# ENDORSEMENT #3

This endorsement, effective 12:01 A.M., MAY 21, 1985, forms a part of policy No. 961 03 02 issued to INTERNATIONAL BUSINESS MACHINES CORP.

by NATIONAL UNION FIRE INSURANCE COMPANY

## ACCUMULATION OF LIMITS ENDORSEMENT

IT IS UNDERSTOOD AND AGREED THAT REGARDLESS OF THE NUMBER OF INSUREDS UNDER THIS POLICY AND POLICY NUMBER CE 364 05 IS THE TOTAL LIMIT OF LIABILITY UNDER BOTH POLICIES SHALL BE $11,500,000 AND THE TWO POLICIES COMBINED SHALL NOT OPERATE TO INCREASE THE LIMIT OF LIABILITY SET FORTH IN THE DECLARATIONS PAGE OF THESE POLICIES.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
DECEMBER 12, 1985;EZ

**AUTHORIZED REPRESENTATIVE**