**Endorsement No:** 1

**This endorsement, effective:** May 21, 2014 (at 12:01 A.M., prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**forms a part of Policy No:** ISO001796

**Issued to:** International Business Machines Corporation

**by:** Iron-Starr Excess Agency Ltd.

**SCHEDULE OF EXCESS POLICIES**

| Underlying Insurers | Policy Period | Limits of Liability |
|---------------------|---------------|----------------------|
| **Section I - Schedule of Underlying Policies:** |
| 1. Commercial Umbrella Liability | ACE Property & Casualty Insurance Company | USD 50,000,000 | Each Occurrence General Aggregate Products Completed-Operations Aggregate |
| 2. Excess Umbrella | Great American Ins, Co. of N.Y. | USD 25,000,000 | Each Occurrence General Aggregate Products Completed-Operations Aggregate (excess of item 1, above) |
| 3. Excess Casualty | Endurance Specialty Insurance Ltd. | USD 25,000,000 | Each Occurrence, Claim or Loss Aggregate (excess of items 1 & 2, above) |

**Date of Issuance:** July 14, 2014

ISEABSF (09/13)

1 2011 ISEABSF Schedule of Excess Policies (09 13).doc