# Allied World Assurance Company

**Endorsement No:** 2  
**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.

## 2. CHOICE OF LAW

This Policy shall be construed in accordance with the internal laws of the State of New York (with the exception of the procedural law required by Paragraph 1. of this Endorsement which shall be construed in accordance with the laws of Bermuda); provided, however, that, notwithstanding any legal principles to the contrary, the warranties, terms, conditions, exclusions and limitations of this Policy are to be construed in an evenhanded fashion between the Insured and the Insurer. Without limitation, where the language of this Policy is deemed to be ambiguous or otherwise unclear, the issues shall be resolved in the manner most consistent with the warranties, terms, conditions, exclusions and limitations viewed as a whole (without regard to authorship of the language and without any presumption or arbitrary interpretation or construction in favor of either the Insured or the Insurer.)

All other terms and conditions of this Policy remain unchanged.

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**ALLIED WORLD ASSURANCE COMPANY, LTD.**

By:  
**Michael Hoffmann**  

Title: Senior Vice President  

Date: August 15, 2008

Ref: ACFF-401a  
(AWAC Ed. 11/01)  
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