**Page 2**

Mr. James Conerty  
International Business Machines

**End. 5 - Workers' Compensation Prospective Coverage Endorsement:**
This endorsement evidences that the Workers' Compensation exclusion in Section IV.B of the above policy shall not apply as respects operations in those states where IBM is a qualified Workers' Compensation self-insurer effective May 21, 1994.

**End. 6 - Joint Venture Endorsement:**
This endorsement evidences 100% of the available $75 Million in limits for Joint Ventures effective May 21, 1993.

**End. 7 - Special Risks Multiple Retention Endorsement:**
This endorsement evidences a Per Occurrence Retention amount of $1,000,000,000 for Aviation Products Liability effective May 21, 1993.

**End. 8 - Special Risks Multiple Retentions Endorsement:**
This endorsement evidences a Per Occurrence Retention amount of $25,000,000 for Pollution effective May 21, 1993.

**End. 9 - Change Of Insured's Address Endorsement:**
This endorsement evidences the amendment made to the Named Insureds address shown on the XS-004 Declarations page, effective May 21, 1996.

Also, enclosed is a copy of XL's Notice Guidelines for your information.

We have reviewed the enclosed documentation and trust you will find it to be in good order; however, should you have any questions please do not hesitate to contact Donnette Caisey or myself at 441-297-9781 or 441-299-8802, respectively.

Sincerely,

Dwayne T. S. Hunt  
Administrative Broker

Encl.

cc: Greg Doherty - J&H New York (w/Encl.)  
V. Donnette Caisey - J&H Intermediaries