# ADVICE OF INSURANCE
**JOHNSON & HIGGINS**
Established 1845

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

CABLE ADDRESS: "HODDEN"
TELEX NO.: 440-764
TO:
International Business Machines Corp.
Armonk, N.Y. 10504
Attn: Mr. Richard Faron, Ins. Dept.

Dear Sir:

In accordance with your instructions, we have arranged insurance attaching from 5/21/77 and expiring 5/21/78 ON: Excess Umbrella policy written with the Puritan Insurance Company.

Name of Insured: International Business Machines Corp.
Address of Insured: Armonk, N.Y.
Interest of Insured:
Location of Risk: Various

Limits of Liability
- Workmen's Compensation
- Employer's Liability
- Bodily Injury
- Property Damage

Limits of Liability - Two million part of 21 million excess of 19 mil

The policy (or policies) are being prepared and will be forwarded to you in the near future.

Yours very truly,
JOHNSON & HIGGINS,
Per Richard T. Michel
Richard T. Michel

WORKMEN'S COMPENSATION AND GENERAL LIABILITY