**Johnson & Higgins**

Established 1845

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

CABLE ADDRESS: "KERODEN NEW YORK"
TELEX NO.: 420037

95 WALL ST., NEW YORK, N.Y. 10005
TEL: 701-7500 AREA CODE 212

June 14, 1985

Mr. Richard Faron
Insurance Department
International Business Machines Corporation
Armonk, New York 10504

Dear Dick:

EXCESS UMBRELLA LIABILITY
POLICY #FE4001605
EFFECTIVE: MAY 21, 1985 TO MAY 21, 1986

Attached is our Advice of Insurance confirming that the premium for the captioned policy written by the Landmark Insurance Company has been corrected from $20,000 to $22,000.

Please give me a call should you have any questions.

Very truly yours,

Richard T. Michel
Vice President

RTM3/ml