# ENDORSEMENT

This endorsement, effective 1/1/67 (ESTD A.M., STANDARD TIME), forms a part of policy No. 9 55 76 57 issued to International Business Machines Corporation, stal by The Home Insurance Company.

"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 term and conditions of this policy."

All other terms and conditions of this policy remain unchanged.

GO 0428 (B) IMPRINT 23 PRINTED IN U.S.A.
J.B. Sperawill, J.
AUTHORIZED REPRESENTATIVE
Endorsement #3