**CENTENNIAL INSURANCE COMPANY**
45 Wall Street, New York, N.Y.

**CERTIFICATE OF EXCESS INSURANCE**
CERTIFICATE NO: 462 01 59 311

IN CONSIDERATION OF THE PAYMENT OF THE PREMIUM AND SUBJECT TO THE DECLARATIONS,
TERMS AND CONDITIONS HEREOF, THE COMPANY DOES HEREBY INSURE:

**DECLARATIONS**

**ITEM 1.** NAMED INSURED: INTERNATIONAL BUSINESS MACHINES CORP.
P.O. ADDRESS: ARMONK, NEW YORK 10504
ATT: MR. RICHARD FARON, INS. DEPT.

**ITEM 2.** CERTIFICATE PERIOD:
FROM: 5/21/76
TO: 5/21/77
12:01 A.M. Standard time at the address of the named insured as stated herein

**ITEM 3.** PREMIUM PAYABLE: $ 10,000.
Total Premium
At Inception Date
1st Anniversary
2nd Anniversary
Subject to Annual Minimum Premium

**ITEM 4.** UNDERLYING INSURANCE:
TWENTY MILLION ($20,000,000.) DOLLARS COMBINED SINGLE LIMIT EACH OCCURRENCE/
ANNUAL AGGREGATE, EXCESS OF PRIMARY

**ITEM 5.** DESCRIPTION OF COVERAGE - LIMITS OF LIABILITY HEREUNDER:
FIVE MILLION ($5,000,000.) DOLLARS COMBINED SINGLE LIMIT EACH OCCURRENCE/
ANNUAL AGGREGATE, PART OF TWENTY MILLION ($20,000,000.) DOLLARS COMBINED
SINGLE LIMIT EACH OCCURRENCE/ANNUAL AGGREGATE EXCESS OF TWENTY MILLION
($20,000,000.) DOLLARS COMBINED SINGLE LIMIT EACH OCCURRENCE/ANNUAL
AGGREGATE, EXCESS OF PRIMARY, EXCLUDING ERRORS & OMISSIONS.

**PREVIOUS CERTIFICATE NO:** 462 01 09 72
**PRODUCER:** JOHNSON & HIGGINS

**DATE:** 5/20/76
COUNTERSIGNED BY C. Manfield
AUTHORIZED SIGNATURE

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