**AON GLOBAL**

**VIA COURIER**

July 17, 2009

Ms. Kathleen Ireland  
Risk Manager, IBM CHQ  
Global Risk & Insurance Management  
International Business Machines Corporation  
1 New Orchard Road  
Armonk,  
New York 10504  
U.S.A.

Re: International Business Machines Corporation  
AIG Excess Liability Insurance International Limited  
Policy No. 21472589

Dear Ms. Ireland,

We are pleased to enclose the original Declaration page, policy form and endorsement nos.1 to 9 which attaches to and forms part of the above captioned policy.

Endt. No. 1[FF-04] SCHEDULE OF FOLLOWED POLICY AND UNDERLYING  
Eff: May 21/09 EXCESS POLICIES  
References the followed and underlying excess policies.

Endt. No. 2[FF-04] EXCLUSION FOR VIOLATION OF SECURITIES OR ANTITRUST  
Eff: May 21/09 LAWS  
It is hereby agreed and understood that this Policy does not apply to any liability for injury or damage arising under any statute, law, regulation, rule or ordinance, whether established pursuant to legislative, administrative, judicial, executive or other authority, of any nation or federal, state, local or other governmental or political body or subdivision relating to securities and antitrust laws as defined in this endorsement.

Endt. No. 3[FF-04] RETAINED LIMIT ENDORSEMENT (DEFENSE EXPENSES  
Eff: May 21/09 OUTSIDE RETAINED LIMIT)  
In the event of reduction or exhaustion of the underlying aggregate limits of liability described in Section III, paragraph A.2, the limits of liability of this Policy shall apply in excess of the greater of:

a. the sum of the applicable remaining aggregate limits of liability of the Underlying Policies; or  
b. a Retained Limit of US$150,000,000 per occurrence

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