# 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  

USD100,000,000 General Aggregate (excess of the items listed above)

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: Kimberly Pursell  
Title: Vice President  
Date: July 11, 2014

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