# ENDORSEMENT

**Date Issued:** June 6, 1991  
**Endorsement No.:** 1  
**Insured:** International Business Machines Corp., Etal  
**Policy No.:** (92)7908-98-98  
**Name of Company:** Federal Insurance Company  
**Effective Date:** 05/21/91  
**Producer:** Johnson & Higgins  

## NAMED INSURED

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

It is also agreed that all joint ventures and/or partnerships, are included as insureds, but only as respects the interest of the Named Insured.

The policy shall include as an additional insured all those persons or entities to whom the Named Insured has agreed to provide such protection.

dk - 06/06/91  
0606.27

All Other Terms and Conditions Remain Unchanged

Form 99-02-02/5 Part (Rev. 8-71) (Formerly 1382)

**Authorized Representative:**