# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

(A Stock Insurance Company, hereinafter the "Insurer")

**ENDORSEMENT NO. 1**

- **Named Insured:** International Business Machines Corporation
- **Policy Number:** 1000040626-12
- **Effective Date:** 05/21/2013

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

## SCHEDULE OF UNDERLYING POLICIES – EXCESS

| Carrier, Policy Number and Policy Period | Type of Coverage | Limits of Insurance |
|------------------------------------------|------------------|---------------------|
| ACE Property & Casualty Insurance Company | Commercial Umbrella Liability First Underlying Insurance | $50,000,000 – Each Occurrence<br>$50,000,000 – Aggregate |
| XBC G27051169<br>5/21/2013 to 5/21/2014 | Description: Aggregate where applicable. |
| ACE INA Insurance | Commercial Umbrella Liability First Underlying Insurance | $50,000,000 – Each Occurrence<br>$50,000,000 – Aggregate |
| XBC 323508<br>5/21/2012 to 5/21/2013 | Description: Aggregate where applicable.<br>Canadian umbrella - shared limit |
| Great American Insurance Co. of NY | Commercial Excess Liability | $25,000,000 – Each Occurrence<br>$25,000,000 – Aggregate |
| EXC 4647927<br>5/21/2013 to 5/21/2014 | Description: Aggregate where applicable. |

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232-XS (Ed. 04 07)
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