# 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

### 4c. Excess Liability
- **Liberty Insurance Underwriters Inc.**
  - **May 21, 2013 to May 21, 2014**
    - **USD50,000,000** Per Occurrence
    - **USD50,000,000** General Aggregate (where applicable)
    - **USD50,000,000** 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
    - (excess of the items listed above)

### 5a. Excess Liability
- **Arch Reinsurance Ltd.**
  - **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:**
    - **USD200,000,000** Per Occurrence
    - **USD200,000,000** General Aggregate (where applicable)
    - **USD200,000,000** Products Completed Operations Aggregate

## Date of Issuance: July 30, 2013
## Ref: ACBSF-401

(AWAC Ed. 02/09)
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