# 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:** P00466 006

**Issued To:** International Business Machines Corporation

**By:** Endurance Specialty Insurance Ltd.

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

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|----------------------|
| 1. Umbrella Liability | National Union Fire Insurance Company of Pittsburgh, Pa | 5443148 | 05/21/2008 to 05/21/2009 | US$ 50,000,000 Each Occurrence |
|                    |         |               |               | US$ 50,000,000 General Aggregate |
|                    |         |               |               | US$ 50,000,000 Products / Completed Operations Aggregate |
| 2. Excess Liability | ACE American Insurance Company | XCP G23859251 | 05/21/2008 to 05/21/2009 | US$ 25,000,000 Occurrence |
|                    |         |               |               | US$ 25,000,000 Aggregate where applicable |
| 3. Excess Liability | Great American Insurance Co. of NY | EXC 2194831 | 05/21/2008 to 05/21/2009 | US$ 25,000,000 Each Occurrence |
|                    |         |               |               | US$ 25,000,000 General Aggregate |
| 4a. Quota Share Excess | Ohio Casualty Group | ECO 53629613-9 | 05/21/2008 to 05/21/2009 | US$ 25,000,000 Each Occurrence |
|                    |         |               |               | US$ 25,000,000 General Aggregate where Applicable |

**Part of US$ 100,000,000**

**Page 1 of 3**

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