**Insured:** International Business Machines Corporation  
**Policy No.:** UFP0044276-04  
**Endorsement No.:** 4  
**Effective Date:** May 21, 2015

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**ENDORSEMENT FOR FOLLOW FORM POLICY ISSUANCE PRIOR TO ISSUANCE/RECEIPT OF FOLLOWED POLICY**

It is hereby agreed that the following is added to Section I., Coverage:

This Policy has been issued on the basis that, except where inconsistent with or supplementary to the Followed Policy, it is following all terms and conditions of Policy Number XOO G2763848A to be issued by ACE Property & Casualty Insurance Company (the “Followed Policy”), which policy should reflect bound coverage in accordance with the warranties, terms, conditions, exclusions and limitations as contained in the binder for the Followed Policy, dated May 1, 2015, which has been noted by the Company and is held on file by the Insured’s Representative shown in Item 10.

Following the issuance of the Followed Policy, a copy of such policy shall be forwarded to the Company, via the Insured’s Representative shown in Item 10, for review and agreement by the Company. Any difference in coverage between the binder and the Followed Policy will not be binding upon the Company until agreed by the Insurer in writing.

Upon satisfactory review of the Followed Policy by the Company, an endorsement will be issued to this Policy deleting this endorsement in its entirety.

All other terms and conditions of this Policy remain unchanged.

**Arch Reinsurance Ltd.**

**By:**  
**Title:** Senior Vice President  
Underwriting Manager,  
Excess Casualty  

**Date:** July 20, 2015  
**Ref:** BSF- 4006 Ed. 09/08

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**Arch Reinsurance Ltd.**