# Endorsement No: 1

**This endorsement, effective:** May 21, 2016 (at 12:01 A.M., prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**forms a part of Policy No:** IS0002927

**Issued to:** International Business Machines Corporation

**by:** Iron-Starr Excess Agency Ltd.

## SCHEDULE OF EXCESS POLICIES (cont'd)

| Underlying Insurers | Limits of Liability |
|---------------------|---------------------|
| **5p.** GAI Insurance Company, Ltd. | USD 25,000,000 Per Occurrence |
| | USD 25,000,000 General Aggregate |
| | Part of USD 50,000,000 |
| **QBE Insurance (Europe) Limited** | (excess of items 1 - 4, above) |
| **6.** Aspen Insurance UK Limited | USD 25,000,000 Per Occurrence |
| | USD 25,000,000 General Aggregate |
| | Part of USD 50,000,000 |
| **Allied World Assurance Company** | USD 25,000,000 Per Occurrence |
| | USD 25,000,000 General Aggregate |
| | USD 25,000,000 Product-Completed Operation Aggregate |
| | Part of USD 50,000,000 |
| | (excess of items 1 - 5, above) |

All other terms, conditions, limitations and exclusions of this Policy remain unchanged.

**Authorized Representative**

Date of Issuance: July 18, 2016  
451.01 (Ed. 12/01)  
1 2011 ISEABSF Schedule of Excess Policies (09 13).doc