# EXCESS LIABILITY POLICY

178447-3-90 NAMED INSURED

The NAMED INSURED on the Declarations page is completed as follows:

INTERNATIONAL BUSINESS MACHINES CORPORATION, I.B.M. WORLD TRADE
CORPORATION, IBM WORLD TRADE EUROPEM MIDDLE EAST/AFRICA CORPORATION
AND IBM WORLD TRADE AMERICAS/FAR EAST CORPORATION, IBM CREDIT CORPORATION
AND ANY OTHER NEWLY FORMED CORPORATION.

ALL OTHER TERMS AND CONDITIONS OF THIS POLICY REMAIN UNCHANGED

This endorsement must be attached to Change Endorsement when issued after the Policy is written.

6/5/91 DH

ONE OF THE FIREMAN'S FUND INSURANCE COMPANIES AS NAMED IN THE POLICY

E-X
PRESIDENT