# Arbitration Endorsement

**Endorsement No:** 2  
**This endorsement, effective:** May 21, 2012 (at 12:01 A.M., prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)  
**forms a part of Policy No:** ISO000881  
**Issued to:** International Business Machines Corporation  
**by:** Iron-Starr Excess Agency Ltd.

**ARBITRATION ENDORSEMENT (cont'd)**

other issue preclusion or estoppel effect against the Company in such arbitration, irrespective of whether or not the Company remained a party to such action or proceeding).

All other terms, conditions, limitations and exclusions of this Policy remain unchanged.

**Authorized Representative**

**Date of Issuance:** June 14, 2012  
**ISEABSF (06/10)**  
**1 ISEABSF Arbitration Endorsement**