This endorsement, effective ___________, forms part of Policy No. E16-8154-005.

EFFECTIVE FROM INCEPTION DATE OF POLICY

by the insurance company indicated below by an "X".

THE EMPLOYERS' LIABILITY ASSURANCE CORPORATION, LTD.
AMERICAN EMPLOYERS' INSURANCE COMPANY
THE EMPLOYERS' FIRE INSURANCE COMPANY
THE NORTHERN ASSURANCE COMPANY OF AMERICA

It is agreed that this policy is placed in conjunction with Policy E16-8154-006 issued to International Business Machine Corporation, Etal by The Employers' Liability Assurance Corporation, Limited and it is agreed that The Employers' Liability Assurance Corporation, Limited, limit of liability under either or both policies shall not exceed $1,000,000.00 as stated in the Declarations. It is also agreed that cancellation of either policy E16-8154-005 or E16-8154-006 shall be reason for automatic cancellation.

Countersigned BY J.X. Ochelle
Authorized Representative
End. #3

G8010-1 (N)