**Johnson & Higgins**

Established 1845

**INSURANCE BROKERS-AVERAGE ADJUSTERS**
**ACTUARIES-EMPLOYEE BENEFIT PLAN CONSULTANTS**

CABLE ADDRESS "XEBODEN"
TELEX NO. 423068
09 WALL ST., NEW YORK, N.Y. 10005
TEL 482-2000 AREA CODE 212

January 4, 1982

Mr. Richard Faron
Insurance Department
International Business Machines Corporation
Armonk, New York 10504

Dear Dick:

EXCESS UMBRELLA LIABILITY
POLICY NO.: M876172
MISSION INSURANCE COMPANY
EXPIRING: MAY 21, 1982

I am attaching Endorsements #8, #9 and #10 to be added to the captioned policy as well as a copy of revised Endorsement #1 which I am forwarding to you for your records in lieu of the fact that Endorsement #10 cancels this endorsement.

We have had previous correspondence on this policy and with the receipt of the attached endorsements, I believe you will now find it in good order.

After you have had a chance to review your file, please call if you have any questions.

Very truly yours,

Richard T. Michel
Vice President

df