End 001-04/14
Form BSF-03
Page 3 of 5

**ADDITIONAL/RETURN PREMIUM:** NIL

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

| Excess | 4d | Federal Insurance Company | May 21, 2016 – May 21, 2017 |
| --- | --- | --- | --- |
|  |  | US$100,000,000 each occurrence |
|  |  | US$100,000,000 general aggregate |
|  |  | excess of item 3, above |
|  |  | 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 |

| Punitive | 4d.p. | ACE Bermuda Insurance Ltd. | May 21, 2016 – May 21, 2017 |
| --- | --- | --- | --- |
|  |  | 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, 2016 – May 21, 2017 |
| --- | --- | --- | --- |
|  |  | 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, 2016 – May 21, 2017 |
| --- | --- | --- | --- |
|  |  | 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 | 5c | Allied World Assurance Company, AG | May 21, 2016 – May 21, 2017 |
| --- | --- | --- | --- |
|  |  | 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, 2016.
All other terms and conditions remain unchanged.
This endorsement is attached to and made a part of Policy No. IBM-0062/BSF03 of ACE Bermuda Insurance Ltd.

Issued to: International Business Machines Corporation
Date of Issue: August 24, 2016
By [Signature] Authorized Representatives
End No. 1