# Reduced Minimum Retention Endorsement

In consideration of the premium charged it is hereby understood and agreed that Item 12 of the Insuring Agreement is amended by adding the following:

If the aggregate limits of any primary policy, and the Lead Umbrella and Underlying Excess Policies set forth in Item 8 of the Declaration, and any self-insured retention(s), and any amounts as to which the Insurer and the Named Insured expressly agree that the insurance provided by this Policy shall apply in excess thereof, have been reduced or exhausted by actual payment of loss for claims, suits and occurrences falling within the Policy Period of this Policy, which would be insured by this Policy, then this Policy will continue as excess over the greater of either:

1. the reduced underlying aggregate limits of insurance, provided all primary policies, the Lead Umbrella, and all Underlying Excess Policies apply in like manner and pay in excess of a reduced underlying aggregate limit;
or
2. the Insured's Reduced Minimum Retention as set forth below:
- $5,000,000 for Products Liability
- $5,000,000 for General Liability

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions or limitations of the Policy referenced below, except as expressly stated herein.

The effective date of this endorsement is May 21, 2010
All other terms and conditions remain unchanged.
This endorsement is attached to and made a part of Policy No. IBM-1455/OCC01
of ACE Bermuda Insurance Ltd.

Issued to: International Business Machines Corporation
Date of Issue: May 19, 2010
By [Authorized Representatives]
End No. 13