**ADVICE OF INSURANCE**

**JOHNSON & HIGGINS**
**EXX-1725**

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

**80 WALL ST., NEW YORK, N.Y. 10006**
**TEL: 212-392-8000 AREA CODE 212**

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

**5/12/77**

**Dear Sir:**

In accordance with your instructions, we have arranged insurance

**starting from:** **5/21/77** and expiring **5/21/78**

**ON:**

**Renewal of U.S. Fire Excess Umbrella Liability Policy #XS3455.**

**Name of Insured:** International Business Machines Corp.
**Address of Insured:** As expiring
**Interest of Insured:** As expiring
**Location of Risk:** As expiring

**Limits of Liability**

* Workmen's Compensation —
* Employer's Liability —
* Bodily Injury —
* Property Damage —

**Additional Coverages**

**Limits of Liability - $5,000,000 part of $50,000,000 excess of $80,000,000**

The policy (or policies) are being prepared and will be forwarded to you in the near future.

**IMPORTANT NOTICE**
If there is any inaccuracy in the above description of the insurance required, please advise immediately.

Yours very truly,

**JOHNSON & HIGGINS,**
Per **Richard T. Michel**