**Insured Name:** International Business Machines Corporation  
**Policy Number:** ECA1KFW12A0W  
**Endorsement No.:** 5  
**Effective Date:** May 21, 2012  

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**NON FOLLOWED ENDORSEMENT**

In consideration of the premium charged, it is agreed that the following is added to Item 8. of the Declarations:

**Item 8. FOLLOWED POLICY: Endorsements our Policy does not follow:**

| Endorsement No. | Title |
|-----------------|-------|
| 12              | Foreign Loss Indemnity Endorsement |
| 28              | Punitive Damages – Most Favorable Jurisdiction Limitation Endorsement |

All other terms and conditions of this Policy remain unchanged.

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**Aspen Bermuda Limited**

By: **Chloe de Baer**  
Title: Casualty Underwriter  
Date: July 6th, 2012