# ENDORSEMENT

This endorsement, effective 12:01 A.M., May 21, 1978, policy No. 122 96 79, issued to International Business Machines Corporation by National Union Fire Insurance Company.

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