**End 001-12/11**
**Form BSF-02**
**Page 1 of 3**

**ADDITIONAL/RETURN PREMIUM: NIL**

**SCHEDULE OF EXCESS POLICY(IES) ENDORSEMENT**

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|---------------------|
| **A) Followed Policy** | | | | |
| Umbrella | 1. ACE Property & Casualty Insurance | | | US$50,000,000 |
| | | Policy No: XOO G27051169 | May 21, 2013 – March 21, 2014 | |
| **B) Schedule of Intervening Policy(ies)** | | | | |
| Excess | 2. Great American Insurance Co. of NY | | | US$25,000,000 |
| | | Policy No: EXC 4647927 | May 21, 2013 – March 21, 2014 | (excess of items 1, above) |
| Excess | 3. Endurance Specialty Insurance Ltd. | | | US$25,000,000 |
| | | Policy No: TBD | May 21, 2013 – March 21, 2014 | (excess of items 1 & 2 above) |
| Excess 4(a). | Liberty Insurance Underwriters Inc. | | | US$50,000,000 part of $100,000,000 |
| | | Policy No: TBD | May 21, 2013 – March 21, 2014 | (excess of items 1, 2 & 3 above) |
| Excess 4(b). | Federal Insurance Company | | | US$25,000,000 part of $100,000,000 |
| | | Policy No: TBD | May 21, 2013 – March 21, 2014 | (excess of items 1, 2 & 3 above) |
| Excess 4(c). | Liberty Agency Underwriters | | | US$25,000,000 part of $100,000,000 |
| | | Policy No: TBD | May 21, 2013 – March 21, 2014 | (excess of items 1, 2 & 3 above) |

The effective date of this endorsement is May 21, 2013.
All other terms and conditions remain unchanged.
This endorsement is attached to and made a part of Policy No. IBM-0015/BSF02 of ACE Bermuda Insurance Ltd.

Issued to: International Business Machines Corporation
Date of Issue: May 20, 2013

By [Signature] Authorized Representatives

End No. 1