# Endorsement No. 1

**This Endorsement, effective: May 21, 2008**

(at 12:01 A.M. prevailing time at the address of the Named Insured as shown in Item 1 of the Declarations)

forms a part of Policy No.: P000466.006

Issued To: International Business Machines Corporation

By: Endurance Specialty Insurance Ltd.

## SCHEDULE OF UNDERLYING EXCESS POLICIES AND/OR QUOTA SHARE POLICIES, continued

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|---------------------|
| 5c. Quota Share Excess | Fireman's Fund Insurance Company | SHX 00081055105 | 05/21/2008 to 05/21/2009 | US$ 25,000,000 Each Occurrence<br>US$ 25,000,000 Aggregate |
| 5d. Quota Share Excess | Great American Insurance Co. of NY | EXC 2194831 | 05/21/2008 to 05/21/2009 | US$ 25,000,000 Each Occurrence<br>US$ 25,000,000 General Aggregate |

Part of US$ 200,000,000 (Excess of items 1 - 4, above)

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**

Date of Issuance - August 21, 2008