This endorsement, effective 5/21/73, is part of Policy No. CY-915A-029 issued to "International Business Machines Corp." by the insurance company indicated below by an "X".

- COMMERCIAL UNION INSURANCE COMPANY
- AMERICAN EMPLOYERS' INSURANCE COMPANY
- THE SOUTHERN FIRE INSURANCE COMPANY
- THE NORTHERN ASSURANCE COMPANY
- COMPANY OF AMERICA

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 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.

E.A. SHIMENSTEIN
Resident Localized Agent
By:
Countersigned E.B. Sharp
Authorized Representative

End. #2

wr 7/23/73

G8010-4 (C) Part 1