**EMPLOYEE RETIREMENT AND INCOME SECURITY ACT**

**EXCLUSION ENDORSEMENT**

IN CONSIDERATION OF THE PREMIUM CHARGED, SUCH INSURANCE AS IS APPLIED BY THIS POLICY SHALL NOT APPLY WITH RESPECT TO ANY CLAIM OR CLAIMS BROUGHT ABOUT AS A RESULT OF ANY VIOLATION OF ANY RESPONSIBILITIES, OBLIGATIONS OR DUTIES IMPOSED UPON FIDUCIARIES BY THE EMPLOYEE RETIREMENT AND INCOME SECURITY ACT OF 1974 OR AMENDMENTS THERETO.

THE EFFECTIVE DATE OF THIS ENDORSEMENT IS May 21, 1978 AT New York, New York

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

THIS ENDORSEMENT IS ATTACHED TO AND MADE A PART OF Policy Number ML 65 12 28

ISSUED TO: INTERNATIONAL BUSINESS MACHINES CORP., ETAL

BROKER/AGENT: Johnson & Higgins
ADDRESS: 95 Wall Street
New York, N.Y. 10005

DATE OF ISSUE: 5/25/78 By er END No. 4