This endorsement, effective [date], forms part of Policy No. E16-8154-011.

Issued to [insured party] by the insurance company indicated below by an "X".

THE EMPLOYERS' LIABILITY ASSURANCE CORPORATION, LIMITED
COMMERCIAL UNION INSURANCE COMPANY OF AMERICA
AMERICAN EMPLOYERS' INSURANCE COMPANY
THE NORTHERN ASSURANCE COMPANY OF AMERICA
THE PENNSYLVANIA INSURANCE COMPANY

It is agreed that this policy is placed in conjunction with Policy E16-8154-012 issued to International Business Machines Corporation, Etal by The Employers' Liability Assurance Corporation, Ltd., and a limit of liability under either or both policies shall not exceed $2,500,000.00 as set forth in the proportion of risk insured.

It is also agreed that cancellation of either this policy or policy number E16-8154-012 shall be reason for automatic cancellation of the other policy.

It is further agreed that coverage afforded under this policy is confined to operations of the Insured other than those in Canada.

Countersigned [signature]
Authorized Representative

End. #2

G6010-S Part 1