# ENDORSEMENT

This endorsement, effective 12:01 A.M., MAY 21, 1987, forms a part of policy No. 199 3601 issued to INTERNATIONAL BUSINESS MACHINES CORP., ETAL by NATIONAL UNION FIRE INSURANCE COMPANY.

## NON-CUMULATION OF LIMITS ENDORSEMENT

IN CONSIDERATION OF THE PREMIUM CHARGED, IT IS AGREED THAT REGARDLESS OF THE NUMBER OF INSUREDS UNDER THIS POLICY AND POLICY NUMBER CE 364 0374 THE TOTAL LIMIT OF LIABILITY TO THE COMPANY SHALL BE $15,000,000 EACH OCCURRENCE AND $15,000,000 ANNUAL AGGREGATE, AND THE TWO POLICIES COMBINED SHALL NOT OPERATE TO INCREASE THE LIMIT OF LIABILITY AS SHOWN IN THE DECLARATIONS PAGE OF THIS POLICY.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

6/23/87 JL

AUTHORIZED REPRESENTATIVE