**ASPERN**

**Insured Name:** International Business Machines Corporation  
**Policy Number:** ECA1KFW11A0W  
**Endorsement No.:** 5  
**Effective Date:** May 21, 2011

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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.** 15
  - **Title** Foreign Loss Indemnity Endorsement
- **Endorsement No.** 29
  - **Title** Punitive Damages – Most Favorable Jurisdiction Limitation Endorsement

All other terms and conditions of this Policy remain unchanged.

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**Aspen Insurance Limited**

By: Chloé de Baer  
**Title:** Casualty Underwriter  
**Date:** May 31, 2011