# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

**(A Stock Insurance Company, hereinafter the "Insurer")**

**ENDORSEMENT NO. 15**

- **Named Insured:** International Business Machines Corporation
- **Policy Number:** 1000040626-15
- **Effective Date:** 05/21/2016

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

**GENERAL PURPOSE ENDORSEMENT**

Effective May 21, 2016, Schedule of Underlying Policies - Excess, Form Number 232-XS (Ed. 04 07), is amended as per attached.

This endorsement does not change any other provision of the policy.