**Insurance Company of North America**

Issued by: Insurance Company of North America

This Endorsement, effective May 21, 1973
Forms a part of Policy No. XOP 3928
Issued to: International Business Machines Corp., et al.

The remainder of the information is to be completed only when this endorsement is issued subsequent to the preparation of the policy.

**NON-CONCURRENT ENDORSEMENT #3**

It is 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.

**Authorized Agent**