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Form OCC01
Page 2 of 3

**ADDITIONAL/RETURN PREMIUM: NIL**

**SCHEDULE OF LEAD UMBRELLA AND UNDERLYING EXCESS POLICIES**

| 6 | Excess Liability | Federal Insurance Company # 79866584 May 21, 2012 – May 21, 2013 | $25,000,000 Part of $100,000,000 | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 3 above |
|---|------------------|------------------------------|-------------------------------|--------------------------------------------------------------------------|
| 7 | Excess Liability | Arch Insurance (Bermuda) # UFP0044276-01 May 21, 2012 – May 21, 2013 | $25,000,000 Part of $200,000,000 | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4, 5 & 6 above |
| 8 | Excess Liability | XL Insurance (Bermuda) Ltd # BM00026195L12A May 21, 2012 – May 21, 2013 | $75,000,000 Part of $200,000,000 | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4, 5 & 6 above |
| 9 | Excess Liability | Great American Insurance Co. of NY # EXC 2101298 May 21, 2012 – May 21, 2013 | $25,000,000 Part of $200,000,000 | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4, 5 & 6 above |
| 10 | Excess Liability | Argo Re # WE1200211 May 21, 2012 – May 21, 2013 | $25,000,000 Part of $200,000,000 | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4, 5 & 6 above |
| 11 | Excess Liability | Fireman's Fund Insurance Company # SHX 00014924864 May 21, 2012 – May 21, 2013 | $25,000,000 Part of $200,000,000 | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4, 5 & 6 above |
| 12 | Excess Liability | Canopius Underwriting Bermuda Limited # IBM-280/CUBLSF02-12 May 21, 2012 – May 21, 2013 | $25,000,000 Part of $200,000,000 | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4, 5 & 6 above |
| 13 | Excess Liability | QBE Insurance Corporation # CCU3967489 May 21, 2012 – May 21, 2013 | $25,000,000 Part of $50,000,000 | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 7, 8, 9, 10, 11 & 12 above |

The effective date of this endorsement is May 21, 2012
All other terms and conditions remain unchanged.
This endorsement is attached to and made a part of Policy No. IBM-1521/OCC01 of ACE Bermuda Insurance Ltd.

Issued to: International Business Machines Corporation
Date of Issue: May 9, 2012
By [Signature] Authorized Representatives

End No. 1