# Endorsement No. 2

**Additional Premium:** —
**Return Premium:** —
**Name of Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION, ETAL (PER END. NO. 1)

## Multiple Policies (Non-Cumulative Limits of Liability)

It is hereby agreed and understood that because the company provides for other valid and collectible insurance under Policy # CE-3649466 issued by the American Home Assurance Company and covering the Canadian operations of the named insured, the maximum that will be paid for claims under all such policies combined will not exceed the applicable limit of liability of any one of such policies covering the territorial operations for which they are issued.

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**Nothing herein contained shall be held to vary, alter, waive or change any of the terms, limits or conditions of the policy, except as hereinabove set forth.**

**This endorsement is effective:** MAY 21, 1985
**Attached to and forming part of Policy No.:** 75-104423 OF THE AIU INSURANCE COMPANY

**American International Underwriters**

**Albert T. Savett**
FOR THE COMPANY

AG/WY
7/3/85