**WARRANTY OF UNDERLYING INSURANCE WITH LIMITED DROP-DOWN ENDORSEMENT (CONT'D)**

| Limit | Per Occurrence Retention Amount |
|-------|--------------------------------|
| $75,000,000 | excess of $170,000,000 |
| Minimum Per Occurrence Retention Amount: $25,000,000 |

* For all coverage except pollution which has a separate per occurrence retention of $25,000,000. See Endorsement 8 Special Risks Multiple Retention Endorsement for terms and conditions of pollution coverage.

**X.L. INSURANCE COMPANY, LTD.**

By: **LYLE MCCOY**

Title: **VICE PRESIDENT**

Date: **DECEMBER 17, 1996**

Ref: **XS4-095.01**

XL