End 001-04/14
Form BSF-03
Page 1 of 4

**ADDITIONAL/RETURN PREMIUM: NIL**

**SCHEDULE OF EXCESS POLICY(IES) ENDORSEMENT**

| Type of Coverage | Insurer | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------------|
| **Section I – Schedule of Underlying Policy(ies)** |
| A) Followed Policy | Umbrella | ACE Property & Casualty Insurance Co | US$50,000,000 each occurrence<br>US$50,000,000 general aggregate<br>US$50,000,000 products completed operations aggregate |
| B) Schedule of Intervening Policy(ies) | Excess | Great American Insurance Company of NY | US$25,000,000 each occurrence<br>US$25,000,000 general aggregate<br>US$25,000,000 products completed operations aggregate<br>excess of item 1, above |
| Excess | Endurance Specialty Insurance Ltd. | May 21, 2014 – May 21, 2015 | US$25,000,000 each occurrence<br>US$25,000,000 general aggregate<br>excess of item 2, above |
| Excess | The Ohio Casualty Insurance Company | May 21, 2014 – May 21, 2015 | US$25,000,000 each occurrence<br>US$25,000,000 general aggregate<br>Which is part of:<br>US$100,000,000 each occurrence<br>US$100,000,000 general aggregate<br>excess of item 3, above |

The effective date of this endorsement is May 21, 2014
All other terms and conditions remain unchanged.
This endorsement is attached to and made a part of Policy No. IBM-0003/BSF03
of ACE Bermuda Insurance Ltd.

Issued to: International Business Machines Corporation
Date of Issue: May 21, 2014
By [Signature] Authorized Representatives
End No. 1.