**SEVERAL LIABILITY NOTICE ENDORSEMENT**

The Company and all other subscribing insurers' quota share insurance obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers' are not responsible for the subscription of any co-subscribing insurers' quota share who for any reason does not satisfy all or part of its obligations.

The terms, declarations, insuring agreements, definitions, exclusions and conditions of this Policy otherwise remain unchanged.

**XL INSURANCE (BERMUDA) LTD**

By: **Authorized Representative**
Date: **July 21, 2015**

Ref: XSBSF03-003.01
Page 1 of 1

Insured: International Business Machines Corporation
Policy No: BM00028732LI15A
Endorsement No: 3
Effective Date: May 21, 2015