The Travelers

Policy No. 7FSJEX-218T033-A-93

Issue Date: 08/10/93

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

This endorsement modifies such insurance as is afforded by the:

FOLLOWING FORM EXCESS LIABILITY POLICY

UNDERLYING AGGREGATE ENDORSEMENT

If Item 6 of the Declarations Page shows that coverage applies excess of a reduced aggregate, the first paragraph of Provision 4., COVERAGE OVER AGGREGATE LIMIT is deleted and replaced with the following:

This policy will apply to "loss" in excess of a reduced or exhausted aggregate limit of liability when:

(1) A "controlling underlying policy" is subject to an aggregate limit of liability; and

(2) That particular aggregate limit of liability in the "controlling underlying policy" has been reduced or exhausted by the payment of judgments, settlements, costs or expenses arising out of claims which would be covered under this policy; and

(3) Any other applicable aggregate limit of liability in the "underlying policy(ies)" has been reduced or exhausted by the payment of judgments, settlements, costs or expenses arising out of claims which would be covered under this policy.