**RFC INTERMEDIARIES, INC.**
1719 ROUTE 10
PARSIPPANY, NEW JERSEY 07054
(201) 540-8880
TELEX: 136419
RFC PAPY

March 31, 1980

Mr. Frank Bagnasco
AMERICAN HOME ASSURANCE CO.
100 Maiden Lane
New York, New York 10005

Re: International Business Machines
R/I National Union
Policy No: 122 54 07
CE 3640481
Expiration: 5/21/80

Dear Frank;

As your records will indicate, reinsurance coverage of the captioned account is due to expire on the date shown above.

We look forward to the pleasure of assisting you on this renewal and await your instructions.

Sincerely,

George K. Barnes

GKB/dlp