# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

(A Stock Insurance Company, hereinafter the "Insurer")

**ENDORSEMENT NO. 4**

- **Named Insured:** International Business Machines Corporation
- **Policy Number:** 1000040626-13
- **Effective Date:** 05/21/2014

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

### SUB-LIMIT EXCLUSION

This insurance does not apply to any "loss" that is subject to a sub-limit on the First Underlying Insurance Policy. Sub-limit means a limit lower than the otherwise applicable limit stated on the Declarations of the First Underlying Insurance Policy.

All other terms, conditions and exclusions of the Policy remain unchanged.