# ENDORSEMENT #1

This endorsement, effective May 21, 2014 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations), forms a part of Policy No. 60703940 issued to International Business Machines Corporation by American International Reinsurance Company, Ltd.

## SCHEDULE OF EXCESS POLICY (IES)

| Type of Coverage | Insurer | Policy Period | Limits of Liability |
|------------------|---------|---------------|----------------------|
| 1. Commercial Umbrella Liability | ACE Property & Casualty Insurance Company | May 21, 2014 – May 21, 2015 | US$50,000,000 Each Occurrence<br>US$50,000,000 General Aggregate<br>US$50,000,000 Products/Completed Operations Aggregate |
| 2. Excess Umbrella-Commercial | Great American Insurance Co. of NY | May 21, 2014 – May 21, 2015 | US$25,000,000 Each Occurrence<br>US$25,000,000 General Aggregate<br>US$25,000,000 Products/Completed Operations Aggregate (excess of item 1) |
| 3. Excess Liability | Endurance Specialty Insurance Ltd. | May 21, 2014 – May 21, 2015 | US$25,000,000 each Occurrence, Claim or Loss Aggregate (excess of items 1 & 2) |
| 4. Excess Liability | Federal Insurance Company | May 21, 2014 – May 21, 2015 | US$25,000,000 Other Aggregate<br>US$25,000,000 Products Completed Operations Aggregate<br>US$25,000,000 Part of US$100,000,000 Each Occurrence |
| Excess Liability | Liberty Insurance Underwriters Inc. | May 21, 2014 – May 21, 2015 | US$25,000,000 Each Occurrence<br>US$25,000,000 Aggregate (where applicable)<br>Part of US$100,000,000 |

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