**Johnson & Higgins**

Established 1845

**Insurance Brokers - Average Adjusters**
**Employer Benefit Plan Consultants**

Cable Address: *HIGGINS*
Tel No: 460000

03 WALL ST., NEW YORK, N.Y. 10006
TEL: 944-2500 - AREA CODE 212

July 27, 1973

Miss Dolores Warnecke,
Insurance Department
International Business Machines Corp.
Armonk, New York- 10504

Dear Dolores:

EXCESS UMBRELLA LIABILITY
POLICY #XCF-3930
EFFECTIVE - MAY 21, 1973 TO MAY 21, 1976
WRITTEN WITH THE INSURANCE COMPANY OF NORTH AMERICA

In accordance with our Advice of Insurance dated May 9, 1973, we are pleased to enclose the captioned policy along with our invoices totaling $1,000.00. You will note the premium has been divided between your United States and Canadian operations.

The policy is written at a limit of $1,000,000 part of $50,000,000 excess of $100,000,000. Further, it follows the terms, conditions and exclusions of the underlying policies. As such, the aggregate applies to the Products exposure.

Please contact us should you have any questions.

Very truly yours,

Richard T. Michel
Casualty Department

fc
encl.