**ADVICE OF INSURANCE**

**JOHNSON & HIGGINS**
Established 1845

**INSURANCE BROKERS * AVERAGE ADJUSTERS * EMPLOYEE BENEFITS PLAN CONSULTANTS**

**60 WALL ST., NEW YORK, N.Y. 10049**
**TEL. 422-3000 AREA CODE 212**

**TO:** International Business Machines Corp.
**Armonk, New York 10504**
**Attn:** Mr. Richard Faron, Ins. Dept.

**Dear Sir:**

In accordance with your instructions, we have arranged insurance attaching from 5/21/77 and expiring 5/21/78 ON: Renewal of Excess Umbrella Liability Policy No. RDX1775213 written with the CNA.

**Name of Insured:** International Business Machines Corp.
**Address of Insured:** As expiring
**Location of Risk:** As expiring

**Limits of Liability**

* Workmen's Compensation —
* Employer's Liability —
* Bodily Injury —
* Property Damage —

**Limits of Liability - 5 million part of 20 million excess of 130 million.**

The policy (or policies) are being prepared and will be forwarded to you in the near future.

**IMPORTANT NOTICE**
If there be any inaccuracy in the above description of the insurance required, please advise immediately.

Yours very truly,

JOHNSON & HIGGINS,
Per Richard T. Michel

WORKMEN'S COMPENSATION AND GENERAL LIABILITY