**Insured Name:** International Business Machines Corporation  
**Policy Number:** ECA1KFW12A0W  
**Endorsement No:** 2  
**Effective Date:** May 21, 2012  

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**MINIMUM EARNED PREMIUM ENDORSEMENT**

It is understood and agreed that in the event of cancellation of this Policy by or at the direction of the Insured, the Insurer shall retain a Minimum Earned Premium of 35%.

It is further agreed that the provision regarding cancellation by the Insured is amended to read:

"If the Insured cancels this policy, earned premium will be computed in accordance with the customary pro-rata rate table and procedure, or the Minimum Earned Premium stated herein, whichever is greater."

All other terms, conditions and exclusions of the Policy remain unchanged.

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**Aspen Bermuda Limited**

By: **Onloe de Baer**  
Title: Casualty Underwriter  
Date: July 6th, 2012