End 001-04/14
Form BSF-03
Page 2 of 4

**ADDITIONAL/RETURN PREMIUM:** NIL

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

| Excess | 4b | Liberty Insurance Underwriters Inc. |
| --- | --- | --- |
|  | May 21, 2015 – May 21, 2016 | US$25,000,000 each occurrence |
|  |  | US$25,000,000 general aggregate |
|  |  | Which is part of: |
|  |  | US$100,000,000 each occurrence |
|  |  | US$100,000,000 general aggregate |
|  |  | excess of item 3, above |

| Excess | 4c | Berkshire Hathaway Specialty Insurance |
| --- | --- | --- |
|  | May 21, 2015 – May 21, 2016 | US$25,000,000 each occurrence |
|  |  | US$25,000,000 general aggregate |
|  |  | Which is part of: |
|  |  | US$100,000,000 each occurrence |
|  |  | US$100,000,000 general aggregate |
|  |  | excess of item 3, above |

| Excess | 4d | Federal Insurance Company |
| --- | --- | --- |
|  | May 21, 2015 – May 21, 2016 | US$25,000,000 each occurrence |
|  |  | US$25,000,000 general aggregate |
|  |  | Which is part of: |
|  |  | US$100,000,000 each occurrence |
|  |  | US$100,000,000 general aggregate |
|  |  | excess of item 3, above |

| Excess | 5a | XL Insurance (Bermuda) Ltd. |
| --- | --- | --- |
|  | May 21, 2015 – May 21, 2016 | US$75,000,000 each occurrence |
|  |  | US$75,000,000 general aggregate |
|  |  | Which is part of: |
|  |  | US$200,000,000 each occurrence |
|  |  | US$200,000,000 general aggregate |
|  |  | excess of items 4, above |

| Excess | 5b | Aspen Bermuda Limited |
| --- | --- | --- |
|  | May 21, 2015 – May 21, 2016 | US$25,000,000 each occurrence |
|  |  | US$25,000,000 general aggregate |
|  |  | Which is part of: |
|  |  | US$200,000,000 each occurrence |
|  |  | US$200,000,000 general aggregate |
|  |  | excess of items 4, 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]
Authorized Representatives

End No. 1