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

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

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**JOHNSON & HIGGINS Established 1845**

**March 26, 1992**

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

**LEAD UMBRELLA POLICY**
**AMERICAN HOME INSURANCE COMPANY**
**POLICY NO.: BE308-31-33**
**MAY 21, 1991 - MAY 21, 1992**

**Dear Pat:**

Enclosed are Endorsement #21 and Endorsement #22 pertaining to the captioned Lead Umbrella policy.

Endorsements numbered 8, 9, 10, 15, 16, 17, 18, 19, and 20 state that the issuing company is the National Union Fire Insurance Company of Pittsburgh, Pennsylvania. Endorsement #21 amends the policy to reflect the correct issuing company which is American Home Assurance Company.

Endorsement #22 amends the policy to schedule the Reliance and Federal Insurance policies placed for the IBM Associates Limited Partnership with respect to the Minneapolis building.

Please attach these endorsements to your policy.

Very truly yours,

**Stephen B. Luongo**
**Assistant Vice President**

**SBL1/di**
**cc:** R. Michel - J&H
**C. Tiberio - IBM**

**Enclosure**

**A Partner in UNISON**