**Johnson & Higgins**

Established 1845

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

CABLE ADDRESS "KERODEN"
TELEX NO. 489006

90 WALL ST., NEW YORK, N.Y. 10005
TEL. 488 2000 AREA CODE 212

March 6, 1974

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

Dear Dolores:

UMBRELLA LIABILITY
POLICY NOS. XLP401854 & XLP401587
WRITTEN WITH THE NORTHWESTERN NATIONAL INSURANCE GROUP

We are attaching a copy of a letter dated March 1, 1974 and call your attention to the second paragraph. You will note that the captioned policies follow the underlying insurances and the aggregate would apply in the same manner as such underlying policies.

We ask that you make the attachment a part of your permanent file and contact us, should you have any questions.

Very truly yours,

Dick

Richard T. Michel
Casualty Department

mp