**End 001-04/14**
**Form BSF-03**
**Page 4 of 4**

**ADDITIONAL/RETURN PREMIUM: NIL**

**SCHEDULE OF EXCESS POLICY(IES) ENDORSEMENT**

| Excess | 6b | Allied World Assurance Company, AG | May 21, 2015 – May 21, 2016 |
| --- | --- | --- | --- |
|  |  | US$25,000,000 each occurrence |
|  |  | US$25,000,000 general aggregate |
|  |  | Which is part of: |
|  |  | US$50,000,000 each occurrence |
|  |  | US$50,000,000 general aggregate |
|  |  | excess of item 5, above |

| Excess | 7 | Iron-Starr Excess Agency Ltd. | May 21, 2015 – May 21, 2016 |
| --- | --- | --- | --- |
|  |  | US$50,000,000 each occurrence |
|  |  | US$50,000,000 general aggregate |
|  |  | excess of items 6, above |

| Excess | 8 | Arch Insurance (Bermuda) | May 21, 2015 – May 21, 2016 |
| --- | --- | --- | --- |
|  |  | US$50,000,000 each occurrence |
|  |  | US$50,000,000 general aggregate |
|  |  | excess of item 7, above |

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Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions or limitations of the Policy referenced below, except as expressly stated herein.

---

The effective date of this endorsement is **May 21, 2015**  
All other terms and conditions remain unchanged.  
This endorsement is attached to and made a part of Policy No. **IBM-0025/BSF03**  
of ACE Bermuda Insurance Ltd.  

Issued to: **International Business Machines Corporation**  
Date of Issue: **July 15, 2015**  
By **Authorized Representatives**

End No. 1