# Allied World

**Endorsement No:** 1  
**This endorsement, effective:** May 21, 2015 (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:** C018124/003  
**Issued to:** International Business Machines Corporation

## 5c. Excess Liability

- **Allied World Assurance Company Ltd**
  - **USD25,000,000**
    - **Each Occurrence**
  - **May 21, 2015 to May 21, 2016**
    - **USD25,000,000**
      - **Products Completed Operations Aggregate General Aggregate**
    - **Part of USD200,000,000**
      - **Each Occurrence**
    - **USD200,000,000**
      - **Products Completed Operations Aggregate General Aggregate**

## 5d. Excess Liability

- **QBE Insurance Corporation**
  - **USD25,000,000**
    - **Each Occurrence**
  - **May 21, 2015 to May 21, 2016**
    - **USD25,000,000**
      - **Products Completed Operations Aggregate General Aggregate**
    - **Part of USD200,000,000**
      - **Each Occurrence**
    - **USD200,000,000**
      - **Products Completed Operations Aggregate General Aggregate**

**Ref:** ACBSF-401 (AWAC Ed. 06/14)

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