**Insured:** International Business Machines Corporation  
**Policy No.:** UFP0044276-05  
**Endorsement No.:** 1  
**Effective Date:** May 21, 2016

**SCHEDULE OF UNDERLYING POLICY(IES)**

| 4. Excess Liability | The Ohio Casualty Insurance Company (25m) | US$100,000,000 | Per Occurrence General Aggregate |
|---------------------|------------------------------------------|----------------|----------------------------------|
| Policy Period:      | May 21, 2016 to May 21, 2017            |                |                                  |

| Punitive Damages | Magna Carta Insurance, Ltd. | Policy Period: May 21, 2016 to May 21, 2017 | US$100,000,000 | Per Occurrence General Aggregate |
|------------------|----------------------------|------------------------------------------------|----------------|----------------------------------|

| Excess Liability | Federal Insurance Company (25m) | Policy Period: May 21, 2016 to May 21, 2017 | US$100,000,000 | Per Occurrence General Aggregate |
|-----------------|-----------------------------------|------------------------------------------------|----------------|----------------------------------|

| Punitive Damages | ACE Bermuda Insurance Ltd | Policy Period: May 21, 2016 to May 21, 2017 | US$100,000,000 | Per Occurrence General Aggregate |
|-----------------|----------------------------|------------------------------------------------|----------------|----------------------------------|

| Excess Liability | Liberty Insurance Underwriters Inc. (25m) | Policy Period: May 21, 2016 to May 21, 2017 | US$100,000,000 | Per Occurrence General Aggregate |
|-----------------|--------------------------------------------|------------------------------------------------|----------------|----------------------------------|

| Punitive Damages | Magna Carta Insurance, Ltd. | Policy Period: May 21, 2016 to May 21, 2017 | US$100,000,000 | Per Occurrence General Aggregate |
|-----------------|----------------------------|------------------------------------------------|----------------|----------------------------------|

| Excess Liability | National Liability & Fire Insurance Company (25m) | Policy Period: May 21, 2016 to May 21, 2017 | US$100,000,000 | Per Occurrence General Aggregate |
|-----------------|----------------------------------------------------|------------------------------------------------|----------------|----------------------------------|

| Punitive Damages | Berkshire Hathaway International Insurance Limited | Policy Period: May 21, 2016 to May 21, 2017 | US$100,000,000 | Per Occurrence General Aggregate |
|-----------------|----------------------------------------------------|------------------------------------------------|----------------|----------------------------------|

(excess of items 1, 2, & 3, above)

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