# ADVICE OF INSURANCE
Johnson & Higgins
Established 1865

INSURANCE BROKERS-AVERAGE ADJUSTERS
EMPLOYEE BENEFIT PLAN CONSULTANTS

CABLE ADDRESS "ERODEN"
TELE: 114-4300
TO: International Business Machines Corp.
Armonk, New York 10504
Attn: Mr. Richard Faron, Ins. Dept.

3/17/77

Dear Sir:

In accordance with your instructions, we have arranged insurance attaching from 5/21/77 and expiring 5/21/78

ON: Renewal of Excess Umbrella Liability Policy No. 79225677 written with the Federal Ins. Co.

Name of Insured: International Business Machines Corp.
Address of Insured: As expiring
Location of Risk: As expiring

Limits of Liability
- Workmen's Compensation
- Employer's Liability
- Bodily Injury
- Property Damage

Limits of Liability - 5 million part of 21 million excess of 19 million.

The policy (or policies) are being prepared and will be forwarded to you in the near future.

IMPORTANT NOTICE
If there be any inaccuracy in the above description of the insurance required, please advise immediately.

Yours very truly,
JOHNSON & HIGGINS,
Per /Richard T. Michel/
Richard T. Michel