**Insured:** International Business Machines Corporation  
**Policy No.:** UFP0044276-01  
**Endorsement No.:** 3  
**Effective Date:** May 21, 2012  

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**CHOICE OF LAW ENDORSEMENT - II**

All other terms and conditions of this Policy remain unchanged.

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**Arch Reinsurance Ltd.**

**By:**  
**Title:** Senior Vice President  
Underwriting Manager,  
Excess Casualty  

**Date:** July 18, 2012  
**Ref:** BSF-4002b Ed. 6/14/10

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**Arch**  
**Reinsurance Ltd.**