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**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION  
**Policy No.:** BM00025502L111A  
**Endorsement No.:** 1  
**Effective Date:** MAY 21, 2011

**SCHEDULE OF EXCESS POLICY(IES)**

| Type of Coverage | Insurer | Policy Number | Policy Details | Limits of Liability |
|------------------|---------|---------------|----------------|---------------------|
| 2. Excess Liability | Canopius Underwriting Bermuda Limited | IBM-200/CUBLBSF02-11 | Policy Period: May 21, 2011 - May 21, 2012 | USD $25,000,000 part of $200,000,000 Each Occurrence |
|                   |         |               | Policy Form: CUBLBSF02 (07/09)             | USD $25,000,000 part of $200,000,000 General Aggregate |
| 3. Excess Liability | Argo Re | WE1100159     | Policy Period: May 21, 2011 - May 21, 2012 | USD $25,000,000 part of $200,000,000 Each Occurrence |
|                   |         |               | Policy Form: London Short Excess Form 01 - 08 (OCC) | USD $25,000,000 part of $200,000,000 General Aggregate |
| 4. Excess Liability | Fireman's Fund Insurance Company | SHX 00057580805 | Policy Period: May 21, 2011 - May 21, 2012 | USD $25,000,000 part of $200,000,000 Each Occurrence |
|                   |         |               | Policy Form: SHX (5303-10-02)              | USD $25,000,000 part of $200,000,000 General Aggregate |
| 5. Excess Liability | Great American Insurance Co. of NY | EXC 2100826    | Policy Period: May 21, 2011 - May 21, 2012 | USD $25,000,000 part of $200,000,000 Each Occurrence |
|                   |         |               | Policy Form: GAI6524.06.97                | USD $25,000,000 part of $200,000,000 General Aggregate |

The terms, declarations, reinsuring agreements, definitions, exclusions and conditions of this Policy otherwise remain unchanged.

**XL INSURANCE (BERMUDA) LTD**

By: **VIVIENNE MONIZ**

Title: **ASSISTANT VICE PRESIDENT**

Date: **JUNE 10, 2011**

Ref: **XSBSF-001.01**

**XL INSURANCE**