**CRUM & FORSTER INSURANCE COMPANIES**

**ENDORSEMENT TO**

**THE POLICY MAKERS**

*Additional Premium:*
*Return Premium:*

*Effective on and after:* 5-21-77
*Certificate:* 1201 A.M.
*Standard:* 1
*This endorsement forms part of:* XUSKNo. XS 3480
*Expiration Date:* 5-21-78

*Issued to:* INTERNATIONAL BUSINESS MACHINES CORPORATION
*By:* UNITED STATES FIRE INSURANCE

**IT IS FURTHER 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.

All other terms and conditions of this policy remain unchanged.

**AUTHORIZED REPRESENTATIVE**