**SEVERAL LIABILITY NOTICE ENDORSEMENT**

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.

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

**XL INSURANCE (BERMUDA) LTD**

By: **[Signature]**  
Authorised Representative

Date: June 18, 2013

Ref: XSBSF-010.01

**Page 1 of 1**

Insured: International Business Machines Corporation  
Policy No: BM00026949L113A  
Endorsement No: 2  
Effective Date: May 21, 2013