**Johnson & Higgins**
Established 1845

**Insurance Brokers - Average Adjusters**
**Employee Benefit Plan Consultants**

Cable Address: "KERODEN"
Telex No.: 422096

05 Wall St., New York, N.Y. 10005
Tel: 9-44-3160 · Area Code 212

July 27, 1973

Miss Dolores Warnecke
Insurance Department
International Business Machines Corp.
Armonk, New York- 10504

Dear Dolores:

EXCESS UMBRELLA LIABILITY
POLICY #XCP-3929
EFFECTIVE - MAY 21, 1973 TO MAY 21, 1976
WRITTEN WITH THE INSURANCE COMPANY OF NORTH AMERICA

Supplementing our Advice of Insurance dated May 2, 1973, we are pleased to enclose the captioned policy written for $5,000,000 part of $20,000,000 excess of $80,000,000 along with our invoices totaling $7,500.00.

You will note that the premium has been allocated between your United States and Canadian operations. In addition, the policy follows the terms, conditions and exclusions of the primary insurances. As such, the aggregate applies to your Products exposure.

Kindly contact us should you have any questions.

Very truly yours,

Richard T. Michel
Casualty Department

fc
encl.