**American Home Insurance Company**

102 Maiden Lane, New York 5, N.Y.

**GR 35-00-11 Policy No.:**

**BUREA EXCESS THIRD PARTY LIABILITY POLICY**

**DECLARATIONS**

ITEM 1. Name of Insured: International Business Machines Corporation, and any other subsidiary or affiliated corporation provided such other subsidiary or affiliated corporation is under the same operative and financial control through the identity of its officers, directors or stockholders and any employee associations thereof.

P.O. Address: 590 Madison Avenue, New York, New York

ITEM 2. Policy Period: July 1, 1962 to July 1, 1968 (12:01 A.M. Standard Time at the address of the named insured).

ITEM 3. Limit 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.

$3,000,000 single limit any one occurrence combined personal injury and/or property damage liability in excess of

(a) the amount recoverable under underlying and/or primary insurance as set out in the attached schedule (see Endorsement No. 1 attached)

or

(b) $25,000 ultimate net loss in respect of each occurrence not covered by said underlying and/or primary insurance.

ITEM 4. Premium: $15,83% for the period of this policy.

COMMISSIONED:

**MAR 23 '01 09:53**