# 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:
- EXC10000024507

## Issued to:
- International Business Machines Corporation

## By:
- Endurance Specialty Insurance Ltd.

## Schedule of Excess Policy(ies)

| Type of Coverage | Insurer | Policy Number | Policy Period | Limits of Liability |
|------------------|---------|---------------|---------------|---------------------|
| A) Followed Policy | 1. Umbrella Liability | ACE Property and Casualty Insurance Company | XOO G27983212 001 | US$50,000,000 Each Occurrence General Aggregate Products Completed Operations Aggregate |
|                  |         |               |               | US$50,000,000       |
|                  |         |               | 05/21/2016 to 05/21/2017 | US$50,000,000       |
|                  | 2. Punitive Damages | ACE Bermuda Insurance Ltd. | IBM-PD/16 | US$50,000,000 Each Occurrence General Aggregate |
|                  |         |               | 05/21/2016 to 05/21/2017 | US$50,000,000       |
| B) Schedule of Intervening Policy(ies) | 2. Excess Liability | Great American Insurance Co. of NY | EXC 4100279 | US$25,000,000 Each Occurrence General Aggregate Products/Completed Operations Aggregate |
|                  |         |               | 05/21/2016 to 05/21/2017 | US$25,000,000       |
|                  | 3. Punitive Damages | GAI Insurance Company, Ltd. | EXC 1492753 | US$25,000,000 Each Occurrence General Aggregate |
|                  |         |               | 05/21/2016 to 5/21/2017 | US$25,000,000       |

## Section II – Schedule of Quota Share Policy(ies):
- Not Applicable

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**

Date of Issuance: June 13, 2016

401 BSF-03 (Ed. 07/13)
1_401_16