**ADVICE OF INSURANCE**
JOHNSON & HIGGINS

**INSURANCE BROKERS * AGENCIES * ADJUSTERS**
EMPLOYER BENEFIT PLAN CONSULTANTS

**60 WALL ST., NEW YORK, N.Y. 10005**
**TEL: 685-8000 AREA CODE 212**

**TO:** International Business Machines, Inc.
**FROM:** Johnson & Higgins
**DATE:** May 9, 1977

**To:** Armonk, N.Y., 10504
**Attn:** Mr. Richard Faron, Ins. Dept.

Dear Sir,

In accordance with your instructions, coverage has been bound and endorsements have been ordered for the policies listed herein, making the following changes effective:

**5/21/77**

It is agreed that the premium for the period 5/21/77-78 will be $1,200 per million.

**Name of Insured:** International Business Machines Corp.

**Policy Numbers:** Excess Umbrella #8813631
5/21/76 - 5/21/79
3 Million part of 50 Million excess of 80 Million

The endorsements are now being prepared by the Underwriters and will be sent to you in the near future.

Yours very truly,

**JOHNSON & HIGGINS**
Per: **Richard T. Michel**

**IMPORTANT NOTICE**
If there is any inaccuracy in the changes requested as described above, please advise immediately.

ENDORSEMENTS