# ENDORSEMENT #0021

**THIS ENDORSEMENT, EFFECTIVE 12:01 A.M. 05/21/93 FORMS A PART OF**

**POLICY NO. 308-61-20 ISSUED TO: INTERNATIONAL BUSINESS MACHINES CORPORATION BY NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.**

## NON-CUMULATION OF LIMITS ENDORSEMENT

**IN CONSIDERATION OF THE PREMIUM CHARGED, IT IS AGREED THAT REGARDLESS OF THE NUMBER OF INSUREDS UNDER THIS POLICY AND POLICY NUMBER 152-52-37, THE TOTAL LIMIT OF LIABILITY TO THE COMPANY SHALL BE $25,000,000 EACH OCCURRENCE AND $25,000,000 ANNUAL AGGREGATE, AND THE TWO POLICIES COMBINED SHALL NOT OPERATE TO INCREASE THE LIMIT OF LIABILITY AS SHOWN IN THE DECLARATIONS PAGE OF THIS POLICY.**

**ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.**

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**AUTHORIZED REPRESENTATIVE**

**INSURED'S COPY**