**National Union Fire Insurance Company of Pittsburgh, PA**

**POLICY NO:** XXXXXXXX

**B/N CE 343 64 04**

The Company agrees with the Insured named below, in consideration of the premium paid and subject to all the terms and conditions set forth below that the insurance afforded by this policy shall follow all the terms and conditions of Policy Number to be advised issued by American Guaranty including all renewals and rewrites thereof.

**NAMED INSURED:** International Business Machines Corporation, IBM World Trade Corporation, etal.

**ADDRESS:** Armonk, New York 10504

**POLICY PERIOD:** July 1, 1977 to May 21, 1978 - 12:01 A.M. Standard Time at the address of the above Named Insured.

**COVERAGE:** Excess Umbrella Liability

**LIMIT OF LIABILITY:** $8,000,000/$8,000,000 excess of $2,000,000/$2,000,000 which in turn is excess of Various Primary & SIR Limits

**PREMIUM:** $103,150.

**RATE:** Flat

IN WITNESS WHEREOF, the Company has caused this policy to be signed by its President and Secretary at New York, New York and countersigned by a duly authorized representative of the Company.

**Secretary:** [Signature]
**President:** [Signature]

**Counter-signed by:** [Signature]