**Insured:** International Business Machines Corp.

**Policy No.:** UFP0021773-00

**Endorsement No.:** 1

**Effective Date:** May 21, 2007

## SCHEDULE OF FOLLOWED POLICY, PRIMARY POLICIES AND UNDERLYING EXCESS POLICIES ENDORSEMENT

Any restrictive policy terms and/or conditions that apply to the underlying policies that are in excess of the Followed Policy but underlying to this Policy will also apply to this Policy, unless amended by Endorsement hereto.

If any underlying policy(ies) listed in the Schedule of Followed Policy, Primary Policies and Underlying Excess Policies or any other insurance providing coverage to the Insured, has an aggregate limit of liability, such aggregate limit shall not, for the purpose of determining when this Policy applies, be reduced or exhausted by any payment with respect to Occurrences, claims or losses which are not covered under this Policy.

All other terms and conditions of this Policy remain unchanged.

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**Arch Reinsurance Ltd.**

**By:**  
**Title:** Senior Vice President  
Underwriting Manager  
Excess Casualty  

**Date:** September 6, 2007  
**Ref:** OCXS 4000 Ed. 4/1/02

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