**Insured Name:** International Business Machines Corporation

**Policy Number:** ECA1KFW11A0W

**Endorsement No.:** 1

**Effective Date:** May 21, 2011

## SCHEDULE OF FOLLOWED POLICY, PRIMARY POLICIES AND UNDERLYING EXCESS POLICIES

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|---------------------|
| 1. Occurrence     | ACE Property and Casualty Insurance Company | XOO G25830854 | May 21, 2011 to May 21, 2012 | USD 50,000,000 | USD 50,000,000 | Per Occurrence | Annual Aggregate where applicable |
| 2. Occurrence     | Great American | EXC 2100825 | May 21, 2011 to May 21, 2012 | USD 25,000,000 | USD 25,000,000 | Per Occurrence | Annual Aggregate where applicable (excess of item 1, above) |
| 3. Occurrence     | Endurance (Bermuda) | EXC10000024502 | May 21, 2011 to May 21, 2012 | USD 25,000,000 | USD 25,000,000 | Per Occurrence | Annual Aggregate where applicable (excess of item 1 & 2, above) |
| 4. Occurrence     | Liberty International/ Ohioi Chubb | EXCNY-078753-10 /ECO (12) 54088246// 79865684 | May 21, 2011 to May 21, 2012 | USD 100,000,000 | USD 100,000,000 | Per Occurrence | Annual Aggregate where applicable (excess of item 1, 2 & 3 above) |
| 5. Occurrence     | Argo Ref/ Canopius/ XL / Arch / Great American/ Fireman's Fund | WE1100169/IBM200CUBLBSF02 11/BM00025502L111A/ UFP004427600/EXC2100826/SH X00067580005 | May 21, 2011 to May 21, 2012 | USD 200,000,000 | USD 200,000,000 | Per Occurrence | Annual Aggregate where applicable (excess of item 1, 2, 3, 4 & 5 above) |
| 6. Occurrence     | Charlis | 60703940 | May 21, 2011 to May 21, 2012 | USD 150,000,000 | USD 150,000,000 | Per Occurrence | Annual Aggregate where applicable (excess of item 1, 2, 3, 4 & 5 above) |

Any restrictive policy terms and/or conditions that apply to the underlying policies that are in excess of the Followed Policy but underlying to this policy will also apply to this policy, unless amended by Endorsement.

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