**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:** EXC10000024505

**Issued to:** International Business Machines Corporation

**by:** Endurance Specialty Insurance Ltd.

**SCHEDULE OF EXCESS POLICY(IES)**

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|---------------------|
| **A) Followed Policy** | ACE Property and Casualty Insurance Company | XOO G27380037 | 05/21/2014 to 05/21/2015 | 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)** | Great American Insurance Co. of NY | EXC 1862512 | 05/21/2014 to 05/21/2015 | US$25,000,000 Each Occurrence<br>US$25,000,000 General Aggregate<br>US$25,000,000 Products/Completed Operations Aggregate |

**Section II – Schedule of Quota Share Policy(ies):**

*Not Applicable*

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**

**Date of Issuance:** June 9, 2014

401 BSF-03 (Ed. 07/13)
1_401_J4