Excess Umbrella Liability Policy

No. RK1-300-007504-029 ID 92

ISSUED TO International Business Machines Corporation

Expires May 21, 1969

Liberty Mutual Insurance Company

Home Office: Boston

The named insured is hereby notified that by virtue of this policy he is a member of Liberty Mutual Insurance Company and is entitled to vote either in person or by proxy at any and all meetings of said company.

This policy is classified in Dividend Class I—

General Class.

The annual meetings are held at its home office, Boston, Massachusetts, on the second Wednesday of April in each year, at eleven o'clock in the morning.

This policy is nonassessable.