**Insured:** International Business Machines Corporation  
**Policy No.:** UFP0044276-00  
**Endorsement No.:** 1  
**Effective Date:** May 21, 2011  

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**SCHEDULE OF UNDERLYING POLICY(IES)**

*Fireman’s Fund Insurance Company (25m)*  
**Policy No.:** SHX 00057580805  
**Policy Period:** May 21, 2011 to May 21, 2012  
(excess of items 1, 2, 3, & 4. above)

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All other terms and conditions of this Policy remain unchanged.

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**Arch Reinsurance Ltd.**

**By:**  
**Title:** Senior Vice President Underwriting Manager, Excess Casualty  
**Date:** June 15, 2011  
**Ref:** BSF-4000 Ed. 7/09

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Page 3 of 3

**Arch Reinsurance Ltd.**