# Endorsement No: 2[FF-04]

**This endorsement, effective:** May 21, 2009 (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:** 21472589

**Issued to:** International Business Machines Corporation

**by:** AIG Excess Liability Insurance International Limited

## EXCLUSION FOR VIOLATION OF SECURITIES OR ANTITRUST LAWS

It is hereby understood and agreed that this Policy does not apply to any liability for injury or damage arising under any statute, law, regulation, rule or ordinance, whether established pursuant to legislative, administrative, judicial, executive or other authority, of any nation or federal, state, local or other governmental or political body or subdivision thereof, relating to:

(1) the purchase, sale or distribution of securities or offers to purchase or sell securities, or investment counseling or management, including, without limitation, liability under the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Public Utility Holding Company Act of 1940, and the so-called "blue-sky" laws of the various states or other jurisdictions;

(2) antitrust or the prohibition of monopolies, activities in restraint of trade, unfair methods of competition or deceptive acts and practices in trade and commerce including, without limitation, the Sherman Act, the Clayton Act, the Robinson-Patman Act, the Federal Trade Commission Act, the Lanham Act and the Hart-Scott-Rodino Antitrust Improvements Act;

(3) fraud or breach of fiduciary duty;

(4) criminal penalties;

(5) the failure to pay when due any governmental tax including income, excise, property, value added and sales tax, or tariff, license fee or other governmental fee which is incidental to the conduct of business, or any assessment, fine, or penalty related thereto.

All other terms and conditions of this Policy remain unchanged.

**Date of Issuance – June 22, 2009**

**FF-04 522.01 (Ed. 08/07)**

**2[FF04]J09 522.01Securities, Antitrust etc. Exclusion Endorsement**