**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION  
**Policy No.:** BM00026195LI12A  
**Endorsement No.:** 4  
**Effective Date:** MAY 21, 2012  

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**FOLLOW FORM BERMUDA SHORTS FORM POLICY AMENDATORY ENDORSEMENT**

It is hereby agreed that the following Endorsements of the Followed Policy are not included as part of this Policy.

- Catastrophe Management Coverage Endorsement
- New York Changes Endorsement
- New York Changes Transfer of Duties When a Limit of Insurance is Used Up
- Punitive Damages - Most Favorable Jurisdiction Limitation Endorsement

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

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**XL INSURANCE (BERMUDA) LTD**

By: **Jessica Marwick**
Title: Underwriter  
Date: June 5, 2012  
Ref: XSBSF-011.01

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