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

**CERTIFICATE OF EXCESS INSURANCE**
CERTIFICATE NO: 462-01-67-08

**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, N.Y.
ATT: MR. RICHARD FARON, INS. DEPT.

**ITEM 2. CERTIFICATE PERIOD:**
FROM: 5/21/77
TO: 5/21/78
12:01 A.M. Standard time at the address of the named insured as stated herein

**ITEM 3. PREMIUM PAYABLE:**
$ 12,500.
Total Premium
$ At Inception Date
$ 1st. Anniversary
$ 2nd. Anniversary
Subject to Annual Minimum Premium $ _____

**ITEM 4. UNDERLYING INSURANCE:**
NINETEEN MILLION ($19,000,000.) 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.) COMBINED SINGLE LIMIT EACH OCCURRENCE/ANNUAL
AGGREGATE, PART OF TWENTY-ONE MILLION ($21,000,000.) DOLLARS COMBINED
SINGLE LIMIT EACH OCCURRENCE/ANNUAL AGGREGATE EXCESS OF NINETEEN MILLION
($19,000,000.) DOLLARS COMBINED SINGLE LIMIT EACH OCCURRENCE/ANNUAL
AGGREGATE EXCESS OF PRIMARY.

**PREVIOUS CERTIFICATE NO: 462-01-59-31**
PRODUCER: JOHNSON & HIGGINS

**5/19/77**
DATE
COUNTERSIGNED BY [Signature]
AUTHORIZED SIGNATURE

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