# Endorsement No: 1

**This endorsement, effective:** May 21, 2012 (at 12:01 A.M., prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**forms a part of Policy No:** ISO000881

**Issued to:** International Business Machines Corporation Iron-Starr Excess Agency Ltd.

## SCHEDULE OF UNDERLYING POLICIES (cont'd)

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|---------------------|
| 5. Excess Liability | Arch Reinsurance Ltd. | UFP0044276-01 | May 21, 2012 – May 21, 2013 | USD 25,000,000 Each Occurrence, Claim or Loss Aggregate (where applicable) Part of USD 200,000,000 |
|                   |         |               |               | USD 25,000,000 Each Occurrence Aggregate |
|                   | Fireman's Fund Insurance Company | SHX 00014924864 | May 21, 2012 – May 21, 2013 | Part of USD 200,000,000 |
|                   |         |               |               | USD 25,000,000 Each Occurrence General Aggregate Products/Completed Operations Aggregate |
|                   | XL Insurance (Bermuda) Ltd. | BM00026195L112A | May 21, 2012 – May 21, 2013 | Part of USD 200,000,000 |
|                   |         |               |               | USD 75,000,000 Each Occurrence Annual Aggregate |
|                   | Argo Re | WE1200211 | May 21, 2012 – May 21, 2013 | Part of USD 200,000,000 |
|                   |         |               |               | USD 25,000,000 Each Occurrence Annual Aggregate |
|                   | Canopius Underwriting Bermuda Limited | IBM-260/CUBLBSF02-12 | May 21, 2012 – May 21, 2013 | Part of USD 200,000,000 |
|                   |         |               |               | USD 25,000,000 Each Occurrence Annual Aggregate |
|                   | Great American Insurance Co. of NY | EXC 2101298 | May 21, 2012 – May 21, 2013 | Part of USD 200,000,000 (excess of items 1- 4, above) |
|                   |         |               |               | USD 25,000,000 Each Occurrence General Aggregate Products/Completed Operations Aggregate |

**Date of Issuance:** June 14, 2012  
ISEABSF [06/10]  
1 ISEABSF Schedule of Underlying(with quota share).doc