**Endorsement #3**

Notwithstanding anything herein contained to the contrary, it is understood and 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.

**POLICY NUMBER** | **INSURED** | **EFFECTIVE**
XL 95789 | International Business Machines Corporation, etal. | 1/1/67

**PRODUCER**
Johnson & Higgins emd. 1/18/67

**COUNTERSIGNATURE OF AUTHORIZED AGENT**
(Handwritten signature)

**PRESIDENT**
Fred H. Marshall

**180009 - 6-65 SETS**