**Commercial Union Insurance Company**
Boston, Massachusetts

(A stock insurance company herein called the Company)

AGREES WITH THE INSURED named below in consideration of the payment of premium and, except as herein provided, subject to all the terms and conditions of Policy No. 8752208 or renewal thereof issued by American Guarantee Liability Insurance Company

to:

Item 1. INSURED: International Business Machines Corporation, Etal (as per End. #1) Armonk, New York 10504

Item 2. POLICY PERIOD: May 21, 1976 to May 21, 1977

Item 3. COVERAGE: Excess Umbrella Liability

Item 4. EXCEPTIONS: This insurance differs from the Policy which it follows in the following particulars:
(a) Rate Flat
(b) Proportion of Risk Insured: $10,000,000.00 part of $20,000,000.00 each occurrence and in the aggregate excess of $130,000,000.00 each occurrence and in the aggregate which in turn is excess of primary Insurance or a Self Insured Retention

(c) Premium: 5000.00

(d) Other: GU 9157 G2810 End. #1

IN WITNESS WHEREOF, Commercial Union Insurance Company has caused this policy to be signed by its authorized Manager acting under power of attorney, and countersigned by a duly authorized representative of the Company.

**Commercial Union Insurance Company**
Boston, Massachusetts

**J. Marshall Taylor**
Secretary

**Johnson & Higgins**
**E. A. Hume**
President
**RESIDENT LICENSED AGENT**
BY E. B. W.
**Authorized Representative**