Document x7L8JVzJYDZ3rnMveB72JR1b

June 15, 1970 *23S69 To: From: Subj: Messrs. C.E. Brookes R.A. Clabault. C.W. Lorcntzen R.W. Samuels J.J. Singer, Jr R.M. Vining J.D. Kingery Insurance on Vehicles As you know, Che corporation is self-insured with respect to property liability (excluding personal injury) caused to or by automotive vehicles, the only exception being a disaster-type incident in which an entire garage-full of our vehicles might be destroyed. Inasmuch as a loss generated in an automobile collision may have a marked effect upon a unit P&L statement and therefore affect its comparability, it has been decided, retroactive to Janu ary 1, 1970, to charge any such uninsured loss in excess of $5,000 directly to the Chemical Group F&L. Any questions in connection with this arrangement can be directed to George Uinchell's office. JDK/mnb cc: Messrs. C.N. Graf C.J. Wincliell