# Economic or Trade Sanctions Exclusion

This endorsement, effective May 21, 2016 (at 12:01 A.M. prevailing time at the address of the Named Insured as shown in item 1 of the Declarations), forms a part of Policy No: EXC10000024507.

Issued to:
- International Business Machines Corporation
by:
- Endurance Specialty Insurance Ltd.

## Economic or Trade Sanctions Exclusion

It is hereby agreed that this Policy shall not apply to any actual or alleged:

(a) Liability if coverage for such liability would violate any United States of America economic or trade sanctions, including but not limited to, sanctions administered and enforced by the United States Treasury Department's Office of Foreign Assets Control ("OFAC"); or

(b) Liability arising, directly or indirectly, out of the violation of any United States of America economic or trade sanctions, including but not limited to, sanctions administered and enforced by the United States Treasury Department's Office of Foreign Assets Control ("OFAC").

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**

Date of Issuance: June 13, 2016

615 BSF-03 (Ed. 07/13)
4_615_16