# 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

#### 5f. Excess Liability
- **Canopius Underwriting Bermuda Limited**
  - **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 (excess of the items listed above)

#### Section II – Schedule of Quota-Share Policy(ies):
- **Excess Liability**
  - **Arch Reinsurance Ltd.**
    - **May 21, 2013 to May 21, 2014**
      - **US$25,000,000** Per Occurrence
      - **US$25,000,000** General Aggregate (where applicable)
      - **US$25,000,000** Products Completed Operations Aggregate
- **Part of:**
  - **$50,000,000** Per Occurrence
  - **$50,000,000** General Aggregate (where applicable)
  - **$50,000,000** Products Completed Operations Aggregate (excess of the items listed above)

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