**GRANITE STATE INSURANCE COMPANY**
**MANCHESTER, NEW HAMPSHIRE**

**(A Stock Insurance Company herein called the Company)**

**AMERICAN INTERNATIONAL UNDERWRITERS**
**Home Foreign Managers**

**POLICY No. SCLE 80-93027**

The Company agrees with the Insured named below, in consideration of the premium paid and subject to all the terms and conditions set forth below that the insurance afforded by this policy shall follow all the terms and conditions of Policy No. **TO BE ADVISED** issued by **TO BE ADVISED** including all renewals and rewrites thereof.

**NAMED INSURED:** INTERNATIONAL BUSINESS MACHINES CORP., ETAL

**ADDRESS:** ARMONK, NEW YORK 10504

**POLICY PERIOD:** MAY 21, 1976 TO MAY 21, 1977

**COVERAGE:** EXCESS UMBRELLA LIABILITY

**LIMIT OF LIABILITY:** $5,000,000 PART OF $20,000,000 EXCESS OF $20,000,000.

**PREMIUM:** $10,000. ANNUAL

**RATE:** $2,000 PER $1,000,000 ANNUAL

IN WITNESS WHEREOF, the Company has caused this policy to be signed by its President and Secretary and countersigned by a duly authorized representative of the Company.

**JP/LL**

**Countersigned by: Authorized Representative**

**Form GS-8671**