# Excess Overlayer Indemnity Policy

## The Aetna Casualty and Surety Company
Hartford, Connecticut 06115
(a stock insurance company, herein called "Aetna Casualty")

## Section 1. Declarations

### Named Insured and Address
- **International Business Machines Corp**
- **Old Orchard Road**
- **Armonk, N.Y. 10504**

### Policy No.
01 XN 7906 SCA

### Policy Period:
From 5-21-91 To 5-21-92
12:01 A.M. standard time at the address of Insured

### Premium:
- Flat charge

### Limits of Liability:
- 40% ($10,000,000 maximum) Quota Share of $25,000,000 Each Occurrence
- 40% ($10,000,000 maximum) Quota Share of $25,000,000 Annual Aggregate Where Applicable

### Total Advance Premium: $120,000
3 Year Policy Installments:
- 1st Anniversary
- 2nd Anniversary

### Endorsements:
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SEE ENDORSEMENT INDEX

Printed in U.S.A.