**AVRECO, INC.**

200 West Monroe Street - Chicago 60604

(312) 683-1500 * Cable: AVRECO * Telex: 02-53353

May 6, 1977

Mr. Richard Michael
Johnson & Higgins, Inc.
95 Wall Street
New York, NY 10005

Dear Dick:

IBM

This letter will confirm that the Northbrook Insurance Company will issue an excess umbrella for the limit of $9,000,000 XS 10,000,000 underlying umbrellas.

The policy will be effective 5/21/77, and the premium will be $57,000 flat charge. The policy will exclude (1) ERISA (2) Data processors E & O (3) Aircraft products and (4) Publishers E & O. The 425 Market Street (JV) will be excluded, but IBM's interest in this (JV) will be covered. Additionally, the contractors limitation endorsement will be attached to the policy.

Coverage under this policy is subject to the company's approval of the underlying umbrella form and verification (review of policy) of the Airport Liability exposure.

We should be receiving the policy from Northbrook in the near future, and thank you for this order.

Sincerely,

Bob Kampa

cc: Mr. Wayne Wentz, Northbrook Insurance Co.