**End. #19**

| POLICY NO | EFF DATE OF POL | EFF DATE OF END | AGENCY NO | ADD'L PREMIUM | RETURN PREMIUM |
|-----------|-----------------|-----------------|-----------|---------------|----------------|
| 86-68-700 | Dec. 31, 1970   | Jan. 1, 1972    | 50-515-000 | $369,109      | $               |

**Named Insured:** International Business Machines Corporation

This endorsement is issued by that company named below which is the insurer under the policy designated above issued to the Named Insured and forms a part of said policy as of the effective date hereof, at the hour stated in the policy Declarations.

**PREMIUM COMPUTATION ENDORSEMENT**

For the period January 1, 1972 to January 1, 1973, the premium for such insurance as is afforded by the Policy shall be computed by applying to each $1,000. of Workmen's Compensation Payroll, the composite rate established for the Policy.

| Est. Ann. Payroll | Composite Rates | Est. Premium |
|-------------------|-----------------|--------------|
| $ 1,946,921,000   | 156200          | $ 304,109    |
|                   |                 | End. No. 13  | $ 65,000     |
|                   |                 |              | $ 369,109    |

**Johnson & Higgins**

**ZURICH INSURANCE COMPANY**
**AMERICAN GUARANTEE AND LIABILITY INSURANCE COMPANY**

Countersigned:

**W.J. Godwin**
**President**
**Attorney in Fact**

Form: 110-G 50M 10-69

Z 007125