# NEW YORK CHANGES ENDORSEMENT

| Named Insured | International Business Machines Corporation |
|---------------|-------------------------------------------|
| Endorsement Number | 23 |

| Policy Symbol | XOO | Policy Number | G2763848A | Policy Period | 05/21/2015 to 05/21/2016 | Effective Date of Endorsement | 05/21/2015 |
|---------------|-----|---------------|-----------|---------------|--------------------------|-------------------------------|--------------|
| Issued By (Name of Insurance Company) | ACE Property and Casualty Insurance Company |

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

This endorsement modifies all insurance provided under the following:

**COMMERCIAL UMBRELLA LIABILITY POLICY**

Part F of Section IV., LIMITS OF INSURANCE, is deleted and replaced with the following:

The Limits of Insurance of this policy apply separately to each consecutive annual period and to any remaining period of less than 12 months, starting with the beginning of the "policy period" shown in the Declarations, unless the "policy period" is extended after issuance for an additional period of less than 12 months. Then the aggregate limit of the expiring policy shall be increased in proportion to the policy extension. If the insured elects to accept the terms, conditions and rates of a conditional renewal notice, a new annual aggregate shall become effective as of the inception date of the renewal, subject to regulations promulgated by the superintendent.

Part V of Section V., EXCLUSIONS, is deleted and replaced with the following:

"Bodily injury," "property damage" or "personal and advertising injury," however caused, arising, directly or indirectly, as a result of or in connection with war, whether declared or not, or any act or condition incident to war. War includes civil war, insurrection, rebellion or revolution.

Part L of Section VII., DEFINITIONS, is deleted in its entirety.

All other terms and conditions of this policy remain unchanged.

Authorized Agent

XS-23205 (01/08) Includes copyrighted material of Insurance Services Office, Inc. with its permission Page 1 of 1