**EFFECT THROUGH JOHNSON & HIGGINS**

**Established 1845**

**INSURANCE BROKERS-AVERAGE ADJUSTERS EMPLOYEE BENEFIT PLAN CONSULTANTS**

**CABLE ADDRESS "KEPODEN"**
**TELEX NO. 422096**

**Recorded:**
**95 WALL ST., NEW YORK, N.Y. 10005**
**TEL. 462-2000 AREA CODE 212**

**International Business Machines Corp.**
**Armonk, New York 10504**
**Attn: Richard Faron**
**Insurance Department**

**The insurances specified herein are hereby bound**

**attaching from 5/21/80 and expiring 5/21/81**

**ON: Renewal of National Union Fire Insurance Co. of Pittsburgh, Pa. Excess Umbrella Liability Policy 1225407 and American Home Excess Umbrella Liability Policy CE3640481 (Canada) expiring 5/21/80.**

**Renewal premium - $24,000.**

**(See attached)**

**Name of Insured:** International Business Machines Corporation, Etal

**Address of Insured:** As above

**Location of Risk:** Various

**Limits of Liability Additional Coverages**

**Limits of Liability - $15,000,000 each occurrence/aggregate where Workmen's Compensation applicable part of $40,000,000 excess of Employer's Liability $40,000,000 each occurrence/aggregate where Bodily Injury applicable. Property Damage**

**UNDERWRITERS:** American Home - Dennis Busti

**The underwriters accepting this risk acknowledge themselves bound by the terms, conditions and limitations of the policy (or policies) of insurance in current use by them for the kind (or kinds) of insurance specified herein.**

**Accepted by:**
**Richard T. Michell**
**A.M.**
**P.M.**

**WORKMEN'S COMPENSATION AND GENERAL LIABILITY**

**Page 1 of 2 pages**