# Allied World Assurance Company

**Endorsement No:** 1  
**This endorsement, effective:** May 21, 2013 (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:** C018124/001  
**Issued to:** International Business Machines Corporation

## 4a. Excess Liability

- **Liberty Agency Underwriters**
  - **May 21, 2013 to May 21, 2014**
    - **USD25,000,000** Per Occurrence
    - **USD25,000,000** General Aggregate (where applicable)
    - **USD25,000,000** Products Completed Operations Aggregate
  - **Part of:**
    - **USD100,000,000** Per Occurrence
    - **USD100,000,000** General Aggregate (where applicable)
    - **USD100,000,000** Products Completed Operations Aggregate

## 4b. Excess Liability

- **Federal Insurance Company**
  - **May 21, 2013 to May 21, 2014**
    - **USD25,000,000** Per Occurrence
    - **USD25,000,000** General Aggregate (where applicable)
    - **USD25,000,000** Products Completed Operations Aggregate
  - **Part of:**
    - **USD100,000,000** Per Occurrence
    - **USD100,000,000** General Aggregate (where applicable)
    - **USD100,000,000** Products Completed Operations Aggregate

**Date of Issuance:** July 30, 2013  
**Ref:** ACBSF-401  
**(AWAC Ed. 02/09)**

Page 2 of 7