**NEW ENGLAND INSURANCE COMPANY**

**POLICY NO.:** EN 0000405  
**EN 0000043**  
**RENEWAL OF NO.**

**(A stock insurance company)**  
Administrative Offices: 60 Batterymarch Street, Boston, Massachusetts 02110

**Item 1. Named Insured and Mailing Address**  
IBM  
CORPORATE HEADQUARTERS  
ARMONK, NEW YORK 10504

**Item 2. Policy Period:** Inception May 21, 1990  
Expiration May 21, 1991  
12:01 A.M., Standard Time at the mailing address shown above.

**Item 3. Limits of Insurance.**  
The Limits of Insurance, subject to all the terms of this policy are:
- (a) Per Occurrence Limit $5,000,000 p/o
- (b) Products/Completed Operations Combined Aggregate Limit $25,000,000
- (c) General Aggregate Limit $5,000,000 p/o

**Item 4. Total Limits of Insurance — all underlying insurance policies**  
25,000,000 each occurrence/25,000,000 aggregate in excess of various underlying insurance.

**Item 5. Controlling Underlying Insurance Policy**  
Except as otherwise provided by this policy, this insurance shall follow all the terms, conditions, definitions and exclusions of the controlling underlying insurance policy.  
Policy No. To be advised Issued By American Home Type of Coverage Umbrella

**Item 6. Premium:**  
Advance Premium: $67,500  
Minimum Premium $13,500  
Rate: Flat

**Form numbers of endorsements forming part of this policy when issued:**  
EL-G38, EL-S2, Endt's # 1-4

**5-31-90/f1**  
Countersigned by:

The company located these documents in its business records. At this time, the company does not certify that these documents constitute a complete and accurate copy of the policy.