# TRADE OR ECONOMIC SANCTIONS ENDORSEMENT

| Named Insured | International Business Machines Corporation |
|---------------|--------------------------------------------|
| Endorsement Number | 2                                         |
| Policy Symbol | XOO                                        |
| Policy Number | G24895944                                  |
| Policy Period | 05/21/2009 - 05/21/2010                    |
| Effective Date of Endorsement | 05/21/2009                                 |
| Issued By (Name of Insurance Company) | ACE Property and Casualty Insurance Company |

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

This insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit us from providing insurance, including, but not limited to, the payment of claims. All other terms and conditions of policy remain unchanged.

ALL-21101 (11/06) Ptd. in U.S.A.
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CLASS CODE 2-13000
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This document is an endorsement for a trade or economic sanctions policy issued by ACE Property and Casualty Insurance Company to International Business Machines Corporation. The endorsement changes the policy to exclude coverage under certain trade or economic sanctions or related laws and regulations.