# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

**(A Stock Insurance Company, hereinafter the "Insurer")**

**ENDORSEMENT NO. 1**

- **Named Insured:** International Business Machines Corporation
- **Policy Number:** 1000040626-13
- **Effective Date:** 05/21/2014

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

## Schedule of Underlying Policies – Excess

| Carrier, Policy Number and Policy Period | Type of Coverage | Limits of Insurance |
|-----------------------------------------|------------------|---------------------|
| ACE Property & Casualty Insurance Company<br>XOO G2 73 80 03 7<br>5/21/2014 to 5/21/2015 | Commercial Umbrella Liability First Underlying Insurance | $50,000,000 – Each Occurrence<br>$50,000,000 – Aggregate (where applicable) |
| Description: | Policy Limits: 50mil Each Occurrence/50mil General Aggregate/50mil Products/Completed Operations Aggregate |

| Great American Insurance Co. of NY<br>EXC 1862512<br>5/21/2014 to 5/21/2015 | Commercial Excess Liability | $25,000,000 – Each Occurrence<br>$25,000,000 – Aggregate (where applicable) |
| Description: | Policy Limits: 25mil Each Occurrence/25mil General Aggregate/25mil Products/Completed Operations Aggregate |

| Endurance Specialty Insurance Ltd.<br>EXC1000024505<br>5/21/2014 to 5/21/2015 | Commercial Excess Liability | $25,000,000 – Each Occurrence<br>$25,000,000 – Aggregate (where applicable) |