Document:

Code of Conduct

 Exhibit 10.65 
  
 2004 
  
 Code of 
 Professional 
 Conduct 
  
 E*TRADE FINANCIAL 
 Corporate Policies and Procedures 

 CORPORATE POLICIES AND PROCEDURES 
  
 Code of Professional Conduct 
  
  
  
 COPYRIGHT 2002, 2004 E*TRADE FINANCIAL Corporation 
 New York, NY 
 Revised September 2004 

 Table of Contents 
  

			
	 INTRODUCTION
	  	1
	 PURPOSE OF THE CODE
	  	1
	 IMPLEMENTING THE CODE
	  	2
	 Exercising sound business judgment
	  	2
	 Reporting Violations
	  	2
	 Investigating Violations
	  	3
	 Preservation of Records
	  	3
	 THE CODE OF PROFESSIONAL CONDUCT AND YOUR EMPLOYMENT
	  	4
	 Code of Professional Conduct Is Not an Employment Contract
	  	4
	 Changes to the Code of Professional Conduct
	  	4
	 Consequences of Violating the Code of Professional Conduct
	  	4
	 Acknowledging the Code of Professional Conduct
	  	5
	 Questions
	  	5
		
	 STANDARDS OF CONDUCT
	  	6
	 GENERAL
	  	6
	 RESPONSIBILITIES UNDER THE LAW
	  	7
	 Securities Laws
	  	7
	 Exchange and Self-Regulatory Organization Rules
	  	7
	 Banking Laws and Regulations
	  	8
	 Licensing and Registration
	  	8
	 Company Books and Records
	  	8
	 Antitrust and Trade Regulation Laws
	  	8
	 Foreign Corrupt Practices Act and Anti-Bribery Statutes
	  	9
	 Economic Sanctions
	  	10
	 Anti-Boycott Laws
	  	10
	 Anti-Money Laundering Laws
	  	11
	 Intellectual Property Protection
	  	11
	 Privacy Laws and Regulations
	  	12
	 Reporting Inappropriate Activity
	  	13
	 Retaliation is prohibited.
	  	13
	 DEALING WITH THIRD PARTIES
	  	13
	 Authority to Act on Behalf of E*TRADE FINANCIAL
	  	13
	 Conflicts of Interest
	  	14
	 Gifts to and from Customers, Suppliers and Others
	  	15
	 Selecting Suppliers
	  	15
	 Requests for Legal, Financial or Tax Advice
	  	15
	 Advertising
	  	16
	 Charitable Contributions
	  	16
	 Political Action Committee
	  	16
	 Communications with the Media and other Third Parties
	  	16
	 Outside Lawyers
	  	17
	 Treatment of Privileged Communications and Documents
	  	17
	 LITIGATION, INVESTIGATIONS, INQUIRIES AND COMPLAINTS
	  	18
	 Notification
	  	18
	 Cooperation
	  	18
	 Communication with Governmental and Regulatory Authorities
	  	19
	 Communication with the Media and other Third Parties
	  	19

			
	 DEALINGS WITH E*TRADE FINANCIAL
	  	20
	 Dealings with E*TRADE FINANCIAL’s Employees
	  	20
	 Protecting E*TRADE FINANCIAL’s Assets
	  	20
	 Use of E*TRADE FINANCIAL’s Information and Communications Systems
	  	20
	 Monitoring of Communications and Files
	  	21
	 Disputes with E*TRADE FINANCIAL
	  	22
	 Substance Abuse
	  	22
	 Post-Termination Obligations of Employees
	  	23
		
	 NON-DISCRIMINATION AND ANTI-HARASSMENT POLICY
	  	24
	 Equal Employment Opportunities
	  	24
	 Discrimination and Harassment Are Against Company Policy and Illegal
	  	24
	 Workplace Violence Is Prohibited
	  	26
	 Retaliation Is Prohibited
	  	26
	 Individuals Covered
	  	26
	 Reporting an Incident
	  	27
	 Important Notice to All U.S. Employee
	  	27
	 Investigation of Allegations
	  	27
	 Consequences of Inappropriate Behavior
	  	27
		
	 HANDLING PROPRIETARY AND CONFIDENTIAL INFORMATION
	  	28
	 Definition of Proprietary Information
	  	28
	 Definition of Confidential Information
	  	29
	 Guidelines for Accepting Proprietary or Confidential Information
	  	30
	 Confidentiality Agreements
	  	30
	 Using Proprietary or Confidential Information
	  	30
	 Handling Materials Containing Proprietary or Confidential Information
	  	30
	 Communicating Proprietary or Confidential Information
	  	31
	 Disposal of Proprietary or Confidential Waste
	  	31
	 Proprietary or Confidential Information Concerning Securities
	  	32
	 Confidentiality Obligations to Previous Employers and other Third Parties
	  	32
	 Ownership of Intellectual Property
	  	32
	 Post-Employment Use of Proprietary or Confidential Information
	  	33
	 Preventing Improper Use of Proprietary or Confidential Information
	  	33
		
	 TREATMENT OF INSIDE INFORMATION
	  	34
	 POLICY ON THE TREATMENT OF INSIDE INFORMATION
	  	34
	 Definition of Inside Information
	  	34
	 Prohibited Uses of Inside Information
	  	35
	 Guidelines for Information about E*TRADE FINANCIAL
	  	35
	 Handling Rumors
	  	35
	 Consequences of Misusing Inside Information
	  	35
	 The Restricted List
	  	35
		
	 OUTSIDE BUSINESS ACTIVITIES
	  	37
	 Obtaining Approval
	  	37
	 Industry-Related Organizations
	  	38
	 Residential Boards and Charities
	  	38
		
	 EMPLOYEE TRADING
	  	39
	 Trading Policies of Specific Business Units and Departments
	  	39
	 Accounts Covered by this Policy
	  	39

			
	 Maintenance of Securities Accounts at E*TRADE FINANCIAL
	  	40
	 Exceptions to this Policy
	  	40
	 Consequences of Inappropriate Employee Trading
	  	40
	 GENERAL RULES FOR EMPLOYEE TRADING
	  	41
	 Trading on Inside Information
	  	41
	 Primary and Secondary Public Offerings
	  	41
	 Obtaining Significant Interests in Public Companies or Trading in Concert with other Employees
	  	41
	 Futures, Options on Futures and other Derivative Securities
	  	41
	 Information about Customer or Company Orders
	  	42
	 The Restricted List
	  	42
	 RULES FOR PARTICULAR ACCOUNTS AND TRANSACTIONS
	  	42
	 Transactions in E*TRADE FINANCIAL’s Securities
	  	42
	 Managed Accounts
	  	42
	 Money Market and Open-End Mutual Fund Accounts
	  	43
	 Dividend Reinvestment Plans (“DRIPs”)
	  	43
	 Investment Clubs
	  	43
	 Direct Purchase of U.S. Treasury Bills, Bonds or Notes
	  	43
	 PROCEDURES FOR EMPLOYEE SECURITIES ACCOUNTS
	  	43
	 Entry of Orders
	  	43
	 Review of Employee Transactions
	  	44
	 ACKNOWLEDGEMENT
	  	45

			
	 CODE OF PROFESSIONAL CONDUCT
	  	

  
 Introduction 
  
 Purpose of the Code 
  
 Our employees, customers, potential customers, and shareholders expect the highest degree of ethics, honesty and fairness because they
place their financial assets in our care. 
  
 The purpose of the Code of
Professional Conduct (the “Code”) is to protect and enhance the reputation and franchise of E*TRADE FINANCIAL1 by setting standards for our behavior as its employees, officers, directors and agents. 
  
 The financial services industry is heavily regulated and simple adherence to the “letter of the law” is not what our employees, customers, potential customers, and shareholders expect. They expect the
highest degree of ethics, honesty and fairness in all of our dealings because they place their financial assets in our care. 
  
 This Code — in concert with our corporate policies and procedures, applicable laws and regulations and sound judgment —is critical to our continued success.

  
 It is the responsibility of every employee to comply with all applicable laws
and regulations and all provisions of the Code, as well as E*TRADE FINANCIAL’s other corporate policies and procedures. All Company supervisors are responsible and accountable for monitoring the compliance of employees they manage.

	1	Throughout the Code, the term “E*TRADE FINANCIAL” or the “Company” refers to E*TRADE FINANCIAL Corporation and its subsidiaries and affiliated
entities, including, but not limited to, E*TRADE Securities LLC, E*TRADE Bank and all other non-U.S. entities, unless specified otherwise. 

  

 1 

 CODE OF PROFESSIONAL CONDUCT 
  

 Implementing the Code 
  
 Exercising sound business judgment 
  
 E*TRADE FINANCIAL relies on you to exercise your best judgment and highest ethics in performing your job. When the Code articulates a specific standard of conduct, you
must conform to it. However, no code of professional conduct can anticipate every legal or ethical issue that might arise in the course of our business. 
  
 In areas not specifically addressed in the Code, you must conduct yourself in the spirit of the Code, with the highest degree of ethics and with the aim of protecting
E*TRADE FINANCIAL and its reputation. You should consider both whether a proposed course of action complies with all applicable laws and regulations and whether it could embarrass you or E*TRADE FINANCIAL. 
  
 You must therefore avoid not only actual misconduct but also the appearance of impropriety.
Assume that any action you take will ultimately be publicized and consider how E*TRADE FINANCIAL (and you) would be perceived. When in doubt, seek guidance from your supervisor or appropriate E*TRADE FINANCIAL department. 
  
 Reporting Violations 
  
 You are E*TRADE FINANCIAL’s first line of defense against civil or criminal liability and unethical business practices. 
  
 If you know of, observe, suspect or become aware of a violation of applicable laws or
regulations or of the Code or E*TRADE FINANCIAL’s related policies and procedures, you must report that information immediately to your direct supervisor or another appropriate representative of E*TRADE FINANCIAL’s senior management. If
appropriate or necessary, you must also report that information to Corporate Safety & Security, a more senior manager or to Human Resources, Legal or Compliance. If you believe that the person to whom you have so reported has not taken
appropriate action, you must contact Human Resources, Legal or Compliance directly. 
  
 If you believe that you may have violated the law or E*TRADE FINANCIAL’s standards, you must report your behavior to E*TRADE FINANCIAL immediately. The fact that you reported the violation, together with the degree of cooperation you
display and whether the violation is intentional or unintentional, will be given consideration in an investigation and any resulting disciplinary action. 
  
 Upon learning of probable or actual misconduct, supervisors must notify Human Resources, Legal, Compliance, or Corporate Safety & Security, as appropriate, and, in
consultation with the appropriate professional, take prompt, appropriate remedial action. Supervisors who fail to take appropriate action may be held responsible. 
  

 2 

 CODE OF PROFESSIONAL CONDUCT 
  

 The Company has engaged an outside firm to provide a confidential service through which you can anonymously report
any suspected violations of law, concerns related to corporate governance, financial reporting (including Sarbanes-Oxley Act compliance), sexual or other harassment, discrimination, theft, fraud, or threats to the safety of E*TRADE FINANCIAL
employees. Contact information for making reports is available on Channel E*. 
  
 Unless responsible Company management learns of a problem, we cannot deal with it appropriately. Concealing improper conduct often compounds the problem and may delay or hamper responses that could prevent or mitigate actual damage.

  
 You should contact your supervisor, Legal or Compliance with any questions
about legal, regulatory or ethical issues. 
  
 Investigating Violations

  
 All reported violations of applicable laws or regulations, the Code or
E*TRADE FINANCIAL’s related policies and procedures will be promptly investigated and will be treated confidentially to the extent required and practicable under the circumstances and consistent with enforcing the Code. 
  
 Preservation of Records 
  
 E*TRADE FINANCIAL is required by law and by industry regulation to maintain its books and records in good order and to memorialize the
essential terms of a business agreement. Therefore, you should: 
  

	•	review files periodically to ensure that information is current, essential and consistent with document retention policies and applicable law and regulations; and

  

	•	discard drafts, notes, notebooks, diaries, telephone logs, message slips and other documents when they are no longer useful or current and not otherwise required to be retained.

  
 In conducting a review of your files, be careful not to discard:

  

	•	documents that must be kept for specific periods of time under applicable laws and regulations (guidance concerning which can be obtained from Legal and Compliance);

  

	•	documents that are the subject of a subpoena or document request; or 

  

	•	documents that are potentially relevant to a lawsuit or investigation that has been or may be initiated or documents you have been instructed to retain as part of any lawsuit or
investigation. 

  

 3 

 CODE OF PROFESSIONAL CONDUCT 
  

 The Code of Professional Conduct and Your Employment 
  
 Code of Professional Conduct Is Not an Employment Contract 
  
 The policies and procedures of the Code form part of the terms and conditions of your employment. However, the Code is not a contract,
express or implied, guaranteeing employment for any specific duration or entitling you to bonuses or other forms of compensation. Employment at E*TRADE FINANCIAL is “at will”, meaning that either you or E*TRADE FINANCIAL may terminate this
relationship at any time, with good cause or without cause. 
  
 Changes to the
Code of Professional Conduct 
  
 E*TRADE FINANCIAL’s policies and procedures
stated in this Code are subject to change at the sole discretion of E*TRADE FINANCIAL. In addition, E*TRADE FINANCIAL may implement additional policies and procedures in the future that will be deemed part of the Code. It is your responsibility to
be familiar at all times with the Code, as it may be revised or amended, and any other policies and procedures relevant to your responsibilities as an employee. 
  

Consequences of Violating the Code of Professional Conduct 
  
 Violations of the Code may subject you to disciplinary action by E*TRADE FINANCIAL including — without limitation — warnings, reprimands, temporary suspensions,
probation or termination of your employment. Disciplinary actions may be taken: 
  

	•	Against employees who authorize or participate directly, and in certain circumstances indirectly, in actions which are a violation of applicable laws or regulations, the Code or
E*TRADE FINANCIAL’s related policies and procedures; 

  

	•	Against employees who fail to report a violation of applicable laws or regulations, the Code or E*TRADE FINANCIAL’s related policies and procedures or withhold information
concerning a violation of which they become aware or should have been aware; 

  

	•	Against the violator’s supervisor(s), to the extent that the circumstances of the violation reflect inadequate supervision or lack of diligence by the supervisor(s);

  

	•	Against employees who attempt to retaliate, directly or indirectly, or encourage others to do so, against an employee who reports a violation of applicable laws or regulations, the
Code or E*TRADE FINANCIAL’s policies and procedures; 

  

	•	Against employees who make a report of a violation that is known by the reporting person to be false. 

  

 4 

 CODE OF PROFESSIONAL CONDUCT 
  

 E*TRADE FINANCIAL also must report certain activities to its regulators, which could give rise to regulatory or
criminal investigations. The penalties for regulatory or criminal violations include significant fines, permanent bar from employment in the securities industry and, for criminal violations, incarceration. 
  
 Acknowledging the Code of Professional Conduct 
  
 When you have concluded your review of this revised Code, you must complete an
acknowledgement form indicating that you have read the Code and that you understand and agree to abide by its requirements. New employees will also be required to acknowledge their receipt and understanding of the Code and their commitment to comply
with it Failure to complete this acknowledgement may result in termination of your employment. Regardless of whether you have completed the acknowledgment, you must comply with the terms of the Code. 
  
 Abiding by the standards and procedures outlined in the Code and E*TRADE FINANCIAL’s
related policies and procedures is a condition of continued employment with E*TRADE FINANCIAL. 
  
 Questions 
  
 If you have any questions at any
time concerning the Code or E*TRADE FINANCIAL’s related policies and procedures, or feel the need to seek guidance with respect to a legal or ethical question, you should consult your supervisor, Human Resources, Legal or Compliance.

  

 5 

			
	 CODE OF PROFESSIONAL CONDUCT
	  	

  
 Standards of Conduct 
  
 General

  
 Employees are responsible for reviewing and understanding the policies and
procedures related to their work activities and are advised that the following summary is for general introductory purposes only. 
  
 The activities of E*TRADE FINANCIAL’s employees must always be in full compliance with applicable laws and regulations and with the Code and E*TRADE FINANCIAL’s
related policies and procedures. If there is any doubt as to the legality of any proposed activity, seek advice from Legal or Compliance before the activity is undertaken. 
  
 This section of the Code outlines the general standards of conduct with respect to specific additional issues confronting employees, such
as: 
  

	•	E*TRADE FINANCIAL’s non-discrimination and anti-harassment policy; 

  

	•	E*TRADE FINANCIAL’s policies on handling proprietary, confidential and non-public (or “inside”) information; 

  

	•	E*TRADE FINANCIAL’s policies on participation in outside business activities and private securities transactions; 

  

	•	E*TRADE FINANCIAL’s policy on political contributions; 

  

	•	E*TRADE FINANCIAL’s policy on employee stock trading. 

  

 6 

 CODE OF PROFESSIONAL CONDUCT 
  

 Responsibilities under the Law 
  
 Many governmental and self-regulatory organizations (“SROs”) supervise the
activities of E*TRADE FINANCIAL and its employees. You must comply with all applicable laws and regulations in the jurisdictions in which E*TRADE FINANCIAL does business. To that end: 
  

	•	You must know and comply with the particular legal and regulatory obligations imposed upon your part of E*TRADE FINANCIAL’s business; 

  

	•	You must observe the highest standards of professional conduct when conducting your business. 

  
 You may be held personally liable for improper or illegal acts committed during your employment. Such liability could subject you to civil
or criminal penalties (fines or imprisonment), regulatory sanctions (censure, suspension or industry bar) and disciplinary action by E*TRADE FINANCIAL, up to and including termination of your employment. 
  
 The following is a general summary of the laws that apply to E*TRADE FINANCIAL. However, this
summary cannot and does not address every possible situation that could arise in the course of E*TRADE FINANCIAL’s business. Ignorance of the law or rules is neither a defense to nor an excuse from penalties or sanctions. Therefore, if you are
uncertain about the laws of a particular jurisdiction or you are uncertain whether certain acts or practices comply with the law, you must contact Legal and Compliance. 
  
 Securities Laws 
  

Because E*TRADE FINANCIAL is licensed and regulated in a number of jurisdictions, it is subject to numerous securities laws and rules. You must understand and obey all
applicable laws.. Included among the many securities laws with which we must comply are rules concerning the proper reporting of financial information. We comply with generally accepted accounting principles in all of our filings. Any intentional
effort to violate those principles, provide misleading financial information, improperly report revenue recognition, create “side letters”, avoid revenue recognition or expense recognition will not be tolerated. Contact Brokerage Legal or
Compliance for advice on specific transactions or issues. 
  
 Exchange and Self-Regulatory Organization Rules 
  
 E*TRADE FINANCIAL belongs to many exchanges and SROs that issue and enforce rules about trading in securities, commodities and related instruments, and about other aspects of E*TRADE FINANCIAL’s business. You must be familiar with and
abide by the rules applicable to your business unit. Violations of SRO rules can lead to penalties against you and E*TRADE FINANCIAL. 
  

 7 

 CODE OF PROFESSIONAL CONDUCT 
  

 Banking Laws and Regulations 
  
 Because E*TRADE FINANCIAL is licensed and regulated in a number of jurisdictions, it is
subject to numerous banking laws and regulations. You must understand and obey all applicable laws. Contact Bank Legal or Compliance for advice on specific transactions or issues. 
  
 Licensing and Registration 
  
 Many jurisdictions require licensing or registration of individuals who perform certain activities in the financial services industry. These
requirements apply to many individual E*TRADE FINANCIAL employees. If you have any questions about whether your activities require you to be licensed or registered, you should consult with your supervisor or Compliance. 
  
 For those employees who are registered, any material changes to the information provided at
the time of registration (such as a change in name or residential address) must be provided to Compliance immediately. 
  
 Company Books and Records 
  
 E*TRADE FINANCIAL books and records must be correct in all significant respects. E*TRADE FINANCIAL expects you to be candid and accurate when providing information for
these books and records. Every business transaction undertaken by E*TRADE FINANCIAL must be recorded correctly and in a timely manner in E*TRADE FINANCIAL books and records. You may not make any false or misleading entries. 
  
 Any payment made at your request on E*TRADE FINANCIAL’s behalf must be supported by
appropriate and correct documentation. In addition, corporate records must comply with regulatory requirements and Company policies. 
  
 Antitrust and Trade Regulation Laws 
  
 Many jurisdictions have enacted antitrust and trade regulation laws to ensure fair competition. Generally, these laws prohibit monopolization, price-fixing, overlapping
boards of directors between certain types of companies, exclusive dealing and “tying” arrangements, price or service discrimination that diminishes competition, deceptive acts and unfair competition. Violations of these laws may result in
civil or criminal liability and disciplinary action by E*TRADE FINANCIAL, up to and including termination of employment. 
  
 E*TRADE FINANCIAL operates in complex business environments and it is impossible to anticipate each circumstance in which antitrust and trade regulation issues may arise.
Some forms of joint activities in the securities industry (underwriting syndicates, for example) are legally permissible, but others are not. You may confront antitrust and trade regulation issues in joint ventures, strategic investments, revenue
sharing agreements, trade industry associations, and formal or informal meetings or conversations with competitors, suppliers and other third parties. 
  

 8 

 CODE OF PROFESSIONAL CONDUCT 
  

 Under no circumstances should you: 
  

	•	discuss price, product or service arrangements, or division of market share with competitors, unless that information has previously been made publicly available or such disclosure
has been authorized by Legal and Compliance; 

  

	•	divulge the identity of E*TRADE FINANCIAL’s actual or potential customers or any of the terms on which E*TRADE FINANCIAL might deal with those customers, unless authorized by
Legal and Compliance; 

  

	•	enter into any agreement obligating any customer either to deal exclusively with E*TRADE FINANCIAL or not to purchase securities or services from a competitor, unless Legal and
Compliance has reviewed and approved the agreement; 

  

	•	enter into any agreement with a third party that involves pricing restrictions, before Legal and Compliance has reviewed and approved the agreement; or 

  

	•	illegally or improperly acquire market or competitive information. 

  
 You should contact Legal if you have questions about any antitrust or trade regulation issue. 
  
 Foreign Corrupt Practices Act and Anti-Bribery Statutes 
  
 If your job responsibilities include transactions with non-U.S. governments or
government-controlled entities, public international organizations or non-U.S. political parties (including officials, employees or representatives of any of these entities), you should assume that the U.S. Foreign Corrupt Practices Act
(“FCPA”) applies, regardless of where you are located. 
  
 The FCPA
prohibits any payment or gift, or any offer or authorization of a payment or gift, to these entities or individuals in order to secure any improper business advantage, such as inducing the entity or individual to act favorably on, or influence
others to act favorably on, business proposals or regulatory decisions. Such payments and gifts are forbidden even if they are customary in the country where they will be given. 
  
 The FCPA also prohibits payments to agents or intermediaries who would use the funds for prohibited purposes (and generally prohibit doing
indirectly what may not be done directly). Therefore, E*TRADE FINANCIAL must select only reputable agents and must determine carefully their compensation amount. You must not hire an agent before you have obtained approval from Legal. 
  

 9 

 CODE OF PROFESSIONAL CONDUCT 
  

 Many countries in the world are now adopting statutes similar to the FCPA. In addition, virtually every country has a
domestic anti-bribery statute, and many government agencies have their own rules governing the acceptance of gifts, travel or entertainment. Be aware that in some cases these statutes and rules may prohibit conduct that the FCPA would permit. Check
with Legal and Compliance if you have any questions as to the acceptability of particular conduct under the FCPA or under the statutes or rules of any country in which you are doing business. 
  
 Economic Sanctions 
  
 The U.S. Office of Foreign Assets Control (“OFAC”) imposes economic sanctions
against certain groups and countries, in order to further U.S. foreign policy and national security objectives. These countries and groups have included Cuba, North Korea, Libya, Iraq, Iran, Sudan, Syria, Serbia and Montenegro, Liberia, Burma
(Myanmar) and Zimbabwe. Sanctions may also apply to specifically designated nationals (“SDNs”), such as terrorists, narcotics traffickers, senior political figures, and persons designated as nationals of the sanctioned countries. Lists of
all countries, groups and SDNs are published periodically by OFAC. You may access these lists at http://www.treas.gov/ofac. 
  
 Under no circumstances may you open an account or undertake a transaction with a person or country on any OFAC list. If any person or entity on the OFAC list attempts to
open an account or conduct a transaction with E*TRADE FINANCIAL, you must report this activity to Corporate Security Investigation or Risk Management. No business with any person or entity on the OFAC list will be permitted unless Legal and
Compliance approve of the transaction. Countries and persons subject to sanctions are periodically added to or removed from the OFAC list. Therefore, you must keep current as to which countries and persons are subject to OFAC sanctions. 

 
 If you are located outside the U.S., different sanctions may be in force. You should
consult local Legal, Compliance or Risk Management about potential sanctions. 
  
 Anti-Boycott Laws 
  
 U.S. law prohibits E*TRADE
FINANCIAL from complying with or supporting a foreign country’s boycott of a country “friendly” to the United States. Accordingly, employees who are U.S. residents or nationals, wherever located, may not refuse to do business with
anyone for boycott-related reasons, furnish information requested for boycott reasons, or otherwise support a foreign boycott not sanctioned by the U.S. 
  
 If you are located outside the U.S., there may be local law that is the reverse of the U.S. anti-boycott law. You should consult local Legal and Compliance with any
questions about the existence or effect of such laws. 
  

 10 

 CODE OF PROFESSIONAL CONDUCT 
  

 Currently, the best-known boycott with which U.S. law prohibits compliance is the Arab boycott of Israel and its
nationals. With respect to this boycott, E*TRADE FINANCIAL is required to report annually all operations in or related to the boycotting countries – which may include Bahrain, Egypt, Jordan, Oman, Iraq, Qatar, Saudi Arabia, Kuwait, Syria,
Lebanon, United Arab Emirates, Libya, Republic of Yemen and others – to the U.S. Government. E*TRADE FINANCIAL must also report promptly any request to support or furnish information about this boycott, including any oral request received
during a transaction. 
  
 Requests to support or furnish information about a
boycott often arise during negotiations of contract terms. If you receive or learn of such a request, report it immediately to Legal. 
  
 Anti-Money Laundering Laws 
  
 The term “money laundering” covers any procedure that changes the identity of illegally obtained money so that it appears to have originated from a legitimate
source. The USA PATRIOT Act and other federal laws require E*TRADE FINANCIAL to verify our customers’ identities and to report any attempts to launder funds or conduct other suspicious activities. 
  
 Money laundering may occur not only in connection with new clients but also with new or
existing accounts of established clients. Thus, you must be mindful of the problem of money laundering and constantly vigilant for signs of such activity. You must make every effort to know E*TRADE FINANCIAL’s customers and to be aware at all
times of what might constitute a suspicious transaction or behavior. 
  
 If you
have grounds for suspecting money laundering, you should immediately inform Corporate Safety & Security and Risk Management. E*TRADE FINANCIAL’s or its employees’ conduct that assists money laundering could be a serious criminal
offense. Failure to report suspicions of money laundering to the relevant authorities also may be an offense. Finally, do not alert the client of your suspicion, as this may also be an offense in certain jurisdictions. 
  
 If you have any questions concerning these issues, contact Legal, Corporate Safety &
Security, or Risk Management. 
  
 Intellectual
Property Protection 
  
 Most jurisdictions have some form of legal protection for
intellectual property, including copyrights, patents, trademarks and trade secrets. 
  
 Copyright laws govern the display and reproduction of copyrighted material, which includes most books, magazines, newspapers, websites, research reports and software. You cannot display or reproduce copyrighted material without the
permission of the copyright owner. Because copyright laws are complex, you should contact Legal with questions about displaying or reproducing material subject to copyright protection. 
  

 11 

 CODE OF PROFESSIONAL CONDUCT 
  

 Patent laws govern the right to make, use and sell a patented invention. Certain software applications and business
methods may be subject to patent protection. If you develop a software application, business method or invention during the course of your employment with E*TRADE FINANCIAL, you should document the development and consult with your direct supervisor
and Legal concerning its patentability. Similarly, before introducing a software application, business method or invention that is similar to that of another company, particularly in the financial services industry, you should consult with Legal
about infringement risks. 
  
 Trademark laws govern the use of product or brand
names, service marks, and trade names that the public associates with a particular product or service. You must obtain prior approval of all uses of E*TRADE FINANCIAL’s trademarks, service marks and trade names from Legal or Compliance-
Advertising Review as appropriate. In addition, before adopting any new names for product or service offerings, you must have Legal approval. 
  
 Trade secret protection governs the disclosure and use of information that the owner has endeavored to hold secret, usually because the information provides the owner
with a competitive advantage. It is not necessary that the information be subject to copyright, patent or trademark protection in order to constitute a trade secret. 
  
 E*TRADE FINANCIAL policies govern situations in which you develop, create or receive any materials subject to intellectual property
protection in the course of your employment for E*TRADE FINANCIAL. If you have any questions concerning these policies, review E*TRADE FINANCIAL’s policy on “Handling Proprietary and Confidential Information”, outlined in this Code,
and consult with Legal. 
  
 Privacy Laws and
Regulations 
  
 E*TRADE FINANCIAL employees are required as a term of their
employment to agree to maintain the confidentiality of sensitive non-public customer and employee information to which they may be exposed from time-to-time during the course of their employment. It is advised that prior to providing any such
information to business partners and/or any third party that internal policies and procedures be reviewed, such as E*TRADE FINANCIAL’s privacy policy and any opt-out provisions which may be applicable, and should there still be questions about
the release of the information, that advice of the Legal and Compliance departments be obtained. In addition to privacy policies, laws and regulations require that E*TRADE FINANCIAL maintain the confidentiality of customer information. Laws may
prohibit sharing of customer data even among E*TRADE FINANCIAL entities. For questions regarding privacy contact Legal or Compliance. 
  

 12 

 CODE OF PROFESSIONAL CONDUCT 
  

 Reporting Inappropriate Activity 
  
 If at any time, you become aware of activity of any employee (including yourself) which you
believe is or may be a violation of any law, rule or regulation, or that is a breach of our customer’s faith in our integrity, you have an obligation to report that activity to your supervisor, Human Resources, Legal or Compliance immediately.

  
 Any reported incident of inappropriate activity will be investigated promptly.
The investigation may include individual interviews with the parties involved and when necessary, with individuals who may have observed the alleged conduct or may have other relevant knowledge. The investigation may also involve the review of any
systems utilized in the alleged transaction and any relevant electronic or written information. 
  
 Retaliation is prohibited. 
  
 E*TRADE FINANCIAL prohibits retaliation against any individual who, in good faith, reports any inappropriate activity or any individual who participates in, or otherwise
supports an investigation of such reports. Anyone who retaliates against an individual under such circumstances will be subject to disciplinary actions up to and including termination of employment. 
  
 Dealing with Third Parties 
  
 Authority to Act on Behalf of E*TRADE FINANCIAL 

 
 Do not commit E*TRADE FINANCIAL to any obligations unless you have the authority to do
so. Except with respect to trading activities performed by registered brokers and customer service representatives on behalf of our brokerage customers in the regular course of business, only certain individuals (typically Members of the
entity’s Board of Directors, and its Officers, EVPs, or VPs) may enter into commitments on behalf of E*TRADE FINANCIAL, which includes signing contracts on behalf of any E*TRADE FINANCIAL entity. All contracts must be reviewed and approved by
Procurement and/or Legal (depending on the subject of the agreement) before they are signed. Certain contracts also require approval of the Technology Infrastructure Committee or Finance. In addition, various business units and departments have
special approval requirements for commitments of a certain size. You should consult with your supervisor to learn of any such policies. You should contact Legal with any questions regarding authority to bind E*TRADE FINANCIAL to obligations with
third parties. 
  

 13 

 CODE OF PROFESSIONAL CONDUCT 
  

 Conflicts of Interest 
  
 Separate and apart from applicable laws and regulations, you have a primary business and ethical responsibility to E*TRADE FINANCIAL to
avoid any activity or relationship that may interfere, or have the appearance of interfering, with the performance of your duties in a loyal, efficient manner to the best of your ability. Such activities and relationships, called “conflicts of
interest”, include any interest, relationship or activity that is incompatible or has the appearance of being incompatible with the best interests of E*TRADE FINANCIAL, or which potentially affects or has the appearance of affecting your
objectivity as an employee. 
  
 Depending on your particular responsibilities,
potential conflict of interest situations may include, but are not limited to: 
  

	•	using of E*TRADE FINANCIAL’s premises, assets, information or influence for personal gain; 

  

	•	causing E*TRADE FINANCIAL to purchase services or products from family members or businesses in which you or your family have or may have an interest, unless cleared to do so after
disclosing the pertinent facts to your direct supervisor and Legal and Compliance; 

  

	•	serving as a director, officer, employee, partner, consultant or agent of an enterprise that is a present or potential supplier, or a competitor of E*TRADE FINANCIAL; or that
engages or may engage in any other business with E*TRADE FINANCIAL; 

  

	•	owning a material stock, being a creditor or having other financial interest in an enterprise described above; 

  

	•	having any other significant direct or indirect personal interest in a transaction involving E*TRADE FINANCIAL; 

  

	•	obtaining or using for personal benefit confidential information regarding an enterprise described above, or providing confidential information regarding E*TRADE FINANCIAL or its
business to such an enterprise; 

  

	•	appropriating for personal benefit a business opportunity that E*TRADE FINANCIAL might reasonably have an interest in pursuing, without first making the opportunity available to
E*TRADE FINANCIAL; or 

  

	•	engaging in outside activities that detract from or interfere with the full and timely performance by an employee of all of his or her duties for the Company.

  

 14 

 CODE OF PROFESSIONAL CONDUCT 
  

 Your involvement in certain outside activities may require the prior approval of E*TRADE FINANCIAL. If you have any
questions, consult E*TRADE FINANCIAL’s policies on “Outside Business Activities” and contact Compliance. 
  
 Gifts to and from Customers, Suppliers and Others 
  
 You and your family members may not accept gifts or special favors (other than of nominal value) from any person or organization with which
E*TRADE FINANCIAL has a current or potential business relationship. In addition, Company policy, applicable laws, regulations or SRO rules, may prohibit you from giving gifts in excess of specified monetary levels (or of any value) to third parties,
including persons employed with a stock exchange, regulatory authority, financial institution, broker, dealer, or the news or financial information media. Contact Compliance about specific restrictions or the meaning of “nominal value”.

  
 When permitted by law and consistent with accepted business practices and
ethical standards, you may give gifts of nominal value to customers, suppliers and persons who have referred business to E*TRADE FINANCIAL. No gifts should be given if public disclosure of the circumstances would embarrass you or E*TRADE FINANCIAL.
Special restrictions often apply to gifts to and entertainment of government employees, even of nominal value. 
  
 Customer entertainment expenses are generally not considered gifts if employees are present, the provision of the entertainment is not routine, and the expense is not excessive. Contact your supervisor or Compliance
for further details. 
  
 You must provide complete and accurate expense reports
for all gifts and entertainment expenses paid for by E*TRADE FINANCIAL. 
  
 Selecting Suppliers 
  
 Evaluate competing
suppliers by their long-term financial stability and the price and quality of the product or service. Personal relationships should not be (or be perceived to be) a factor in the decision to use a particular supplier. However, you may consider
E*TRADE FINANCIAL’s interest in developing mutually productive business relationships. 
  
 Requests for Legal, Financial or Tax Advice 
  
 Customers may request legal, financial or tax advice about securities or other issues because they assume that you are knowledgeable about those areas. Company policy
generally prohibits customer service representatives, relationship managers, and brokers giving legal, financial or tax advice to a customer unless you are specifically approved to give investment advice as a member of the investment specialist
group. Customers should be advised to consult their own counsel for legal advice and to consult their own tax advisors for tax guidance. 
  

 15 

 CODE OF PROFESSIONAL CONDUCT 
  

 Advertising 
  
 Only Marketing is authorized to arrange for advertising on E*TRADE FINANCIAL’s behalf. All advertising, including announcements of
Company transactions, must be coordinated, approved and placed by Marketing. 
  
 Charitable Contributions 
  
 E*TRADE FINANCIAL
coordinates all of its charitable contribution programs including sponsorship or participation in charity events through local site leadership committees with oversight by the CEO and President in conjunction with Board approval. 
  
 Political Action Committee 
  
 E*TRADE FINANCIAL supports a Political Action Committee (the “E*TRADE PAC”) as
authorized by, and in accordance with, federal law. E*TRADE PAC funds are used to make contributions to candidates for federal office. Participation or membership in the E*TRADE PAC is completely voluntary. E*TRADE FINANCIAL does not require any of
its employees to participate in the E*TRADE PAC and no employee should ever feel obligated in any way to participate. Participation in the E*TRADE PAC will not help or hinder the employee in any way, and E*TRADE FINANCIAL will not tolerate any
reprisal, including physical force, job discrimination or any threat of employment retaliation or financial disadvantage to any employee who chooses not to participate. Any employee who feels that anyone has placed any undue pressure on them to
participate in the E*TRADE PAC should immediately report the situation to a Human Resources representative, any representative of the Government Affairs office or Legal and the matter will be resolved as soon as possible. 
  
 Communications with the Media and other Third Parties

  
 E*TRADE FINANCIAL values its relationships with the press and maintains
routine, ongoing contact with key publications and broadcast outlets around the world. 
  
 Because our corporate communications strategy is coordinated across the Company’s various business lines, and because our corporate messaging must be very concise and consistent, only trained and approved spokespersons, working in
coordination with Corporate Communications, are authorized to represent the Company to the Media. Refer all unsolicited press inquiries to Corporate Communications. Do not initiate contact with the press without consulting Corporate Communications.
This includes “letters to the editor” or comments to journalists about specific matters that relate to E*TRADE FINANCIAL’s businesses and those that identify you as an employee of E*TRADE FINANCIAL. With respect to press inquiries
about legal or regulatory matters or customer complaints, you should follow the procedures in the Code entitled “Your Duties Regarding Litigation, Investigations, Inquiries and Complaints”. 
  

 16 

 CODE OF PROFESSIONAL CONDUCT 
  

 Corporate Communications must authorize participation in personal profiles or stories about “lifestyle” in
which E*TRADE FINANCIAL is referenced. If you wish to appear in articles regarding your activities outside E*TRADE FINANCIAL (philanthropic activities or hobbies, for example), you may do so. However, do not identify yourself as an employee or use
E*TRADE FINANCIAL’s name or facilities in any way without approval from Corporate Communications. 
  
 All press releases mentioning E*TRADE FINANCIAL must be approved by Corporate Communications and Legal and Compliance before being released by E*TRADE FINANCIAL, its customers, suppliers or any other organization.

  
 You may not endorse the products or services of suppliers or customers on
behalf of E*TRADE FINANCIAL unless expressly authorized by Corporate Communications. This includes commenting in press articles (including in-house publications) and participating in testimonial advertising, promotional brochures or annual reports.
In addition, you may not permit third parties to use E*TRADE FINANCIAL’s name for endorsements of their products or services without the approval of Corporate Communications. 
  
 You may not participate in any chat room or bulletin board discussions (whether in real-time or not in real-time) in any way representing
the business, activities and/or opinions of E*TRADE FINANCIAL. 
  
 Outside Lawyers 
  
 Our corporate legal strategy
is coordinated across the lines of our business units to control costs and maintain consistent legal positions. For that reason you must obtain clearance from Legal before speaking to an outside lawyer or law firm on behalf of E*TRADE FINANCIAL.
Only Legal can retain outside lawyers or law firms on E*TRADE FINANCIAL’s behalf. 
  
 Treatment of Privileged Communications and Documents 
  
 Treat all communications and documents seeking or receiving legal advice and preparing for litigation as confidential and subject to
attorney-client and/or work product privileges. This includes communications with, and documents created at the direction of, by or for, Legal or E*TRADE FINANCIAL’s outside counsel. Communicate such information and documents within E*TRADE
FINANCIAL on a strict need-to-know basis and only at the direction of Legal. Do not disclose such information or documents to anyone outside E*TRADE FINANCIAL unless specifically directed to do so by the Company’s legal counsel. 
  
 Documents that are prepared for, or at the direction of, Legal or outside counsel, should be
marked “Attorney-Client Communication, Privileged and Confidential”. Note, however, that merely marking documents “Privileged” or “Confidential” does not provide legal protection from disclosure to a regulatory
authority or a 
  

 17 

 CODE OF PROFESSIONAL CONDUCT 
  

 litigation adversary unless the document satisfies the legal requirements for the relevant privilege. Documents are
not protected from disclosure to a regulator or in litigation merely because the author copies someone in Legal or because the author believes the documents are personal or private. Moreover, some jurisdictions do not have the legal concept of
privilege. 
  
 If you have any questions about whether a communication or document
is privileged, consult Legal. 
  
 Litigation,
Investigations, Inquiries and Complaints 
  
 Notification 
  
 You must notify your direct supervisor and Legal and
Compliance immediately in the event that you: 
  

	•	become involved in any criminal or regulatory investigation or proceeding (including if you are arrested, indicted or otherwise charged with an offense or if you enter a plea or
settle such a matter); 

  

	•	become involved in any civil litigation or arbitration (excluding minor traffic violations, personal injury claims, small claims or family law matters that do not concern E*TRADE
FINANCIAL); 

  

	•	receive a subpoena, inquiry or request from a governmental, regulatory or administrative agency or a claimant, plaintiff or outside attorney that involves, or has the potential for
involving, E*TRADE FINANCIAL; or 

  

	•	receive a customer complaint, whether made orally or in writing. 

  
 You must contact Legal and Compliance concerning the above matters at the earliest opportunity and provide updates and reports on the status of such matters on a regular
basis. You must not take any action concerning E*TRADE FINANCIAL in the above matters without first contacting Legal and Compliance. Failure to do so may lead to disciplinary action, up to and including termination of your employment. 
  
 Cooperation 
  
 During litigation, an internal investigation, or a governmental, regulatory or
administrative inquiry, audit or exam involving E*TRADE FINANCIAL, you may be asked to provide information, including documents, testimony or statements to Legal, Compliance, E*TRADE FINANCIAL’s outside counsel, or a governmental, regulatory or
administrative authority. You may also be asked to meet with these entities or persons. As a term and condition of your employment, you must consider such a request your top priority and you must cooperate fully 
  

 18 

 CODE OF PROFESSIONAL CONDUCT 
  

 with any such request, in coordination with Legal and Compliance, and you must provide truthful information. You are
not permitted to discuss any such request, or the substance of any discussions or requests, with any third party, especially including an individual who is the subject of an investigation or inquiry, without prior approval from Legal and Compliance.
If you are contacted by an individual who is the subject of an investigation and are requested to provide information about the investigation, you must inform the individual that you are not permitted to disclose any information and you must contact
Legal and Compliance to inform them of the contact. Failure to do so may subject you to civil or criminal liability and may be grounds for termination of your employment. In addition, E*TRADE FINANCIAL may provide information, including documents,
testimony or statements, concerning you or your activities at E*TRADE FINANCIAL in connection with requests or inquiries by governmental, regulatory or administrative authorities. E*TRADE FINANCIAL strictly complies with all laws relating to the
privacy of your personal information and will ordinarily provide you notice prior to producing any such information, however, it may not be appropriate to provide such notice in every circumstance. E*TRADE FINANCIAL retains the discretion to provide
any information in accordance with applicable law. 
  
 Communication with Governmental and Regulatory Authorities 
  
 Legal and
Compliance supervise all contacts with governmental and regulatory bodies and attorneys regarding subpoenas, investigations, inquiries and requests. Do not initiate any contacts with a governmental or regulatory body or attorney regarding such
matters without the permission of Legal or Compliance. If you are contacted about a subpoena, investigation, inquiry or request, follow the procedures outlined above. 
  
 Government Affairs supervises all other contacts with government and legislative officials and regulatory bodies. Do not initiate any
contacts with such entities or individuals without coordinating with Government Affairs. If you are contacted about public policy or political matters, do make any commitments or provide any substantive information unless and until Government
Affairs has approved the response. 
  
 Communication with the Media and other Third Parties 
  
 Litigation,
investigations, inquiries and complaints involving E*TRADE FINANCIAL or its employees may be the subject of press coverage or inquiries and discussion inside and outside E*TRADE FINANCIAL. Consistent with the procedures in the Code entitled
“Communications with the Media”, you are not permitted to discuss such matters with the media, unless authorized by Corporate Communications, Legal and Compliance or the Chief Executive Officer. 
  
 Do not communicate with claimants, their attorneys, or any other third party about Company
litigation or other office-related matters. If a claimant, attorney, 
  

 19 

 CODE OF PROFESSIONAL CONDUCT 
  

 regulator or government agency contacts you, say that the matter is the subject of litigation and cannot be discussed
with the individual, unless you have received prior authorization from Legal. Direct the claimant or attorney to Legal and inform the relevant department of the contact as soon as possible. Be aware that your conversations might be recorded or
monitored without your knowledge or consent and if requested by a third party, do not consent to the recording of any conversation. 
  
 Dealings with E*TRADE FINANCIAL 
  
 Dealings with E*TRADE FINANCIAL’s Employees 
  
 In dealing with fellow employees, it is critically important to be honest, forthcoming and fair. Each and every employee must be treated
with the dignity and respect that each of us deserve. 
  
 To help employees drive
their performance, it is very important that those who supervise them give clear direction, feedback and support to their employees. E*TRADE FINANCIAL commits that all employees will receive performance reviews in accordance with our current
performance review policy. 
  
 Protecting E*TRADE
FINANCIAL’s Assets 
  
 E*TRADE FINANCIAL’s assets include, but are not
limited to, its cash and securities, its premises, its technology, its proprietary and confidential information, its legally privileged materials, its intellectual property (such as software, business plans, non-public financial information, ideas
for new products or services, and employee and customer lists), and its reputation. Specific policies with respect to protecting these assets are in E*TRADE FINANCIAL’s policy on “Handling Proprietary and Confidential Information”,
which is outlined in this Code, as well as the Employee Agreement regarding Proprietary Rights and Confidential Information signed by employees at the beginning of their employment. 
  
 In general, you must use E*TRADE FINANCIAL’s assets solely for the benefit of E*TRADE FINANCIAL or its customers. In addition, you must
safeguard these assets by adhering to E*TRADE FINANCIAL’s security policies and procedures. Be alert to incidents that could lead to the loss, misuse or theft of Company property. Report all such occurrences immediately to your direct
supervisor and, if appropriate, to Corporate Safety & Security. 
  
 Use of E*TRADE FINANCIAL’s Information and Communications Systems 
  
 E*TRADE FINANCIAL maintains certain systems, including telephones, voicemail, electronic mail, computer networks, personal digital assistants and remote access capabilities to further E*TRADE FINANCIAL’s business
objectives. Any systems to which you are provided access are to be used for business purposes. You must adhere to all Company policies and any policies that your business unit or department may set governing such usage. 
  

 20 

 CODE OF PROFESSIONAL CONDUCT 
  

 Generally, you should use E*TRADE FINANCIAL’s systems only for Company business. You may use the systems for
limited personal use in accordance with E*TRADE FINANCIAL policies governing communications and conduct generally. However, any use for personal profit or contrary to law or Company policies is prohibited. In addition, you may not use E*TRADE
FINANCIAL’s systems to send, store, view or forward unlawful, offensive, harassing, discriminatory or other inappropriate materials or message, including pornography, jokes, political or religious materials, and violent or obscene language or
images. Furthermore, you may not send, store, view or forward advertisements, solicitations or promotions not related to Company business except as expressly authorized by the Company. 
  
 Use sound judgment when composing or forwarding electronic mail, keeping in mind that e-mail is just as valid a form of communication as a
formal business letter, and should be crafted with the same level of decorum and formality. Treat such communications as written, not oral, because they could be retained on E*TRADE FINANCIAL’s systems even after you have deleted them. In
addition, such communications could be copied and distributed widely by the recipient. 
  
 Generally, information made available through E*TRADE FINANCIAL’s intranet is intended for internal use only. Please refer to the policies of your business unit or department and contact Legal and Compliance with any questions on the
use of this information. 
  
 All software transmitted over, downloaded onto or
installed on E*TRADE FINANCIAL’s systems must be approved by and registered with E*TRADE FINANCIAL. Unapproved software is strictly prohibited in order to prevent unauthorized or unlawful use and transmission of computer viruses. Contact
Corporate Safety & Security or Legal with any questions. 
  
 Monitoring of Communications and Files 
  
 E*TRADE FINANCIAL reserves the right to monitor and review all written and electronic communications that employees send or receive at work or using E*TRADE FINANCIAL’s systems, including electronic mail, voicemail, envelopes, packages
or messages delivered to the Company and items marked “Personal and Confidential”. Authorized persons may, as permitted by applicable law, access your desk or workspace files, electronic mail, voicemail messages, internet usage records,
telephone records, word processing files and other information files, for example, to monitor compliance with applicable laws, regulations or Company policies. In addition, E*TRADE FINANCIAL may, subject to applicable law, record and monitor
conversations on Company 
  

 21 

 CODE OF PROFESSIONAL CONDUCT 
  

 telephones, for example, to ensure the accuracy of transaction records, to comply with applicable laws and
regulations, to evaluate the quality of customer service or to check compliance with Company policies. 
  
 All information stored on or transmitted using E*TRADE FINANCIAL’s systems and all recordings and transcripts of telephone conversations are Company property. Subject to applicable law, you have no expectation of
privacy regarding the use of any of these systems. In addition, under appropriate circumstances, regulators may gain access to this information and material. 
  
 E*TRADE FINANCIAL records telephone calls with customers as required, however you may not otherwise record any conversation, whether over the telephone or in person, or
participate in any conversation that you know is being recorded, that relates to E*TRADE FINANCIAL’s business or employees without the prior written approval of Legal and Compliance. However, you should be aware that third parties might record
your conversations without seeking your permission or giving prior notice. 
  
 Disputes with E*TRADE FINANCIAL 
  
 If you have a
dispute with E*TRADE FINANCIAL relating to or arising out of your employment, your first course of actions should be to bring that dispute to the attention of your supervisor, Human Resources, or any member of the Company’s management team with
whom you feel comfortable. The vast majority of issues can be addressed by simply talking them through. You should consult with Human Resources or Legal concerning any formal dispute resolution procedures that you may be required to use to resolve
any dispute relating to your employment, including the termination of your employment. For example, U.S. registered employees who have signed a Form U-4 are required to arbitrate many such disputes with E*TRADE FINANCIAL in accordance with the rules
of the organizations with which they are registered. In addition, at the beginning of their employment, most employees signed a separate agreement specifically agreeing to arbitrate any dispute that may arise with E*TRADE FINANCIAL. If your dispute
involves claims of discrimination or harassment, you should review the “Non-discrimination and Anti-Harassment Policy” outlined in this Code. 
  
 Even if you are not required by contract to arbitrate a dispute with E*TRADE FINANCIAL, you should consult with Human Resources or Legal concerning the availability of
any arbitration or mediation procedures that may have been established by E*TRADE FINANCIAL. 
  
 Substance Abuse 
  
 E*TRADE FINANCIAL seeks to maintain a safe work environment. Therefore, you may not sell, purchase, use, possess, or be under the influence of any illegal substance while
on E*TRADE FINANCIAL’s premises or while conducting Company business. In addition, you must abide by any Company policies 
  

 22 

 CODE OF PROFESSIONAL CONDUCT 
  

 concerning the use of alcohol at Company related or sponsored events, whether or not on E*TRADE FINANCIAL’s
premises. You should contact Human Resources with any questions concerning such policies. 
  
 Conduct not in compliance with E*TRADE FINANCIAL’s policies is inconsistent with E*TRADE FINANCIAL’s business interests and will be grounds for disciplinary action, including termination. 
  
 Post-Termination Obligations of Employees 
  
 You must return all identification badges and building access cards on or before your last
day of work. Personal computers, laptops, personal digital assistants, printers and other peripheral devices, and any other equipment provided to you in the course of your employment are and remain the property of E*TRADE FINANCIAL and must be
returned on or before the last day of your employment. 
  
 You must continue after
the end of your employment to abide by E*TRADE FINANCIAL’s policies concerning the handling of proprietary and confidential information, the treatment of inside information and the handling of privileged materials, as outlined in this Code and
in any specific policies of your business unit or department. If you have downloaded such information onto any personal computer equipment, including a personal digital assistant, you are required to delete that information permanently from the
equipment. 
  
 Each business unit or department may have its own policies and
procedures for departing employees. Your supervisor and Human Resources can advise you of any policies and procedures that apply to your particular situation. If you have any questions about your post-termination obligations, please consult Human
Resources, Legal, or Compliance. 
  

 23 

			
	 CODE OF PROFESSIONAL CONDUCT
	  	

  
 Non-Discrimination and Anti-Harassment Policy 
  
 E*TRADE FINANCIAL
promotes equal employment opportunity for all employees in connection with recruitment, hiring, placement, selection, training, development, promotion, transfer, demotion, discipline, compensation and termination of employees. E*TRADE FINANCIAL is
committed to providing a workplace that is free of sexual or other harassment. 
  
 Equal Employment Opportunities 
  
 It is the policy of E*TRADE FINANCIAL to ensure equal employment opportunity without discrimination or harassment because of race, color, national origin, religion, sex,
age, disability, citizenship, marital status, sexual orientation, military status or any other characteristic protected by applicable law. E*TRADE FINANCIAL is committed to a work environment in which all individuals are treated with respect and
dignity. Each individual should have the ability to work in a professional atmosphere that promotes equal employment opportunities and prohibits discriminatory practices, including harassment. E*TRADE FINANCIAL expects that all relationships among
persons in the workplace be businesslike and free of bias, prejudice and harassment. If you have any questions, please contact Human Resources. 
  
 Discrimination and Harassment Are Against Company Policy and Illegal 
  
 E*TRADE FINANCIAL prohibits and will not tolerate any discrimination or harassment, whether committed by any employee, management or non-supervisory, temporary agency
employees, vendors, contractors or guests. In addition, U.S. law and the laws of most jurisdictions prohibit discrimination and harassment. Conduct prohibited by E*TRADE FINANCIAL’s policy, as set forth herein, or under the law is unacceptable
in the workplace and in any work- related setting outside the workplace, such as during business trips, business meetings and social events related to E*TRADE FINANCIAL’s business. 
  

 24 

 CODE OF PROFESSIONAL CONDUCT 
  

 Definitions of Harassment 
  
 Both sexual harassment and harassment because of any protected characteristic are
prohibited. SEXUAL HARASSMENT is defined as unwelcome sexual advances, requests for sexual favors and other verbal or physical conduct of a sexual nature when, for example: 
  

	•	submission to such conduct is made either explicitly or implicitly a term or condition of an individual’s employment, 

  

	•	submission to or rejection of such conduct by an individual is used as the basis for employment decisions affecting that individual; or 

  

	•	such conduct has the purpose or effect of interfering unreasonably with an individual’s work performance or creating an intimidating, hostile or offensive work environment.

  
 Sexual harassment may include subtle behavior and may involve
individuals of the same or different sex. Depending on the circumstances, this behavior may include, but is not limited to: 
  

	•	unwanted sexual advances or requests for sexual favors; 

  

	•	sexual jokes and innuendo; verbal abuse of a sexual nature; 

  

	•	commentary about an individual’s body, sexual prowess or deficiencies; 

  

	•	leering, “catcalls” or touching; 

  

	•	obscene gestures; 

  

	•	display or circulation (including through electronic mail) in the workplace of pornography or any other form of sexually suggestive written or graphic material, objects or pictures;
and 

  

	•	other physical, verbal or visual conduct of a sexual nature. 

  
 HARASSMENT BECAUSE OF A PROTECTED CHARACTERISTIC is defined as verbal or physical conduct that denigrates or shows hostility or aversion toward an individual (or
an individual’s relatives, friends or employees) because of race, color, religion, sex, national origin, age, disability, citizenship, marital status, military status, sexual orientation, or any other characteristic protected by law and that:

  

	•	has the purpose or effect of creating an intimidating, hostile or offensive work environment; 

  

 25 

 CODE OF PROFESSIONAL CONDUCT 
  

	•	has the purpose of interfering unreasonably with an individual’s work performance; or 

  

	•	otherwise adversely affects an individual’s employment opportunities. 

  
 Harassing conduct includes, but is not limited to: 
  

	•	epithets, slurs or stereotyping; 

  

	•	threatening, intimidating or hostile acts; 

  

	•	denigrating jokes; and 

  

	•	display or circulation (including through electronic mail) in the workplace of written or graphic material that denigrates or shows hostility or aversion toward an individual or
group. 

  
 Workplace Violence Is
Prohibited 
  
 E*TRADE FINANCIAL also is committed to responding appropriately to
provide its employees with a work environment that is free of threats, intimidation and violence. E*TRADE FINANCIAL expressly forbids any such behavior or the possession of firearms and other weapons when conducting Company business, whether on or
off E*TRADE FINANCIAL’s premises. Further guidance on determining what conduct or behavior is inappropriate and in violation of Company policy, is available from Human Resources, Corporate Safety & Security or Legal. 
  
 Retaliation Is Prohibited 
  
 E*TRADE FINANCIAL also prohibits retaliation against any individual who, in good faith, reports discrimination, harassment, violence or
concerns about affirmative action, or any individual who participates in, or otherwise supports, an investigation of such reports. Anyone who retaliates against an individual under such circumstances will be subject to disciplinary action, up to and
including termination of employment. 
  
 Individuals Covered 
  
 This policy applies to all applicants and
employees, and prohibits harassment, discrimination, violence and retaliation whether engaged in by fellow employees, a supervisor or a manager. Persons not directly connected to E*TRADE FINANCIAL (for example, outside vendor, consultant, or
customer) also are expected to comply with the policy in all respects. 
  

 26 

 CODE OF PROFESSIONAL CONDUCT 
  

 Reporting an Incident 
  
 You are strongly urged to report all incidents of discrimination, harassment, violence or retaliation, regardless of the offender’s identity or position, so that an
effective remedial action can be taken as appropriate. You may make complaints in writing or orally. 
  
 If you believe that, you have experienced conduct that is contrary to this policy or have concerns about such matters, remember that often the first and most effective resource is to tell the individual that undertook
the conduct that you felt the behavior was inappropriate. Often such open communication can clear up an innocent misunderstanding. Of course, at any time you may report the matter to your direct supervisor, Human Resources, Legal or Corporate Safety
& Security or any individual at the Business Leader or Chief level with whom you feel comfortable. If the problem involves your supervisor or if there are other reasons for not approaching your supervisor, you should bring the complaint to Human
Resources, Corporate Safety & Security, or Legal. 
  
 Important Notice to All
U.S. Employee 
  
 If you are a U.S. Employee, who has experienced conduct you
believe is contrary to this policy and you plan to pursue legal action concerning such conduct, you could have a legal obligation to take advantage of E*TRADE FINANCIAL’s complaint procedure. Your failure to fulfill this obligation could affect
your right to pursue legal action. Employees outside the U.S. should consult the law governing their jurisdiction with respect to any obligation to use E*TRADE FINANCIAL’s complaint procedure. 
  
 Investigation of Allegations 
  
 All reported allegations of discrimination, harassment, violence or retaliation will be investigated promptly. The investigation may include
individual interviews with the parties involved and with individuals who may have observed the alleged conduct or may have other relevant knowledge. 
  
 Confidentiality will be maintained throughout the investigation process to the greatest extent possible consistent with adequate investigation and appropriate corrective
action. However, you cannot expect that a complaint will be maintained in complete confidence or that you may report an allegation of inappropriate behavior and expect the company to not do anything about it. E*TRADE FINANCIAL will take every action
to protect you from any retaliation for reporting any inappropriate activity. 
  
 Consequences of Inappropriate Behavior 
  
 Misconduct, including
harassment, discrimination, violence, retaliation, any act of moral turpitude or any other form of unprofessional, illegal or criminal behavior, may subject you to disciplinary action by E*TRADE FINANCIAL, up to and including immediate termination.
In addition, unlawful conduct may subject you to civil, and in some cases criminal, liability. 
  

 27 

			
	 CODE OF PROFESSIONAL CONDUCT
	  	

  
 Handling Proprietary and Confidential
Information 
  
 Handling proprietary and confidential information in the
appropriate manner safeguards E*TRADE FINANCIAL’s assets and ensures compliance with regulations. 
  
 In this Code, we refer to “proprietary information” and “confidential information”. Regardless of the terminology used, any information that meets either of the definitions described below may
be considered “trade secrets” and is protected by the applicable law in your jurisdiction. 
  
 Definition of Proprietary Information 
  
 PROPRIETARY INFORMATION is Company information not known to the public that may have intrinsic value or that may provide E*TRADE FINANCIAL with a competitive advantage. Proprietary information includes, but is not limited to: 
  

	•	computer programs and other systems information; 

  

	•	algorithms; 

  

	•	business, product or marketing plans; 

  

	•	sales forecasts 

  

	•	customer lists; 

  

	•	intellectual property; and 

  

	•	business practices. 

  

 28 

 CODE OF PROFESSIONAL CONDUCT 
  

 Proprietary information also includes the information derived from public sources but which becomes proprietary
through E*TRADE FINANCIAL’s aggregation or interpretation of that information. 
  
 Proprietary information may be present in various media and forms, including written documents, computer files, diskettes, videotapes, audiotapes and oral communications. 
  
 Definition of Confidential Information 
  
 CONFIDENTIAL INFORMATION is information that is not generally known to the public about E*TRADE FINANCIAL, its customers, its counterparties or other parties with which
E*TRADE FINANCIAL has a relationship. Like proprietary information, confidential information may be present in various media and forms. Information may be both confidential and proprietary. 
  
 Examples of confidential information concerning E*TRADE FINANCIAL and its employees,
customers and counterparties include, but are not limited to: 
  

	•	personal information; 

  

	•	financial information; 

  

	•	securities trades or holdings; 

  

	•	business plans or projections; 

  

	•	acquisition or divestiture plans; 

  

	•	securities issuance, buy-back or tender plans; 

  

	•	restructuring or reorganization plans; 

  

	•	legally privileged communications and materials; 

  

	•	identities of customers or counterparties of E*TRADE FINANCIAL; 

  

	•	existence and terms of agreements with customers or counterparties; and 

  

	•	programs and materials on E*TRADE FINANCIAL’s information systems. 

  
 Confidential information also may concern individuals or entities that are not customers or counterparties. You should treat as confidential any non-public information
about individuals, companies or transactions if: 
  

	•	it has not been publicly disseminated; and 

  

 29 

 CODE OF PROFESSIONAL CONDUCT 
  

	•	it has been acquired directly or indirectly from an individual or company involved in an actual or potential transaction or a business relationship in which E*TRADE FINANCIAL may
have a role, or anyone acting on behalf of the foregoing. 

  
 Guidelines for Accepting Proprietary or Confidential Information 
  
 Before accepting proprietary or confidential information from any third party, evaluate the consequences to E*TRADE FINANCIAL. The decision to accept such information may preclude E*TRADE FINANCIAL from doing other business involving the
customer or counterparty. In general, do not accept information from a customer or counterparty beyond that which is necessary for the customer or counterparty to conduct its business with E*TRADE FINANCIAL. In addition, you should comply with any
policies and preclearance procedures of your business unit or department concerning the acceptance of proprietary or confidential information. 
  
 Confidentiality Agreements 
  
 No E*TRADE FINANCIAL employee is authorized to enter into any confidentiality or non-disclosure agreement without prior review and approval of the agreement by Legal. When presented with information you believe may be
“confidential” to the third party, determine if the party intends for the information to be protected by a confidentiality agreement. If so, do not accept that confidential information until the agreement has been reviewed and approved by
Legal. 
  
 You must comply with the terms of any confidentiality agreement
governing proprietary or confidential information in your possession or control, including procedures that call for the return or destruction of such information, consistent with E*TRADE FINANCIAL’s document retention policies and applicable
law. 
  
 Using Proprietary or Confidential Information 
  
 Use proprietary or confidential information solely to perform your duties for E*TRADE
FINANCIAL. Do not use proprietary or confidential information to engage in trading for your own account or to advise relatives, friends or other persons trading in securities or engaged in other financial services. 
  
 Proprietary or confidential information learned from one customer cannot be used for any
other purpose or for any other customer. 
  
 Handling Materials Containing
Proprietary or Confidential Information 
  
 Do not display, review or discuss
proprietary or confidential information in public places (such as elevators, restaurants, airplanes or other areas where you may be overheard) or in front of outside vendors or other third parties. Remember that conversations conducted on a mobile
phone are not always secure. Conversations dealing with confidential or proprietary information should be held on a land-line. 
  

 30 

 CODE OF PROFESSIONAL CONDUCT 
  

 Proprietary or confidential information in physical form, including on electronic media such as a diskette, should
not be left unattended unless it is secured behind a locked door or in locked office furniture. Do not leave proprietary or confidential information in conference rooms, in wastebaskets, on desks or anywhere else where it might be picked up and
reviewed. Erase white and chalk boards thoroughly. 
  
 Information stored in
computers, including personal digital assistants, laptops and workstations must be protected by passwords or other mechanisms that ensure only authorized individuals can access the information. Do not leave your computer(s) unattended unless you
have locked or signed off, and do not disclose your computer or voicemail passwords to anyone at or outside E*TRADE FINANCIAL. 
  
 Whenever possible, mark confidential or proprietary documents with “E*TRADE FINANCIAL Confidential” and/or “E*TRADE FINANCIAL Proprietary”.

  
 Do not remove proprietary or confidential information from Company premises
unless absolutely necessary. E*TRADE FINANCIAL reserves the right to deny you permission to remove any proprietary and confidential information from Company premises. If you take such information out of the office for business purposes, keep it on
your person or in a secure place at all times and return it promptly to Company premises. 
  
 Communicating Proprietary or Confidential Information 
  
 Exercise care when sending or discussing proprietary or confidential data on voicemail, electronic mail, mobile or cordless phones, fax machines or message services. Make sure you use correct electronic mail addresses, telephone extension
numbers, fax numbers and, when applicable, use project and code names. 
  
 Within
E*TRADE FINANCIAL, communicate proprietary or confidential information only to employees who have a legitimate business reason to know the information and who have no responsibilities or duties that could give rise to a conflict of interest.

  
 Do not disclose proprietary or confidential information to any person outside
E*TRADE FINANCIAL (including family members), or use it or permit any third party to use it without first obtaining Legal and Compliance approval. 
  
 Disposal of Proprietary or Confidential Waste 
  
 When no longer of use, proprietary or confidential information must be disposed of in a manner that renders it unreadable and non-reconstructable, using means and methods
approved by E*TRADE FINANCIAL (for example, approved 
  

 31 

 CODE OF PROFESSIONAL CONDUCT 
  

 shredders or confidential waste bins), consistent with E*TRADE FINANCIAL’s document retention policies and
applicable law. Information contained on electronic storage media (for example, a diskette or zip cartridge) should be destroyed in a manner that renders it unreadable and unrecoverable. 
  
 Proprietary or Confidential Information Concerning Securities 
  
 When proprietary or confidential information might affect the price of a security or other financial instrument, or the decision to buy or
sell securities or other financial instruments, the laws concerning insider trading also govern your responsibilities. E*TRADE FINANCIAL has developed strict procedures to ensure compliance with the laws of each jurisdiction in which it does
business. These procedures are critical to the protection of E*TRADE FINANCIAL franchise and are described in E*TRADE FINANCIAL policy on the “Treatment of Inside Information”, which is outlined in this Code. 
  
 Confidentiality Obligations to Previous Employers and other Third Parties 
  
 As provided in your Employment Agreement “Proprietary Rights and Inventions
Agreement”, upon commencing your employment with E*TRADE FINANCIAL, you must disclose any confidentiality obligations to a third party (for example, a former employer) to which you are subject. You also must disclose any inventions developed by
you or intellectual property owned by you prior to your employment or as part of any outside business activity during your employment, to the extent that you are permitted to do so. 
  
 Ordinarily, you may not use proprietary or confidential information gained or inventions developed in your employment elsewhere to benefit
E*TRADE FINANCIAL or its employees, customers and business partners. Consult with your direct supervisor and Legal with questions about using specific information or inventions. 
  
 You must provide E*TRADE FINANCIAL with a copy of any confidentiality or nondisclosure agreements between you and any third party, including
any former or current employer, to which you are subject during your employment with E*TRADE FINANCIAL. 
  
 Ownership of Intellectual Property 
  
 E*TRADE
FINANCIAL owns all rights in any intellectual property developed by you during your employment that relate to E*TRADE FINANCIAL’s business, even if invented or otherwise developed outside E*TRADE FINANCIAL premises and even if no E*TRADE
FINANCIAL equipment was used in the process. For this purpose, E*TRADE FINANCIAL’s intellectual property includes any idea, invention or design (whether or not patentable or reduced to practice) and all related patents and patent applications,
any copyrightable work, any trademarks or service marks (and related registrations or applications for 
  

 32 

 CODE OF PROFESSIONAL CONDUCT 
  

 registration) and any trade secrets. E*TRADE FINANCIAL’s intellectual property is proprietary information and
should be treated in accordance with the standards set forth in the Code. 
  
 Post-Employment Use of Proprietary or Confidential Information 
  
 You
may not disclose proprietary or confidential information of E*TRADE FINANCIAL or any third party outside of the Company at any time, including after termination of employment. You may not take such proprietary or confidential information when
leaving E*TRADE FINANCIAL or use or disclose such information for your personal benefit or for the benefit of your new employer or prospective new employer. You may not permit its disclosure or use by any third party. 
  
 In exceptional circumstances, the Company may grant a written waiver of the prohibitions on
post-employment disclosure. The grant of a waiver is in the sole discretion of E*TRADE FINANCIAL and will occur only if, among other things, the party receiving the proprietary or confidential information signs a formal non-disclosure agreement
prepared by Legal. 
  
 This policy does not restrict you from obtaining employment
in any capacity elsewhere, provided you do not use or disclose proprietary or confidential information. 
  
 E*TRADE FINANCIAL reserves the right to review all materials you plan to take with you when you leave E*TRADE FINANCIAL and to remove any proprietary or confidential information that you may have stored on your
personal computer equipment, including personal digital assistants. 
  
 Preventing
Improper Use of Proprietary or Confidential Information 
  
 E*TRADE FINANCIAL
will vigorously enforce its rights to prevent any current or former employee from improperly taking, disclosing or using proprietary or confidential information, or permitting others to do the same. You should report violations or suspected
violations of this policy or the policy of any specific business unit or department to an appropriate supervisor, to Legal and, if necessary or appropriate, Corporate Safety & Security. 
  

 33 

			
	 CODE OF PROFESSIONAL CONDUCT
	  	

  
 Treatment of Inside Information

  
 Inside information is proprietary or confidential information about a
securities issuer that is subject to special Company policies. 
  
 Policy on
the Treatment of Inside Information 
  
 Definition of Inside Information

  
 INSIDE INFORMATION (also called material non-public or price-sensitive
information) is defined under federal, state and other jurisdictional laws as non-public information about a securities issuer (e.g., a public company) that may have an impact on the price of a security or other financial instrument or that a
reasonable investor would be likely to consider important in making an investment decision. Inside information may include but is not limited to the following: 
  

	•	financial information (for example, non-public company earnings information or estimates, dividend increases or decreases, liquidity problems or changed projections);

  

	•	operating developments (for example, new product developments, changes in business operations or extraordinary management developments or large increases or decreases in orders); or

  

	•	proposed business activities (for example, proposed or agreed mergers, acquisitions, divestitures, major investments, restructurings). 

  
 Consider all facts and circumstances in determining whether an item is inside information.
Contact Legal or Risk Management if you have any questions as to whether an item is inside information. 
  

 34 

 CODE OF PROFESSIONAL CONDUCT 
  

 Prohibited Uses of Inside Information 
  
 You may not trade, encourage others to trade, or recommend securities or other financial instruments based on inside information. In most
jurisdictions, securities laws require those with inside information about a securities issuer to refrain from disclosing such information to others and desist from trading in or recommending the purchases or sale of securities or other financial
instruments based upon such information. It is a violation of Company policy and the law of most jurisdictions for persons to whom insiders have communicated (or “tipped”) inside information to disclose such information to others or to
trade in or recommend securities or other financial instruments based on inside information. 
  
 Guidelines for Information about E*TRADE FINANCIAL 
  
 Publicly disclosed information about E*TRADE FINANCIAL must be accurate and not misleading. Do not discuss any inside information about E*TRADE FINANCIAL’s business outside the Company. Refer all shareholder or securities analyst
inquiries to Investor Relations. 
  
 Handling Rumors 
  
 You may be violating the law if you trade based on a rumor. 
  
 If you believe that a rumor or piece of unsubstantiated information may have been circulated
deliberately to influence the market for securities or other financial instruments of a publicly trade company, report the situation promptly to Risk Management or Compliance. Do not trade based on the rumors or take any other action, without the
prior approval of Compliance. You may discuss widely circulated unsubstantiated information if you disclose that it is unsubstantiated. 
  
 Consequences of Misusing Inside Information 
  
 The misuse of inside information may result in, among other things, regulatory inquiry, litigation, adverse publicity for E*TRADE FINANCIAL (and you) and disciplinary
action by E*TRADE FINANCIAL, up to and including termination of your employment. Misusing inside information may also end your career in the securities industry and result in civil and criminal penalties, including incarceration. 
  
 The Restricted List 
  
 The Restricted List, which is maintained by and Compliance, is one of the tools E*TRADE FINANCIAL uses to monitor and ensure that regulatory
requirements are met. Employees are not permitted to trade in the securities (or other instruments) of issues on the restricted list. Consult Compliance when questions arise or when you believe an exception is warranted. If you become aware of a
violation, notify Compliance immediately. Corrective action should not be taken without Compliance approval. 
  
 A company may be on the Restricted List for many reasons. Therefore, you should not make any assumptions as to why an issuer has been listed. The Restricted List changes so you should consult the list before trading.

  

 35 

 CODE OF PROFESSIONAL CONDUCT 
  

 The Restricted List is proprietary and confidential information. You may not distribute the Restricted List outside
E*TRADE FINANCIAL. If you have a joint account or an account in your name that is managed by another pursuant to a power of attorney, it is your responsibility to ensure that no trades of securities on the Restricted List are made in these accounts.

  

 36 

			
	 CODE OF PROFESSIONAL CONDUCT
	  	

  
 Outside Business Activities

  
 Laws and regulations restrict your ability to become an officer, director
or employee of a company not affiliated with E*TRADE FINANCIAL or to engage in certain outside business activities. 
  
 Before you engage in any outside business activities, you must obtain written approval from E*TRADE FINANCIAL’s General Counsel and Corporate Secretary. Failure to
obtain such approval may subject E*TRADE FINANCIAL to severe regulatory penalties and civil liability. You may also be subject to disciplinary action, up to and including termination of employment. 
  
 You may not engage in even approved outside activities during your working hours at E*TRADE
FINANCIAL nor use Company facilities to further those outside activities except in accordance with E*TRADE FINANCIAL’s policies. Activities on behalf of trade associations are not included in this prohibition. In no event, however, may you
participate in any outside activity that interferes with your duties at E*TRADE FINANCIAL. 
  
 Obtaining Approval 
  
 As set forth in the
Employee Agreement “Confidentiality and Proprietary Information”, you must request and receive written approval from Legal and Compliance before you may: 
  

	•	engage in any business other than that of E*TRADE FINANCIAL; 

  

	•	accept employment or compensation from any person or organization other than E*TRADE FINANCIAL; 

  

 37 

 CODE OF PROFESSIONAL CONDUCT 
  

	•	serve as an officer, director, member, partner, or employee of a business organization other than E*TRADE FINANCIAL, whether that business is for profit or not-for profit; or

  

	•	except as provided below, own any stock or have any financial interest, directly or indirectly, in any other business organization. 

  
 Prior written consent of E*TRADE FINANCIAL is not necessary if the organization in which you
will obtain stock or a financial interest is publicly owned and no control relationship exists between you and the organization (for example, you may purchase any shares in the market, although all other employee trading policies and restrictions
apply). Similarly, you do not need approval to purchase products or services of certain financial service companies, such as insurance policies. 
  
 Note that your involvement in an outside business activity that begins permissibly may evolve into a violation of applicable laws and regulations if the nature or scope
of that business or your participation changes. If you have obtained approval to undertake an outside business activity, you must notify Legal and Compliance promptly of any changes to the business plan or business lines of the outside business
activity or of any changes in your participation. 
  
 Industry-Related
Organizations 
  
 You are required to request approval for directorships in
industry-related organizations, such as trade associations. E*TRADE FINANCIAL will generally not grant approval of any other outside business activity related to the financial services industry. 
  
 Residential Boards and Charities 
  
 You may be required to obtain approval to become a director or officer of a residential
cooperative or condominium board. This depends upon the nature of your responsibilities at E*TRADE FINANCIAL and whether you will be compensated by, or render investment advice to, the board. Consult Legal and Compliance for further information.

  

 38 

			
	 CODE OF PROFESSIONAL CONDUCT
	  	

  
 Employee Trading 
  
 The Employee Trading policy is designed to prevent legal, business and ethical conflicts
and to guard against the misuse of proprietary or confidential information. 
  
 All of your trading activities must strictly comply with all federal, state and other jurisdictional laws, rules and regulations and in accordance with the very highest ethical standards. You must not engage in trading that is or may appear
to be improper. You may not engage in personal trading on a scale or of a kind that would distract you from your daily responsibilities. The policy described below reflects these governing principles. 
  
 Trading Policies of Specific Business Units and Departments 
  
 This policy consists of general rules that you are required to follow with respect to all of
your trading activities and specific rules for particular types of transactions and accounts. You must also be familiar with and abide by any trading policies applicable to your business unit or department because those policies may contain
restrictions beyond those imposed by this policy. 
  
 Accounts Covered by this
Policy 
  
 This policy applies to all Employee Securities Accounts. For these
purposes, an EMPLOYEE SECURITIES ACCOUNT is any securities account owned or controlled, in whole or part, directly or indirectly, by you, whether for securities or other financial instruments, including joint accounts, family accounts, and
self-directed IRA accounts that hold, or can hold, securities other than mutual fund shares or bank certificates of deposit. 
  
 This rule governs accounts in your own name and other accounts you could be expected to influence or control, including: 
  

	•	accounts of your spouse or domestic partner; 

  

 39 

 CODE OF PROFESSIONAL CONDUCT 
  

	•	accounts of children or other relatives of yours or your spouse or domestic partner who reside in the same household or to whom you or your spouse or domestic partner contribute
substantial support; 

  

	•	trust accounts for which you act as trustee or you otherwise guide or influence; 

  

	•	corporate accounts controlled, directly or indirectly, by you; or 

  

	•	arrangements similar to trust accounts that benefit you directly or indirectly. 

  
 Some business unit or department policies may define Employee Securities Accounts more broadly and you must be aware of and abide by any
such policies. 
  
 Maintenance of Securities Accounts at E*TRADE FINANCIAL

  
 To help implement this policy and to aid in meeting regulatory requirements,
employees must, with limited exceptions, maintain all brokerage or trading accounts in which they have an interest with E*TRADE FINANCIAL and not with an outside broker. No employee may maintain a brokerage or trading account with an outside broker
without prior approval from Compliance 
  
 When you begin your employment at
E*TRADE FINANCIAL and periodically thereafter on request, you must disclose in writing all accounts that could be used as brokerage accounts and make other certifications. You are required to complete this certification accurately. You need not list
checking, savings, money market, mutual fund or IRA accounts that cannot be used as brokerage accounts. 
  
 If you are a new employee and still maintain non-Company brokerage accounts or have worked at E*TRADE FINANCIAL for some time and have an outside account without appropriate approval, you must disclose this to
Compliance immediately. 
  
 Further procedures for opening accounts, entering
employee orders and reviewing employee trading are set forth below. 
  
 Exceptions
to this Policy 
  
 Exceptions to E*TRADE FINANCIAL’s Employee Trading policy
are rare and granted only by the express prior written approval of Legal and Compliance. 
  
 Consequences of Inappropriate Employee Trading 
  
 E*TRADE FINANCIAL reserves the right to cancel any trade (without prior notice and at your expense) or to instruct you to cancel a trade executed in an account maintained away from E*TRADE FINANCIAL (at your expense). E*TRADE FINANCIAL may
freeze your positions to avoid potential conflicts of interest or the appearance of impropriety. In addition, E*TRADE FINANCIAL may suspend or revoke your trading privileges at any time. 
  

 40 

 CODE OF PROFESSIONAL CONDUCT 
  

 Employee trading violations can result in penalties ranging from cancellation of an offending trade to termination of
your employment. Any loss from an impermissible trade will be charged to you and any profits will be forfeited to E*TRADE FINANCIAL. Violations may also lead to civil or criminal proceedings and penalties. 
  
 General Rules for Employee Trading 
  
 Trading on Inside Information 
  
 You are strictly prohibited from trading using inside information. For further guidelines, including a definition of inside information, see
E*TRADE FINANCIAL policy on the “Treatment of Inside Information” outlined in this Code. 
  
 Primary and Secondary Public Offerings 
  
 Unless
otherwise notified, you may not purchase any security that is part of a primary or secondary offering that E*TRADE FINANCIAL is underwriting or selling until the distribution has been completed. 
  
 Subject to certain exceptions, Company policy and industry regulations in certain
jurisdictions may prohibit you from purchasing either equity or debt security in any initial public offering, whether or not E*TRADE FINANCIAL is participating in that offering. Requests for exceptions must be approved by Compliance before entering
an order. 
  
 Obtaining Significant Interests in Public Companies or Trading in
Concert with other Employees 
  
 Unless permitted in writing in advance by Legal
and Compliance, you may not, individually or in concert with other employees or other persons, directly own, or control a position in a public company that would require a filing under the securities laws and regulations. Filing obligations in some
jurisdictions may start with a position of 3% or more of the outstanding equity of a public company. 
  
 You also are prohibited from trading in concert with other employees, even if taken together you and other employees control less than 3% of the outstanding equity in question. 
  
 Futures, Options on Futures and other Derivative Securities 
  
 Generally you may not trade in futures, options on futures, forward contracts, non-listed
warrants, physical commodities, options on physical commodities and currencies. Exceptions must be approved by Compliance. 
  
 You may trade listed equity options, index options, listed foreign currency options and equity warrants, subject to Company and business unit or departmental trading
policies. Employees in non-U.S. locations should also consult local policies. 
  

 41 

 CODE OF PROFESSIONAL CONDUCT 
  

 Information about Customer or Company Orders 
  
 You may not “front run” customer or Company orders (for example, trade for your own account before a customer or Company order in
the same security or a derivative based on that security). 
  
 You may not
“piggyback” or “shadow” on customer trades (for example, engage in trades identical to those that a customer has completed). 
  
 The Restricted List 
  
 You generally may not trade in securities on the Restricted List as outlined in this Code. Consult with Compliance if you have any questions about a restricted security. 
  
 Rules for Particular Accounts and Transactions 
  
 Transactions in E*TRADE FINANCIAL’s Securities 
  
 E*TRADE FINANCIAL has specific rules, as set forth below, that govern your transactions in
E*TRADE FINANCIAL’s securities. 
  
 You must follow these specific rules:

  

	•	The window period for transactions in E*TRADE FINANCIAL’s securities generally begins on the third business day following E*TRADE FINANCIAL’s earnings announcement and
ends on the last business day of the second month of each fiscal quarter. However, circumstances relating to the Company’s operations or plans may cause the Company to close the trading window at any time, with or without any prior notice;

  

	•	Even during an open window period, you may not transact in any of E*TRADE FINANCIAL’s securities if you have inside information about E*TRADE FINANCIAL (and any questions about
whether a proposed transaction is appropriate should be resolved by seeking guidance from Compliance); 

  

	•	You are not permitted to sell short or trade in derivatives involving any Company securities. 

  
 Managed Accounts 
  
 With prior written approval of Compliance, you may appoint outside managers (for example, trust companies, banks or registered investment advisers) who exercise full
discretion. If an outside manager handles an account, complete investment discretion must be granted. You may not participate, directly or 
  

 42 

 CODE OF PROFESSIONAL CONDUCT 
  

 indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed.
Trading on this account must still avoid any issuer on the Restricted List and there may be no trading in any securities except during an open window period. 
  
 This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of
securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are actually directing account investments. 
  
 Money Market and Open-End Mutual Fund Accounts 
  
 You may maintain money market and mutual fund accounts away from E*TRADE FINANCIAL as long
as the accounts have no brokerage facilities. However, you are strongly encouraged to maintain those accounts at E*TRADE FINANCIAL. You may trade money market and open-end mutual funds freely in your Company account. While you may invest in open-end
mutual funds, you should consider the appearance of impropriety that may result from investments in sector funds. 
  
 Dividend Reinvestment Plans (“DRIPs”) 
  
 You may open a dividend reinvestment plan account with an issuer. Your business unit or department employee trading policies and the Restricted List policy apply to the
initial investment in a DRIP and any additional cash contributions to a DRIP. 
  
 So long as the issue is not on the Restricted List, you may liquidate the plan directly with the issuer. 
  
 Investment Clubs 
  
 You may not participate in investment clubs in which members pool their funds to make investments in securities without approval from Compliance. 
  
 Direct Purchase of U.S. Treasury Bills, Bonds or Notes 
  
 You may purchase U.S. Treasury bills, bonds or notes through E*TRADE FINANCIAL or by direct subscription to the Federal Reserve Bank. You
may not purchase these instruments through other financial institutions. 
  
 Procedures for Employee Securities Accounts 
  
 Entry of Orders

  
 All orders for Employee Securities Accounts must be entered through the web
site or automated telephone system, and with rare exception (only if a problem arises) via a “live broker” through the Employee Branch. You may not enter orders yourself or by another employee in any other way. 
  

 43 

 CODE OF PROFESSIONAL CONDUCT 
  

 You may not view, or ask another employee to view, any other employee account for any reason without the express
approval of Compliance. You may not ask any other employee to view your account for any reason without express approval of Compliance. 
  
 Review of Employee Transactions 
  
 Every transaction in an Employee Securities Account is or may be reviewed by Legal, Compliance or Corporate Safety & Security for the purpose of: 
  

	•	reviewing the nature of the transaction and the relationship it may have to previous transactions or E*TRADE FINANCIAL’s activities; 

  

	•	evaluating compliance with E*TRADE FINANCIAL’s policies on employee trading and the handling of proprietary and confidential information; 

  

	•	considering the suitability of the transaction; 

  

	•	considering whether transactions are of a frequency or nature to distract the employee from his or her responsibilities to E*TRADE FINANCIAL; and 

  

	•	determining whether the employee’s trade is in conflict with trading activity of customer accounts. 

  
 E*TRADE FINANCIAL also may provide information and materials concerning transactions in Employee Securities Accounts to regulatory and
governmental authorities. 
  

 44 

 CODE OF PROFESSIONAL CONDUCT 
  

 ACKNOWLEDGEMENT 
  
 I hereby acknowledge that I have received a copy of the E*TRADE FINANCIAL Code of Professional Conduct (the “Code”) and that I
have reviewed the contents of the Code. 
  
 I understand that as an E*TRADE
FINANCIAL employee I am responsible for complying with all laws and regulations applicable to our business and all provisions of the Code, as well as all other corporate policies and procedures. 
  
 After reviewing the Code, if I realize there are any provisions with which I have not
complied (for example, maintaining a brokerage or trading account with an outside broker without prior approval from Compliance, participating in an investment club or serving on the board of directors of an outside entity without prior approval
from Compliance), I will promptly notify the appropriate department so that the matter can be brought in line with the requirements of the Code. 
  
 I understand that if I have any questions about the application of the Code in any situation, I should seek guidance from my supervisor or appropriate E*TRADE FINANCIAL
department. 
  

			
	Dated: _______________	 	  

	 	 	Employee’s Signature
		
	 	 	  

	 	 	Employee’s Name Printed

  

 45Purchase and Sale Agreement

 Exhibit 10.12 
  
 EXECUTION COPY 
  
 PURCHASE AND SALE AGREEMENT 
  
 (MULTI-COUNTRY PLATFORM) 
  
  
 BY AND AMONG 
  
  
 GLOBO COMUNICAÇÕES E PARTICIPAÇÕES S.A. 
  
 DTH USA, INC. 
  
 AND

  
 THE DIRECTV GROUP, INC. 
  
 Dated as of October 15, 2004 

  
 TABLE OF CONTENTS

  

							
	 	    	 	  	 	  	Page

	 ARTICLE 1 DEFINITIONS
	  	2
				
	 	    	1.1	  	Definitions.	  	2
		
	ARTICLE 2 PURCHASE AND SALE OF THE TRANSFERRED INTERESTS AND THE DTH SHARES	  	8
				
	 	    	2.1	  	Purchase of Techco Interest and Sky Partners Interest at the Initial Closing.	  	8
	 	    	2.2	  	Purchase of DTH Shares at the Subsequent Closing.	  	8
	 	    	2.3	  	Conditions to Subsequent Closing.	  	8
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES
	  	10
				
	 	    	3.1	  	Representations and Warranties of Globo and DTH.	  	10
	 	    	3.2	  	Representations and Warranties of DIRECTV.	  	12
		
	 ARTICLE 4 CERTAIN COVENANTS
	  	14
				
	 	    	4.1	  	MCOP Organizational Documents.	  	14
	 	    	4.2	  	Confidentiality/Publicity.	  	14
	 	    	4.3	  	Reasonable Best Efforts.	  	14
	 	    	4.4	  	Operating Covenants.	  	15
	 	    	4.5	  	Certain DTH Matters.	  	15
		
	 ARTICLE 5 THE CLOSINGS
	  	16
				
	 	    	5.1	  	Place of Closings.	  	16
	 	    	5.2	  	Initial Closing Date.	  	16
	 	    	5.3	  	Initial Closing Deliveries.	  	16
	 	    	5.4	  	Subsequent Closing Date.	  	17
	 	    	5.5	  	Subsequent Closing Deliveries.	  	17
		
	 ARTICLE 6 CERTAIN ADDITIONAL RIGHTS OF DIRECTV
	  	18
		
	 ARTICLE 7 ADDITIONAL AGREEMENTS
	  	19
				
	 	    	7.1	  	No Rights or Obligations for Globo Regarding the MCOP Platform.	  	19
		
	 ARTICLE 8 TERMINATION; INDEMNIFICATION
	  	19
				
	 	    	8.1	  	Termination.	  	19

  

 i 

							
	 	    	8.2	  	Survival.	  	20
	 	    	8.3	  	Indemnification by Globo.	  	20
	 	    	8.4	  	Indemnification by DIRECTV.	  	20
		
	 ARTICLE 9 MISCELLANEOUS
	  	20
				
	 	    	9.1	  	Terms Generally.	  	20
	 	    	9.2	  	Expenses.	  	21
	 	    	9.3	  	Notices.	  	21
	 	    	9.4	  	Governing Law; Jurisdiction.	  	22
	 	    	9.5	  	Binding Effect.	  	23
	 	    	9.6	  	Assignment.	  	23
	 	    	9.7	  	No Third Party Beneficiaries.	  	24
	 	    	9.8	  	Amendment; Waivers, etc.	  	24
	 	    	9.9	  	Remedies.	  	24
	 	    	9.10	  	Entire Agreement.	  	24
	 	    	9.11	  	Severability.	  	24
	 	    	9.12	  	Construction.	  	24
	 	    	9.13	  	Headings.	  	25
	 	    	9.14	  	Counterparts.	  	25

  

 ii 

 PURCHASE AND SALE AGREEMENT 
  
 (Multi-Country Platform) 
  
 THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of the 15th day of October, 2004, by and
among Globo Comunicações e Participações S.A., a Brazilian sociedade anônima (“Globo”), DTH USA, Inc., a Delaware corporation (“DTH”), and The DIRECTV Group, Inc., a Delaware
corporation (“DIRECTV”). 
  
 RECITALS

  
 A. Globo owns 1,000 shares (the “DTH
Shares”) of common stock, par value $0.01 per share (“Common Stock”), of DTH, which DTH Shares constitute all of the issued and outstanding shares of capital stock of DTH. 
  
 B. DTH owns the following general partner interests: 
  
 (i) a 30% general partner interest in Sky Multi-Country Partners, a general
partnership (“MCOP”); 
  
 (ii) a 30% general
partner interest in Sky Latin America Partners, a general partnership (“Sky Partners”); and 
  
 (iii) a 30% general partner interest in DTH Techco Partners, a general partnership (“Techco”). 
  
 C. PanAmSat International Systems, Inc., a Delaware corporation
(“PanAmSat”), as successor-in-interest to PanAmSat Corporation, a Delaware corporation, and MCOP are parties to that certain Transponder Service Agreement, dated March 5, 1998 (as amended from time to time, the “MCOP
Transponder Agreement”) pursuant to which DTH, as a general partner of MCOP, is liable for certain of MCOP’s obligations thereunder. 
  
 D. On the 8th day of
October, 2004 (the “Effective Date”), Globo, The News Corporation Limited, an Australian corporation (“News”), and DIRECTV entered into a Participation Agreement (the “Participation Agreement”),
pursuant to which, among other things, (i) DIRECTV and Globo agreed to enter into this Agreement relating to the transfer of DTH’s Interests, subject to the terms and conditions hereof, (ii) News (and DIRECTV in certain circumstances) agreed to
indemnify each of Globo, DTH and their Affiliates with respect to losses (including accrued and unpaid liabilities) relating to MCOP (including under the MCOP Transponder Agreement and the PanAmSat Guaranty), Sky Partners and Techco (including under
the DTH Techco Financings (as defined in the Participation Agreement)), subject to and as provided in the Participation Agreement and (iii) News (and DIRECTV in certain circumstances) 
  

 1 

 agreed to cause, among other things, (A) PanAmSat to release in full each of Globo, DTH and its affiliates from all
obligations under the MCOP Transponder Agreement and (B) certain counterparties of certain financing agreements entered into by Techco to release in full each of Globo, DTH and their Affiliates from all obligations with respect to such agreements
still in force as of January 1, 2005 (clause (ii) and (iii) collectively, the “Liability Relief”). 
  
 E. On the Effective Date, DIRECTV entered into agreements with (i) News pursuant to which, among other things, DIRECTV is acquiring News’ indirect
30% general partner interest in MCOP, News’ indirect 30% general partner interest in Sky Partners and News’ indirect 30% general partner interest in Techco (collectively, the “News Transactions”), (ii) Grupo Televisa S.A.,
a Mexican company (“Televisa”), pursuant to which, among other things, DIRECTV is acquiring Televisa’s indirect 30% general partner interest in Sky Partners and is agreeing to acquire in the future, subject to certain
conditions, Televisa’s indirect 30% general partner interest in MCOP (collectively, the “Televisa Transactions”), and (iii) Liberty Media International, Inc., a Delaware corporation (“Liberty”), pursuant to
which, among other things, DIRECTV is acquiring Liberty’s indirect 10% general partner interest in MCOP, Liberty’s indirect 10% general partner interest in Sky Partners and Liberty’s indirect 10% general partner interest in Techco
(collectively, the “Liberty Transactions” and, together with the News Transactions and the Televisa Transactions, the “Related Transactions”). 
  
 F. DIRECTV desires to purchase from DTH, and DTH desires to sell, assign and transfer to DIRECTV, (i) the Sky Partners
Interest and the Techco Interest, effective as of the Effective Date, upon the terms and subject to the delivery of documents set forth herein and (ii) the DTH Shares (or, in certain circumstances, DTH’s 30% general partner interest in MCOP) in
the future upon the terms and subject to the conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the foregoing (including the Liability Relief), and the respective representations, warranties, covenants, agreements and conditions hereinafter set forth, and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree, intending to be legally bound, as follows: 
  
 AGREEMENTS 
  
 ARTICLE 1 
 DEFINITIONS

  
 1.1 Definitions. The following terms in this
Agreement shall have the following meanings: 
  
 “Affiliate” means, with respect to: (i) DIRECTV, any Person, present or future, which is directly or indirectly in Control of, is Controlled by, or is under common Control with, DIRECTV; (ii) Globo, any Person, present or
future which is directly or indirectly in Control of, is Controlled by, or is under common Control with, Globo (including DTH); provided, that (x) none of News nor any of its Controlled Affiliates shall be deemed to be Affiliates of DIRECTV,
(y) none of DIRECTV nor any of its Controlled Affiliates shall be deemed to be an Affiliate of News, and (z) none of MCOP, Sky Partners or Techco, nor any of their respective Controlled Affiliates, shall be deemed to be Affiliates of Globo or
DIRECTV. 
  

 2 

 “Agreement” means this Purchase and Sale Agreement, including all Exhibits, Schedules
and Annexes attached hereto, as the same may be amended, restated or supplemented from time to time. 
  
 “Amount” has the meaning set forth in Section 2.2. 
  
 “Assignment and Assumption of Partnership Interests” means the Assignment and Assumption of Partnership
Interests in the form attached as Annex A hereto. 
  
 “Books and Records” means, with respect to any corporation, such corporation’s books, records, files, papers, minute books, tax records and other corporate records (including historical financial records) whether in
hard copy or computer format. 
  
 “Business Day”
means any day, other than a Saturday or a Sunday or a day on which banking institutions in New York, New York (United States of America) or Rio de Janeiro (Brazil) are authorized or obligated by law or executive order to close. 
  
 “Closings” means, collectively, the Initial Closing and the
Subsequent Closing. 
  
 “CNTV” has the meaning
set forth in Section 2.3(a)(iii)  
  
 “CNTV
Condition” has the meaning set forth in Section 2.3(a)(iii) 
  
 “CNTV Consent” has the meaning set forth in Section 2.3(a)(iii) 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any subsequent federal law of similar import, and, to
the extent applicable, the regulations promulgated thereunder. 
  
 “Common Stock” has the meaning set forth in Recital A of this Agreement. 
  
 “Consent” means any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement, license, certificate,
exemption, order, registration, declaration, filing, report or notice of, with or to any Person, including any Governmental Consent. 
  
 “Contract” means any oral or written contract, agreement, covenant, commitment, arrangement, understanding, settlement, indenture, note
bond, loan, instrument, lease, guarantee, conditional sales contract, mortgage, deed of trust, security agreement, royalty, license, franchise or insurance policy, in each case as amended, supplemented, waived or otherwise modified. 
  
 “Control” (together with the correlative meanings,
“Controlled by” or “under common Control with”) means the possession, direct or indirect, of the power to direct, or cause the direction of, the management and policies of a Person whether through the ownership of
shares or ownership interests, voting rights, by contract or otherwise. 
  

 3 

 “Controlled Affiliate” means, with respect to a Person, any Affiliate that is Controlled
by such Person. 
  
 “DIRECTV” has the meaning set
forth in the preamble to this Agreement. 
  
 “DIRECTV
Party Indemnitees” has the meaning set forth in Section 8.2. 
  
 “DTH” has the meaning set forth in the preamble to this Agreement. 
  
 “DTH Shares” has the meaning set forth in Recital A of this Agreement. 
  
 “DTH Shares Call Option” has the meaning set forth in
Section 6.1. 
  
 “Effective Date” has the
meaning set forth in Recital D of this Agreement. 
  
 “Existing Confidentiality Agreements” has the meaning set forth in Annex A to the Participation Agreement. 
  
 “Final Determination” means the final resolution of liability for income tax for a taxable period: (a) by the filing of IRS Form 870 or
870-AD or any successor form thereto; (b) by a decision, judgment, decree or other order of a court of competent jurisdiction, which has become final and unappealable; (c) by a closing agreement or accepted offer in compromise under Section 7121 or
7122 of the Code; or (d) by any other final disposition, including by reason of expiration of the applicable statute of limitations or by mutual agreement of the parties. 
  
 “First Amendment to MCOP Partnership Agreement” means the First Amendment to Agreement of General
Partnership of MCOP attached hereto as Annex B. 
  
 “Globo” has the meaning set forth in the preamble to this Agreement. 
  
 “Globo Group” means Globo, its Controlled Affiliates and, for so long as Globo and TV Globo Ltda. are under common Control, TV Globo Ltda. and its Controlled Affiliates. 
  
 “Globo Party Indemnitees” has the meaning set forth in
Section 8.3. 
  
 “Governmental Authority”
means any nation or government, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  
 “Governmental Consents” means all consents, filings,
permits, registrations, declarations and approvals of Governmental Authorities that are necessary in order to consummate the transactions contemplated by this Agreement. 
  
 “Initial Closing” has the meaning set forth in Section 5.2. 
  
 “Interests” means, collectively, the Techco Interest, the
Sky Partners Interest and the MCOP Interest. 
  

 4 

 “IRS” has the meaning set forth in Section 2.3(b)(iv). 
  
 “IRS Tax Audit” has the meaning set forth in Section
2.3(b)(iv). 
  
 “Law” means all applicable
provisions of all (a) constitutions, treaties, statutes, laws (including the common law), codes, rules, regulations, ordinances or orders of any Governmental Authority, (b) Governmental Consents and (c) orders, decisions, injunctions, judgments,
awards and decrees of or agreements with any Governmental Authority. 
  
 “Liability” means any liability or obligation of any kind whatsoever (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether matured or unmatured,
whether liquidated or unliquidated and whether due or to become due). 
  
 “Liability Relief” has the meaning set forth in Recital D of this Agreement. 
  
 “Liberty” has the meaning set forth in Recital E of this Agreement. 
  
 “Liberty MCOP” means Liberty Multi-Country DTH, Inc., a Colorado corporation and a Controlled Affiliate of
Liberty as of the date hereof and, following the consummation of the Liberty Transactions, a Controlled Affiliate of DIRECTV. 
  
 “Liberty Transactions” has the meaning set forth in Recital E of this Agreement. 
  
 “Lien” means any lien, mortgage, pledge, security interest,
deed of trust, option, order, decree, judgment, restriction, charge, claim, voting agreement, liability or encumbrance of any kind whatsoever. 
  
 “Litigation” means any action, cause of action, claim, demand, suit, proceeding, citation, summons, subpoena, inquiry or investigation of
any nature, civil, criminal, regulatory or otherwise, in law or in equity, pending or threatened, by or before any court, tribunal, arbitrator or other Governmental Authority. 
  
 “LLC Act” means the Delaware Limited Liability Company Act, 6 Del. C.§18-101, et seq., as
amended from time to time (and any corresponding provisions of succeeding law) 
  
 “Loss” means any claims, demands, damage, disbursement, expense, tax, liability, judgment, loss, deficiency, obligation, penalty, royalty, Litigation, settlement or out-of-pocket cost, of any kind or
nature (whether civil or criminal, or based on negligence, trespass, intentional tort, strict liability, contribution or indemnification, whether absolute or contingent, accrued or unaccrued, liquidated or unliquidated or otherwise and whether or
not resulting from third party claims), whether foreseeable or unforeseeable, including interest or other carrying costs, penalties, and related reasonable legal, accounting and other professional fees and expenses (including in connection with the
investigation or defense of any of the foregoing or in asserting, preserving or enforcing rights). 
  
 “MCOP” has the meaning set forth in Recital B of this Agreement. 
  

 5 

 “MCOP Call Option” has the meaning set forth in Section 6.1(a). 
  
 “MCOP Interest” means DTH’s 30% general partner
interest in MCOP or DTH’s 30% member interest in MCOP LLC, as applicable, and all of DTH’s rights, title and interest in, to, under and in respect thereto (including under the MCOP Partnership Agreements and the MCOP LLC Agreement),
including all of DTH’s interest in the profits, losses and capital of MCOP or MCOP LLC, as applicable, attributable thereto. 
  
 “MCOP LLC” has the meaning set forth in Section 4.1(ii). 
  
 “MCOP LLC Agreement” has the meaning set forth in Section 4.1(ii). 
  
 “MCOP Partnership Agreements” means, collectively, each of
the agreements set forth in Exhibit 1 attached hereto, as the same may be amended, restated or replaced by the MCOP LLC Agreement as contemplated in this Agreement. 
  
 “MCOP Transponder Agreement” has the meaning set forth in Recital C of this Agreement. 

 
 “News” has the meaning set forth in Recital D of
this Agreement. 
  
 “News Transactions” has the
meaning set forth in Recital E of this Agreement. 
  
 “Organizational Documents” means, with respect to any Person, the certificate or articles of incorporation, the articles of association, bylaws, stockholders agreement or comparable organizational documents for such Person.

  
 “PanAmSat” has the meaning set forth in
Recital C of this Agreement. 
  
 “PanAmSat
Guaranty” means that certain Guaranty, dated March 5, 1998, in favor of PanAmSat, pursuant to which Globo severally (and not jointly) guaranteed 30% of the obligations of MCOP under the MCOP Transponder Agreement. 
  
 “Partnership Act” means the Delaware Revised Uniform
Partnership Act, 6 Del. C.§15-101, et seq., as amended from time to time (and any corresponding provisions of succeeding law). 
  
 “Partnership Agreements” means, collectively, the MCOP Partnership Agreements, the Sky Partners Partnership Agreements and the Techco
Partnership Agreements. 
  
 “Participation
Agreement” has the meaning set forth in Recital E of this Agreement. 
  
 “Parties” means Globo, DTH and DIRECTV. 
  
 “Permitted Liens” means any Liens under applicable securities laws or under the Partnership Agreements or the Transaction Documents, other than any restriction under such documents limiting or
prohibiting Globo’s ability to make the transfers necessary to consummate the transactions contemplated by this Agreement. 
  

 6 

 “Person” means any natural person, firm, corporation, limited liability company, limited
partnership, general partnership, joint stock company, joint venture, association, company, trust, bank trust company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority. 
  
 “Programco” means Sky Entertainment Programming Latin
America, LLC, a Delaware limited liability company and a wholly owned subsidiary of Serviceco. 
  
 “Related Transactions” has the meaning set forth in Recital F of this Agreement. 
  
 “Serviceco” means Sky Latin America, LLC, a Delaware limited liability company and a wholly owned subsidiary of Sky Partners. 

 
 “SESLA” means SESLA, Inc., a Delaware corporation and a
Controlled Affiliate of News as of the date hereof and, following the consummation of the News Transactions, a Controlled Affiliate of DIRECTV. 
  
 “Sky Partners” has the meaning set forth in Recital B of this Agreement. 
  
 “Sky Partners Interest” means DTH’s 30% general partner
interest in Sky Partners, and all of DTH’s rights, title and interest in, to, under and in respect thereto (including under the Sky Partners Partnership Agreements), including all of DTH’s interest in the profits, losses and capital of Sky
Partners attributable thereto. 
  
 “Sky Partners
Partnership Agreements” means, collectively, each of the agreements set forth in Exhibit 2 attached hereto. 
  
 “Subsequent Closing” has the meaning set forth in Section 5.4. 
  
 “Subsequent Closing Date” has the meaning set forth in Section 5.4. 
  
 “Techco” has the meaning set forth in Recital B of
this Agreement. 
  
 “Techco Interest” means
DTH’s 30% general partner interest in Techco, and all of DTH’s rights, title and interest in, to, under and in respect thereto (including under the Techco Partnership Agreement), including all of DTH’s interest in the profits, losses
and capital of Techco attributable thereto. 
  
 “Techco
Partnership Agreements” means, collectively, each of the agreements set forth in Exhibit 3 attached hereto. 
  
 “Televisa” has the meaning set forth in Recital E of this Agreement. 
  
 “Televisa MCOP” means Televisa MCOP Holdings, Inc., a Delaware corporation and a Controlled Affiliate of
Televisa. 
  

 7 

 “Televisa Transactions” has the meaning set forth in Recital E of this Agreement.

  
 “Transaction Documents” means, collectively,
any agreements or documents required to be delivered pursuant to this Agreement. 
  
 “Transferred Interests” means, collectively, the Techco Interest and the Sky Partners Interest. 
  
 ARTICLE 2 
 PURCHASE AND SALE OF
THE TRANSFERRED INTERESTS 
 AND THE DTH SHARES 
  
 2.1 Purchase of Techco Interest and Sky Partners Interest at the Initial Closing. Subject to delivery of the
documents set forth in Section 5.3, at the Initial Closing: 
  
 (a) DTH shall (and Globo shall cause DTH to) sell, assign and transfer to DIRECTV or its designee, and DIRECTV shall purchase or shall cause such designee to purchase from DTH, (i) the Sky Partners Interest, free and clear of all Liens
(other than Permitted Liens), and (ii) the Techco Interest, free and clear of all Liens (other than Permitted Liens), effective as of the Effective Date, in each case through the execution and delivery of the Assignment and Assumption of Partnership
Interests, as set forth in Section 5.3(a)(v) and Section 5.3(b)(v). 
  
 (b) Globo shall cause DTH to assign to DIRECTV or its designee, and DIRECTV shall assume or shall cause such designee to assume, all of DTH’s rights and obligations in, to, under and in respect of each of the Sky
Partners Partnership Agreements and the Techco Partnership Agreements, effective as of the Effective Date, in each case through the execution and delivery of the Assignment and Assumption of Partnership Interests as set forth in Section
5.3(a)(v) and Section 5.3(b)(v). 
  
 2.2 Purchase of
DTH Shares at the Subsequent Closing. Subject to satisfaction or waiver of the conditions set forth in Section 2.3 below, at the Subsequent Closing, upon the payment to Globo of US$100 (the “Amount”) by DIRECTV or its
designee, Globo shall sell, assign and transfer to DIRECTV or its designee, and DIRECTV shall purchase or shall cause such designee to purchase from Globo, the DTH Shares free and clear of all Liens (other than Permitted Liens). 
  
 2.3 Conditions to Subsequent Closing. 
  
 (a) Conditions to Each Party’s Obligations. The obligations of
the Parties under this Agreement to consummate the Subsequent Closing are subject to the satisfaction, or waiver by the Party seeking to enforce the condition in its sole discretion, at or prior to the Subsequent Closing of each of the following
conditions: 
  
 (i) No temporary restraining order, preliminary
or permanent injunction, or other order issued by any court of competent jurisdiction or other legal restraint or prohibition shall be in effect (A) preventing the consummation of the Subsequent Closing, or (B) 
  

 8 

 threatening material adverse action against any Party if the Subsequent Closing is consummated (each Party agreeing to
use its commercially reasonable efforts to have any such order, injunction or threat lifted or withdrawn). 
  
 (ii) No action shall have been taken nor any Law shall have been enacted by any Governmental Authority after the date hereof that makes the consummation
of the Subsequent Closing illegal. 
  
 (iii) The Parties shall
have obtained (the “CNTV Condition”) (A) the approval by the Colombian Comisión Nacional de Televisión (the “CNTV”) of, or confirmed that the CNTV has no objection to, the transfer of control of
Sky Colombia, S.A. to DIRECTV (the “CNTV Consent”) or (B) an opinion of counsel reasonably satisfactory to the Parties that the CNTV Consent is not required. 
  
 (iv) All Governmental Consents set forth in Schedule 3.1(d) and Schedule 3.2(d) shall have been obtained.

  
 (b) Conditions to DIRECTV’s Obligations. The
obligations of DIRECTV under this Agreement to consummate the Subsequent Closing are subject to, in addition to the conditions set forth in Section 2.3(a), the satisfaction, or waiver by DIRECTV in its sole discretion, at or prior to the
Subsequent Closing of each of the following conditions: 
  
 (i)
The representations and warranties made by each of Globo and DTH in this Agreement shall be true and correct on and as of the Subsequent Closing Date as though such representations and warranties were made on and as of such date, except to the
extent any such representation or warranty is made as of a specified date, in which case such representation or warranty shall be true and correct as of such specified date; and 
  
 (ii) Each of Globo and DTH shall have complied in all material respects with all covenants hereunder required to be
complied with by it prior to the Subsequent Closing Date. 
  
 (iii) Each of Globo and DTH shall have delivered to DIRECTV a certificate duly executed by one of its authorized officers certifying satisfaction of the conditions to the Subsequent Closing set forth in Section 2.3(b)(i) and
Section 2.3(b)(ii). 
  
 (iv) There shall have occurred a
Final Determination and (x) such Final Determination shall have resulted in zero liability for both MCOP and DTH for income tax with respect to the audit currently pending before the U.S. Internal Revenue Service (the “IRS”)
relating to adjustments under Section 482 of the Internal Revenue Code with respect to MCOP for the years 1998 through 2000 (the “IRS Tax Audit”) or (y) any liabilities of DTH resulting from such Final Determination shall
have been paid and DTH shall have provided evidence to DIRECTV of such payment. 
  

 9 

 (c) Conditions to Globo’s and DTH’s Obligations. The obligations of each of
Globo and DTH under this Agreement to consummate the Subsequent Closing are subject to, in addition to the conditions set forth in Section 2.3(a), the satisfaction, or waiver by each of Globo and DTH in its sole discretion, at or prior to the
Subsequent Closing of each of the following conditions: 
  
 (i)
The representations and warranties made by DIRECTV in this Agreement shall be true and correct on and as of the Subsequent Closing Date as though such representations and warranties were made on and as of such date, except to the extent any such
representation or warranty is made as of a specified date, in which case such representation or warranty shall be true and correct as of such specified date; and 
  
 (ii) DIRECTV shall have complied in all material respects with all covenants hereunder required to be complied with by
DIRECTV prior to the Subsequent Closing Date. 
  
 (iii) DIRECTV
shall have delivered to each of DIRECTV and DTH a certificate duly executed by one of its authorized officers certifying satisfaction of the conditions to the Subsequent Closing set forth in Section 2.3(c)(i) and 2.3(c)(ii).

  
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
  
 3.1 Representations and Warranties of Globo and DTH. As of the date hereof and as of a Closing (except to the extent any representation or warranty
is made as of a specified date, in which case such representation and warranty shall be made as of such date), Globo and DTH hereby jointly and severally represent and warrant to DIRECTV as follows: 
  
 (a) Due Organization. Globo is a sociedade anônima duly
organized and validly existing under the laws of the Federative Republic of Brazil. DTH is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 
  
 (b) Authority. Each of Globo and DTH has the requisite corporate or
other similar power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and each of Globo, DTH and their Affiliates has the requisite corporate or other similar power and authority to execute and deliver
each Transaction Document to which it shall be a party and to perform its obligations thereunder. Each of Globo and DTH has the requisite corporate power and authority to cause its Affiliates to take the actions specified herein to be taken thereby.

  
 (c) Binding Obligation. This Agreement has been duly
executed and delivered by each of Globo and DTH, and when executed and delivered in accordance with this Agreement each Transaction Document to which Globo, DTH or their Affiliates shall be a party, shall have been duly authorized, executed and
delivered, and this Agreement constitutes, and when so executed and delivered by Globo, DTH or such Affiliate each Transaction Document to which Globo, DTH or its Affiliates shall be a party shall constitute, the valid and binding obligation of
Globo, DTH or such Affiliates, enforceable against Globo, DTH or such Affiliates in accordance with their respective terms. 
  

 10 

 (d) No Conflicts, Etc. The execution, delivery and performance of this Agreement and the
Transaction Documents by each of Globo or DTH (or any of their Affiliates that is or will be a party thereto) and the consummation of the transactions contemplated hereby and thereby do not and will not violate, conflict with, contravene, result in
a violation or breach of or default under, or give rise to the creation of a right of first refusal or similar right or require any payment under (with or without the giving of notice or the lapse of time or both), create in any other Person a right
or claim of termination, amendment, modification, acceleration or cancellation of, or result in the creation of any Lien (or any obligation to create any Lien) upon any of the properties or assets (including the Interests) of Globo, DTH or such
Affiliates under, (i) any provision of any of the Organizational Documents of Globo, DTH or such Affiliates or any of the Partnership Agreements, (ii) any Contract to which Globo, DTH or such Affiliate is a party or by which its properties or assets
(including the Interests) may be bound, except, in the case of this clause (ii), for violations, breaches and defaults that, individually and in the aggregate, would not reasonably be expected to have or result in a material adverse effect on
Globo’s, DTH’s or such Affiliate’s right or ability to perform its obligations hereunder or thereunder. Except for the CNTV Consent or as set forth on Schedule 3.1(d) (which such schedule may be updated by Globo with respect to
Governmental Consents only in the event of a relevant change in applicable Law (or interpretation thereof by a Governmental Authority)), no Consent is required to be obtained or made by Globo, DTH or such Affiliate in connection with the execution,
delivery and performance of this Agreement or the Transaction Documents or the consummation of the transactions contemplated hereby or thereby, except for Consents the failure of which to be made or obtained, individually and in the aggregate, would
not reasonably be expected to have or result in a material adverse effect on Globo’s, DTH’s or such Affiliate’s right or ability to perform its obligations hereunder or thereunder. 
  
 (e) DTH Capitalization. As of the date hereof, the authorized capital
stock of DTH consists solely of 1,000 shares of Common Stock. The DTH Shares are the only outstanding capital stock of DTH. All of the DTH Shares are duly authorized, validly issued and outstanding, fully paid and nonassessable. No shares of capital
stock of DTH are held in the treasury of DTH or have been reserved for any purpose. There are no outstanding (i) securities convertible into or exchangeable or exercisable for any capital stock of DTH or other securities of DTH, (ii) options, rights
(preemptive or otherwise) or warrants or other rights to purchase or to subscribe for any capital stock or other securities of DTH, or (iii) Contracts affecting or relating to the voting, issuance, purchase, redemption, repurchase or transfer of any
capital stock or other securities of DTH, except as contemplated in this Agreement. 
  
 (f) Title to DTH Shares. Globo has record and beneficial ownership of all of the DTH Shares. Globo has good, valid and marketable title, free and clear of all Liens (other than Permitted Liens), to all of the
DTH Shares, with full right and lawful authority to sell and transfer the DTH Shares to DIRECTV pursuant to this Agreement. At the Subsequent Closing, DIRECTV or its designee will acquire good, valid and marketable title to the DTH Shares, free and
clear of all Liens (other than Permitted Liens), except any Liens or Permitted Liens created by DIRECTV or such designee or their respective Affiliates. 
  
 (g) Title to Interests. The Interests represent all of Globo’s and DTH’s direct and indirect interest in each of Sky Partners, Techco
and MCOP and such Interests are duly authorized and issued in accordance with the applicable terms of the Partnership 
  

 11 

 Agreements. As of the date hereof, to the actual knowledge of Globo (without inquiry), (i) Sky Partners has record and
beneficial ownership of all outstanding equity and other ownership interests of Serviceco and (ii) Serviceco has record and beneficial ownership of all outstanding equity and other ownership interests of ProgramCo. At the Initial Closing, DIRECTV or
its designee will acquire all right, title and interest in, under and to each of the Sky Partners Interest and the Techco Interest, free and clear of all Liens (other than Permitted Liens), except any Liens or Permitted Liens created by DIRECTV or
such designee or their respective Affiliates. As of the Subsequent Closing Date, DTH will own and hold all right, title and interest in, under and to the MCOP Interest, free and clear of all Liens (other than Permitted Liens) or Liens created by
DIRECTV or its designee or their respective Affiliates. Except as required under any of the Related Transactions or as set forth in any of the Partnership Agreements, to the actual knowledge of Globo (without inquiry), there are no outstanding (i)
securities convertible into or exchangeable or exercisable for the partnership interests of MCOP, Sky Partners or Techco, or other securities of MCOP, Sky Partners or Techco, (ii) options, rights (preemptive or otherwise), or warrants or other
rights to purchase or to subscribe for any partnership interests or other securities of MCOP, Sky Partners or Techco; or (iii) Contracts affecting or relating to the voting, issuance, purchase, redemption, repurchase or transfer of the partnership
interests or other securities of MCOP, Sky Partners or Techco. 
  
 (h) Organizational Documents. DTH is not in violation, breach or default of or under any of its Organizational Documents. 
  
 (i) No Other Operations or Liabilities. Other than with respect to, arising out of, or in connection with the Interests (including DTH’s
rights and obligations under the Partnership Agreements, as a general partner of MCOP, Sky Partners and Techco and in connection with the IRS Tax Audit), DTH (i) does not conduct, and has never conducted, any business or operations of any kind
whatsoever, (ii) does not hold or own and has never held or owned, any right, title or interest in, under or to any assets or property of any kind whatsoever other than cash that DTH holds from time to time and (iii) is not subject to, and has never
been subject to, any Liabilities except for (x) any Liabilities owed to Globo which have or shall have been released or satisfied on or prior to the Subsequent Closing Date and (y) Liabilities associated with the Company’s formation or
continuation of its corporate existence. Any amounts due and payable on or prior to the Subsequent Closing Date with respect to the Company’s formation or continuation of its corporate existence shall have been satisfied in full by or on the
behalf of DTH on or prior to the Subsequent Closing Date. 
  
 3.2
Representations and Warranties of DIRECTV. As of the date hereof and as of each Closing (except to the extent any representation or warranty is made as of a specified date, in which case such representation and warranty shall be made as of
such date), DIRECTV hereby represents and warrants to Globo as follows: 
  
 (a) Due Organization. DIRECTV is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 
  
 (b) Authority. DIRECTV has the requisite corporate power and authority to execute and deliver this Agreement and to
perform its obligations hereunder, and each of DIRECTV and its Affiliates has the requisite corporate or other similar power and 
  

 12 

 authority to execute and deliver each Transaction Document to which it is a party and to perform its obligations
thereunder. DIRECTV has the requisite corporate power and authority to cause its Affiliates to take the actions specified herein to be taken thereby. 
  
 (c) Binding Obligation. This Agreement has been duly executed and delivered by DIRECTV, and when executed and delivered in accordance with this
Agreement each Transaction Document to which DIRECTV or its Affiliates shall be a party, shall have been duly authorized, executed and delivered by DIRECTV and such Affiliates, and this Agreement constitutes, and when so executed and delivered each
Transaction Document to which DIRECTV or its Affiliates shall be a party shall constitute, the valid and binding obligation of DIRECTV and such Affiliates, enforceable against DIRECTV and such Affiliates in accordance with their respective terms.

  
 (d) No Conflicts, Etc. The execution, delivery and
performance of this Agreement and the Transaction Documents by DIRECTV (or any of its Affiliates that is a party thereto) and the consummation of the transactions contemplated hereby and thereby do not and will not conflict with, contravene, result
in a violation or breach of or default under, or give rise to the creation of a right of first refusal, or similar right or require any payment under (with or without the giving of notice or the lapse of time or both), create in any other Person a
right or claim of termination, amendment, modification, acceleration or cancellation of, or result in the creation of any Lien (or any obligation to create any Lien) upon any of the properties or assets of DIRECTV or such Affiliates under, (i) any
provision of any of the Organizational Documents of DIRECTV or such Affiliates, (ii) any Contract to which DIRECTV or such Affiliate is a party or by which its properties or assets may be bound, except, in the case of this clause (ii), for
violations, breaches and defaults that, individually and in the aggregate, would not reasonably be expected to have or result in a material adverse effect on DIRECTV’s or such Affiliate’s right or ability to perform its obligations
hereunder or thereunder. Except for the CNTV Consent or as set forth on Schedule 3.2(d) (which such schedule may be updated by DIRECTV with respect to Governmental Consents only in the event of a relevant change in applicable Law (or
interpretation thereof by a Governmental Authority)), no Consent is required to be obtained or made by DIRECTV or such Affiliates in connection with the execution, delivery and performance of this Agreement or the Transaction Documents or the
consummation of the transactions contemplated hereby or thereby, except for Consents the failure of which to be made or obtained, individually and in the aggregate, would not reasonably be expected to have or result in a material adverse effect on
DIRECTV’s or such Affiliate’s right or ability to perform its obligations hereunder or thereunder. 
  
 (e) Investment Purposes. As of the Initial Closing, DIRECTV or its designee is acquiring the Sky Partners Interest and the Techco Interest, and as
of the Subsequent Closing Date DIRECTV or its designee is acquiring the DTH Shares, for its own account for investment purposes, and not with a view to, or for resale in connection with, any distribution thereof and acknowledges that such interests
or shares cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. 
  

 13 

 ARTICLE 4 
 CERTAIN COVENANTS 
  
 4.1 MCOP Organizational Documents. 
  
 (a) The
Parties shall cause the following actions with respect to MCOP to be taken immediately following the Initial Closing (provided that Globo’s and DTH’s obligations shall be limited to DTH executing and delivering the documents
contemplated by clause (i) below and negotiating in good faith the documents contemplated in clause (iii) below): 
  
 (i) the then current partners in MCOP (i.e., SESLA holding a 30% general partner interest, Liberty MCOP holding a 10% general partner interest,
DTH holding a 30% general partner interest and Televisa MCOP holding a 30% general partner interest) shall execute and deliver to each other the First Amendment to Agreement of General Partnership of MCOP; then 
  
 (ii) DIRECTV shall cause MCOP to be converted into a Delaware limited
liability company named Sky Multi-Country Partners, LLC (“MCOP LLC”), pursuant to Section 18-214 of the LLC Act and Section 15-903 of the Partnership Act; then 
  
 (iii) the members of MCOP LLC (i.e., SESLA holding a 30% member interest, Liberty MCOP holding a 10% member
interest, DTH holding a 30% member interest and Televisa MCOP holding a 30% member interest) shall negotiate in good faith the terms and conditions of a Limited Liability Company Operating Agreement of MCOP LLC (the “MCOP LLC
Agreement”) and a Unanimous Written Consent of Members relating to the operations of MCOP in Colombia. 
  
 4.2 Confidentiality/Publicity. This Agreement is subject to Section 8.1 and Sections 8.2(c) – (e) of the Participation Agreement, which
Sections are hereby incorporated herein by reference, and the Parties agree that for purposes of this Agreement, the term “Transaction Agreement” as used in such Sections shall include the Transaction Documents and the term
“Confidential Information” shall include the Books and Records. 
  
 4.3 Reasonable Best Efforts. Upon the terms and subject to the conditions set forth in this Agreement, each Party will use all reasonable best efforts to take or cause to be taken all actions, and to do, or
cause to be done, all things necessary, proper or advisable under applicable Laws to consummate and make effective in the most expeditious manner practicable, the transactions contemplated by this Agreement, including to effect and obtain all
necessary Consents, if any, from any Governmental Authority (including the CNTV Consent) and the taking of all commercially reasonable steps as may be necessary to obtain an approval or waiver from, or to avoid an action or proceeding by any
Governmental Authority. Each Party will promptly consult with the other Party and provide necessary information with respect to all filings made by such Party with any agency or authority in connection with this Agreement and the transactions
contemplated hereby. Each of the Parties further agrees to copy the other Parties on all such correspondence relating to this Section 4.3. Each of the Parties shall: (i) consult with one another prior to any filing or application
relating to the transactions contemplated by this Agreement, (ii) share all relevant information relating to such filings and conversations, and (iii) provide each other with advance notice of any meetings regarding such filings
or other communications and, at any other Party’s request, the opportunity to participate in such meetings and conversations. 
  

 14 

 4.4 Operating Covenants. Except as may be expressly provided in this Agreement (including
Section 4.5) or as expressly required by Law, from and after the date hereof until the Subsequent Closing Globo shall not, and shall cause its Affiliates not to: (a) sell, transfer, pledge, encumber, assign or otherwise dispose of any DTH
Shares; (b) grant any proxies for any DTH Shares; (c) deposit any DTH Shares into a voting trust or enter into a voting agreement with respect to any DTH Shares, or tender or exchange any DTH Shares in any transaction; (d) issue any capital stock of
DTH, any options, warrants or other rights to subscribe for or purchase any such capital stock, any securities convertible into or exchangeable or exercisable for such capital stock, or issue or sell any securities of any kind whatsoever of DTH; (e)
redeem, purchase or otherwise acquire any DTH Shares; (f) permit DTH to effect a split, reclassification or other change in or of the DTH Shares or liquidate or wind up; (g) unless specifically contemplated hereunder, enter into or effect any
merger, consolidation, amalgamation or other business combination, or the acquisition, disposition, reorganization, restructuring, recapitalization, tender offer or exchange offer (or any other transaction which has the same effect as any of the
foregoing), with respect to DTH or the DTH Shares; (h) amend the certificate of incorporation, bylaws or other Organizational Documents of DTH in a manner adverse to the rights of DIRECTV hereunder; (i) permit DTH to borrow any funds, or directly or
indirectly guarantee or agree to guarantee the Liabilities of others; (j) permit DTH to make any loan or advance to any Person; (k) permit a Lien to be placed on any of DTH’s assets (including the MCOP Interest) (other than by the United States
Treasury Department or the IRS in connection with the IRS Tax Audit); (l) permit DTH to violate any Laws; (m) take any action, or permit any action to be taken, which is intended or reasonably likely to have the effect of causing any of Globo’s
or DTH’s representations or warranties hereunder to be untrue or incorrect as of the Subsequent Closing (including Section 3.1(d)) or otherwise preventing or disabling Globo or its Affiliates from having the right or ability to perform
its obligations under this Agreement; (n) sell, transfer, pledge, encumber or otherwise dispose of the MCOP Interest (other than voluntarily or involuntarily in connection with the IRS Tax Audit); (o) fail to maintain the valid existence and good
standing of DTH under the laws of the State of Delaware; or (p) enter into any Contract with respect to any of the foregoing. 
  
 4.5 Certain DTH Matters. Notwithstanding anything to the contrary in this Agreement, (i) Globo shall have no obligation to provide any funding of
any nature whatsoever to, or any guarantees for the benefit of, DTH; (ii) the parties acknowledge that the existence of Liabilities of DTH as a general partner of each MCOP, Sky Partners and Techco shall not constitute a breach of this Agreement;
(iii) nothing in this Agreement shall prohibit Globo or its Affiliates other than DTH from entering into or effecting any merger, consolidation, amalgamation or other business combination, or reorganization, restructuring, recapitalization, tender
offer or exchange offer (or any other transaction which has the same effect as any of the foregoing) with respect to Globo or such Affiliates; (iv) any action or omission (including any Liens placed on the assets of DTH, any liquidation or winding
up of DTH in connection with a bankruptcy or similar proceeding with respect to DTH and any failure to maintain DTH’s corporate existence or good standing under the laws of the State of Delaware) by Globo, DTH or 
  

 15 

 their Affiliates following a judgment against DTH obtained by, or initiation of a bankruptcy or similar proceeding with
respect to DTH by, a creditor of DTH in respect of Liabilities relating to, arising out of or in connection with the Interests (including the IRS Tax Audit) shall not constitute a breach of Section 4.5 or any representations or warranties made by
Globo or DTH in, or any other provisions of, this Agreement; and (v) DTH may authorize and issue to Globo additional shares of capital stock and may effect a split, reclassification or other change in or of the outstanding stock of DTH that is not
adverse to the rights of DIRECTV hereunder, provided that following any such transaction Globo shall continue to directly own 100% of the outstanding capital stock of DTH and in such case references in this Agreement to “DTH
Shares” shall be to all such shares of capital stock. Globo shall give DIRECTV written notice reasonably promptly after the occurrence of any judgment (or suit or proceeding seeking such a judgment) or initiation of a bankruptcy or similar
proceeding described in clause (iv) above. 
  
 ARTICLE 5

 THE CLOSINGS 
  
 5.1 Place of Closings. The Closings of the transactions contemplated in this Agreement shall take place at the offices of Debevoise & Plimpton
LLP located at 919 Third Avenue, New York, NY 10022, U.S.A., or such other location as shall be mutually agreeable to the Parties. Each of the Closings shall be deemed to occur as of the close of business on the respective Closing Date. 

 
 5.2 Initial Closing Date. The Closing of the transactions described
in Section 2.1 (the “Initial Closing”) shall take simultaneously with the execution and delivery of this Agreement, and shall be effective as of the Effective Date. 
  
 5.3 Initial Closing Deliveries. 
  
 (a) DTH’s Initial Closing Deliveries. On or prior to the Initial
Closing, Globo or DTH shall have delivered or cause to be delivered to DIRECTV each of the following: 
  
 (i) three (3) original counterparts to the Acknowledgement, Consent and Agreement attached as Annex E hereto, duly executed by Globo; 

 
 (ii) three (3) original counterparts to the Release of Televisa attached
as Annex F, duly executed by Globo; 
  
 (iii) three (3)
executed original counterparts to the Release of Liberty, attached as Annex G, duly executed by Globo; 
  
 (iv) three (3) executed original counterparts to the Release of News, attached as Annex H, duly executed by Globo; 
  
 (v) the Assignment and Assumption of Partnership Interests, duly executed by
DTH; and 
  

 16 

 (vi) the First Amendment to MCOP Partnership Agreement, duly executed by DTH. 
  
 (b) DIRECTV’s Initial Closing Deliveries. On or prior to the
Initial Closing, DIRECTV shall have delivered or cause to be delivered to Globo each of the following: 
  
 (i) the Acknowledgement, Consent and Agreement attached as Annex I hereto, duly executed by News; 
  
 (ii) the Acknowledgement, Consent and Agreement attached as Annex J
hereto, duly executed by Liberty; 
  
 (iii) the Acknowledgement,
Consent and Agreement attached as Annex K hereto, duly executed by Televisa; 
  
 (iv) the Release of Globo attached as Annex L hereto, duly executed by News, Televisa and Liberty; 
  
 (v) the Assignment and Assumption of Partnership Interest, duly executed by DIRECTV or its designee; and 
  
 (vi) the First Amendment to MCOP Partnership Agreement, duly executed by the
partners of MCOP other than DTH. 
  
 5.4 Subsequent Closing
Date. The Closing of the transactions described in Section 2.2 (the “Subsequent Closing”) shall take place on the third Business Day immediately following the day on which all of the conditions set forth in Section
2.3 shall be satisfied or waived, or at such other time and place as the Parties shall agree (the “Subsequent Closing Date”). 
  
 5.5 Subsequent Closing Deliveries. 
  
 (a) Globo’s Subsequent Closing Deliveries. At the Subsequent Closing, Globo shall deliver or cause to be delivered to DIRECTV: 
  
 (i) a certificate(s) representing the DTH Shares, duly endorsed in blank or
with duly executed stock powers attached; 
  
 (ii) the
certificate of incorporation of DTH, as amended, as certified by the Secretary of the Company as of the Subsequent Closing Date as being true, correct and complete, and as certified by the Secretary of State of the State of Delaware not more than
five (5) days prior to the Subsequent Closing Date; 
  
 (iii) the
bylaws of DTH, as amended, as certified by the Secretary of the Company as being true, correct and complete; 
  

 17 

 (iv) a good standing certificate for DTH as of a date not more than five (5) days prior to the
Subsequent Closing Date issued by the Secretary of State of the State of Delaware; 
  
 (v) the minute books and stock ledger of DTH; 
  
 (vi) the written resignations of all of the current members of the Board of Directors of DTH (effective as of the Subsequent Closing Date); 
  
 (v) the certificate pursuant to Section 2.3(b)(iii); and 
  
 (vi) such other documents as DIRECTV may reasonably request to give effect
to the transactions contemplated at the Subsequent Closing. 
  
 (b) DIRECTV’s Closing Deliveries. At the Subsequent Closing, DIRECTV shall: 
  
 (i) pay or cause to be paid to Globo the Amount; 
  
 (ii) deliver or cause to be delivered to Globo the certificate pursuant to Section 2.3(c)(iii); and 
  
 (iii) deliver or cause to be delivered to Globo such other documents as
Globo may reasonably request to give effect to the transactions contemplated at the Subsequent Closing. 
  
 ARTICLE 6 
 CERTAIN ADDITIONAL RIGHTS OF DIRECTV 
  
 6.1 Call of MCOP Interest. Notwithstanding anything to the contrary
contained in this Agreement, if the Subsequent Closing has not occurred prior to the tenth anniversary of date hereof, DIRECTV shall have the right at any time thereafter to elect, in its sole discretion (without the consent of Globo or any of its
Affiliates), by providing written notice thereof to Globo: 
  
 (a) (i) to require Globo, if all of the conditions set forth in Article 3 have been satisfied or waived, to cause DTH to sell to DIRECTV or its designee the MCOP Interest (the “MCOP Call Option”) on the terms set
forth in this Agreement for the Subsequent Closing (with such adjustments as are necessary to reflect the differences between the DTH Shares and the MCOP Interest)); and (ii) to require Globo to cause DTH to assign to DIRECTV or such designee all of
DTH’s rights and obligations in, under, and in respect of the MCOP Partnership Agreements, provided that DIRECTV or such designee assumes all such rights and obligations; or 
  
 (b) to terminate DIRECTV’s obligations hereunder to consummate the Subsequent Closing, in which case this Agreement
shall terminate in accordance with Section 8.1, 
  

 18 

 provided that the failure of the Subsequent Closing to occur by the tenth anniversary of the date hereof shall not
have been as a result of the material breach of DIRECTV of its obligations hereunder. 
  
 ARTICLE 7 
 ADDITIONAL AGREEMENTS 
  
 7.1 No Rights or Obligations for Globo Regarding the MCOP Platform.

  
 (a) Initial Closing. From and after the Initial
Closing, Globo and its Affiliates shall have no further rights or obligations under the DTH Techco Agreements (as defined in Annex A to the Participation Agreement), the Sky Partners Partnership Agreements or the Techco Partnership Agreements
(except to the extent of any obligation consistent with the Participation Agreement and the other Transaction Agreements (as defined in Annex A to the Participation Agreement) as a quotaholder in Sky Brasil (as defined in Annex A to the
Participation Agreement)) and shall cease to be a partner (or any other equityholder) in each of Techco and Sky Partners. From and after the Initial Closing, Globo and its Affiliates shall have no obligation to provide any Quotaholder Funding (as
defined in Annex A to the Participation Agreement) to, or any guarantees for the benefit of, MCOP, Techco, Sky Partners, Programco, Serviceco or any of their respective subsidiaries. 
  
 (b) Subsequent Closing. From and after the Subsequent Closing, Globo and its Affiliates shall have no further rights
or obligations under the MCOP Agreements (except to the extent of any obligation consistent with the Participation Agreement and the other Transaction Agreements (as defined in Annex A to the Participation Agreement) as a quotaholder in Sky Brasil
(as defined in Annex A to the Participation Agreement)) and shall cease to be a partner (or any other equityholder) in MCOP. 
  
 (c) Releases. Nothing in this Section 7.1 shall be deemed to limit any terms of the Release of Globo delivered pursuant to Section
5.3(b)(iv). 
  
 7.2 Books and Records. From and after
any Subsequent Closing, Globo shall use reasonable efforts to deliver to DIRECTV the Books and Records of DTH (which Globo shall be entitled to keep copies of) as soon as practicable and in any event within 45 days after such Subsequent Closing.
Until Globo has delivered such Books and Records of DTH to DIRECTV, Globo shall, upon the reasonable request of DIRECTV, provide reasonable access to DIRECTV to such Books and Records during normal business hours. 
  
 ARTICLE 8 
 TERMINATION; INDEMNIFICATION 
  
 8.1 Termination. This Agreement shall be terminated only upon (i) the agreement of the Parties to terminate this Agreement or (ii) the exercise
DIRECTV of its right pursuant to Section 6.1(b) to terminate this Agreement. Upon any such termination, this Agreement shall become void and have no effect, without any liability to any Person in respect hereof or of the transactions
contemplated hereby on the part of any Party hereto, or any of its officers, directors, representatives, stockholders or Affiliates, except for any liability resulting from any breach of this Agreement and except as set forth in
Articles 8 or 9. 
  

 19 

 8.2 Survival. All representations, warranties, covenants, indemnities and other agreements made
herein by any Party shall survive the execution and delivery of this Agreement, any investigation, audit or inspection at any time made by or on behalf of any Party, and the Closings, without limitation, except for Section 3.1(d) and
3.2(d) which shall survive for a period ending on the first anniversary of the Subsequent Closing Date. 
  
 8.3 Indemnification by Globo. Subject to the provisions of this Article 8, Globo shall defend, indemnify and hold harmless DIRECTV and its
Affiliates, and each officer, director, employee, representative and successor and permitted assign of any of the foregoing (collectively, the “DIRECTV Party Indemnitees”), from and against, and pay or reimburse the applicable
DIRECTV Party Indemnitee for, any and all Losses resulting from or arising out of: (i) any inaccuracy in any representation or warranty when made or deemed made by Globo herein; and (ii) any failure of Globo or any of its Affiliates to perform any
covenant or agreement hereunder or fulfill any other obligation in respect hereof. Notwithstanding anything to the contrary in this Agreement, in no event shall Globo or its Affiliates have an obligation to indemnify DIRECTV, any of its Affiliates
or any other DIRECTV Party Indemnitees for any amounts in respect of taxes, penalties or interest thereon or additions thereto, except as provided in Section 8.3(i) with respect to any such taxes, penalties, interest or additions that would
constitute a breach of Section 3.1(i). 
  
 8.4
Indemnification by DIRECTV. Subject to the provisions of this Article 8, DIRECTV shall defend, indemnify and hold harmless Globo and its Affiliates, and each officer, director, employee, representative and successor and permitted
assign of any of the foregoing (collectively, the “Globo Party Indemnitees”), from and against, and pay or reimburse the applicable Globo Party Indemnitee for, any and all Losses resulting from or arising out of: (i) any inaccuracy
in any representation or warranty when made or deemed made by DIRECTV herein; (ii) any failure of DIRECTV or any of its Affiliates to perform any covenant or agreement hereunder or fulfill any other obligation in respect hereof, (iii) any Losses
resulting from the transactions contemplated by Section 2, except for stamp, documentary and similar transfer taxes (if any) resulting therefrom; (iv) upon a transfer by News to DIRECTV of all of its equity interest in Sky Brasil, any Losses for
which News indemnifies Globo and its Affiliates pursuant to Section 2.1 of the Participation Agreement; or (v) the Related Transactions. 
  
 ARTICLE 9 
 MISCELLANEOUS

  
 9.1 Terms Generally. The words “hereby”,
“herein”, “hereof”, “hereunder” and words of similar import refer to this Agreement as a whole (including the Exhibits, Annexes and Schedules hereto) and not merely to the specific section, paragraph or clause in which
such word appears. All references herein to Articles, Sections, Exhibits, Annexes and Schedules shall be deemed references to Articles and Sections of, and Exhibits, Annexes and Schedules to, this Agreement unless the context shall otherwise
require. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The definitions given for terms in this Agreement shall apply equally to both the
singular and plural forms of the 
  

 20 

 terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. Except as otherwise expressly provided herein, all references to “dollars” or “$” shall be deemed references to the lawful money of the United States of America. 
  
 9.2 Expenses. Except as otherwise specifically provided for in this
Agreement, the Parties shall bear their respective expenses, costs and fees (including attorneys’ fees) in connection with the transactions contemplated hereby, including the preparation, execution and delivery of this Agreement, the
Transaction Documents, and compliance herewith, whether or not the transactions contemplated hereby shall be consummated. DIRECTV shall cause MCOP to bear all costs and fees payable under Colombian Law with respect to obtaining the CNTV Consent.

  
 9.3 Notices. All notices and other communications
required or permitted by this Agreement shall be made in writing, and any such notice or communication shall be delivered in person, transmitted by facsimile, mailed, certified or registered mail, return receipt requested, with postage prepaid, or
sent by courier service and shall be deemed given when so received if delivered personally or by facsimile (provided that a copy is also sent by certified or registered mail or by internationally recognized courier service), or if mailed, seven
calendar days after the date of mailing (three calendar days in the case of an internationally recognized courier service), as follows: 
  
 Globo or DTH: 
  
 Globo Comunicações e Participações S.A. 
 Avenida de Afranio de Melo Franco, 135 
 Rio de Janeiro, 22430 – 060 
 Brasil 
 Attn: Mr. Jorge Nobrega and Mrs. Rossana Fontenele 
 Tel: +55-21-2540-4491 
 Fax: +55-21-2512-5046 
  
 with a copy to:

  
 TV Globo Ltda. 
 Rua Marques de São Vicente, 30 
 Rio de Janeiro, 22451-040 
 Brasil 
 Attn: Ms. Simone Lahorgue Nunes 
 Tel: +55-21-2540-1057 
 Fax: 55-21-2540-1086 
  
 with a copy to: 
  
 Debevoise & Plimpton LLP 
 919 Third Avenue 
 New York, NY 10022 
 U.S.A. 
 Attn: Mr. Michael J. Gillespie 
 Tel: +1-212-909-6463 
 Fax: +1-212-909-6836 
  

 21 

 DIRECTV: 
 The DIRECTV Group, Inc. 
 2250 East Imperial Highway 
 El Segundo, CA 90245 
 U.S.A. 
 Attn:
General Counsel 
 Tel: +1-310-964-0808 
  
 with a copy to: 
  
 DIRECTV Latin America, LLC 
 1211 Avenue of the Americas 
 New York, NY 10036 
 U.S.A. 
 Attn:
General Counsel 
 Tel: +1-212-462-5036 
 Fax: +1-212-462-5060 
  
 and 
  
 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 
 New York, New York 10153 
 Facsimile: (212) 310-8007 
 Attention: Michael Lubowitz, Esq. 
  
 9.4 Governing Law; Jurisdiction. 
  
 (a) This
Agreement will be governed by and construed in accordance with the laws of the State of New York, United States of America (regardless of the laws that might otherwise govern under applicable principles or rules of conflicts of law to the extent
such principles or rules are not mandatorily applicable by statute and would require the application of the laws of another jurisdiction). 
  
 (b) Each of the Parties irrevocably consents and agrees that any legal action, suit or proceeding commenced to enforce any right under this Agreement
shall be commenced only in the courts of the State of New York, County of New York, or of the U.S. District Court for the Southern District of New York. Each of the Parties irrevocably submits to the jurisdiction of those courts and waives, to the
fullest extent permitted by law, the right to commence any such action in any other court or venue and any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such courts, and
any claim that any such suit, action or proceeding brought in such courts has been brought in an inconvenient forum, and further agrees that a final judgment in any such suit, action or proceeding brought in such courts shall be conclusive and
binding on such Party. 
  

 22 

 (c) Each of Globo and DTH hereby irrevocably designates Corporation Service Company, with an office at
1133 Avenue of the Americas, Suite 3100, New York, New York 10036, as its designee, appointee and agent to receive, for and on its behalf service of process in such jurisdiction in any legal action or proceedings solely with respect to the
enforcement of any right under this Agreement, and such service will be deemed complete upon delivery thereof to Corporation Service Company, provided that in the case of any such service upon Corporation Service Company, the Party effecting such
service will also deliver a copy thereof to Globo and DTH by facsimile and internationally recognized courier service in accordance with Section 9.3. Each of Globo and DTH will take all such action as may be necessary to continue said
appointment in full force and effect or to appoint another agent so that Globo will at all times have an agent for service of process for the above purposes in New York, New York. In the event of the transfer of all or substantially all of the
assets and business of the process agent (whether Corporation Service Company or otherwise) to any other corporation by consolidation, merger, sale of assets or otherwise, such other corporation will be substituted hereunder for the process agent
with the same effect as if named herein in place of Corporation Service Company or such other agent. Nothing herein will affect the right of any Party to serve process in any other manner permitted by applicable law, provided that no service shall
be deemed complete unless a copy of any such service is also delivered to DTH and Globo by facsimile and internationally recognized courier service in accordance with Section 9.3. Each Party expressly acknowledges that the foregoing waiver is
intended to be irrevocable under the laws of the State of New York and of the United States of America. 
  
 (d) Each Party agrees that money damages would not be a sufficient remedy for the other Party hereto for any breach of this Agreement by it, and that in
addition to all other remedies the other Party may have, they shall be entitled to specific performance and to injunctive or other equitable relief as a remedy for any such breach. Each Party agrees not to oppose the granting of such relief in the
event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy. 
  

9.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, successors and
permitted assigns. 
  
 9.6 Assignment. This Agreement shall
not be assignable or otherwise transferable by any Party without the prior written consent of the other parties, and any purported assignment or other transfer without such consent shall be void and unenforceable, provided that Globo shall
have the right to assign all or any part of its rights and obligations hereunder to TV Globo or any other member of the Globo Group, and provided further that DIRECTV shall have the right to assign its rights and obligations hereunder to its
Controlled Affiliates. In the event of any assignment by Globo to a Controlled Affiliate, Globo shall remain responsible for the performance in full by such Controlled Affiliate, and in the event any of such assignment to TV Globo or a Controlled
Affiliate of TV Globo, TV Globo shall be responsible for the performance in full by such Controlled Affiliate. In the event of any assignment by DIRECTV to a Controlled Affiliate thereof, DIRECTV shall remain responsible for the performance in full
by such Controlled Affiliate. 
  

 23 

 9.7 No Third Party Beneficiaries. Except as provided in Article 8 with respect to
indemnification of DIRECTV Party Indemnitees and the Globo Party Indemnitees, as applicable, nothing in this Agreement shall confer any rights upon any person or entity other than the parties and their respective heirs, successors and permitted
assigns. 
  
 9.8 Amendment; Waivers, etc. No amendment,
modification or discharge of this Agreement, and no waiver hereunder, shall be valid or binding unless set forth in writing and duly executed by the Party against whom enforcement of the amendment, modification, discharge or waiver is sought. Any
such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the Party granting such waiver in any other respect or at any other time. Neither the waiver by any of
the parties of a breach of or a default under any of the provisions of this Agreement, nor the failure by any of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege
hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. 
  
 9.9 Remedies. The rights and remedies herein provided are cumulative and none is exclusive of any other, or of any
rights or remedies that any Party may otherwise have at law or in equity. The rights and remedies of any Party based upon, arising out of or otherwise in respect of any inaccuracy or breach of any representation, warranty, covenant or agreement or
failure to fulfill any condition shall in no way be limited by the fact that the act, omission, occurrence or other state of facts upon which any claim of any such inaccuracy or breach is based may also be the subject matter of any other
representation, warranty, covenant or agreement as to which there is no inaccuracy or breach. 
  
 9.10 Entire Agreement. This Agreement, together with the Participation Agreement, the Existing Confidentiality Agreements and the Transaction Documents, constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 
  
 9.11 Severability. Any term or provision of this Agreement which is invalid, illegal or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without rendering invalid, illegal or unenforceable the remaining terms and provisions of this Agreement or affecting the validity, illegality or
enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated herein are consummated as originally contemplated to the fullest extent possible. 
  
 9.12 Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of
this Agreement. 
  

 24 

 9.13 Headings. The headings contained in this Agreement are for purposes of convenience only and
shall not affect the meaning or interpretation of this Agreement. 
  
 9.14 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument. 
  
 [signatures on following page(s)] 
  

 25 

 IN WITNESS WHEREOF, the Parties have each caused this Purchase and Sale Agreement to be duly executed and
delivered on its behalf, as of the date first written above. 
  

			
	GLOBO COMUNICAÇÕES E
	PARTICIPAÇÕES S.A.
		
	By:	 	 /s/ Ronnie Vaz Moreira

	Name:	 	Ronnie Vaz Moreira
	Title:	 	Chief of Operations
		
	By:	 	 /s/ Stefan Alexander

	Name:	 	Stefan Alexander
	Title:	 	Chief Financial Officer
	
	DTH USA, INC.
		
	By:	 	 /s/ Rossana Fontenele Berto

	Name:	 	Rossana Fontenele Berto
	Title:	 	Vice-President
		
	By:	 	 /s/ Guilherme Perboyre Cavalcanti

	Name:	 	Guilherme Perboyre Cavalcanti
	Title:	 	Authorized Agent
	
	THE DIRECTV GROUP, INC.
		
	By:	 	 /s/ Bruce B. Churchill

	Name:	 	Bruce B. Churchill
	Title:	 	Executive Vice President and CFO

  

 26

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