# Endorsement No. 1

**This Endorsement, effective: May 21, 2008**

(at 12:01 A.M. prevailing time at the address of the Named Insured as shown in Item 1 of the Declarations)

forms a part of Policy No.: P000466.006

**Issued To:** International Business Machines Corporation

**By:** Endurance Specialty Insurance Ltd.

## SCHEDULE OF UNDERLYING EXCESS POLICIES AND/OR QUOTA SHARE POLICIES, continued

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|---------------------|
| **4b. Quota Share Excess** | Liberty Insurance Underwriters Inc. | LQI-B71-078-753-072 | 05/21/2008 to 05/21/2009 | US$ 50,000,000 Each Occurrence |
| | | | | US$ 50,000,000 General Aggregate |
| | | | | Part of US$ 100,000,000 |
| **4c. Quota Share Excess** | Vigilant Insurance Company | 79665684 | 05/21/2008 to 05/21/2009 | US$ 25,000,000 Each Occurrence |
| | | | | US$ 25,000,000 Other Aggregate |
| | | | | Part of US$ 100,000,000 (Excess of items 1 - 3, above) |
| **5a. Quota Share Excess** | Allied World Assurance Company, Ltd. | C007539/002 | 05/21/2008 to 05/21/2009 | US$ 25,000,000 Per Occurrence |
| | | | | US$ 25,000,000 General Aggregate where applicable |
| | | | | Part of US$ 200,000,000 |
| **5b. Quota Share Excess** | XL Insurance (Bermuda) Ltd. | BM00023605L108A | 05/21/2008 to 05/21/2009 | US$ 100,000,000 Each Occurrence |
| | | | | US$ 100,000,000 General Aggregate |
| | | | | Part of US$ 200,000,000 |

**Date of Issuance:** August 21, 2008

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