**ENDORSEMENT**

| Policy Symbol and Number | Name of Company | Endorsement Date (Mo., Day, Yr.) | Producer Code No. |
|--------------------------|-----------------|---------------------------------|------------------|
| GLX 120033               | GLOBE INDEMNITY COMPANY | MAY 21, 1967 | $ | $ |
| Named Insured            | INTERNATIONAL BUSINESS MACHINES CORPORATION | Additional Premium | Return Premium |

This endorsement is issued for attachment to and is hereby made a part of the policy designated above, and is effective as of the date indicated, and at the effective hour stated in the policy, standard time at the address of the named insured as stated in the policy.

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**ENDORSEMENT #4**

"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."

This endorsement is subject to all terms, conditions and exclusions of the policy which are not inconsistent herewith.

CL20030P-200M

Signature of Authorized Representative