**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION

**Policy No:** BM00024832LI10A

**Endorsement No:** 4

**Effective Date:** MAY 21, 2010

**Page 3 of 3**

**CHOICE OF LAW ENDORSEMENT – IV**

"Substantial relationship" means a relationship with one or more of the following indicia: the Insured's state of incorporation or principal place of business; the place where the claim is made or the court action seeking damages, is brought, or where the "bodily injury," "property damage" or "personal and advertising injury" occurred; the insurance company's state of domicile, incorporation, or principal place of business; or the state where the policy was issued.

The terms, declarations, insuring agreements, definitions, exclusions and conditions of this Policy otherwise remain unchanged.

**XL INSURANCE (BERMUDA) LTD**

By: **VIVIENNE MONIZ**

Title: ASSISTANT VICE PRESIDENT

Date: JULY 1, 2010

Ref: XSBSF-021.01

**XL INSURANCE**