# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

**(A New York Stock Insurance Company, hereinafter the "Insurer")**

**ENDORSEMENT NO. 3**

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

- **Named Insured:** International Business Machines Corporation
- **Policy Number:** LQ1B71078753092
- **Effective Date:** May 21, 2010

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE DEPARTMENT. HOWEVER SUCH FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

## Nuclear Energy Liability Exclusion Endorsement

This endorsement changes the policy as follows:

This policy does not apply to:
A. Any "loss":
1. with respect to which any Insured under this policy is also an Insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic, Energy Liability Underwriters, Nuclear Insurance Association of Canada or any of their successors, or would be an Insured under any such policy but for its Limit of Insurance; or
2. resulting from the "hazardous properties" of "nuclear material" and with respect to which:
   a) a person or organization is required to maintain financial protection pursuant to the Atomic Energy Act of 1954, or any law amendatory thereof; or
   b) any Insured is, or had this policy not been issued would be entitled to indemnity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any agency thereof, with any person or organization.
B. Any injury or "nuclear property damage" resulting from the "hazardous properties" of "nuclear material," if:
1. The "nuclear material"
   a) is at any "nuclear facility" owned by, or operated by or on behalf of, any insured; or
   b) has been discharged or dispersed therefrom;

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