**PRUDENTIAL REINSURANCE COMPANY**

**POLICY NO.** DXC 901114

**NAMED INSURED ENDORSEMENT**

INTERNATIONAL BUSINESS MACHINES CORP., IBM WORLD TRADE CORP. AND ANY OTHER SUBSIDIARY OR AFFILIATED CORPORATION PROVIDED SUCH OTHER SUBSIDIARY OR 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 ASSOCIATION THEREOF.

**NON CONCURRENCY ENDORSEMENT**

IN THE EVENT OF REDUCTION OR EXHAUSTION OF THE AGGREGATE LIMIT OR LIMITS DESIGNATED IN THE UNDERLYING POLICY OR POLICIES SOLELY BY PAYMENT OF LOSSES IN RESPECT TO ACCIDENTS OR OCCURRENCES DURING THE PERIOD OF SUCH UNDERLYING POLICY OR POLICIES, IT IS HEREBY UNDERSTOOD AND AGREED THAT SUCH INSURANCE AS IS AFFORDED BY THIS POLICY SHALL APPLY IN EXCESS OR THE REDUCED UNDERLYING LIMIT OR, IF SUCH LIMIT IS EXHAUSTED, SHALL APPLY AS UNDERLYING INSURANCE, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE TERMS AND CONDITIONS OF THIS POLICY.

**Name of Insured:** International Business Machines Corp.
**Endorsement:** 1
**Broker:** Johnson & Higgins
**Effective Date:** May 21, 1976
**Authorized Signature**