**EFFECTED THROUGH**
JOHNSON & HIGGINS
Established 1845
INSURANCE BROKERS - AVERAGE ADJUSTERS
EMPLOYEE BENEFIT PLAN CONSULTANTS

CABLE ADDRESS "KEP0DEN"
95 WALL ST., NEW YORK, N.Y. 10005
TEL 701-7500 AREA CODE 212

International Business Machines Corporation
Armonk, New York 10504
Att: Mr. Richard Faron
Insurance Dept.

May 20, 1986

The following changes in the policies listed below are hereby bound
5/21/86
EFFECTIVE:

The premium under Zurich Insurance Co. Comprehensive General Liability Policy #CGL3278678 for the period 5/21/86 to 5/21/87 is $5,424,015.
See attached.

**PRE-BILLED**

International Business Machines Corp., Erat

Name of Insured:
CGL3278678
Policy Numbers:
5/21/84-89

Zurich Ins. Co. - Owkie Kwik
UNDERWRITERS:
Accepted by: Charlie Kwik
Accepted by: Richard T. Michel
```

This document appears to be an insurance policy change notification from Johnson & Higgins to International Business Machines Corporation regarding a Zurich Insurance Company policy. The document details the effective date and the premium amount for the specified period.