**125 Broad Street**
**New York, N.Y. 10004-2424**
**212 574 7000**

**Cable Address:** "ERODEN"
**Telex No.:** 6720134 JANHNY UW

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**JOHNSON & HIGGINS Established 1845**

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**January 10, 1992**

**Mr. Patrick J. Noone**
**Manager - Casualty Insurance**
**International Business Machines Corporation**
**2000 Purchase Street**
**Room 3H-08**
**Purchase, NY 10577**

**EXCESS LIABILITY INSURANCE**
**TRANSAMERICA INSURANCE COMPANY**
**POLICY NO.: XLX2710508**

**Dear Pat:**

Enclosed is the captioned policy written for the term May 21, 1991 to May 21, 1992. This policy represents the Transamerica Insurance Company's excess liability participation of $15,000,000 each occurrence/aggregate where applicable, part of $55,000,000 each occurrence/aggregate where applicable, excess of a $115,000,000 each occurrence/aggregate where applicable, which is in turn excess of primary insurances or a self insured retention.

Based on our review of the policy, we have noticed the following discrepancies:

- The mailing address should be amended to include "Corporate Headquarters."
- The limit of liability should read $15,000,000 part of $55,000,000 excess of a $115,000,000 in lieu of $15,000,000 part of $30,000,000 excess of $120,000,000.
- The controlling umbrella policy section should be amended to read "American Home Assurance Company" and policy "#BE3083133" in lieu of "National Union Insurance Company" and "as per company file" respectively.

A Partner in
UNISON