**INA**

**INSURANCE COMPANY OF NORTH AMERICA**

**NON-CONCURRENCY ENDORSEMENT NO. 4**

It is agreed that 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 of 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.

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Nothing herein contained shall vary, alter or extend any provision or condition of the policy other than as above stated.

| Effective Date | May 21, 1976 |
|---------------|--------------|
| Issued to     | International Business Machines Corp., et al. |

Part of Policy No.: XBC 43241

Authorized Agent: [Signature]

Not valid unless countersigned by a duly authorized agent of the INSURANCE COMPANY OF NORTH AMERICA

C-1661

Charles S. Cox  
President