**EXCESS LIABILITY POLICY**

**ADMINISTRATIVE OFFICES**
BIG WALNUT STREET
CINCINNATI, OHIO 45202
TEL: 1-513-369-5000
GREAT AMERICAN INSURANCE COMPANIES®

**Policy No.** TUE 123-61-03 - 00
**Renewal Of** TUE 891-86-99 - 00

**NAMED INSURED AND ADDRESS:**
INTERNATIONAL BUSINESS MACHINE
CORPORATION
(PER FIRST UNDERLYING POLICY)
OLD ORCHARD ROAD, ARMONK, N.Y.10504

**POLICY PERIOD:**
12:01 A.M. Standard Time at the address of the Named Insured shown at left.
From 05/21/96 To 05/21/97

**IN RETURN FOR PAYMENT OF THE PREMIUM, AND SUBJECT TO ALL TERMS OF THIS POLICY, WE AGREE WITH YOU TO PROVIDE THE INSURANCE AS STATED IN THIS POLICY.**

**AGENT'S NAME AND ADDRESS:**
JOHNSON & HIGGINS
125 BROAD STREET
NEW YORK NY 10004

**Insurance is afforded by company indicated below: (Each a capital stock corporation)**

- GREAT AMERICAN INSURANCE CO.
- AMERICAN ALLIANCE INSURANCE CO.
- AMERICAN NATIONAL FIRE INS. CO. (X)
- AGRICULTURAL INSURANCE CO.

**1. LEGAL ENTITY:**
- Individual
- Partnership (X) Corporation
- Other

**2. LIMITS OF INSURANCE:**
- $10,000,000.00 each occurrence
- $10,000,000.00 aggregate

**3. PREMIUM:**

| (A) Premium Basis | (B) Estimated Exposure | (C) Rate per |
|-------------------|------------------------|--------------|
| FLAT CHARGE       |                        | FLAT         |
|                   |                        |             |
|                   |                        |             |
| (D) Estimated     | (E) Minimum            | (F) Advance  |
| Premium           | Premium                 | Premium      |
|                   |                        |              |
|                   |                        |              |
| (X) Annual        | (X) Annual             | (X) Annual   |
| ( ) Term          | ( ) Term               | ( ) Term     |
|                   |                        |              |
| $                 | $ 3,250.00             | $ 13,000.00  |
|                   |                        |              |
| Total Advance Premium $ 13,000.00 |

**Premium shown is payable:** $ 13,000.00 at inception;

**In the event of cancellation by the Named Insured, the Company shall receive and retain not less than $ 3,250.00 as a policy minimum premium.**

**4. FORMS AND ENDORSEMENTS:** Applicable to all Coverage Parts and made part of this policy at time of issue are listed on the attached Forms and Endorsements Schedule GAI 6013 (02/89).

GAI 6500 (Ed. 02 89) PRO
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