**ZURICH INSURANCE COMPANY**

**EXECUTIVE OFFICES: 111 WEST JACKSON BOULEVARD, CHICAGO, ILLINOIS 60604**

**EXCESS POLICY DECLARATIONS**

**POLICY NUMBER:** 8752107

**ITEM 1. NAMED INSURED:** INTERNATIONAL BUSINESS MACHINES CORP. (SEE END. #1)

**ITEM 2. ADDRESS:** ARMONK, NEW YORK

**ITEM 3. POLICY PERIOD:** FROM 12:01 O'CLOCK A.M., MAY 21, 1973 TO MAY 21, 1976 12:01 A.M., STANDARD TIME AT THE ADDRESS OF THE NAMED INSURED AS STATED HEREIN.

**ITEM 4. UNDERLYING INSURANCE:** AS ON FILE WITH THE COMPANY

**ITEM 5. LIMIT OF LIABILITY:** $3,000,000. PART OF $20,000,000. IN EXCESS OF ITEM 6 BELOW.

**ITEM 6. UNDERLYING LIMIT (TOTAL):** $80,000,000. IN EXCESS OF PRIMARY INSURANCE.

**ITEM 7. PREMIUM:** $ U.S. $4345.
CANADA 155-
4500.

**JOHNSON & HIGGINS**
**INSURANCE BROKERS**
**EMPLOYEE BENEFIT PLAN CONSULTANTS**
**NEW YORK 1006**
**WH 4-3140**

**JOHNSON & HIGGINS**
**50 991 005**

**COUNTERSIGNED BY:** [Signature]
BY: Mildred Fones
ATTORNEY IN FACT