**National Union Fire Insurance Company of Pittsburgh, Pa.**

99 John Street
New York, N.Y. 10038

Direct Dial: 212-770

**January 29, 1987**

**Johnson & Higgins**
95 Wall Street
New York, New York 10005

**RE: International Business Machine Corp.**
**Policy # 1991797**

**Dear:**

Enclosed you will find the original and two copies of the captioned policy.

As a reminder, please be advised the premium is due and payable to the company 45 days from inception of the contract. If payment is not received within the time stipulated, this policy may be cancelled.

Your business is greatly appreciated. We trust that all is in order.

Thank you,

**Commercial Casualty Excess**

41612 112/84