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**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION  
**Policy No.:** XLUMB-00704  
**Endorsement No.:** 1  
**Effective Date:** MAY 21, 1996

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**PROSPECTIVE POLICY SUBSTITUTION ENDORSEMENT**

| Named Insured | Policy No. | Form Reference |
|---------------|------------|----------------|
| New Policy:   | INTERNATIONAL BUSINESS MACHINES CORPORATION | XLUMB-00704 | XS-004 |
| Old Policy:   | INTERNATIONAL BUSINESS MACHINES CORPORATION | XLUMB-00704 | XS-003 |

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X.L. INSURANCE COMPANY, LTD.

By: **LYLE MCCOY**

Title: **VICE PRESIDENT**

Date: **DECEMBER 17, 1996**

Ref: XS4-063.01

XL