**Johnson & Higgins**
Established 1845

**November 5, 1991**

**Mr. Patrick J. Noone**
Manager - Casualty Insurance
International Business Machines Corporation
208 Harbor Drive
P.O. Box 10501
Stamford, CT 06904-2501

**EXCESS LIABILITY INSURANCE**
**AETNA CASUALTY & SURETY COMPANY**
**MAY 21, 1991 TO MAY 21, 1992**

Dear Pat:

Listed below and enclosed are the two Aetna policies which comprise $20,000,000 of your $170,000,000 domestic Umbrella and Excess Liability program:

**POLICY #01XN7906SCA**

This policy represents Aetna's participation of $10,000,000 each occurrence/aggregate where applicable part of $25,000,000 each occurrence/aggregate where applicable excess of the $25,000,000 lead umbrella program which in turn is excess of primary insurances or a self insured retention.

**POLICY #01XN7907SCA**

This policy represents Aetna's participation of $10,000,000 each occurrence/aggregate where applicable part of $55,000,000 each occurrence/aggregate where applicable excess of $60,000,000 which in turn is excess of primary insurances or a self insured retention.

We have reviewed these policies and found them to be in good order with the exception of the following discrepancies contained on the latter policy's Schedule of Underlying Insurance: