# Allied World Assurance Company

**Endorsement No:** 1  
**This endorsement, effective:** May 21, 2014 (at 12:01 A.M. prevailing time at the address of the Named Insured as shown in Item I(b) of the Declarations)  
**forms a part of Policy No:** C018124/002  
**Issued to:** International Business Machines Corporation

## 4a. Excess Liability

- **National Liability & Fire Insurance Company**
  - **USD25,000,000** Each Occurrence
  - **May 21, 2014 to May 21, 2015**
    - **USD25,000,000** Products Completed Operations Aggregate General Aggregate
    - **USD25,000,000** Part of USD100,000,000 Products Completed Operations Aggregate General Aggregate
    - **USD100,000,000** Each Occurrence
  - **USD100,000,000** Products Completed Operations Aggregate General Aggregate

## 4b. Excess Liability

- **The Ohio Casualty Insurance Company**
  - **USD25,000,000** Each Occurrence
  - **May 21, 2014 to May 21, 2015**
    - **USD25,000,000** Products Completed Operations Aggregate General Aggregate
    - **USD25,000,000** Part of USD100,000,000 Products Completed Operations Aggregate General Aggregate
    - **USD100,000,000** Each Occurrence
  - **USD100,000,000** Products Completed Operations Aggregate General Aggregate

## 4c. Excess Liability

- **Liberty International Underwriters Inc.**
  - **USD25,000,000** Each Occurrence

**Ref:** ACBSF-401 (AWAC Ed. 02/09)

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