**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION
**Policy No.:** BM00025502L11A
**Endorsement No.:** 4
**Effective Date:** MAY 21, 2011

**CHOICE OF LAW ENDORSEMENT II**

Insofar as the substantive internal law of New York is inapplicable as provided herein or otherwise, and as respects arbitration procedure, the internal laws of England and Wales apply.

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: JUNE 10, 2011
Ref: XSBSF-026.01

**XL INSURANCE**