**Zurich-American Insurance Group**

**Zurich Towers**
1400 American Lane
Schaumburg, IL 60196-1056

**AUDIT ADJUSTMENT OF PREMIUM PAGE 2**

**POLICY NUMBER** | **POLICY PERIOD FROM TO** | **INSURANCE COMPANY**
------------------|--------------------------|----------------------
CGL 32 78 678-04  | 5-21-88                  | ZURICH INSURANCE
                    | 5-21-89                  |
**THE INSURED/MAILING ADDRESS**
INTERNATIONAL BUSINESS MACHINES
ARMONK, NY 10504

**ST** | **STD. PREMIUM** | **COMM. %** | **COMM.** | **C/S**
-------|------------------|-------------|-----------|---------
VRS    | 6,013,022 AP     | 4.9         | 294,638   | √        |
CA TAX | 100 AP           | 0           | 0         | /        |
MELP   | 254,392 AP       | 0           | 0         | /        |
VRS    | 730,764 RP       | 39.5        | 288,652   | √        |
13TH   | 5,169,236 RP     | 0           | 0         | /        |
CA TAX | 100 RP           | 0           | 0         | /        |
MELP   | 250,000 RP       | 0           | 0         | /        |

**119,414** | **A/P 5,986.** | **.0509**

**For commission earn see policy SAP 327867904**

**TOTAL EARNED PREMIUM**
**DEPOSIT PREMIUM**
**ADDITIONAL DUE COMPANY**
**REFUND DUE INSURED**

**D/DMS 12-6-89**

**AGENT COPY**

**MM 009836**