**FIREMAN'S FUND INSURANCE**

A STOCK COMPANY
HOME OFFICE: SAN FRANCISCO, CA

Firemen's Fund Ins. Co.
$2,500,000
(excess of $87,200,000)

#39
#10

**DECLARATIONS**

Item 1. NAMED INSURED: 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.

Item 2. ADDRESS: Armonk, N.Y.

Item 3. POLICY PERIOD: From: January 1, 1967 To: May 21, 1970 (12:01 A.M. Standard Time at address of the Insured)

Item 4. PREMIUM BASIS: Flat Charge

Item 5. ADVANCE PREMIUM: $ 2,257.00 ANNUAL MINIMUM PREMIUM: $ 667.00

In the event of cancellation by the Named Insured, the Company shall receive and retain not less than $ 350.00 as the Policy Minimum Premium.

Item 6. SCHEDULE OF UNDERLYING INSURANCE:

As per Schedule on file with the Company.

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N-ES 34A 7-63