**INA**

**INSURANCE COMPANY OF NORTH AMERICA**

**NON-CONCURRENCY ENDORSEMENT**

It is agreed that in the event of reduction 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.

Nothing herein contained shall vary, alter or extend any provision or condition of the policy other than as above stated.

| Effective Date | 5-21-70 at the hour specified in the policy. |
|---------------|-------------------------------------------|
| Issued to     | International Business Machines Corp., et al |

RJL 10-8-70

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**Authorized Agent**

Not valid unless countersigned by a duly authorized agent of the INSURANCE COMPANY OF NORTH AMERICA

C-1762A 17SM 1-70 Pd. in U.S.A.