# ENDORSEMENT #3

## AIRCRAFT LIABILITY EXCLUSION

It is agreed that this policy shall not apply to Personal Injury and/or Property Damage - including personal injury to passengers arising out of the ownership, maintenance and use of any owned aircraft.

This endorsement to take effect on the 21st day of May, 1978. All other terms and conditions remain unchanged.

Attached to and forming part of Policy No. 925921 of FIRST STATE INSURANCE COMPANY.

Issued to: International Business Machines, Inc.

5/25/78 az

The company located these documents in its business records. At this time, the company does not certify that these documents constitute a complete and accurate copy of the policy.