**September 19, 1979**

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

Dear Dick:

COMPREHENSIVE GENERAL LIABILITY POLICY NO.: GA8906923
EFFECTIVE: 5/21/79 TO 5/21/82

At long last, I am pleased to enclose the captioned renewal policy for your records. As you know, it had to be written three different times in order to have the coverage in accordance with the specifications previously forwarded to you. The automobile coverage is written under a separate policy which will follow shortly.

I refer you to my letter of May 24, 1979 which outlines the renewal rates, premiums and coverages. The deposit premium on the policy represents 75% of the estimated annual cost of insurance for your General Liability exposure. This was accomplished by using only 75% of the estimated annual payroll as indicated on Endorsement #4.

For your information, of the $965,235 premium, $945,930 represents the cost of the General Liability costs and $19,305 is the charge for Medical Malpractice.

I sincerely trust you will find the enclosed policy in good order and ask that you contact me should you have any questions or comments.

Very truly yours,

Richard T. Michel
Vice President

df