**Insured:** International Business Machines Corp.

**Policy No.:** UFP0021773-00

**Endorsement No.:** 4

**Effective Date:** May 21, 2007

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**EXCLUSION – SECURITIES, ANTITRUST, ETC. ENDORSEMENT**

(9) liability or alleged liability arising out of employee, officer or director dishonesty; or

(10) any liability of an employee, officer or director of an Insured entity to such Insured entity.

No inference shall be made from the express exclusion of liabilities listed in this Endorsement that this Policy would otherwise cover such liabilities or similar liabilities.

All other terms and conditions of this Policy remain unchanged.

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**Arch Reinsurance Ltd.**

By: [Signature]

Title: Services Vice President  
       Underwriting Manager  
       Excess Casualty  

Date: September 6, 2007  
Ref: OCXS 4003 Ed. 4/1/02

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Arch Reinsurance Ltd.