(The Attaching Clause need be completed only when this endorsement is issued subsequent to preparation of the policy.)
GU 207
(6-78)

**ENDORSEMENT**

This endorsement, effective on May 21, 1996 at 12:01 A.M. standard time, forms a part of Policy No. NEA 0109021 of the Reliance Insurance Company

Issued to International Business Machines Corp., Etal

**Authorized Representative**

In consideration of the premium charged, it is hereby understood and agreed that Item #1, Named Insured, is amended to include:

IBM World Trade Corporation, IBM World Trade Europe/Middle East/Africa Corporation, IBM World Trade Americas/Far East Corporation, IBM Credit Corporation and any other subsidiary or affiliated corporation provided such other subsidiary or affiliated corporation warrants that it is under the same operative and financial control through the identity of its officers, director or stockholders and any employee associations thereof and members of employee associations.

**NOTICE:** THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE DEPARTMENT. HOWEVER, SUCH FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.

All other terms and conditions of this policy remain unchanged.

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GU207 (6-78)
Class Code: 2-13000