# Allied World Assurance Company

**Endorsement No:** 1  
**This endorsement, effective:** May 21, 2014 (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:** C018124/002  
**Issued to:** International Business Machines Corporation

## Excess Liability

- **5e. Excess Liability**
  - **Argo Re**
    - **May 21, 2014 to May 21, 2015**
      - **USD25,000,000**
        - **Each Occurrence**
      - **USD25,000,000**
        - **Products Completed Operations Aggregate General Aggregate**
      - **USD25,000,000**
        - **Part of USD200,000,000**
          - **Each Occurrence**
      - **USD200,000,000**
        - **Products Completed Operations Aggregate General Aggregate**

- **5f. Excess Liability**
  - **XL Insurance (Bermuda) Ltd.**
    - **May 21, 2014 to May 21, 2015**
      - **USD75,000,000**
        - **Each Occurrence**
      - **USD75,000,000**
        - **Products Completed Operations Aggregate General Aggregate**
      - **USD75,000,000**
        - **Part of USD200,000,000**
          - **Each Occurrence**
      - **USD200,000,000**
        - **Products Completed Operations Aggregate General Aggregate (excess of the items listed above)**

**Ref:** ACBSF-401  
**(AWAC Ed. 02/09)**

Page 6 of 7