# 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

**Policy(ies):**
- **Punitive damages wrap-around policy**
  - **May 21, 2016 to May 21, 2017**
    - **USD25,000,000** Aggregate (where applicable)
    - **USD100,000,000** Each Occurrence
    - **USD100,000,000** Aggregate (where applicable)

- **Excess Liability**
  - **The Ohio Casualty Insurance Company**
    - **May 21, 2016 to May 21, 2017**
      - **USD25,000,000** Each Occurrence
      - **USD25,000,000** Products Completed Operations Aggregate General Aggregate
      - **USD25,000,000** Part of USD100,000,000 Each Occurrence
      - **USD100,000,000** Products Completed Operations Aggregate General Aggregate (excess of the items listed above)

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

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