**American Excess Insurance Company**

(Hereinafter called the Company)

Wilmington, Delaware

Administrative Office: One Liberty Plaza, 10 Liberty Street,
New York, New York 10005

**Attention:** Mr. Richard Michel
**Declaration**
International Business Machines Corporation (hereinafter called the Insured)

**Item 1**
Street Location: Armonk
City: New York
State: New York

**EUL:** 000-20
**Certificate No.:** OH
**Branch Prior Certificate No.:** NEW

**Item 2**
Effective Date: 5/21/79 12:01 A.M.
Expiration Date: 5/21/80 12:01 A.M.

**Item 3**
Premium (Continued)
Advance Premium: $4,827.00
Rate: NONE
Minimum Premium: $4,827.00

**Item 4**
Description of Coverage Hereunder: Excess Umbrella Liability.

**Item 5**
Underlying Policy and Limits:
Company: As per Schedules on file with the Company
Policy Number: 
Limits: $130,000,000.00 each occurrence and in the aggregate where applicable, Umbrella Liability.

**Item 6**
Limit(s) of the Company's Liability: $5,000,000.00 each occurrence and in the aggregate where applicable part of $45,000,000.00 each occurrence and in the aggregate where applicable in excess of the total limit of liability specified in Item 5 above.

**Item 7**
Cancellation: 30 days

**Date:** 5/22/79
**Counter-signed by:** [Signature]
**Authorized Representative**

**Printed in U.S.A.**

**Important Note:**
The terms and conditions of this certificate differ from those contained in the certificate. This certificate replaces the previous one. Please read this future certificate carefully.