**Page 2 of 2**

**Chartis Excess Limited**

**Policy No. 25413435**

**End. No. 5**
**Eff: May 21/10**

**RETAINED LIMIT ENDORSEMENT (DEFENSE EXPENSES OUTSIDE RETAINED LIMIT)**

In the event of reduction or exhaustion of the underlying aggregate limits of liability described in Section III, paragraph A.2, the limits of liability of this Policy shall apply in excess of the greater of:

a. the sum of the applicable remaining aggregate limits of liability of the Underlying Policies; or
b. a Retained Limit of US$150,000,000 per occurrence

**End. No. 6**
**Eff: May 21/10**

**VIOLATION OF STATUTES IN CONNECTION WITH SENDING, TRANSMITTING OR COMMUNICATING ANY MATERIAL OR INFORMATION EXCLUSION**

It is hereby agreed and understood that this Policy does not apply to any liability arising out of any act or omission that violates any statute, ordinance or regulation that applies to the sending, transmitting, communicating or distributing of any material or information.

**End. No. 7**
**Eff: May 21/10**

**COVERAGE TERRITORY ENDORSEMENT**

It is hereby understood and agreed that payment of loss under this Policy shall only be made in full compliance with all United States of America economic or trade sanction laws or regulations.

The above explanations only serve as a brief description of these endorsements. Please refer to the actual endorsement for exact terms and conditions.

We trust that you will find the attached to be in good order, however, should you have any questions please do not hesitate to contact our offices.

Sincerely,

**Richard Keegan**
Broker

**RK/en**

**Encl.**

copy: Steve Goldstein – ARS of New York

**AON**