and (ii) acquire such Defaulting Investors’ Purchase Percentage, shall be entitled to their pro rata amount, based on such Initial Investor’s Purchase Percentage
(adjusted for the removal of the Defaulting Investors’ Purchase Percentage), of the Financing Fee of such Defaulting Investor. 

  
 17 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above
written. 
  

			
	AFFINION GROUP HOLDINGS, INC.
		
	By:	 	 /s/ Gregory S. Miller

	Name:	 	Gregory S. Miller
	Title:	 	Executive Vice President and Chief Financial Officer
	
	AFFINION GROUP, INC.
		
	By:	 	 /s/ Gregory S. Miller

	Name:	 	Gregory S. Miller
	Title:	 	Executive Vice President and Chief Financial Officer
	
	AFFINION INVESTMENTS, LLC
		
	By:	 	Affinion Group, Inc., its non-economic managing member
		
	By:	 	 /s/ Gregory S. Miller

	Name:	 	Gregory S. Miller
	Title:	 	Executive Vice President and Chief Financial Officer

 INITIAL INVESTORS 
  

 

			
	ELLIOTT ASSOCIATES, L.P.
	By:	 	Elliott Capital Advisers, L.P., as general partner
	By:	 	Braxton Associates Inc., as general partner
	
	 /s/ Elliot Greenberg

	By:	 	Elliot Greenberg, Vice-President
	Name:	 	c/o Elliott Management Corporation
	Address:	 	 40 West 57th Street,

New York, New York 10019

	
	THE LIVERPOOL LIMITED PARTNERSHIP
	By:	 	Liverpool Associates Ltd., as General Partner
	
	 /s/ Elliot Greenberg

	By:	 	Elliot Greenberg, Vice-President
	Name:	 	c/o Elliott Management Corporation
	Address:	 	 40 West 57th Street,

New York, New York 10019

	
	ELLIOTT INTERNATIONAL, L.P.
	By:	 	 Elliott International Capital Advisors Inc.
 as
attorney-in-fact

	
	 /s/ Elliot Greenberg

	By:	 	Elliot Greenberg, Vice-President
	Name:	 	c/o Elliott Management Corporation
	Address:	 	 40 West 57th Street,

New York, New York 10019

  
  
  

[Signature Page to Investor Purchase Agreement] 

 INITIAL INVESTORS 
  

			
	FRANKLIN MUTUAL QUEST FUND,
	
	
	By: FRANKLIN MUTUAL ADVISERS, LLC,
	as investment manager
	
	
	By:	 	 /s/ Peter Langerman

	Name:	 	Peter Langerman
	Title:	 	CEO
	Address:	 	 101 John F Kennedy Pkwy 3rd Floor,

Short Hills, NJ 07078

  
  

  
 [Signature Page to
Investor Purchase Agreement] 

 INITIAL INVESTORS 
  

 

			
	Name of Institution: METRO SPV LLC
		
	By:	 	 ICG Strategic Secondaries II GP LP, its

Managing Member

		
	By:	 	 ICG Strategic Secondaries Associates II, LLC,

its General Partner

		
	By:	 	 /s/ Christophe Browne

	Name:	 	Christophe Browne
	Title:	 	Authorized Person
	Address:	 	 600 Lexington Avenue, 24th Floor,

NY, NY 10022

  
  
  

[Signature Page to Investor Purchase Agreement] 
  

 Schedule A 

 

					
	 Investor
	  	Purchase Percentage	 
	 Elliott
	  	 	39.4743	% 
	 Franklin
	  	 	10.5257	% 
	 Metro SPV LLC
	  	 	30.6891	% 
	 Empyrean Capital Partners, LP
	  	 	19.3109	% 

 Schedule B 

Preapproved Additional Investors 

Allianz Global Investors US, LLC 

PennantPark Investment Advisers, LLC 

Ares Management, LLC 
 Kamunting
Street Capital Management

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