# Allied World Assurance Company

**Endorsement No:** 11

**This endorsement, effective:** May 21, 2008 (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:** C007539/002

**Issued to:** International Business Machines Corporation

**by:** Allied World Assurance Company, Ltd.

**2. The Insured's membership in, contribution to or management or administration of any plan, pool, association, insolvency or guarantee fund or any similar fund, organization or association, whether voluntary or involuntary.**

All other terms and conditions of this Policy remain unchanged.

**ALLIED WORLD ASSURANCE COMPANY, LTD.**

**By:** Michael Hoffmann

**Title:** Senior Vice President

**Date:** August 15, 2008

**Ref:** ACFF-548 (AWAC Ed. 09/07)

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