# EXCESS LIABILITY POLICY

178447-3-90 NAMED INSURED

The Named Insured on the Declarations page is completed to read as follows:

INTERNATIONAL BUSINESS MACHINES CORPORATION, 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 NEWLY FORMED CORPORATION.

All other terms and conditions of this policy remain unchanged.

This endorsement must be attached to Change Endorsement when issued after the Policy is written.

One of the Fireman's Fund Insurance Companies as named in the policy

8447-3-90