# National Union Fire Insurance Company of Pittsburgh, PA

**122 44 38**

**R/N CE 243 64 04**

The Company agrees with the insured named below to pay and subject to all the terms and conditions set forth in this policy shall follow all the forms and schedules furnished by American Guaranty.

**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:** $0,000,000/$8,000,000 excess of $2,000,000/$2,000,000 which 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.

**Marion E. Fajin**  
**SECRETARY**  
Johnson & Higgins  
95 Wall Street  
New York, N.Y. 10005  

**Countersigned by:** [Signature]

**7/29/77**