# Canopus Bermuda

**Endorsement No:** 001

**This endorsement effective:** May 21, 2009 (at 12:01AM prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**Forms a part of Policy No:** IBM-064/CUBLBSF01-09

**Issued to:** International Business Machines Corporation

**By:** Canopius Underwriting Bermuda Limited

## Section II – Quota Share Policies

| Item No. | Type of Coverage | Insurer Policy Number Policy Period | Limit of Liability |
|----------|------------------|-------------------------------------|--------------------|
| 5        | Excess Liability | XL Ins. (Bermuda) Ltd. Pol.# BM00024254LI09A 5/21/09 – 5/21/10 | $75,000,000         | Per Occurrence and Annual Aggregate (Where applicable) Excess of Item 4 above |
| 5        | Excess Liability | Great American Ins. Co. of NY Pol.# EXC 8634140 5/21/09 – 5/21/10 | $25,000,000         | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4 above |
| 5        | Excess Liability | Endurance Specialty Ins. Ltd. Pol.# P000466 007 5/21/09 – 5/21/10 | $25,000,000         | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4 above |
| 5        | Excess Liability | Argo Re Pol.# WE0900137 5/21/09 – 5/21/10 | $25,000,000         | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4 above |
| 5        | Excess Liability | Fireman's Fund Ins. Co. Pol.# SHX 00060784188 5/21/09 – 5/21/10 | $25,000,000         | Per Occurrence and Annual Aggregate (Where Applicable) Excess of Item 4 above |

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, exclusions or limitations of the Policy referenced above, except as expressly stated herein.

**Date of Issue:** July 14, 2009

**Ref:** BSF01-CUBL001-02-09

**Page 2 of 2**

**Signature:** [Signature]