The Travelers  
Policy No. 7FSJEX-218T033-A-92  
Issue Date: 08/06/92  

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.  

This 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.