# Several Liability Notice

**Insured:** International Business Machines Corporation  
**Policy No.:** UFP0044276-02  
**Endorsement No.:** 5  
**Effective Date:** May 21, 2013  

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**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:** July 18, 2013  
**Ref:** BSF-4004 Ed. 09/08  

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**Arch Reinsurance Ltd.**