**Named Insured:** International Business Machines Corporation  
**Policy Number:** ECA1KFW14AOW  
**Endorsement No.:** 6  
**Effective Date:** May 21, 2014  

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**SEVERAL LIABILITY FOR QUOTA SHARE COVERAGE**

In consideration of the premium charged, it is agreed that the Company's liability for Ultimate Net Loss under this Policy is solely for its proportionate or quota share of the applicable limits of liability as set forth in Item Five (5) of the Declarations. Further, the Company's liability is several and not joint, and, in no event shall the Company be liable for the proportionate or quota share of any other insurer or entity participating on the same layer of coverage as this Policy.

All other terms and conditions of this Policy remain unchanged.

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**Aspen Bermuda Limited**

By: **Tim Proctor**  
Title: **Senior Vice President**  
Date: **July 14, 2014**