End 030-09/12
Form BSF-02
Page 1 of 1

**ADDITIONAL/RETURN PREMIUM: NIL**

**TRADE OR ECONOMIC SANCTIONS ENDORSEMENT**

The Company shall not provide coverage for or be liable to pay any claim hereunder (1) if and to the extent such coverage or payment would violate any United States of America economic or trade sanctions, including sanctions administered and enforced by the United States Treasury Department's Office of Foreign Assets Control ("OFAC"), or (2) if and to the extent such coverage or payment would expose the Company, or any of its directors, officers, employees or agents, to any sanctions or penalties under any United States of America economic or trade sanctions.

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions or limitations of the Policy referenced below, except as expressly stated herein.

The effective date of this endorsement is May 21, 2013.
All other terms and conditions remain unchanged.
This endorsement is attached to and made a part of Policy No. IBM-0015/BSF02
of ACE Bermuda Insurance Ltd.

Issued to: International Business Machines Corporation
Date of Issue: May 20, 2013
By [Signature] Authorized Representatives

End No. 11