Exhibit 4.46 6 rue Adolphe Fischer L-1520 Luxembourg Luxembourg CO-BRANDING AGREEMENT THIS CO-BRANDING AGREEMENT (this "Agreement"), entered into on the 22nd day of August 2005 and effective as of the 22nd day of August 2005 ("Effective Date"), by and among (a) Skype Communications, S.A. ("Skype"), a limited company (société anonyme) incorporated in Luxembourg, with its principal place of business at 6 rue Adolphe Fischer, L-1520 Luxembourg, Luxembourg, (b) Skype Technologies, S.A. ("Skype Holding"), a limited company (société anonyme) incorporated in Luxembourg, with its principal place of business at 6 rue Adolphe Fischer, L-1520 Luxembourg; (c) TOM Online (BVI) Limited ("Online BVI"), a company incorporated in the British Virgin Islands with limited liability, whose correspondence address is at 8th Floor, Tower W3, Oriental Plaza No.1 Dong Changan Avenue, Dong Chang District, Beijing 100738, PRC; (d) TOM Online Inc. ("Tom Holding"), a company incorporated in the Cayman Islands with limited liability and listed on the NASDAQ National Market in the United States of America and the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited, whose correspondence address is at 8th Floor, Tower W3, Oriental Plaza No.1 Dong Changan Avenue, Dong Chang District, Beijing 100738, PRC; and (e) Tel-Online Limited ("Company"), a company incorporated in the Cayman Islands, whose correspondence address is at 8th Floor, Tower W3, Oriental Plaza No.1 Dong Changan Avenue, Dong Chang District, Beijing 100738, PRC. Skype, Online BVI and the Company may be referred to individually as "Party" and collectively as "Parties." Skype, Online BVI, the Company, Skype Holding and Tom Holding may be referred to individually as "party to this Agreement" and collectively as "parties to this Agreement." RECITALS A. Each of Skype, Skype Holding, Online BVI, and Tom Holding are parties to that certain Memorandum of Terms dated October 12, 2004 ("Memorandum"), pursuant to