# Allied World

**Endorsement No:** 1  
**This endorsement, effective:** May 21, 2015 (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:** C020117/002  
**Issued to:** International Business Machines Corporation (listed above)

The policy(ies) listed above are 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 22, 2015

Ref: ACBSF-401  
(AWAC Ed. 06/14)  
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