**Insured:** International Business Machines Corp.

**Policy No.:** UFP0021773-00

**Endorsement No.:** 10

**Effective Date:** May 21, 2007

---

**ENDORSEMENT PROVIDING SEPARATE AGGREGATE LIMITS**

In recognition that the **Primary and Underlying Excess Insurance** has separate aggregate limits, and based on the Company's agreement to provide separate aggregate limits, Article II(a) of this Policy ("Article II(a)") shall apply as follows:

1. Article II(a) shall apply as respects the annual aggregate limit of liability stated in Item 5(b) of the Declarations and, for the purposes of the attachment point, **Ultimate Net Loss** subject thereto as respects the aggregate limits of the Primary and Underlying Excess Insurance except such annual aggregate limit of liability and attachment point shall not apply to, or be eroded or exhausted by, Ultimate Net Loss that applies to, and erodes or exhausts any separate annual aggregate limit of liability as set forth in paragraph 2 below.

2. As respects each of the type of liability or loss specified below there shall be a separate attachment point and separate annual aggregate limit of liability ("Separate Annual Aggregate Limit") in the amount specified below that applies to, and is eroded or exhausted by, only **Ultimate Net Loss** arising from such type of liability or loss. Article II(a) shall apply as respects each Separate Annual Aggregate Limit and, for the purposes of the attachment point, **Ultimate Net Loss** subject thereto as respects the aggregate limits of the Primary and Underlying Excess Insurance, except as respects such Separate Annual Aggregate Limit, the words "annual aggregate limit of liability stated in Item 5(b) of the Declarations" shall be deemed to refer to such Separate Aggregate Limit.

3. All **Ultimate Net Loss** under this Policy shall be subject to either (a) the annual aggregate limit referenced in paragraph 1 or (b) a Separate Annual Aggregate Limit referenced in paragraph 2, and in no event shall any **Ultimate Net Loss** be subject to or erode or exhaust both (a) and (b) or more than one Separate Annual Aggregate Limit.

---

**Page 1 of 2**

**Arch Reinsurance Ltd.**