**End 001-04/14**
**Form BSF-03**
**Page 1 of 4**

**ADDITIONAL/RETURN PREMIUM: NIL**

**SCHEDULE OF EXCESS POLICY(IES) ENDORSEMENT**

| Type of Coverage | Insurer | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------------|
| **A)** Followed Policy | Umbrella 1 | ACE Property & Casualty Insurance Co | 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) | Excess 2 | Great American Insurance Company of NY | US$25,000,000 each occurrence<br>US$25,000,000 general aggregate<br>US$25,000,000 products completed operations aggregate<br>excess of item 1, above |
| Excess 3 | Endurance Specialty Insurance Ltd. | May 21, 2015 – May 21, 2016 | US$25,000,000 each occurrence<br>US$25,000,000 general aggregate<br>excess of item 2, above |
| Excess 4a | The Ohio Casualty Insurance Company | May 21, 2015 – May 21, 2016 | US$25,000,000 each occurrence<br>US$25,000,000 general aggregate<br>Which is part of:<br>US$100,000,000 each occurrence<br>US$100,000,000 general aggregate<br>excess of item 3, above |

**The effective date of this endorsement is:** May 21, 2015

**All other terms and conditions remain unchanged.**

**This endorsement is attached to and made a part of Policy No. IBM-0025/BSF03 of ACE Bermuda Insurance Ltd.**

**Issued to:** International Business Machines Corporation

**Date of Issue:** July 15, 2015

**By:** [Signature]  
**Authorised Representatives**

**End No. 1**