**EXCESS INDEMNITY POLICY**

INSURANCE UNDER THIS POLICY IS PROVIDED BY SEVERAL SEPARATE INSURERS, WHO ARE ALL MEMBERS OF THE AMERICAN EXCESS INSURANCE ASSOCIATION. THE LIABILITY OF THESE INSURERS IS SEVERAL AND NOT JOINT AND IS SET OUT SPECIFICALLY IN ENDORSEMENT NUMBER 1 WHICH IS ATTACHED TO AND FORMS PART OF THIS POLICY.

**American Excess Insurance Association (Herein called the "COMPANY")**

Words and phrases that appear in all capital letters have the special meanings set forth in Section V-DEFINITIONS.

**DECLARATIONS**

POLICY NUMBER: NN500107496

Item 1: NAMED INSURED: INTERNATIONAL BUSINESS MACHINES CORPORATION
Address of NAMED INSURED: OLD ORCHARD ROAD ARMONK, NY 10504

Item 2: COMPANY'S Limit of Liability under this POLICY in the aggregate for all covered OCCURRENCES: $100,000,000.00 part of $100,000,000.00. See Endorsement Number 1 to this POLICY.

Item 3: PER OCCURRENCE UNDERLYING AMOUNT: $100,000,000.00

"DEFENSE EXPENSES" ARE INCLUDED IN THE LIMITS OF LIABILITY OF THE POLICY AND ARE IN THE "PER OCCURRENCE UNDERLYING AMOUNT"

AEIA 1-NY REV. A.
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