**Johnson & Higgins**
Established 1845

125 Broad Street
New York, N.Y. 10004-2424
212 574 7000
Cable Address "KERODEN"
Telex No. 6720134 JANHNY UW

May 2, 1991

Mr. Chris Tiberio
Insurance Department
International Business Machines Corporation
208 Harbor Drive
P.O. Box 10501
Stamford, CT 06901-2501

COMMERCIAL GENERAL LIABILITY
POLICY #: GLO6347605
EFFECTIVE: MAY 21, 1989 TO MAY 21, 1992

Dear Chris:

Attached is Endorsement #31 to be added to the captioned policy adding IBM Mutual Fund as a Named Insured effective August 30, 1990.

I apologize for the long delay in forwarding the endorsement to you but it was inadvertently misplaced on my desk and it has just recently come to my attention.

I trust you find the attached in order and ask that you contact me, should you have any questions.

Very truly yours,

Richard T. Michel
Vice President

RTM2/lr

Attachment

IBM 063145