contains warranties, terms, conditions, exclusions or limitations more restrictive than this Policy or the Followed Policy, whether on the effective date of this Policy or at any time during the Policy Period of this Policy, then this Policy shall be deemed to follow those more restrictive warranties, terms, conditions, exclusions or limitations of the Intervening Policy(ies).

IN WITNESS WHEREOF, the Company has caused this Policy to be signed by its duly Authorized Representative.

Date of Issuance: June 14, 2012
ISEABSF (03/07)
Named Insured: International Business Machines Corporation

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