# PARTICIPATION ENDORSEMENT

In consideration of the premium for which this policy is written, it is understood and agreed that this insurance covers 4% part of 100% of the limits of liability stated in the attached policy wording (being $1,000,000 part of $25,000,000) excess of $150,000,000 and the liability of this company is limited to the same proportion, namely 4% (being $1,000,000 part of 25,000,000) of any loss hereunder.

It is a condition of this insurance that the Insured maintain in full force and effect during the currency of this policy identical insurance coverage for limits of liability of 96% part of 100% of the limits of liability stated in the attached policy wording (being $24,000,000 part of $25,000,000) excess of $150,000,000. However, the failure of the Insured to comply with the foregoing shall not invalidate this insurance; but in the event of such failure, this company shall only be liable to the same extent as they would have been had the Insured complied with the said condition.