**FIDUCIARY LIABILITY - EXCLUSION**

IN CONSIDERATION OF THE REDUCED PREMIUM CHARGED, IT IS AGREED THAT THE INSURANCE AFFORDED BY THIS POLICY SHALL NOT APPLY WITH RESPECT TO ANY CLAIM BASED UPON ANY ACTUAL OR ALLEGED ERROR OR OMISSION OR BREACH OF DUTY, COMMITTED OR ALLEGED TO HAVE BEEN COMMITTED IN THE DISCHARGE OF FIDUCIARY DUTIES, OBLIGATIONS OR RESPONSIBILITIES IMPOSED BY THE FEDERAL EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR AMENDMENTS THERETO.

ALL OTHER TERMS AND CONDITIONS OF THIS INSURANCE REMAIN UNCHANGED

---

**John J. Macdonald**  
President  
**C. Morefield**  
Authorized Representative

IBM-ZRIND 00088