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**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION  
**Policy No:** XLUMB-00704  
**Endorsement No:** 6  
**Effective Date:** MAY 21, 1993

**JOINT VENTURE ENDORSEMENT**

Section C of Article II of the Policy is hereby deleted and replaced by the following provision:

"It is hereby understood and agreed by each Insured and the Company that:

(A) as regards any liability of an Insured which arises in any manner whatsoever out of operations or the existence of any Joint Venture in which such Insured has an interest, the liability of the Company under this Policy shall be limited to the Insured's liability arising out of such Joint Venture, and the total limit of liability insurance afforded such Insured by this Policy shall be available with respect thereto,

(B) the liability of the Company under this Policy shall be excess of (i) the Per Occurrence Retention Amount specified in Item 2 (a) of the Declarations with respect to the Insured's liability arising out of such Joint Venture, or (ii) the limits of the underlying insurance(s) (as reduced by any special provisions relating to Joint Ventures, if applicable), whichever is the greater,

(C) notwithstanding the foregoing, the cumulative liability of the Company from any one Occurrence arising out of the operations or existence of any Joint Venture, or arising in any manner out of the Insured's interest in any Joint Venture, involving more than one insured of the Company shall not exceed the largest per Occurrence Limit of Liability set forth in Item 2 (a) of the Declarations for any such insured; and

(CONTD....)

Ref: XS4-049.01

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