**AON GLOBAL**

**VIA COURIER**

June 25, 2010

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  
Chartis Excess Limited  
Policy No. 25413435  
Policy Period: May 21, 2010 - 2011  

Dear Ms. Ireland,

We are pleased to enclose the Declaration page, policy form and endorsement nos.1 to 7 which attaches to and forms part of the above captioned policy.

End. No. 1 **SCHEDULE OF EXCESS POLICY(IES)**  
Eff. May 21/10 References the followed policy and the underlying excess policies.

End. No. 2 **ARBITRATION ENDORSEMENT**  
Eff. May 21/10 It is agreed that any dispute arising out of or relating to this Policy or to breach, cancellation, termination or validity of this policy shall be finally determined in London, England under the provisions of the Arbitration Act of 1996 and/or any statutory modifications or amendments thereto, for the time being in force, by a Board composed of three arbitrators to be selected for each controversy as described in this endorsement.

End. No. 3 **CHOICE OF LAW ENDORSEMENT – IV**  
Eff. May 21/10 It is agreed that this Policy and any dispute arising out of or relating to this Policy, shall be governed by and construed in accordance with the substantive internal law of the State of New York. Exceptions to this are outlined in this endorsement.

End. No. 4 **PREMIUM PAYMENT CONDITION**  
Eff. May 21/10 This endorsement evidences that the applicable policy premium shall be paid in full to the Insurer within thirty (30) days of the commencement of the Policy Period, as well as, cancellation provision of policy for non payment of premium.

Aon (Bermuda) Ltd  
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