**ADVICE OF INSURANCE**

**Johnson & Higgins**
Established 1867

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

**55 WALL ST., NEW YORK, N.Y. 10005**
**TELEPHONE NO. 462-8000**
**CABLE ADDRESS "KEROGEN"**
**TELEX NO. 463000**

**5/20/77**

**International Business Machines Corp.**
**Armonk, N.Y. 10504**
**Attn: Mr Richard Faron**

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**Dear Sir:**

In accordance with your instructions, we have arranged insurance attaching from **5/21/77** and expiring **5/21/78** ON: Renewal of Excess Umbrella # XIX1202901 and XL1202902 (Canada) written by Fireman's Fund.

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**Name of Insured:** International Business Machines Corp.
**Address of Insured:** as expiring
**Interest of Insured:** as expiring
**Location of Risk:** as expiring

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

**Limits of Liability - 10 million part of 40 million excess of 40 million**

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

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**IMPORTANT NOTICE**
If there be any inaccuracy in the above description of the insurance required, please advise immediately.

Yours very truly,

**JOHNSON & HIGGINS**
Per **Richard T. Michel**