End 001-04/14
Form BSF-03
Page 2 of 4

**ADDITIONAL/RETURN PREMIUM:** NIL

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

| Excess | 4b | Liberty Insurance Underwriters Inc. | May 21, 2014 – May 21, 2015 | US$25,000,000 each occurrence | US$25,000,000 general aggregate |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Which is part of: | US$100,000,000 each occurrence |
|  |  |  |  |  | US$100,000,000 general aggregate excess of item 3, above |

| Excess | 4c | National Liability & Fire Insurance Company | May 21, 2014 – May 21, 2015 | US$25,000,000 each occurrence | US$25,000,000 general aggregate |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Which is part of: | US$100,000,000 each occurrence |
|  |  |  |  |  | US$100,000,000 general aggregate excess of item 3, above |

| Excess | 4d | Federal Insurance Company | May 21, 2014 – May 21, 2015 | US$25,000,000 each occurrence | US$25,000,000 general aggregate |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Which is part of: | US$100,000,000 each occurrence |
|  |  |  |  |  | US$100,000,000 general aggregate excess of item 3, above |

| Excess | 5a | XL Insurance (Bermuda) Ltd. | May 21, 2014 – May 21, 2015 | US$75,000,000 each occurrence | US$75,000,000 general aggregate |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Which is part of: | US$200,000,000 each occurrence |
|  |  |  |  |  | US$200,000,000 general aggregate excess of items 4, above |

| Excess | 5b | Aspen Bermuda Limited | May 21, 2014 – May 21, 2015 | US$25,000,000 each occurrence | US$25,000,000 general aggregate |
| --- | --- | --- | --- | --- |
|  |  |  |  | Which is part of: | US$200,000,000 each occurrence |
|  |  |  |  |  | US$200,000,000 general aggregate excess of items 4, 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] Andrew Watson
Authorised Representatives
End No. 1.