# CANOPIUS Bermuda

**Endorsement No:** 005

**This endorsement effective:** May 21, 2013 (at 12:01 AM prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**Forms a part of Policy No:** IBM-341/CUBLBSF02-13

**Issued to:** International Business Machines Corporation

**By:** Canopius Underwriting Bermuda Limited

## SANCTION LIMITATION AND EXCLUSION CLAUSE

No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, exclusions or limitations of the Policy referenced above, except as expressly stated herein.

**Date of Issue:** July 15, 2013

Ref: BSF02-CUBL072-04-13

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