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Block Trade Agreement for India Working Document, Version 1.0 Last Updated: 17 Nov 2015

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Block Trade Agreement for India Working Document, Version 1.0 Last Updated: 17 Nov 2015 Asia Securities Industry & Financial Markets Association Block Trade Agreement for India Working Document, Version 1.0 Last Updated: 17 Nov 2015 www.asifma.org Follow ASIFMA on Twitter and LinkedIn Any person using the Template shall be deemed to have read, understood and agreed to the terms set out below: (i) This document Template (“Template”) is provided solely as a guide and is not intended to be, and must not be regarded or relied upon as, legal or other professional advice or opinions on any matters. Use of the Template is voluntary. You are advised to seek your own professional advice as necessary. (ii) All market participants signing block trade agreements are responsible for exercising their own independent judgment as to: (a) what information, and in what form, they should require the seller/manager to comply with their legal and regulatory obligations; (b) the sufficiency, accuracy, completeness and relevance of any information provided by any seller/manager; and (c) whether a particular agreement is appropriate under the particular circumstances and conditions applicable to them. (iii) For the avoidance of doubt, the fact that a seller/manager has submitted disclosures in accordance with the Template should not be regarded as an endorsement of that seller/manager by ASIFMA or an indication that the seller/manager is necessarily fit, proper or suitable for any particular user or purpose. ASIFMA accepts no responsibility for any information disclosed pursuant to or in accordance with this Template. (iv) Any description of legal or regulatory provisions in the Template is for informational and summary purposes only and is not intended to convey the full extent or details of regulatory obligations that may apply to any firm or individual. Any persons using this Template are encouraged to undertake their own review of relevant laws, rules, codes, guidelines and circulars and other materials, and are responsible for making their own determination as to their legal and regulatory obligations. (v) The ASIFMA, its member firms and any other persons who have contributed to the development of the Template: (a) accept no responsibility or liability in any form for any errors or omissions in the Template or for any losses or damages howsoever arising from, including any act or inaction in reliance on, any of its contents or omissions; (b) make no representations or warranties of any kind and specifically disclaim any implied representations or warranties of merchantability, fitness for a particular purpose, completeness or accuracy of the Template; (c) make no representations that the use of or reference to the Template will satisfy any legal, regulatory or other obligations; and (d) disclaim any on-going duty or obligation to update or revise the Template or notify any persons of changes to laws, regulations or regulatory guidance that may affect the use or application of the Template. The Template has been created for the benefit of all industry participants. It is not owned, copyrighted or protected by ASIFMA. Draft of 17 November 2015 BLOCK TRADE AGREEMENT Note: This Form assumes that (1) the Company is a “foreign private issuer” (as defined in Rule 405 under the U.S. Securities Act); (2) there is no substantial U.S. market interest (as defined in Regulation S) in the equity securities of the Company; and (3) the Seller is an affiliate of the Company. If any of these assumptions do not apply to the trade at hand, appropriate modifications should be made in preparing the draft Block Trade Agreement. This Form also provides alternative provisions for instances in which the Seller is both an affiliate and a controlling shareholder and/or a board seat; however, appropriate consideration should be given to the extent of due diligence and Company-related representations. This agreement (this “Agreement”) is entered into on the [●] day of [●], [●], at [●], AMONGST 1. [the broker], [a company incorporated/with a registered branch established] under the laws of India and having its registered office at [address of the broker] (the “Broker”) of the FIRST PART; AND 2. [the seller], [a company incorporated] under the laws of [jurisdiction of incorporation of the seller] and having its registered office at [address of the broker] (the “Seller”) of the SECOND PART. In this Agreement, the Broker and the Seller are collectively referred to as the “Parties” and individually as a “Party”. WHEREAS A. Pursuant to the documents entered into by the Seller with the Broker for the purpose of opening trading account(s) with the Broker dated [●] (the “Broker Client Agreements”) and subject to the terms and conditions of this Agreement, the Broker will act as the stock broker for the Seller and facilitate, on a best efforts basis, the sale of up to [●] ordinary shares (the “Shares”) of Rs. [●] each in the capital of [the company] (the “Company”) by way of one or more share sales on the screen-based trading platform of the BSE Limited (the “BSE”) and/or the National Stock Exchange of India Limited (the “NSE”, and together with the BSE, the “Stock Exchanges”). B. The Shares will be offered and sold (i) outside the United States of America, (the “United States” or “U.S.”) in reliance on Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “Act”) and (ii) within the United States to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A (“Rule 144A”) under the Act) in reliance on [Rule 144A]/[Section 4] or any other applicable exemption under the Act. 2 NOW, THEREFORE, the Parties do hereby agree as follows: 1. PURCHASE AND SALE 1.1. Subject to the terms and conditions of this Agreement, the Seller agrees as legal and beneficial owner of the Shares, to sell the Shares, free of all liens, charges or other encumbrances and third party rights and together with all dividends, distributions and other benefits attaching to the Shares, and appoints the Broker to the exclusion of all others, as stock broker for the Seller, to facilitate, on a best efforts basis, the sale of the Shares by way of one or more share sales on the screen-based trading platform of the Stock Exchanges at a price per Share not less than [●] or such lower price as may be mutually agreed in writing between the Broker and the Seller (the “Sale Price”) and the Broker agrees to such appointment. 1.2. Notwithstanding anything else contained in this Agreement, the Seller acknowledges and agrees that, since the execution of the sale of the Shares shall take place by way of one or more transactions in the open market through the “screen-based” trading platform(s) on the Stock Exchanges: (a) the number of Shares actually sold by the Seller may be less than the total number of Shares on account of sell bids submitted on the Stock Exchanges other than those submitted by the Broker on behalf of the Seller (the shortfall in the number of Shares resulting from such event, the “Sell Bid Slippage”). Accordingly, the Broker shall not be liable in any manner whatsoever to the Seller for any Sell Bid Slippage and in the event of Sell Bid Slippage, the number of Shares which are the subject of this Agreement shall be adjusted accordingly such that it refers to the lesser number of Shares actually sold by the Broker as stock broker for the Seller (with consequential reductions to the aggregate Sale Price and other related amounts referred to in this Agreement); and (b) the identity of the purchasers of the Shares may not be ascertainable and the Broker shall not be liable in any manner whatsoever to the Seller if the persons to whom any of the Shares are sold are not ascertainable. 1.3. The Seller understands and acknowledges that the number of Shares actually sold may be less than the total number of Shares and that the Broker shall under no circumstances be required to purchase for its own account any Shares, or to underwrite or provide any financing in relation to the sale. 1.4. The Seller further acknowledges and agrees that, subject to compliance with all applicable laws, rules, regulations and approvals of India and the United States, foreign institutional investors (“FIIs”), including affiliates (as defined in Rule 405 under the Act) (“Affiliates”) of the Broker that are FIIs, may issue, or otherwise deal in, off-shore derivative instruments such as participatory notes, equity linked notes or any other similar instruments against 3 the Shares, for which they may receive compensation from the purchasers of such instruments. 2. CLOSING 2.1. The Seller shall sell the Shares on the BSE or the NSE through the Broker acting as stock broker. The execution of the sale of the Shares by the Seller shall occur, at the discretion of the Broker, on the BSE or the NSE on [trade date] (the “Trade Date”). The Seller shall procure that the Shares will be credited on or before [time] on [date] to such securities accounts as the Broker may designate. 2.2. Upon receiving payment for the Shares from the BSE and NSE, as applicable, or at such other time or date as the Seller and the Broker may agree in writing (the “Closing Date”), the Broker shall arrange for the payment to the Seller or its authorized dealer of the aggregate Sale Price for the Shares (less the brokerage, Fee (as defined below) and relevant expenses plus applicable taxes as contemplated by Clauses 3 and 4) by transfer to [Seller's account], and such payment by the Broker shall constitute a complete discharge of the obligations of the Broker hereunder.
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