# EXCESS UMBRELLA LIABILITY ENDORSEMENT NO. 2

**EFFECTIVE: MAY 21, 1970**

"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 term and conditions of this policy."

ATTACHED TO AND FORMING PART OF POLICY NO. M 72607

ISSUED TO: INTERNATIONAL BUSINESS MACHINES CORPORATION

DATED AT: LOS ANGELES, CALIFORNIA

DATE: JULY 30, 1970

SAYRE & TOSO, INC.

BY