# NON-PYRAMIDING OF LIMITS ENDORSEMENT

| Named Insured | International Business Machines Corporation |
|---------------|-------------------------------------------|
| Endorsement Number | 34 |
| Policy Symbol | XOO |
| Policy Number | G27380037 |
| Policy Period | 05/21/2014 to 05/21/2015 |
| Effective Date of Endorsement | 05/21/2014 |
| Issued By (Name of Insurance Company) | ACE Property and Casualty Insurance Company |

**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 (XBC 323508). 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 Representative

MS-21882 (05/13)
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