# NON-PYRAMIDING OF LIMITS ENDORSEMENT

| Named Insured | International Business Machines Corporation |
|---------------|-------------------------------------------|
| Policy Symbol  | XOO                                        |
| Policy Number | G25915951                                 |
| Policy Period | 05/21/2012 - 05/21/2013                   |
| Issued By (Name of Insurance Company) | ACE Property and Casualty Insurance Company |

| Endorsement Number | 24                                          |
|--------------------|---------------------------------------------|
| Effective Date of Endorsement | 05/21/2012                                  |

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

This endorsement modifies insurance provided under the following:

**COMMERCIAL UMBRELLA LIABILITY POLICY**

It is agreed that any claim or "suit" arising out of an "occurrence", "bodily injury", "property damage" or "personal or advertising injury" that is covered by this policy is excluded under Policy Number (XBC323508). The total limits of insurance under both policies combined shall be:

- $50,000,000 Each Occurrence
- $50,000,000 General Aggregate
- $50,000,000 Products-Completed Operations Aggregate

All other terms and conditions of this policy remain unchanged.

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**Authorized Agent**

**CLASS CODE 2-13000**
MS-9621 (05/12)

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE DEPARTMENT. HOWEVER SUCH FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

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