**Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION  
**Policy No.:** XLUMB-00704  
**Endorsement No.:** 25  
**Effective Date:** MAY 21, 1994  

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

| Limit | Per Occurrence Retention Amount |
|-------|--------------------------------|
| Limited Drop-Down Layer(s): * $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 No. 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: **APRIL 22, 1996**  
Ref: **0U401.02**

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