# ENDORSEMENT

**Policy No:** 122 44 38  
**Issued to:** International Business Machines Corporation  
**Effective:** July 1, 1977  
**12:01 A.M.**

**PENSION TRUST - EMPLOYEE BENEFITS**

It is specifically understood and agreed that this policy does not cover fiduciary liability however styled in respect of any Pension Trust Fund or Employee Benefits Account irrespective of whether or not any of the underlying policies scheduled herein provide such coverage by endorsement or otherwise.

**Authorized Representative:** [Signature]