# Allied World Assurance Company

**Endorsement No:** 5  
**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  

## SEVERAL LIABILITY NOTICE

The subscribing insurers' obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its obligations.

All other terms and conditions of this Policy remain unchanged.

**ALLIED WORLD ASSURANCE COMPANY, AG**

By: Heather Outerbridge  
Title: Assistant Vice President  
Date: July 16, 2013

**Date of Issuance:** July 16, 2013  
Ref: ACBSF-405  
(AWAC Ed. 02/09)  
Page 1 of 1