**EFFECTED THROUGH**
JOHNSON & HIGGINS
Established 1845
2438
In.
INSURANCE BROKERS - AVERAGE ADJUSTERS
EMPLOYEE BENEFIT PLAN CONSULTANTS
CABLE ADDRESS "REPO"
90 WALL ST., NEW YORK, N.Y. 10005
TEL 466-3000 AREA CODE 212
International Business Machines Corp.
Armonk, New York 10504
April 24, 1981
Attn: Mr. Richard Paron,
Insurance Department

The following changes in the policies listed below are hereby bound.

**EFFECTIVE:** 5/21/81

As respects Comprehensive General Liability Policy GA3906923 written with the Zurich Insurance Company, the estimated premium for the period 5/21/81 to 5/21/82 is $1,651,265.

1) Breakdown of Premium:
   Standard - $999,510
   Excess - $651,695
   Total - $1,651,265

(Over)

Name of Insured: International Business Machines Corp.
Policy Number: GA3906923
5/21/79-82

UNDERWRITERS: Zurich Ins. Co. - Gwen Brunson
Accepted by: [Signature] 4/24/81
(Date) (Hour)
P.M.

Accepted by: Richard F. Michel
(Date) (Hour)
P.M.

VW
P

FORM NO. 3449-2
ENDORSEMENTS
MM 009561