**Insured:** International Business Machines Corporation

**Policy No:** BM00029768LI16A

**Endorsement No:** 1

**Effective Date:** May 21, 2016

**SCHEDULE OF EXCESS POLICY (IES)**

| Excess Liability | Great American Assurance Co. (ACIS) |
|------------------|------------------------------------|
| May 21, 2016 – May 21, 2017 | USD 25,000,000 part of 200,000,000 |

| Punitive Wrap Policy | GAI Insurance Company, Ltd. |
|---------------------|-------------------------------|
| May 21, 2016 - May 21, 2017 | USD 25,000,000 part of 200,000,000 |

| Excess Liability | QBE Insurance Corporation |
|------------------|--------------------------|
| May 21, 2016 – May 21, 2017 | USD 25,000,000 part of 200,000,000 |

| Punitive Wrap Policy | QBE Insurance (Europe) Limited |
|---------------------|-------------------------------|
| May 21, 2016 - May 21, 2017 | USD 25,000,000 part of 200,000,000 |

The terms, declarations, insuring agreements, definitions, exclusions and conditions of this Policy otherwise remain unchanged.

**XL INSURANCE (BERMUDA) LTD**

By: **Authorized Representative**

Date: **July 18, 2016**

Ref: XSBSF03-001.01

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