**AON RISK SERVICES**

**Nick Moore**
Aon Risk Services Northeast, Inc
199 Water Street, 32nd Floor,
New York,
NY 10038,
United States of America.

**8 Devonshire Square**
London EC2M 4PL
t: 020 7623 5500
f: 020 7621 1511

**Date:** 22nd June 2009

Dear Nick,

**Insured:** International Business Machines Corporation  
**Type:** Excess Liability Insurance  
**Policy Number(s):** WE0900137

Please find attached two certified copies of the Insurer agreed Contract of Insurance for each layer. One copy is intended to be delivered to the Insured and the other copy is for your files.

The Contract of Insurance is a colour copy of the placing slip sent to you at binding, with a cover sheet added. Any handwritten comments have been typed and resigned. The document includes Contract Administration and Advisory Sections between the Insurer and Broker which are used to facilitate the administration of the placement (i.e., Broker Remuneration and Deductions; Subjectivities; Information; and Fiscal & Regulatory).

This Contract of Insurance document replaces the traditional London policy and will be the only evidence of cover issued in accordance with the heading "Insurer Contract Documentation" in the Risk Details (page 2).

This approach is part of the overall London market drive towards achieving contract certainty at or before inception, with full documentation being issued as soon as possible.

The Underlying Policy Numbers and Insurers in Item 2 of the Declarations will be endorsed when provided and advised to Underwriters. We will also issue an endorsement deleting Endorsement Number Three (which provides contract certainty as it shows the Contract follows all terms of the Lead Binder until the Lead Policy is issued) after Underwriters have received and reviewed the Lead Underlying Policy.

Please review these documents carefully which we trust that you will find to be in good order, but in the event of any queries, please do not hesitate to contact us to discuss.

Yours sincerely,

**Rachel Mora**  
P&C Americas

**Virginie Salzard**  
P&C Americas

**Aon Limited**  
Registered Office | 8 Devonshire Square | London | EC2M 4PL  
Registered in England & Wales No. 210725 | VAT Registration No. 480 8401 48  
Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only