# Liberty Mutual Insurance Company

**Home Office: Boston**

**Policy Number:** 00 41 58
**RKI-621-004158-355 TD94/6**

For itself, severally and not jointly and in the proportionate share hereinafter set forth agrees with the Insured named below in consideration of the payment of the premium and, except as herein provided, subject to all the terms, definitions, exclusions, and conditions of the First Layer Umbrella, Policy No. 462-03-14-84 of Centennial Insurance Company.

**INSURED:** International Business Machines Corp.
**ADDRESS:** Armonk, New York 10504
**POLICY PERIOD:** From July 1, 1985 to May 21, 1986, 12:01 A.M., standard time at the address of the Insured.

**EXCEPTIONS:**

(1) **Loss Payable:** Liability under this policy with respect to any occurrence shall not attach unless and until the Insured, the Insured's underlying primary insurers and the Insured's underlying excess or umbrella insurers shall have paid on account of such occurrence the full amount of the "retained limit" as hereinafter defined.

"Retained Limit" means the total sum of One Hundred and Fifty Million Dollars ($150,000,000 Umbrella Cover, plus the underlying limits or self-insured retention as defined in the First Layer Umbrella, Policy No. 462-03-14-84 of Centennial Insurance Company.

(2) **Proportionate Share:** Four decimal zero percent (4.0%) share of the next Twenty Five Million Dollars ($25,000,000) layer of ultimate net loss in excess of the retained limit.

**UND-G 25 Printed in U.S.A.**
**UND 03502**