**GRANITE STATE INSURANCE COMPANY**
**MANCHESTER, NEW HAMPSHIRE**
**(A Stock Insurance Company herein called the Company)**
**AMERICAN INTERNATIONAL UNDERWRITERS**

**POLICY No. SCLD 80-93224**

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. T/B/A issued by T/B/A including all renewals and rewrites thereof.

**NAMED INSURED:** INTERNATIONAL BUSINESS MACHINES CORP., ETAL.
**ADDRESS:** ARMONK, NEW YORK 10504
**POLICY PERIOD:** MAY 21, 1977 TO MAY 21, 1978
**COVERAGE:** EXCESS LIABILITY
**LIMIT OF LIABILITY:** $5,000,000. EACH OCCURRENCE SUBJECT TO AN AGGREGATE OF $5,000,000. PART OF $21,000,000. EXCESS OF $19,000,000. WHICH IS EXCESS OF UNDERLYING INSURANCES.
**PREMIUM:** $12,500. ANNUAL
**RATE:** $2,500. PER $1,000,000. ANNUAL

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.

**John Flood**
**Secretary**

**Carl P. Burton**
**President**

**JP/LML**
**AIU**

**Countersigned by:**
**Authorized Representative**
**Treaty 999**
**100%**