**Insured:** International Business Machines Corporation  
**Policy No.:** BM00027784L14A  
**Endorsement No.:** 1  
**Effective Date:** May 21, 2014

**Page 3 of 3**

**SCHEDULE OF UNDERLYING POLICY(IES) AND QUOTE SHARE POLICY(IES) ENDORSEMENT**

**Section II – Schedule of Quota Share Policy(ies):**

| 5 | Excess Liability | XL Insurance (Bermuda) Limited BM00027784L14A (37.5%) May 21, 2014 - May 21, 2015 | USD 200,000,000 | Each Occurrence, Claim or Loss Annual Aggregate (where applicable) Excess of Item 4 above |
| --- | --- | --- | --- | --- |
|  | Allied World Assurance Company, AG C020117/001 (12.5%) May 21, 2014 - May 21, 2015 | USD 200,000,000 |  |
|  | Great American Ins. Co. of NY EXC 1862519 (12.5%) May 21, 2014 - May 21, 2015 |  |  |
|  | QBE Insurance Corporation CCU3967489 (12.5%) May 21, 2014 - May 21, 2015 |  |  |
|  | Aspen Bermuda Limited ECA51J14A0A (12.5%) May 21, 2014 - May 21, 2015 |  |  |
|  | Argo Re WE1400175 (12.5%) May 21, 2014 - May 21, 2015 |  |  |

The terms, declarations, insuring agreements, definitions, exclusions and conditions of this Policy otherwise remain unchanged.

**XL INSURANCE (BERMUDA) LTD**

By: **Authorized Representative**

Date: June 24, 2014

Ref: XSBSF03-001.01

**XL**