# TRADE OR ECONOMIC SANCTIONS AMENDATORY ENDORSEMENT

| Named Insured | International Business Machines Corporation |
|---------------|-------------------------------------------|
| Endorsement Number | 34 |
| Policy Symbol | XOO |
| Policy Number | G2763848A |
| Policy Period | 05/21/2015 to 05/21/2016 |
| Effective Date of Endorsement | 05/21/2015 |
| Issued By (Name of Insurance Company) | ACE Property and Casualty Insurance Company |

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

This endorsement modifies insurance provided under the following:

**COMMERCIAL UMBRELLA LIABILITY POLICY**

Item T. of Section V Exclusions is hereby deleted and replaced by the following:

T. Trade or Economic Sanctions  
To the extent that 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"), prohibit us from providing insurance, including, but not limited to, the payment of claims.

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**

**MS-9627 (05/12)**

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