**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. RDU 9433884 issued by Continental Casualty Company

to:

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

Item 2. POLICY PERIOD: May 21, 1969 to May 21, 1970

Item 3. COVERAGE: Excess Umbrella Liability

Item 4. EXCEPTIONS: This insurance differs from the Policy which it follows in the following particulars:
(a) Rate Flat
(b) Proportion of Risk Insured: $2,500,000.00 each occurrence and in the aggregate excess of $122,500,000.00 each occurrence and in the aggregate which in turn is excess of primary and/or a Self Insured Retention

(c) Premium: $1,212.00

(d) 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

10/20/69 C

E9136-2

GEORGE DALLAS
RESIDENT LICENSED AGENT
BY Frank J. Carey
Authorized Representative