**Allied World Assurance Company**

**Endorsement No:** 11

**This endorsement, effective:** May 21, 2008 (at 12:01 A.M. prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**forms a part of Policy No:** C007539/002

**Issued to:** International Business Machines Corporation

**by:** Allied World Assurance Company, Ltd.

**INSURANCE AND RELATED OPERATIONS EXCLUSION ENDORSEMENT**

It is hereby understood and agreed that this Policy does not provide coverage for Bodily Injury, Property Damage, or Personal Injury and Advertising Injury arising out of:

1. (a) Any obligation assumed by the Insured;
   (b) The failure to discharge, or the improper discharge of any obligation or duty, contractual or otherwise;
   (c) The rendering of, or failure to render the following professional services:
      (i) Advising, inspecting, reporting or making recommendations in the Insured's capacity as an insurance company, consultant, broker, agent or representative thereof;
      (ii) Effecting insurance, reinsurance or suretyship coverage;
      (iii) Investigating, defending or settling any claim under a contract or treaty of insurance, self-insurance, reinsurance or suretyship;
      (iv) Auditing or maintaining accounts or records of others;
      (v) Conducting an investment, loan or real estate department or operations;
      (vi) Acting in any capacity as a fiduciary or trustee for mutual funds, pension or welfare funds, annuities, endowments, employee benefit plans or other similar activities; or
      (vii) Performing any claim, investigative, adjustments, engineering, inspection, consulting, survey, audit, appraisal, actuarial, or data processing service for a fee or other consideration;

under any contract or treaty of insurance, reinsurance, suretyship, annuity, endowment or employee benefit plan, including applications, receipts or binders.

**Ref:** ACFF-548

**(AWAC Ed. 09/07)**

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