# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

**(A New York Stock Insurance Company, hereinafter the "Insurer")**

**ENDORSEMENT NO. 5**

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

- **Named Insured:** International Business Machines Corporation
- **Policy Number:** LQ1B71078753092
- **Effective Date:** May 21, 2010

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE DEPARTMENT. HOWEVER SUCH FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

## SUB-LIMIT EXCLUSION

This insurance does not apply to any "loss" that is subject to a sub-limit on the First Underlying Insurance Policy. Sub-limit means a limit lower than the otherwise applicable limit stated on the Declarations of the First Underlying Insurance Policy.

All other terms, conditions and exclusions of the Policy remain unchanged.