**POLICY NO:** 86-68-700  
**EFF. DATE OF POL:** 12/31/70  
**EFF. DATE OF END:** 1/1/72  
**AGENCY NO:** 50-515-001  
**ADD'L PREMIUM:** $  
**RETURN PREMIUM:** $  

**Named Insured:** INTERNATIONAL BUSINESS MACHINES CORP., ET AL

This endorsement is issued by that company named below which is the insurer under the policy designated above issued to the Named Insured and forms a part of said policy as of the effective date hereof, at the hour stated in the policy Declarations.

IT IS AGREED THAT, EXCLUSION D OF THE COMPREHENSIVE GENERAL LIABILITY COVERAGE PART (PERTAINING TO WATERCRAFT) IS DELETED AS RESPECTS I.B.M. CLUB ACTIVITIES PROVIDED 30 DAYS ADVANCE NOTICE IS GIVEN TO THE COMPANY AS RESPECTS ANY CLUB ACTIVITIES.

JOHNSON & HIGGINS  
NS:MR  
12/21/71

ZURICH INSURANCE COMPANY  
AMERICAN GUARANTEE AND LIABILITY INSURANCE COMPANY

Countersigned:  
Duly authorized agent:

Form 116-G 50M 10-69  
IBM 062391