**ADVICE OF INSURANCE**

**Johnson & Higgins**
Established 1845

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

**Address:**
90 Wall St., New York, N.Y. 10005
Tel: 443-2000 Area Code 212

**To:**
International Business Machines Corp.
Armonk, N.Y. 10504
Attn: Mr. Richard Faron, Ins. Dept.

**Date:** 5/11/77

**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 #M832000 written with the Mission Ins. Co.

**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:**
$5,000,000 part of $20,000,000 excess of $130,000,000

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