# Endorsement No: 3

**This endorsement, effective:** May 21, 2010 (at 12:01 A.M. prevailing time at the address of the Named Insured as shown in item I (b) of the Declarations)

**forms a part of Policy No:** P000466 008

**Issued to:** International Business Machines Corporation

**by:** Endurance Specialty Insurance Ltd.

## CHOICE OF LAW ENDORSEMENT - IV, Continued

"Substantial relationship" means a relationship with one or more of the following indicia: the Insured's state of incorporation or principal place of business; the place where the claim is made or the court action seeking damages, is brought, or where the "bodily injury", "property damage", or "personal and advertising injury" occurred; the insurance company's state of domicile, incorporation, or principal place of business; or the state where the policy was issued.

All other terms and conditions of this Policy remain unchanged.

**Date of Issuance:** June 8, 2010

403 BSF-02 (Ed. 07/09)

3_403_10