# ENDORSEMENT #0019

**THIS ENDORSEMENT EFFECTIVE:** 12:01 A.M., MAY 01, 1993

**FORMS A PART OF POLICY NO.:** 308-61-20

**ISSUED TO:** INTERNATIONAL BUSINESS MACHINES, INC.

**BY:** NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.

## SECURITIES AND FINANCIAL INTEREST EXCLUSION

IT IS UNDERSTOOD AND AGREED THAT THIS INSURANCE DOES NOT APPLY TO ANY "PERSONAL INJURY" AND "PROPERTY DAMAGE" ARISING OUT OF OR BY REASON OF:

(1) THE PURCHASE, OR SALE, OR OFFER OF SALE, OR SOLICITATION OF ANY SECURITY, DEBT BANK DEPOSIT OR FINANCIAL INTEREST OR INSTRUMENT;

(2) ANY REPRESENTATIONS MADE AT ANY TIME IN RELATION TO THE PRICE OR VALUE OF ANY SECURITY, DEBT, BANK DEPOSIT OR FINANCIAL INTEREST OR INSTRUMENT;

(3) ANY DEPRECIATION OR DECLINE IN PRICE OR VALUE OF ANY SECURITY, DEBT, BANK DEPOSIT OR FINANCIAL INTEREST OR INSTRUMENT.

IT IS FURTHERMORE UNDERSTOOD AND AGREED THAT WE HAVE NO OBLIGATION TO DEFEND OR PAY FOR THE DEFENSE OF ANY CLAIM THAT MAY ALLEGE ANY OF THE FOREGOING.

ALL OTHER TERMS AND CONDITIONS OF THIS POLICY REMAIN UNCHANGED.

**AUTHORIZED REPRESENTATIVE**

07/01/92

INSURED'S COPY