**ADVICE OF INSURANCE**
**JOHNSON & HIGGINS**
*Established 1845*

**INSURANCE BROKERS - AVERAGE ADJUSTERS EMPLOYEE BENEFIT PLAN CONSULTANTS**

CABLE ADDRESS "REMEMBER"
TELENO 422008
OR WALL ST., NEW YORK, N.Y. 1001
TET 600 1920 AREA CODE 212

TO: International Business Machines Corp.
Armonk, New York 10504
June 10, 1977
Att: Mr. Richard Faron, Ins. Dept.

Dear Sir:

In accordance with your instructions, we have arranged insurance
attaching from 7/1/77 and expiring 5/21/78
ON: Renewal of Excess Umbrella Liability Policies CE3436404 and 05 written with the American Home Assurance Company.

Name of Insured: International Business Machines Corp., etal
Address of Insured: Armonk, New York 10504
Location of Risk: As expiring

Limits of Liability
- Limits of Liability - $8,000,000 excess of $2,000,000
- Workmen's Compensation
- Employer's Liability
- Bodily Injury
- Property Damage

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
Richard T. Michel