The Employers' Liability Assurance Corporation, Limited
Boston, Massachusetts

(A stock insurance company herein called the Company)

AGREES WITH THE INSURED named below in consideration of the payment of premium and, except as herein provided, subject to all the terms and conditions of Policy No. T.B.A., issued by Continental Casualty Company.

to:

INSURED: International Business Machines Corporation (As per Endorsement #1)
Armonk, New York

POLICY PERIOD: May 21, 1967 to May 21, 1970

COVERAGE: Excess Umbrella Liability

EXCEPTIONS: This insurance differs from the Policy which it follows in the following particulars:
Rate: Flat

Proportion of Risk Insured: $1,000,000.00 each occurrence and in the aggregate excess of $67,500,000.00 each occurrence and in the aggregate which in turn is excess of primary and/or self insured retention.

Premium: $ 969.58

Other:

IN WITNESS WHEREOF, The Employers' Liability Assurance Corporation, Limited has caused this policy to be signed by its authorized Manager acting under power of attorney, and countersigned by a duly authorized representative of the Company.

THE EMPLOYERS' LIABILITY ASSURANCE CORPORATION, LIMITED

Frank J. Carey
United States Manager and Attorney
J.X. O'Malley
ATTORNEY
Authorized Representative

11/7/67 C
E 16-8154-005