# ENDORSEMENT #2

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

IT IS HEREBY UNDERSTOOD AND AGREED THAT THE LIMIT OF LIABILITY SHALL READ AS FOLLOWS:

(A) $0,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE EXCESS OF $2,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE WHICH IN TURN IS EXCESS OF PRIMARY.

PREMIUM: $125,528.

(B) $5,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE PART OF $21,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE EXCESS OF $19,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE WHICH IN TURN IS EXCESS OF PRIMARY.

PREMIUM: $18,850.

(C) $15,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE PART OF $40,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE EXCESS OF $40,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE WHICH IN TURN IS EXCESS OF PRIMARY.

PREMIUM: $8,590

(D) $2,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE PART OF $45,000,000. EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE EXCESS OF $130,000,000. EACH OCCURRENCE AND THE AGGREGATE WHERE APPLICABLE WHICH IN TURN IS EXCESS OF PRIMARY.

PREMIUM: $1,950

Authorized Representative