THE ATNA CASUALTY AND SURETY COMPANY
HARTFORD, CONNECTICUT 06115

EXCESS (FOLLOWING PRIMARY) INDEMNITY POLICY

SECTION 1. DECLARATIONS
POLICY NO. IXN39 SC

1. 1 NAMED INSURED AND ADDRESS
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 SUB-
SIDIARY OR AFFILIATED CORPORATION WARRANTS
THAT IT IS UNDER THE SAME OPERATIVE AND FINAN-
CIAL CONTROL THROUGH THE IDENTITY OF ITS OFFICERS,
DIRECTORS OR STOCKHOLDERS.

ARMONK, NEW YORK

1. 2 POLICY PERIOD
FROM 5-21-67 TO 5-21-70
(12:01 A.M., STANDARD TIME AT THE ABOVE ADDRESS)

1. 3 PREMIUM -
FLAT CHARGE $5,000.

1. 4 THE INSURANCE APPLIES SOLELY TO LOSS IN EXCESS OF THE TOTAL OF ALL
APPLICABLE LIMITS OF PRIMARY AND UNDERLYING INSURANCE AS SET FORTH
IN SECTION 1.5, SUBJECT TO THE LIMITS OF ATNA CASUALTY'S LIABILITY
AS STATED IN SECTION 1.5 AND TO ALL OF THE TERMS OF THIS POLICY.

1. 5 LIMITS OF LIABILITY
$5,000,000. EACH OCCURRENCE
$5,000,000. AGGREGATE PRODUCTS

1. 6 SCHEDULE OF UNDERLYING INSURANCE
1. 61 UNDERLYING EXCESS (FOLLOWING PRIMARY) POLICIES
(EACH POLICY LISTED IS EXCESS OF ALL POLICIES LISTED BELOW IT)
SEE SCHEDULES ATTACHED

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