The Travelers

Policy No. 7FSJEX-218T033-A-91

Issue Date: 07/10/91

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

The endorsement modifies such insurance as is afforded by the

FOLLOWING FORM EXCESS LIABILITY POLICY

SATellite EXCLUSION

In consideration of the premium paid, it is understood and agreed that such coverage as is afforded by this policy shall not apply to personal injury or property damage arising out of the ownership, operation, maintenance or use of any satellite subsequent to launch and thereafter.