**Insured:** International Business Machines Corporation  
**Policy No.:** UFP0044276-03  
**Endorsement No.:** 1  
**Effective Date:** May 21, 2014

**SCHEDULE OF UNDERLYING POLICY(IES)**

| Date | Insurer | Limit | Policy Period | Description |
|------|---------|-------|---------------|-------------|
| May 21, 2015 | Aspen Bermuda Limited (25m) | US$50,000,000 | May 21, 2014 to May 21, 2015 | Per Occurrence General Aggregate (excess of items 1, 2, 3, & 4, above) |
| May 21, 2015 | Allied World Assurance Company, AG (25m) | US$50,000,000 | May 21, 2014 to May 21, 2015 | (excess of items 1, 2, 3, 4, & 5, above) |
| May 21, 2015 | Iron-Starr Excess Agency Ltd | US$50,000,000 | May 21, 2014 to May 21, 2015 | Per Occurrence General Aggregate (excess of items 1, 2, 3, 4, 5 & 6, above) |

**Section II – Schedule of Quota-Share Policy(ies): Not Applicable**

All other terms and conditions of this Policy remain unchanged.

**Arch Reinsurance Ltd.**

**By:**  
**Title:** Senior Vice President Underwriting Manager, Excess Casualty  
**Date:** July 14, 2014  
**Ref:** BSF-4000 Ed. 11/11

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