# ENDORSEMENT #4

It is understood and agreed that the limit of liability of this policy as stated in the declarations page shall not be affected or applied in any manner where the underlying limits of liability have been reduced, impaired, or exhausted by any loss or losses which are not recoverable under the terms and conditions of this policy.

This endorsement to take effect on the 21st day of May, 1985. All other items and conditions remain unchanged.

Attached to and forming part of Policy No. EG 000129 of NEW ENGLAND INSURANCE COMPANY.

Issued to: International Business Machines Corporation, Et al 6-17-85/bw

The company located these documents in its business records. At this time, the company does not certify that these documents constitute a complete and accurate copy of the policy.