# ENDORSEMENT #1

This endorsement, effective May 21, 2016 (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.** Lead Umbrella – Occurrence | ACE Property & Casualty Insurance Company | May 21, 2016 – May 21, 2017 | US$50,000,000 Each Occurrence<br>US$50,000,000 General Aggregate<br>US$50,000,000 Products Completed Operations Aggregate |
| **1.** Excess Punitive Damages* | ACE Bermuda Insurance Ltd. | May 21, 2016 – May 21, 2017 | US$50,000,000 Per Occurrence Aggregate |
| **2.** Excess Liability | Great American Assurance Co. | May 21, 2016 – May 21, 2017 | 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) |
| **2.** Excess Punitive Damages* | GAI Insurance Company, Ltd. | May 21, 2016 – May 21, 2017 | 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, 2016 – May 21, 2017 | US$25,000,000 Each Occurrence, Claim or Loss Aggregate (excess of items 1 & 2, above) |

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