# ENDORSEMENT #4

This endorsement, effective 12:01 A.M., MAY 21, 1986 forms a part of policy No. 1991797 issued to INTERNATIONAL BUSINESS MACHINE **P** by NATIONAL UNION FIRE INSURANCE COMPANY

**PUNITIVE DAMAGES EXCLUSION**

IT IS UNDERSTOOD AND AGREED THAT THE COVERAGE PROVIDED BY THIS POLICY SHALL NOT APPLY TO ANY FINES, PENALTIES, PUNITIVE OR EXEMPLARY DAMAGES ASSESSED AGAINST THE INSURED.

IT IS FURTHER UNDERSTOOD AND AGREED THAT THE AGGREGATE LIMIT OF LIABILITY IN ANY UNDERLYING INSURANCE, SELF-INSURED RETENTION OR IN ANY OF THE EXCESS LAYERS OF INSURANCE SHALL NOT, AS RESPECTS COVERAGE PROVIDED HEREUNDER, BE REDUCED BY LOSSES ARISING FROM SUCH ASSESSMENTS.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

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AUTHORIZED REPRESENTATIVE