**AON GLOBAL**

**VIA COURIER**

July 20, 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  
Endurance Specialty Insurance Ltd.  
Policy No. P000466 007 & Policy EXC10000024500

Dear Ms. Ireland,

We are pleased to enclose the original and copy of the above captioned policies.

**Policy Number:** P000466 007

End. 1 **SCHEDULE OF EXCESS POLICY(IES)**  
Eff: May 21/09 References the followed policy, primary policies and the excess policies.

End. 2 **ARBITRATION ENDORSEMENT**  
Eff: May 21/09 It is agreed that notwithstanding anything to the contrary in the Followed Policy, any dispute, controversy or claim arising out of or relating to this Policy or the breach, termination or invalidity thereof shall be finally and fully determined in the English language in London, England under the provisions of the Arbitration Act of 1996.

End. 3 **CHOICE OF LAW ENDORSEMENT - II**  
Eff: May 21/09 It is hereby agreed that this Policy and any dispute, controversy or claim arising out of or relating to this Policy shall be governed by and construed in accordance with the substantive internal law (i.e., excluding procedural and choice-of-law rules) of the State of New York.

End. 4 **PREMIUM PAYMENT CONDITION**  
Eff: May 21/09 This endorsement outlines terms and conditions of Premium Payment.

End. 5 **AMENDMENT OF ESIL BSF-01 FORM ENDORSEMENT**  
Eff: May 21/09 Amending notice of occurrence, claim or loss – Named Insured shall give Notice of any occurrence when total of all payments and reserves has reached a level of fifty percent (50%) or more of the underlying policies.

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