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FOREWORD

Tata companies have consistently adhered to the values and ideals articulated by the Founder
for over 150 years. The Tata Code of Conduct was first formalized by Mr Ratan Tata. It articulates
the Group’s values and ideals that guide and govern the conduct of our companies as well as our
colleagues in all matters relating to business. Today, the Code is a bedrock on which we base our
individual, as well as leadership commitments to core Tata values.

The Tata Code of Conduct outlines our commitment to each of our stakeholders, including the
communities in which we operate, and is our guiding light when we are sometimes faced with
business dilemmas that leave us at ethical crossroads. The Code is also dynamic in that it has
been periodically refreshed in order to remain contemporary and contextual to the changes in
law and regulations. However it remains unaltered at its core.

Our stellar reputation and success as a business entity has been defined by the powerful
commitment and adherence to the core values and principles expressed in this Code, by all our
employees, directors and partners. I trust every Tata colleague and Tata company will continue
to not only comply with the laws and regulations that govern our business interests around the
world, but will continue to set new standards of ethical conduct that will generate deep respect
and inspire emulation by others.

N. Chandrasekaran
21 February, 2017
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