**Johnson & Higgins**
Established 1845

**RECEIVED**
JUL 14 1986
CASUALTY H.O. DEPT.

**July 10, 1986**

Mr. Thomas W. Ciardello, Jr.
Assistant Vice President
Lexington Insurance Company
100 Summer Street
Boston, Massachusetts 02110

Dear Tom:

INTERNATIONAL BUSINESS MACHINES CORPORATION
EXCESS UMBRELLA LIABILITY POLICY #5528820
EFFECTIVE: MAY 21, 1986 TO MAY 21, 1987

Attached is Johnson & Higgins check #04730830 dated July 9, 1986 in the amount of $80,750 which represents the net premium due the Lexington Insurance Company for issuance of the captioned contract. Your records will indicate that the gross premium due under the policy is $85,000.

I trust you find the attached check in order and I would appreciate you advising your Finance Department of the receipt of the attached in order to avoid the issuance of a cancellation notice for non-payment of premium.

I thank you in advance for your attention to this matter and ask that you contact me, should you have any questions or comments.

Very truly yours,

Dick

Richard T. Michel
Vice President

RTM4/dls