The Travelers

Policy No. 7FSJEX-218T033-A-91
Issue Date: 07/10/91

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

This endorsement modifies such insurance as is afforded by the:

FOLLOWING FORM EXCESS LIABILITY POLICY

EXCLUSION - EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974

It is agreed that such insurance as is afforded by this policy shall not apply to any "loss" arising out of any obligation imposed by the following law:

Law

Employee Retirement Income Security Act of 1974,
as now or hereafter amended

FF-48 (Ed. 07/88)