3. The Aggregate specified in Item 4 of the Declarations is the most we will pay during each annual period of this policy for all damages to which this policy applies and to which an Aggregate applies for damages in any Underlying Insurance.

4. a. If the first Underlying Insurance policy specified in Item 5a of the Declarations provides coverage on the basis of claims first made or brought during its policy period and the Limits of Liability of that policy become reduced or exhausted by payments for claims first made or brought during the policy period of this policy (or any Extended Reporting Period provided by this policy) then this policy will apply as excess of the reduced or exhausted limit. This provision applies to occurrences which take place after the Retroactive Date of this policy as stated in Item 2 of the Declarations and prior to the Termination Date of this policy as stated in the Declarations.

b. If the first Underlying Insurance policy specified in Item 5a of the Declarations provides coverage on other than a claims made basis and if the Limits of Liability of that policy become reduced or exhausted by payments for occurrences which take place during the policy period of this policy as stated in the Declarations, then this policy will apply as excess of the reduced or exhausted limit.

**EXCLUSIONS**

This policy will NOT apply to the following, regardless of whether or not such coverage was or would have been afforded by any Underlying Insurance policy:

1. Nuclear Energy Liability

to Nuclear Energy Liability as defined on pages 9 and 10 of this policy.

2. Pollution Liability

a. to any liability arising out of the actual, alleged or threatened discharge, dispersal, release or escape of pollutants:

(1) at or from premises you own, rent or occupy;

(2) at or from any site or location used by or for you or others for the handling, storage, disposal, processing or treatment of waste;

(3) which are at any time transported, handled, stored, treated, disposed of or processed as waste by or for you or any person or organization for whom you may be legally responsible; or

(4) at or from any site or location on which you or any contractors or subcontractors working directly or indirectly on your behalf are performing operations:

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