**DECLARATIONS—SPECIAL COVERAGE POLICY**
**STOCK COMPANY**

**FIRST STATE INSURANCE COMPANY**
**WILMINGTON, DELAWARE**

**INTERNATIONAL BUSINESS MACHINES, INC.**
**IBM**
**Old Orchard Road**
**Armonk, New York 10504**

**Item 1: Policy Period**
* From May 21, 1977
* To May 21, 1978

* 12:01 A.M., Standard Time at the address of the named Insured as stated herein.

**Item 2: Premium**
* Advance Premium: $ 5,000
* Rate: Flat
* Minimum Premium: $5,000.

If the Policy Period is more than one year and the premium is to be paid in Installments, premium is payable on:

* Effective Date
    * 1st Anniversary: $ -- 
    * 2nd Anniversary: $ --

**Item 3: Coverage**
Excess Umbrella Liability

**Item 4: Limits of Liability**
The limit of the Company's liability shall be as stated herein, subject to all the terms of this policy having reference thereto.

* $2,000,000 Combined Single Limit Bodily Injury and Property Damage
* part of $21,000,000 Combined Single Limit Bodily Injury and Property Damage excess of $19,000,000 Combined Single Limit Bodily Injury and Property Damage excess primaries

**Item 5:**
During the past three years no insurer has cancelled insurance issued to the named insured, similar to that afforded hereunder, unless otherwise stated herein.
* Cameron & Calby Co.
* Countersigned by: [Signature]

**Date of Issue:** 6-8-77