# PUNITIVE DAMAGES LIMITATION

IT IS AGREED THAT THIS POLICY DOES NOT APPLY TO LIABILITY FOR PUNITIVE OR EXEMPLARY DAMAGES UNLESS SUCH LIABILITY IS COVERED BY VALID AND COLLECTIBLE UNDERLYING INSURANCE AS LISTED IN THE SCHEDULE OF UNDERLYING INSURANCE, FOR THE FULL LIMIT SHOWN THEREIN, AND THEN ONLY FOR SUCH HAZARDS FOR WHICH COVERAGE IS AFFORDED UNDER SAID UNDERLYING INSURANCE.

**EFFECTIVE DATE OF THIS ENDORSEMENT IS MAY 21, 1980 AT NEW YORK, NEW YORK**

**OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.**

**ENDORSEMENT IS ATTACHED TO AND MADE A PART OF POLICY # ML 65 22 92**

**TO: INTERNATIONAL BUSINESS MACHINES CORP. ETAL**

**AGENT: JOHNSON & HIGGINS**

**9 WALL STREET**

**NEW YORK, NEW YORK 10005**

**ISSUE: 4/23/80 By bw END. No. 5**

**By Albert Conde**