**ZURICH INSURANCE COMPANY**
**CASSON BLVD., CHICAGO, ILLINOIS 60604**

**EXCESS POLICY DECLARATIONS**

**Policy Number:** GA 87-46-505

**ITEM 1. NAMED INSURED:** INTERNATIONAL BUSINESS MACHINES CORP. (See End. #1)

**ITEM 2. ADDRESS:** ARMONK, NEW YORK

**ITEM 3. POLICY PERIOD:** From 12:01 o'clock A.M., May 21, 1973 to May 21, 1976

**ITEM 4. UNDERLYING INSURANCE (Designate Carrier):**

* U.S. FIRE
* AMERICAN HOME
* CONTINENTAL CASUALTY
* HOME INSURANCE COMPANY
* AMERICAN REINSURANCE

**ITEM 5. LIMIT OF LIABILITY:** $5,000,000. PART OF $20,000,000. IN EXCESS OF ITEM 6 BELOW.

**ITEM 6. UNDERLYING LIMIT (Total):** $20,000,000. IN EXCESS OF PRIMARY INSURANCE.

**ITEM 7. PREMIUM:** $ U.S. $16,895.
CANADA $605.
$17,500.

**Countersigned by:** [Signature]