**XL INSURANCE**

**XL Insurance (Bermuda) Ltd**
XL House
One Bermudiana Road
Hamilton HM 11
Bermuda
Tel: (441) 292-8515
Fax: (441) 292-1566
www.xlcapital.com

**July 20, 2009**
**VIA ELECTRONIC MAIL**

**Ms. Tiajuana Sewell**
Aon (Bermuda) Ltd.
Cumberland House, 7th Floor
1 Victoria Street
Hamilton HM 11
Bermuda

Dear Tiajuana:

**Re:** **INTERNATIONAL BUSINESS MACHINES CORPORATION**
**POLICY NO. BM00024254L109A**

Enclosed please find our The Bermuda Short Form Policy -- Occurrence, and the following Endorsement(s), for attachment to the above Policy:

End. 1 - Schedule of Excess Policies
End. 2 - Several Liability Notice Endorsement
End. 3 - Arbitration Endorsement
End. 4 - Choice of Law Endorsement - III
End. 5 - Premium Payment Condition Endorsement

We trust that you will find these policy documents in order; if not, please contact Victoria Benevides at 294-7265.

Yours sincerely,

**Patricia Swan**
Policy Administrator

Enc.

Sent: July 20, 2009