# 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

Item 1, listed above is in excess of underlying insurances and/or self-insured retentions listed in the schedules of underlying attached to the Followed Policy.

All other terms and conditions of this Policy remain unchanged.

**ALLIED WORLD ASSURANCE COMPANY, AG**

By: Jaquita Ingham
Title: Assistant Vice President
Date: July 16, 2013

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

(AWAC Ed. 02/09)
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