**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION

**Policy No.:** BM00026195LI12A

**Endorsement No.:** 1

**Effective Date:** MAY 21, 2012

## SCHEDULE OF UNDERLYING POLICIES

### Section II - Schedule of Quota Share Policy(ies):

|  | Excess Liability | Arch Insurance (Bermuda) UFP0044276-01 May 21, 2012 - May 21, 2013 | USD 25,000,000 part of USD 200,000,000 | each Occurrence, Claim or Loss Annual Aggregate (where applicable) |
| --- | --- | --- | --- | --- |
|  | Canopius Underwriting Bermuda Limited IBM-260/CUBLBSF02-12 May 21, 2012 - May 21, 2013 | USD 25,000,000 part of USD 200,000,000 | each Occurrence, Claim or Loss Annual Aggregate (where applicable) |
|  | Argo Re WE1200211 May 21, 2012 - May 21, 2013 | USD 25,000,000 part of USD 200,000,000 | each Occurrence, Claim or Loss Annual Aggregate (where applicable) |
|  | National Surety Corporation SHX 00014924864 May 21, 2012 - May 21, 2013 | USD 25,000,000 part of USD 200,000,000 | each Occurrence, Claim or Loss Annual Aggregate (where applicable) |
|  | Great American Insurance Co. of NY EXC 2101298 May 21, 2012 - May 21, 2013 | USD 25,000,000 part of USD 200,000,000 | each Occurrence, Claim or Loss Annual Aggregate (where applicable) |
|  | Excess of Item 4 above | USD 25,000,000 part of USD 200,000,000 | Excess of Item 4 above |

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

**XL INSURANCE (BERMUDA) LTD**

By: **Jessica Marwick**

Title: **Underwriter**

Date: **June 5, 2012**

Ref: XSBSF-001.02

Page 2 of 2