# Equal Terms Endorsement

**Endorsement No:** 3  
**This endorsement, effective:** May 21, 2008 (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:** P000466 006  
**Issued to:** International Business Machines Corporation  
**By:** Endurance Specialty Insurance Ltd.

## EQUAL TERMS ENDORSEMENT

It is hereby agreed that except for percentage participations, this Policy is offered on the basis of equal terms for all insurers participating in the layer. The phrase **Equal Terms** means that all of the terms, conditions, and provisions of this Policy are identical for each insurer hereon. The phrase **Participating In The Layer** means those insurers quota sharing at the same attachment point. In the event any insurer participating in the same layer as this Policy is afforded more favorable terms than those herein set forth, this Policy, at the option of the Insurer, shall be construed as containing the more favorable terms afforded by such other insurer(s), as though such terms were actually provided herein from the date they were granted to such other insurer(s).

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**

**Date of Issuance:** August 21, 2008  
522a FF-04 (Ed. 10/07)  
4_522a_08