**ENDORSEMENT #5**

This endorsement, effective 12:01 A.M., MAY 21, 1982, forms a part of policy No. 960 31 17 issued to INTERNATIONAL BUSINESS MACHINES CORPORATION by NATIONAL UNION FIRE INSURANCE COMPANY.

**ACCUMULATION OF LIMITS ENDORSEMENT**

IT IS UNDERSTOOD AND AGREED THAT REGARDLESS OF THE NUMBER OF INSUREDS UNDER THIS POLICY AND POLICY NUMBER CE 345 88 58, THE TOTAL LIMIT OF LIABILITY UNDER BOTH POLICIES SHALL BE $50,000,000. NEITHER THE TWO POLICIES COMBINED SHALL NOT OPERATE TO INCREASE THE LIMIT OF LIABILITY SET FORTH IN THE DECLARATIONS PAGE OF THESE POLICIES.