THE ATNA CASUALTY AND SURETY COMPANY
HARTFORD, CONNECTICUT 06115

EXCESS (FOLLOWING PRIMARY) INDEMNITY POLICY

SECTION 1. DECLARATIONS

POLICY NO.1XN37 SC

1. 1 NAMED INSURED AND ADDRESS
INTERNATIONAL BUSINESS MACHINES CORPORATION,
I.B.M. WORLD TRADE CORP., THE SERVICE BUREAU
CORP., AND MANY OTHER SUBSIDIARY OR AFFILIATED
CORPORATIONS OF EACH PROVIDED SUCH OTHER SUB-
SIDIARY OR AFFILIATED CORPORATION WARRANTS
THAT IT IS UNDER THE SAME OPERATIVE AND FINAN-
CIAL CONTROL THROUGH THE IDENTITY OF ITS OFFICERS,
DIRECTORS OR STOCKHOLDERS.
590 MADISON AVENUE, NEW YORK, NEW YORK

1. 2 POLICY PERIOD
FROM 5-21-67 TO 5-21-70
(12:01 A.M. STANDARD TIME AT THE ABOVE ADDRESS)

1. 3 PREMIUM -
FLAT CHARGE $10,000.

1. 4 THE INSURANCE APPLIES SOLELY TO LOSS IN EXCESS OF THE TOTAL OF
ALL APPLICABLE LIMITS OF PRIMARY AND UNDERLYING INSURANCE SET FORTH
IN SECTION 1.6, SUBJECT TO THESE LIMITS OF ATNA CASUALTY'S LIABILITY
AS STATED IN SECTION 1.5 AND TO ALL OF THE TERMS OF THIS POLICY.

1. 5 LIMITS OF LIABILITY
$10,000,000. EACH OCCURRENCE
$10,000,000. AGGREGATE PRODUCTS

1. 6 SCHEDULE OF UNDERLYING INSURANCE

1. 61 UNDERLYING EXCESS(FOLLOWING PRIMARY) POLICIES
(EACH POLICY LISTED IN EXCESS OF ALL POLICIES LISTED BELOW IT)
SEE SCHEDULES ATTACHED

CONTINUED-