End 001-04/14
Form BSF-03
Page 3 of 4

**ADDITIONAL/RETURN PREMIUM: NIL**

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

| Excess | 5c | Allied World Assurance Company, AG |
| --- | --- | --- |
|  | 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 |

| Excess | 5d | Argo Re 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 |

| Excess | 5e | Great American Insurance Company of N.Y. |
| --- | --- | --- |
|  | 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 |

| Excess | 5f | QBE 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$200,000,000 each occurrence |
|  |  | US$200,000,000 general aggregate |
|  |  | excess of items 4, above |

| Excess | 6a | 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$50,000,000 each occurrence |
|  |  | US$50,000,000 general aggregate |
|  |  | excess of items 5, 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