# SEVERAL LIABILITY NOTICE

The subscribing insurers' obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its obligations.

All other terms and conditions of this Policy remain unchanged.

**Arch Reinsurance Ltd.**

By: _______________________
Title: Senior Vice President
Underwriting Manager,
Excess Casualty

Date: June 15, 2011
Ref: BSF-4004 Ed. 09/08

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This document is a Several Liability Notice from Arch Reinsurance Ltd., dated June 15, 2011, regarding the policy details for International Business Machines Corporation. It outlines the liability limitations and responsibilities among the subscribing insurers.