# LIMITATION OF COVERAGE TO MASSACHUSETTS EXPOSURES

| INSURED | POLICY NUMBER |
| --- | --- |
| INTERNATIONAL BUSINESS MACHINES CORP. | GPE 536 25 00 |

| PRODUCER | EFFECTIVE DATE |
| --- | --- |
| JOHNSON & HIGGINS | 5-21-91 |

This policy does not apply to any liability arising out of or resulting from operations conducted at or from premises located outside the Commonwealth of Massachusetts.

ALL OTHER TERMS AND CONDITIONS OF THIS POLICY REMAIN UNCHANGED

GULF INSURANCE COMPANY
COUNTERSIGNATURE OF AUTHORIZED AGENT

143114-1-88
6-11-91