# Allied World Assurance Company, Ltd.

**Endorsement No:** 1

**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.

**Vigilant Insurance Company**
(25%)
79665684

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.

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.

**ALLIED WORLD ASSURANCE COMPANY, LTD.**

**By:** Michael Hoffmann

**Title:** Senior Vice President

**Date:** August 15, 2008

Ref: ACFF-400
(AWAC Ed. 11/01)

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