# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

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

**ENDORSEMENT NO. 3**

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

**Named Insured:** International Business Machines Corporation  
**Policy Number:** EXCNY078753-11  
**Effective Date:** May 21, 2012

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

## FOLLOWING FORM ENDORSEMENT

It is agreed that this policy is following the exact terms and conditions of the ACE American Insurance Company, Policy Number XOO G25915951, except with respect to the:

- Limits of Insurance;
- Premium;
- And any coverage modification endorsements attached hereto.

All pre-printed terms and conditions of form 0101-XS Ed (03 00) are deleted to the extent that they vary from or are inconsistent with the terms and conditions of the ACE American Insurance Company, Policy Number: XOO G25915951.

However, nothing contained in this endorsement will obligate the company to pay a claim or provide a duty to defend or investigate any claim or suit before the underlying insurance shown in Item 5 is exhausted by payment of a claim or claims.

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