**Johnson & Higgins**
New York, New York 10004
(212) 574-7000

**ZURICH AMERICAN INS CO**
PO BOX 9345 CHURCH ST STATION
NEW YORK NY 10249

**CLIENT NO:** 870-00350
**INVOICE NO:** 244029
**DATE:** 1/22/88
**AMOUNT:** $20,112.56

**INTL. BUSINESS MACHINES CORP**
*CHECK TO FOLLOW-DO NOT DEI*

**INSURANCE DESCRIPTION:** COMM. ONLY-CGI
**DEPARTMENT:** CAS.
**JEM CONTACT:** MICHEL R
**PAYABLE UPON RECEIPT, ATTACHMENT OF OR INSTALLMENT DATE, WHICHEVER IS LATER**

| INSURANCE COMPANY | DATES | POLICY NUMBER | DESCRIPTION | AMOUNT |
|-------------------|-------|---------------|-------------|--------|
| ZURICH INS         | 05/21/86 - 05/21/87 | CGL327867803 | 572226 @ 3.514% | $20,112.56 |

**TOTAL:** $20,112.56

**JOHNSON & HIGGINS**

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