**ADVICE OF INSURANCE**
Johnson & Higgins
Established 1845

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

96 Wall St., New York, N.Y. 10005
Tel: 442-3000 Area Code 212

**International Business Machines Corp.**
5/21/77
Attn: Mr. Richard Faron, Ins. Dept.

In accordance with your instructions, we have arranged insurance from 5/21/77 and expiring 5/21/78 Renewal of Excess Umbrella Liability Policy #462015931 written with the Centennial Ins. Co.

**International Business Machines Corp.**

* **Interest of Insured:** As expiring
* **Areas of Insured:** As expiring
* **Location of Risk:** As expiring

**Additional Coverages**

* **Limits of Liability**
    * Workers' Compensation: —
    * Employer's Liability: —
    * Bodily Injury: —
    * Property Damage: —
    * Limit of Liability: $5,000,000 part of $21,000,000 excess of $19,000,000.

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

**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