**Johnson & Higgins**
Insurance Brokers - Average Adjusters
95 Wall Street, New York, N.Y.
Tel: (212) 342-2000

**International Business Machines Corp**
ATT: Mr. Richard Faron, Ins Dept
Armonk, NY 10504

**Account:** 23055
**Debit:** 000
**Dept.:** 3
**Billing:** 06037
**Amount:** $12,100.00

**Federal:** 39261 79227106 05217 05218
**Excess Umbrella Liab:** 5,000,000 Part of 21,000,000 000 Excess of 19,000,000

**825/017**
Johnson & Higgins
95 Wall Street, New York, N.Y. 10006

**#237**