# Endorsement #3

**This endorsement effective:** 12:01 A.M., MAY 21, 1986  
**forms a part of:** policy No. 1991797 issued to INTERNATIONAL BUSINESS MACHINE CORP. 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 3640566 THE TOTAL LIMIT OF LIABILITY UNDER BOTH POLICIES SHALL NOT EXCEED $15,000,000 AND THE TWO POLICIES COMBINED SHALL NOT OPERATE TO INCREASE THE LIMIT OF LIABILITY SET FORTH IN THE DECLARATIONS PAGE OF THESE POLICIES.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

1/29/87 J.L.

AUTHORIZED REPRESENTATIVE