**January 30, 1978**

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

Dear Dick:

COMPREHENSIVE GENERAL & AUTOMOBILE LIABILITY
POLICY NO. 8826230
EFFECTIVE: JANUARY 1, 1976 TO JANUARY 1, 1979

Attached is Endorsement No. 29 indicating that the premium for the period January 1, 1978 to January 1, 1979 on the above policy is $955,007.

The schedule of the six monthly installments indicated on the endorsement is somewhat different than that indicated on our invoices. This is due to the fact that our computer could not accept the installments as indicated by the Zurich as all installments must be equal. As such, please pay the premium as indicated on our invoices as an endorsement will be issued by the Zurich revising their billings.

For your information, the estimated annual premium has been broken down as follows:

| General Liability | Premium of $650,007 | .70 |
|-------------------|--------------------|-----|
| Non-Owned Automobile | 185,000 | .20 |
| Owned Automobiles | 77,000 | .08 |
| Medical Malpractice | 23,000 | .02 |
| **TOTAL** | **$955,007** | 1.00 |

MM 009792