**AIU INSURANCE COMPANY**
NEW YORK, NEW YORK
(A Stock Insurance Company herein called the Company)
AMERICAN INTERNATIONAL UNDERWRITERS
POLICY No. 102049
RENEWAL OF 75-101963

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. 462-01-86-23 issued by CENTENNIAL INS. CO., including all renewals and rewrites thereof.

**NAMED INSURED: INTERNATIONAL BUSINESS MACHINE CORP.**
**ADDRESS:** ARMONK, NEW YORK 10504
**POLICY PERIOD:** MAY 21, 1980 TO MAY 21, 1981
**COVERAGE:** EXCESS LIABILITY
**LIMIT OF LIABILITY:** $5,000,000 COMBINED SINGLE LIMIT EACH OCCURRENCE AND ANNUAL AGGREGATE PART OF $21,000,000 COMBINED SINGLE LIMIT EACH OCCURRENCE AND ANNUAL AGGREGATE WHICH IN TURN EXCEEDS OF $19,000,000. UNDERLYING UMBRELLAS WHICH ARE IN EXCESS OF PRIMARY.
**PREMIUM:** $9,654.00
**RATE:**

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.

**[Signature]**
**President**
**AMERICAN INTERNATIONAL UNDERWRITERS**
Countersigned by: [Signature]