**Johnson & Higgins**

Established 1845

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

95 WALL ST., NEW YORK, N.Y. 10005
TEL 482 2000 AREA CODE 613

July 12, 1978

Mr. Richard Faron
Insurance Department
International Business Machines Corporation
Armonk, New York 10504

Dear Mr. Faron:

AFFILIATED FM INSURANCE COMPANY
EXCESS LIABILITY POLICY #XL96794

Enclosed are two endorsements which amend the above policy which was effective May 21, 1977 to May 21, 1978. These endorsements were issued at our request in order to clarify the policy wordings.

Endorsement #8 amends the Named Insured to read as on the primary Umbrella.

Endorsement #9 clarifies the wording of the limit of liability as respects the aggregate.

Very truly yours,

Joseph J. DeChiara
Casualty Department

ss