**EXCESS LIABILITY POLICY**

**THE HOME INSURANCE COMPANY**
*New York, New Hampshire*
*Stock Company*

**ITEM 1. Insured's Name and Mailing Address**
- **International Business Machines Corp., etal (as per end't. No. 1)**
- **Armonk, New York 10504**

**NEW YORK OFFICE**
*President: [Name]*
*Vice President: [Name]*
*State Lic.: [Number]*

**JOHNSON & HIGGINS**
*INSURANCE BROKERS*
*NEW YORK, NEW YORK*

**1 Year**

**5/21/76** **5/21/77**
*Inception (Mo. Day Yr.)* *Expiration (Mo. Day Yr.)*

**12:01 A.M.** *Standard Time at the address of the Named Insured as stated herein*

**ITEM 2. PRIMARY OR UNDERLYING INSURANCE — DESCRIPTION OF COVERAGE**

*$40,000,000.00 Umbrella Liability, Bodily Injury, Property Damage or both combined each occurrence and in the aggregate where applicable, as more fully described by American Guarantee & Loan Ins. Co. Policy No. (to be advised) and others, in turn excess of underlying insurances as per schedule on file with the Company.*

**ITEM 3. EXCESS COVERAGE AFFORDED BY THIS POLICY**

*$10,000,000.00 part of $40,000,000.00 Bodily Injury, Property Damage, or both combined, each occurrence and in the aggregate where applicable, following the terms, conditions, exclusions, and limitations of American Guarantee & Loan Ins. Co. Policy No. (to be advised) excess of the limits set forth under Item No. 2 above.*

**ITEM 4. PREMIUM**

*U.S.* **$11,538.00**
*Canada - See End't. No. 2*

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**In Witness Whereof, the said THE HOME INSURANCE COMPANY, NEW YORK has caused these Presents to be signed by its President and attested by its Secretary, in the City of New York, and this policy is made and accepted upon the above express conditions, but shall not be valid unless countersigned by a duly Authorized Representative of the Company at place of issue.**

*Joseph F. Lurie* *Secretary*
*P. H. Fuller Jr.* *President*

*COUNTERSIGNED BY AUTHORIZED REPRESENTATIVE*
*Vice President*
*DATE* **5/29/76**
*HO735/F13/74*