**EFFECTED THROUGH JOHNSON & HIGGINS**
Established 1845

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

**60 WALL ST., NEW YORK, N.Y. 10006**
TEL: 468-8000 AREA CODE FIN
Date: May 22, 1980

**INTERNATIONAL BUSINESS MACHINES CORP.**
ATTN: Mr. Richard Faron
Insurance Department

The following changes in the policies listed below are hereby bound

**EFFECTIVE:** 5/21/80

As respects Comprehensive General Liability Policy GA9906923 written with the Zurich Insurance Company, the estimated premium for the period 5/21/80 to 5/21/81 is $1,654,555

1. Breakdown of premium:
   - Standard: $1,011,590
   - Excess: $642,975
   - Total: $1,654,555

(continued on page 2)

Name of Insured: International Business Machines Corp.
Policy Number: GA9906923
5/21/79-82

UNDERWRITERS: Zurich Ins. Co. - Joe Scanlon

Accepted by: [Signature]
(Date) [Hour] A.M./P.M.

Accepted by: Richard T. Michel
(Date) [Hour] A.M./P.M.

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ENDORSEMENTS

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