**AON GLOBAL**

**VIA COURIER**

June 25, 2010

Ms. Kathleen Ireland  
Risk Manager, IBM CHQ  
Global Risk & Insurance Management  
International Business Machines Corporation  
1 New Orchard Road  
Armonk, New York 10504  
U.S.A.

Re: International Business Machines Corporation  
Canopius Bermuda  
Policy No. IBM-141/CUBLBSF02-10  
Policy Period: May 21, 2010 - 2011

Dear Ms. Ireland,

We are pleased to enclose the Declaration page, policy form and endorsement nos.1 to 9 which attaches to and forms part of the above captioned policy.

Endt. No. 1 SCHEDULE OF UNDERLYING EXCESS POLICIES AND QUOTA SHARE POLICIES  
Eff. May 21/10 This endorsement references all of the underlying excess and quota share policies.

Endt. No. 2 CHOICE OF LAW ENDORSEMENT – IV  
Eff. May 21/10 It is agreed that this Policy and any dispute arising out of or relating to this Policy, shall be governed by and construed in accordance with the substantive internal law of the state of New York. Exceptions to this are outlined in this endorsement.

Endt. No. 3 ARBITRATION ENDORSEMENT  
Eff. May 21/10 The Policy is subject to London Arbitration.

Endt. No. 4 PREMIUM PAYMENT CONDITION  
Eff. May 21/10 This endorsement evidences that the applicable policy premium shall be paid in full to the Insurer within thirty (30) days after the inception date of the Policy Period, as well as, cancellation provision of policy for non-payment of premium.

Endt. No. 5 ECONOMIC OR TRADE SANCTIONS ENDORSEMENT  
Eff. May 21/10 It is agreed that payment of a loss under this Policy shall only be made in full compliance with all United States of America economic or trade sanction laws or regulations, including, but not limited to, sanctions, laws and regulations administered and enforced by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”).

Aon (Bermuda) Ltd.  
Cumberland House | Victoria Street | Hamilton HM 11 | Bermuda  
P.O. Box HM 2020 | Hamilton HM HX | Bermuda  
t: +441.295.0265 | f: +441.292.3244  
w: aon.com