**POLICY NUMBER:** HDO G24931407

**ENDT. #109**

**SIGNATURES**

| Named Insured | International Business Machines Corporation |
|---------------|-------------------------------------------|
| Policy Symbol | HDO                                       |
| Policy Number | G24931407                                 |
| Policy Period | 05/21/2009 to 05/21/2010                   |
| Endorsement Number | 109                                       |
| Effective Date of Endorsement | 05/21/2009                                |

**Issued By (Name of Insurance Company):** ACE American Insurance Company

**The remainder of the information is to be completed only when this endorsement is issued subsequent to the preparation of the policy.**

THE ONLY SIGNATURES APPLICABLE TO THIS POLICY ARE THOSE REPRESENTING THE COMPANY NAMED ON THE FIRST PAGE OF THE DECLARATIONS.

By signing and delivering the policy to you, we state that it is a valid contract.

- INDEMNITY INSURANCE COMPANY OF NORTH AMERICA  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

- BANKERS STANDARD FIRE AND MARINE COMPANY  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

- BANKERS STANDARD INSURANCE COMPANY  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

- ACE INDEMNITY INSURANCE COMPANY  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

- ACE AMERICAN INSURANCE COMPANY  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

- ACE PROPERTY AND CASUALTY INSURANCE COMPANY  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

- INSURANCE COMPANY OF NORTH AMERICA  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

- PACIFIC EMPLOYERS INSURANCE COMPANY  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

- ACE FIRE UNDERWRITERS INSURANCE COMPANY  
  436 Walnut Street, P. O. Box 1000, Philadelphia, Pennsylvania 19106-3703

**WESTCHESTER FIRE INSURANCE COMPANY**  
1325 Avenue of the Americas, 19th Floor, New York, NY 10019

**George D. Mulligan**, Secretary  
**John J. Lupica**, President  
**Dennis A. Crosby, Jr.**, President  
**Barbara Oliver**, Authorized Agent