# Arbitration Endorsement

**Endorsement No:** 3  
**This endorsement, effective:** May 21, 2013 (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:** ISO0001324  
**Issued to:** International Business Machines Corporation  
**by:** Iron-Starr Excess Agency Ltd.

**ARBITRATION ENDORSEMENT (con't)**

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: July 16, 2013  
ISEABSF [06/12]  
3 2003 ISEABSF Arbitration Endorsement [06 12].doc