**Insured:** International Business Machines Corporation  
**Policy No.:** BM00026949LI13A  
**Endorsement No.:** 11  
**Effective Date:** May 21, 2013

**THIS ENDORSEMENT CANCELS AND REPLACES ENDORSEMENT NO. 3 DATED JUNE 18, 2013 FOLLOW FORM BERMUDA SHORTS FORM POLICY AMENDATORY ENDORSEMENT**

It is hereby agreed that the following Endorsements of the Followed Policy are not included as part of this Policy.

| End. No. | Title |
|----------|-------|
| 1        | Signatures |
| 2        | Catastrophe Management Coverage Endorsement |
| 3        | New York Changes Endorsement |
| 4        | NYFTZ - New York Changes Transfer of Duties When a Limit of Insurance is Used Up |
| 15       | New York Changes |
| 26       | Punitive Damages - Most Favorable Jurisdiction Limitation Endorsement |
| 31       | Definition of Key Executive Amendatory Endorsement |

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

**XL INSURANCE (BERMUDA) LTD**

By: **Jessica Harris**

**Authorised Representative**

Date: July 31, 2013

Ref: XSBSF-011.01

**XL**