# Allied World

**Endorsement No:** 1  
**This endorsement, effective:** May 21, 2016 (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:** C018124/004  
**Issued to:** International Business Machines Corporation  

**(h.) Companion Policy(ies):**  
- **QBE Insurance (Europe) Limited**  
  - **USD25,000,000**  
    - Each Occurrence  
  - **USD25,000,000**  
    - Aggregate (where applicable)  
  - **Part of**  
  - **USD200,000,000**  
    - Each Occurrence  
  - **USD200,000,000**  
    - Aggregate (where applicable)  

**(Punitive damages wrap-around policy)**  
- **May 21, 2016 to May 21, 2017**

**5f. Excess Liability:**  
- **XL (Bermuda) Ltd.**  
  - **USD75,000,000**  
    - Each Occurrence  
  - **USD75,000,000**  
    - Products Completed Operations Aggregate General Aggregate  
  - **Part of**  
  - **USD200,000,000**  
    - Each Occurrence  
  - **USD200,000,000**  
    - Products Completed Operations Aggregate General Aggregate  
  - **USD200,000,000**  

**Ref:** ACBSF-401c (AWAC Ed. 11/14)  
**Page 9 of 11**