**SPECIAL RISKS MULTIPLE RETENTION ENDORSEMENT**

1. With respect to the specific risk(s) described below, it is agreed that the Per Occurrence Retention Amount set forth in Item 2(a) of the Declarations shall be amended to be the amounts respectively set forth with respect thereto; provided, however, that all other declarations, provisions, stipulations, exclusions and conditions of the Policy shall remain in effect; provided further, that the Per Occurrence Retention Amount set forth in Item 2(a) of the Declarations shall not be affected by this Endorsement except as to the specific risks listed below.

2. Where different Per Occurrence Retention Amounts apply to different elements of Personal Injury, Property Damage and/or Advertising Liability arising out of a single Occurrence, Ultimate Net Loss (but only to the extent not paid or indemnified under the Policy) which is subject to one Per Occurrence Retention Amount shall also erode any equal or higher Per Occurrence Retention Amount(s), but Ultimate Net Loss which is subject to a higher Per Occurrence Retention Amount shall not erode a lower Per Occurrence Retention Amount; i.e., the Per Occurrence Retention Amounts are not cumulative under Section II.A(2) of the Policy as respects a single Occurrence, but no recovery may be had with respect to any specific risk until the Insured (and/or the Insured's underlying insurers) has satisfied the full Per Occurrence Retention Amount with respect thereto by actual payment of Ultimate Net Loss.

3. Nothing herein shall affect the application of the Policy as excess of all underlying insurances; without limiting the foregoing, where separate underlying insurances apply in respect to a single Occurrence, this Policy shall be excess of the cumulative coverage thereunder as provided in Sections II.A(1) and VI.H of the Policy.

4. This Endorsement applies to all Occurrences with respect to which notice of Occurrence or Claim is given to the Company on or after the Effective Date shown above notwithstanding that the event or conditions commenced or the Personal Injury or Property Damage took place in whole or in part prior to the Effective Date.

**SPECIFIC RISK:**
**AMENDED PER OCCURRENCE RETENTION AMOUNT:**
**AVIATION PRODUCTS LIABILITY**
$1,000,000,000

Ref: XS4-080.01
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This document outlines an endorsement to a policy for International Business Machines Corporation, specifically addressing the amendment of the Per Occurrence Retention Amount for certain risks, including Aviation Products Liability, to $1 billion. The endorsement clarifies how this change affects the policy's coverage and retention amounts for various types of claims.