# Endorsement No: 2

**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.

## SEVERAL LIABILITY FOR QUOTA SHARE COVERAGE

It is hereby agreed that the liability of the Insurer under this Policy is several, not joint. The Insurer's liability for Loss is solely for the proportionate share for which it has subscribed, subject to its proportionate share of the applicable limits of liability. In no event shall the Insurer be liable for the proportionate share of any other insurer or entity subscribing to this Policy.

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**

**Date of Issuance:** August 21, 2008

517 FF-04 (Ed. 11A7)

2_517_08