**Insured:** International Business Machines Corporation

**Policy No.:** BM00029768LI16A

**Endorsement No.:** 7

**Effective Date:** May 21, 2016

**XL CATLIN**

**SCHEDULE OF EXCESS POLICY(IES)**

**(THIS ENDORSEMENT CANCELS AND REPLACES ENDORSEMENT NO. 6 DATED JULY 23, 2016)**

| **Punitive Wrap Policy** | **ACE Bermuda Insurance Ltd** |
|-------------------------|--------------------------------|
| **May 21, 2016 - May 21, 2017** | **USD 25,000,000 part of USD 100,000,000** |

| **Excess Liability** | **National Liability & Fire Insurance Company** |
|-----------------------|-------------------------------------------------|
| **May 21, 2016 - May 21, 2017** | **USD 25,000,000 part of USD 100,000,000** |

| **Punitive Wrap Policy** | **Berkshire Hathaway International Insurance Ltd.** |
|--------------------------|---------------------------------------------------|
| **May 21, 2016 - May 21, 2017** | **USD 25,000,000 part of USD 100,000,000** |

**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** | Annual Aggregate (where applicable) |
|             |                      |             |                   |                   |                        | Excess of Item 3 above |
| 4.          | **Excess Liability** | **Aspen Bermuda Limited** | **May 21, 2016 – May 21, 2017** | **USD 25,000,000 part of 200,000,000** | **USD 200,000,000** | |
| 4.          | **Excess Liability** | **Allied World Assurance Company Ltd.** | **May 21, 2016 – May 21, 2017** | **USD 25,000,000 part of 200,000,000** | **USD 200,000,000** | |
| 4.          | **Excess Liability** | **Great American Assurance Co. (ACIS)** | **May 21, 2016 – May 21, 2017** | **USD 25,000,000 part of 200,000,000** | **USD 200,000,000** | |
| 4.          | **Punitive Wrap Policy** | **GAI Insurance Company, Ltd.** | **May 21, 2016 – May 21, 2017** | **USD 25,000,000 part of 200,000,000** | **USD 200,000,000** | |
| 4.          | **Excess Liability** | **QBE Insurance Corporation** | **May 21, 2016 – May 21, 2017** | **USD 25,000,000 part of 200,000,000** | **USD 200,000,000** | |

**Ref:** XSBSF03-001.01

**Page 3 of 4**