**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION  
**Policy No.:** BM00026195LI12A  
**Endorsement No.:** 3  
**Effective Date:** MAY 21, 2012  

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**SEVERAL LIABILITY NOTICE ENDORSEMENT**

The subscribing insurers' 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 insurer 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.

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**XL INSURANCE (BERMUDA) LTD**

By: **Jessica Marwick**  
Title: **Underwriter**  
Date: **June 5, 2012**  
Ref: **XSBSF-010.01**

**XL Group Insurance Reinsurance**