The Company issuing this policy is indicated by an "X" in the box to the left of the Company's name.

- AMERICAN HOME ASSURANCE COMPANY
- THE INSURANCE COMPANY OF THE STATE OF PENNSYLVANIA

(A Stock Insurance Company, herein called "the Company")

POLICY NO. CE - 2691929
R/N CE 30-54

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 Number [blurred], issued by The United States Fire Insurance Co., including all renewals and rewrites thereof.

NAMED INSURED: International Business Machines Corporation (See End't. #1)

ADDRESS: Armonk, New York 10504

POLICY PERIOD: July 1, 1971 - July 1, 1972
12:01 a.m. standard time at the address of the above Named Insured.

COVERAGE: Excess following Form Umbrella Liability

LIMIT OF LIABILITY: $8,000,000 excess of $2,000,000.

PREMIUM: $4,500.00 prepaid

RATE:

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

[Signature]
[Name]

J. G. Frelinghuysen Corp.
30 Vesey Street
New York, New York 10007

Countersigned by:
[Signature]
[Name]

Form 2361 (4-68)