# Allied World

**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:** C020117/003

**Issued to:** International Business Machines Corporation

| USD100,000,000 | Operations Aggregate |
|----------------|----------------------|
| General Aggregate |

(c.) Companion Policy(ies): Berkshire Hathaway International Insurance Limited

- **Punitive damages wrap-around policy**
- **May 21, 2016 to May 21, 2017**

| USD25,000,000 | Per Occurrence |
|---------------|----------------|
| USD25,000,000 | Aggregate where applicable |
| Part of |
| USD100,000,000 | Per Occurrence |
| USD100,000,000 | Aggregate where applicable |

4b. Excess Liability: Federal Insurance Company

- **May 21, 2016 to May 21, 2017**

| USD25,000,000 | Each Occurrence |
|---------------|------------------|
| USD25,000,000 | Products Completed |
| USD25,000,000 | Operations Aggregate |
| USD25,000,000 | General Aggregate |
| Part of |
| USD100,000,000 | Each Occurrence |
| USD100,000,000 | Products Completed |
| USD100,000,000 | Operations Aggregate |
| USD100,000,000 | General Aggregate |

Ref: ACBSF-401c (AWAC Ed. 11/14)

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