**Insured:** International Business Machines Corporation

**Policy No.:** BM00029768LI16A

**Endorsement No.:** 1

**Effective Date:** May 21, 2016

**SCHEDULE OF EXCESS POLICY(IES)**

| Punitive Wrap Policy | Magna Carta Insurance, Ltd. |
|---------------------|------------------------------|
| Excess Liability     | Federal Insurance Company    |
| Punitive Wrap Policy | ACE Bermuda Insurance Ltd    |
| Excess Liability     | Berkshire Hathaway Specialty Insurance |

**Section II – Schedule of Quota Share Policy(ies):**

| Item No. | Type of Coverage | Insurer | Policy Number | Policy Period | Limit of Liability | Item No. |
|----------|-----------------|---------|---------------|---------------|--------------------|-----------|
| 4.       | Excess Liability | Argo Re | May 21, 2016 – May 21, 2017 | USD 25,000,000 part of 200,000,000 | USD 200,000,000 Each Occurrence, Claim or Loss | UD $200,000,000 Annual Aggregate (where applicable) |
|          |                 |         |               |               |                     | Excess of Item 3 above |
|          | Excess Liability | Aspen Bermuda Limited | May 21, 2016 – May 21, 2017 | USD 25,000,000 part of 200,000,000 |                     |           |
|          | Excess Liability | Allied World Assurance Company Ltd. | May 21, 2016 – May 21, 2017 | USD 25,000,000 part of 200,000,000 |                     |           |

**Ref:** XSBSF03-001.01

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