**Endorsement No:** 1

**This endorsement, effective:** May 21, 2011 (at 12:01 A.M. prevailing time at the address of the Named Insured as shown in item 1 (b) of the Declarations)

**forms a part of Policy No:** 60703940

**Issued to:** International Business Machines Corporation

**by:** Chartis Excess Limited

**SCHEDULE OF EXCESS POLICY (IES)**

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|---------------------|
| Commercial Umbrella Liability | ACE Property & Casualty Insurance Company | US$50,000,000 | May 21, 2011 to May 21, 2012 | Each Occurrence General Aggregate Products-Completed Operations Aggregate |
| Excess Umbrella-Commercial | Great American Insurance Co. of NY | US$25,000,000 | May 21, 2011 to May 21, 2012 | Each Occurrence Aggregate Limit (Where Applicable) (excess of items 1, above) |
| Excess Liability | Endurance Specialty Insurance Ltd. | US$25,000,000 | May 21, 2011 to May 21, 2012 | Each Occurrence, Claim or Loss Aggregate (excess of items 1 & 2, above) |
| Excess Liability | Federal Insurance Company | US$25,000,000 | May 21, 2011 to May 21, 2012 | Each Occurrence Products-Completed Operations Aggregate US$25,000,000 Part of US$100,000,000 Other Aggregate (where applicable) (excess of items 1-3) |
| Excess Liability | Liberty Insurance Underwriters Inc. | US$50,000,000 | May 21, 2011 to May 21, 2012 | Each Occurrence Aggregate Limit (where applicable) US$50,000,000 Part of US$100,000,000 |
| Excess Liability | Ohio Casualty Insurance Company | US$25,000,000 | May 21, 2011 to May 21, 2012 | Each Occurrence Aggregate (Where Applicable) US$25,000,000 Part of US$100,000,000 |

**Page 1 of 3**

**CHARTIS EXCESS LIMITED IS REGISTERED IN IRELAND AND REGULATED BY THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY.**

**REGISTERED OFFICE:** 30 NORTH WALL QUAY, IFSC, DUBLIN 1, IRELAND. REGISTRATION NO. 279452