**ZURICH-AMERICAN INSURANCE GROUP**
231 N. MARTINGALE ROAD
SCHAUMBURG, IL 60196

**AUDIT ADJUSTMENT OF PREMIUM**

**POLICY NUMBER:** OGL 5278878-02
**POLICY PERIOD FROM:** 5-21-86
**TO:** 5-21-87

**INSURANCE COMPANY:** ZURICH INS. CO.

**THE INSURED/MAILING ADDRESS:**
INTERNATIONAL BUSINESS MACHINES CORP., ETAL
ARMONK, NY 10504

**PRODUCER:** JOHNSON & HIGGINS
**SPS4 PAGE 2**

| STD. PREMIUM | COMM. % | COMM. | C/S |
|--------------|---------|-------|-----|
| VRS          | 5,025,435 AP / 4.5 | 226,147 | - |
|              | 183,928 AP / 0 | 0 | - |
|              | 4,794,677 RP / 0 | 0 | - |
|              | 629,358 RP / 38.9 | 244,812 | - |
|              | 288,100 RP / 0 | 0 | - |
| **TOTAL:** | **5,712,115** | **266,974** |

**Payment Commission: $266,974**

**AGENT COPY**

**JPJ/NZ/TAM/6-17-87**

**MM 009811**