# 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:** C020117/003  
**Issued to:** International Business Machines Corporation

**(b.) Companion Policy(ies):**  
- **GAI Insurance Company, Ltd.**  
  - **USD25,000,000**  
  - **Each Occurrence**

- **Punitive damages wrap-around policy**  
  - **May 21, 2016 to May 21, 2017**  
  - **USD25,000,000**  
  - **Aggregate**

**3. Excess Liability**  
- **Endurance Specialty Insurance Ltd.**  
  - **USD25,000,000**  
  - **Each Occurrence**

- **May 21, 2016 to May 21, 2017**  
  - **USD25,000,000**  
  - **Products Completed Operations Aggregate General Aggregate (excess of the items listed above)**

**4a. Excess Liability**  
- **National Liability & Fire Insurance Company**  
  - **USD25,000,000**  
  - **Each Occurrence**

- **May 21, 2016 to May 21, 2017**  
  - **USD25,000,000**  
  - **Products Completed Operations Aggregate General Aggregate**

**Part of**  
- **USD100,000,000**  
  - **Each Occurrence**

- **USD100,000,000**  
  - **Products Completed**

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

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