**JOHNSON & HIGGINS**

**INSURANCE BROKERS**

**95 WALL STREET • NEW YORK, N.Y. 10006**

**INTERNATIONAL BUSINESS MACHINES CORP.**

**ATT MR RICHARD PARON INS DEPT**

**ARMONK N.Y. 10504**

**ACCOUNT NO:** 83055

**SUBJECT OFF:** 000

**DATE:** 06/27

**AMER GUAR:** 39906 | 8813631 | 05/21/76 | 05/21/78 | 3,485

**EXCESS UMBRELLA LIAB 5/2/76 TO 5/21/79**

**PAYMENT FOR SECOND YEAR**

**3,000,000 PART OF 50,000,000 EXCESS OF**

**80,000,000**

**JOHNSON & HIGGINS**

**95 WALL STREET • NEW YORK, N.Y. 10006**