# 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:** C020117/001  
**Issued to:** International Business Machines Corporation

## 4c. Excess Liability
- **National Liability & Fire Insurance Company**
  - **USD25,000,000** Each Occurrence
  - **May 21, 2014 to May 21, 2015**
    - **USD25,000,000** Products Completed Operations Aggregate General Aggregate
    - **USD25,000,000** Part of USD100,000,000 Each Occurrence
    - **USD100,000,000** Products Completed Operations Aggregate General Aggregate

## 4d. Excess Liability
- **Liberty Insurance Underwriters Inc.**
  - **USD25,000,000** Each Occurrence
  - **May 21, 2014 to May 21, 2015**
    - **USD25,000,000** Products Completed Operations Aggregate General Aggregate
    - **USD25,000,000** Part of USD100,000,000 Each Occurrence
    - **USD100,000,000** Products Completed Operations Aggregate

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