# ALLIED WORLD

**Endorsement No:** 3  
**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  

## SEVERAL LIABILITY NOTICE

It is hereby agreed that the Insurer's liability under this Policy is solely for its proportionate or quota share of the applicable limits of liability as set forth in Item 5., "Limit of Liability," of the Declarations. Further, the Insurer's liability is several and not joint, and, in no event shall the Insurer be liable for the proportionate or quota share of any other insurer or entity participating on the same layer of coverage as this 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-405  
(AWAC Ed. 10/13)

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