**J & H Intermediaries**
809 292 1552
a division of:
Johnson & Higgins (Bermuda) Limited
Fax: 809 292 2094
Victoria Hall
P.O. Box HM 68
Hamilton HM AX, Bermuda

JOHNSON & HIGGINS Established 1845

September 20, 1995

Mr. James Conerty
Manager, Risk and Insurance Management
INTERNATIONAL BUSINESS MACHINES
Old Orchard Road
Mail Drop: 230
Armonk, New York 10504
U.S.A.

Re: Excess Liability
Endorsements #23 & 24
X.L. Insurance Company, LTD.
Policy No. XLUMB-00704
May 21, 1995/96

Dear Jim:

Attached are the following endorsements:

- **Endorsement #23**
  *Revision of Coverage "A" Extension and Incorporation of Schedules by Reference Endorsement*
  This endorsement properly amends endorsement #21 of the captioned policy to add the May 21, 1994/95 Schedule B, effective May 21, 1994.

- **Endorsement #24**
  *Coverage "A" Extension and Incorporation of Schedules by Reference Endorsement*
  This endorsement confirms the extension of Coverage "A" and properly adds Schedules A, B, and C, effective May 21, 1995.

We have reviewed these endorsements and have found that they are in compliance with the terms and conditions of the policy. Jim, if you have any questions, please do not hesitate contacting Donnette Caisey or myself at (809) 297-9781 or (809) 299-8801, respectively.

Sincerely,

Michael J. Perry, ARM
J&H Intermediaries

cc: Steve Luongo, J&H-New York
Donnette Caisey, JHI

T:IBM\CCORRENDT2324.SAM - September 20, 1995

UNISON
THE GLOBAL TEAM