**JOHNSON & HIGGINS**
Established 1845

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

95 WALL ST., NEW YORK, N.Y. 10005
TEL: 944-1160 · AREA CODE 212

CABLE ADDRESS "KENDEN"
TELEX NO. 458008

June 28, 1973

Miss Dolores Warnecke
Insurance Department
International Business Machines Corporation
Armonk, New York 10504

Dear Dolores:

EXCESS UMBRELLA LIABILITY
POLICY #590XA2453 & #590XA2454
WRITTEN FOR $5,000,000 PART OF $50,000,000
EXCESS OF $100,000,000
& POLICY #590XA2451 & #590XA2452
WRITTEN FOR $5,000,000 PART OF $40,000,000
EXCESS OF $40,000,000

Supplementing our previous Advices of Insurance, we are pleased to enclose the captioned policies effective from May 21, 1973 to May 21, 1976.

In addition to the policies, we are also forwarding our invoices for the appropriate additional premiums. You will note that the premiums have been allocated between your United States and Canadian operations.

We have discussed the question of the aggregate limits on your policy with the St. Paul Insurance Company and they have informed us that the intent is to have the aggregate apply to the products exposure only