The Employers' Liability Assurance Corporation, Limited

POLICY NO.
E 16-8154-003

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. T.B.A., issued by Continental Casualty Co.

to:
International Business Machines Corporation, I.B.M. World Trade Corp., The Service Bureau Corp., and any other subsidiary or affiliated corporation of each provided such other subsidiary or affiliated corporation warrants that it is under the same operative and financial control through the identity of its officers, directors or stockholders - Armonk, New York

INSURED:

POLICY PERIOD:
May 21, 1967 to May 21, 1970

COVERAGE:
Excess Umbrella Liability

EXCEPTIONS: This insurance differs from the Policy which, Rate: Flat

Proportion of Risk Insured: $3,000,000.00 part of $7,500,000.00 each occurrence and in the aggregate, excess of $45,000,000.00 which in turn is excess of primary and/or Self Insured Retention.

Premium: $ 2,908.74
Other: None.

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

10/17/67 C