**AIU INSURANCE COMPANY**
**NEW YORK, NEW YORK**

**(A Stock Insurance Company herein called the Company)**

**AMERICAN INTERNATIONAL UNDERWRITERS**

**POLICY No. 75-104423**

The Company agrees with the Insured named below, in consideration of the premium paid and subject to all the terms and conditions set forth below that the insurance afforded by this policy shall follow all the terms and conditions of Policy No. 462031484 issued by CENTENNIAL INSURANCE COMPANY including all renewals and rewrites thereof.

**NAMED INSURED:** INTERNATIONAL BUSINESS MACHINES CORPORATION, ETAL (PER ENDT. NO.1)

**ADDRESS:** ARMONK, NEW YORK 10504

**POLICY PERIOD:** MAY 21, 1985 TO MAY 21, 1986 12:01 A.M. STANDARD TIME AT THE ADDRESS OF THE NAMED INSURED.

**COVERAGE:** EXCESS UMBRELLA LIABILITY

**LIMIT OF LIABILITY:** $7,000,000 CSL EACH OCCURRENCE AND ANNUAL AGGREGATE WHERE APPLICABLE PART OF $21,000,000 CSL EACH OCCURRENCE AND ANNUAL AGGREGATE WHERE APPLICABLE WHICH IS EXCESS OF $19,000,000 UNDERLYING UMBRELLAS AND PRIMARY INSURANCE.

**PREMIUM:** $43,910.00

**RATE:** FLAT ANNUAL

IN WITNESS WHEREOF, the Company has caused this policy to be signed by its President and Secretary and countersigned by a duly authorized representative of the Company.

**Signature:**
**Secretary**

**President**

**Johnson & Higgins**
**Insurance Brokers**
**Employee Benefit Plan Consultants**
**95 Wall St., New York 10005 * 701-7500**

**AG/10/79**
**AIU**
**10/81**