# ENDORSEMENT #1

This endorsement, effective May 21, 2015 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations)

forms a part of Policy No. 60703940 issued to International Business Machines Corporation by American International Reinsurance Company, Ltd.

## SCHEDULE OF EXCESS POLICY (IES)

| Type of Coverage | Insurer | Policy Period | Limits of Liability |
|------------------|---------|---------------|----------------------|
| 1. Commercial Umbrella Liability | ACE Property & Casualty Insurance Company | May 21, 2015 – May 21, 2016 | US$50,000,000 Each Occurrence<br>US$50,000,000 General Aggregate<br>US$50,000,000 Products-Completed Operations Aggregate |
| 2. Excess Umbrella-Commercial | Great American Ins. Co of N.Y. | May 21, 2015 – May 21, 2016 | US$25,000,000 Each Occurrence<br>US$25,000,000 General Aggregate<br>US$25,000,000 Products/Completed Operations Aggregate (excess of items 1, above) |
| 3. Excess Liability | Endurance Specialty Insurance Ltd. | May 21, 2015 – May 21, 201 | US$25,000,000 each Occurrence, Claim or Loss Aggregate (excess of items 1 & 2, above) |
| 4. Excess Liability | Federal Insurance Company | May 21, 2015 – May 21, 2016 | US$25,000,000 Other Aggregate (as applicable)<br>US$25,000,000 Products Completed Operations Aggregate<br>US$25,000,000 Each Occurrence (excess of items 1-3, above)<br>Part of US$100,000,000 |
| Excess Liability | Liberty Insurance Underwriters Inc. | May 21, 2015 – May 21, 2016 | US$25,000,000 Each Occurrence Aggregate (where applicable)<br>Part of US$100,000,000 |

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