# FELLOW EMPLOYEE EXCLUSION DELETED

| Named Insured | International Business Machines Corporation |
|---------------|--------------------------------------------|
| Policy Symbol | XOO                                        |
| Policy Number | G24895944                                  |
| Policy Period | 05/21/2009 - 05/21/2010                    |
| Endorsement Number | 14                                         |
| Effective Date of Endorsement | 05/21/2009                                 |

Issued By (Name of Insurance Company) | ACE Property and Casualty Insurance Company |

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

This endorsement modifies insurance provided under the following:

**COMMERCIAL UMBRELLA LIABILITY POLICY**

Section II, WHO IS AN INSURED, Section B.1.a.1 is deleted and amended as follows; B.1.a.2. is deleted in its entirety:

(1) To you, to your partners or members (if you are a partnership or joint venture), to your members (if you are a limited liability company) while in the course of his or her employment or performing duties related to the conduct of your business

All other terms and conditions of this policy remain unchanged.

Authorized Agent

XS-23634 (01/08)

Page 1 of 1

CLASS CODE 2-13000

NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE DEPARTMENT. HOWEVER SUCH FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.