**OFFICE TREATY**

Contract No. X-3595

**GENERAL REINSURANCE CORPORATION**
400 Park Avenue
New York 22, New York

**CERTIFICATE OF EXCESS REINSURANCE issued by the GENERAL REINSURANCE CORPORATION, New York, New York (hereinafter called the "Reinsurer") to INTERNATIONAL BUSINESS MACHINES CORPORATION, I.B.M., WORLD TRADE CORP., THE SERVICE BUREAU CORP., and any other subsidiary or affiliated corporation of each provided such other subsidiary or affiliated corporation warrants that it is under the same operative and financial control through the identity of its officers, directors or stockholders (hereinafter called the "Reinsured").**

WHEREAS, the Continental Casualty Company and the American Home Assurance Company, (hereinafter called the "Underwriters") have issued to the Reinsured a policy or policies of insurance (hereafter referred to as "Underlying Insurance") providing Umbrella Liability Insurance as shown in the following schedule:

**INTERNATIONAL BUSINESS MACHINE CORP., ETAL**

**SCHEDULE**

**UMBRELLA LIABILITY POLICY**

$2,000,000 A.O.O. in excess of:
$8,000,000 A.O.O. in excess of:

(a) $2,000,000 A.O.O. in respect of International Business Machines Corp. - including I.B.M., World Trade Corp. in respect of U.S.A. and Canada operations; All products Worldwide, Aircraft & Airport Liab. (France)

(b) or excess of:
Schedule in respect to I.B.M., World Trade Corp., and Service Bureau Corp.
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This document outlines a certificate of excess reinsurance issued by General Reinsurance Corporation to various subsidiaries of International Business Machines Corporation, among others. It specifies the coverage limits for umbrella liability insurance provided by the Underwriters, Continental Casualty Company, and American Home Assurance Company.