# ENDORSEMENT #4

This endorsement, effective May 21, 2016 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations)

forms a part of Policy No. 60703940 issued to International Business Machines Corporation by American International Reinsurance Company, Ltd.

## ECONOMIC SANCTIONS ENDORSEMENT

It is hereby agreed that this Policy, Memorandum of Insurance or Certificate is amended by the addition of the following:

The Insurer, Company or Reinsurer (hereinafter “Insurer”) shall not be deemed to provide cover and the Insurer shall not 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 the Insurer, its parent company or its ultimate controlling entity to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union or the United States of America.

All other terms, conditions and exclusions remain unchanged.

**AUTHORIZED REPRESENTATIVE**

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**AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.**

**27 Richmond Road**

**Pembroke, HM08**

**Bermuda**

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