**LIBERTY MUTUAL INSURANCE COMPANY**

**HOME OFFICE: BOSTON**

**(A Mutual Insurance Company, Herein Called the Company)**

For itself, severally and not jointly and in the proportionate share hereinafter set forth, agrees with the insured named below in consideration of the payment of the premium and, except as herein provided, subject to all the terms and conditions of the Excess Umbrella Policy issued by the American Home Assurance Company to:

Continental Casualty Company, Chicago, Illinois to:

**INSURED:** International Business Machines Corporation, I.B.M. World Trade Corp., The Service Bureau Corp., and any other subsidiary or affiliated corporation of each provided such other subsidiary or affiliated corporation warrants that it is under the same operative and financial control through the identity of its officers, directors or stockholders." Armonk, New York, 10504

**COVERAGE:** Excess Umbrella - excluding Errors & Omissions

**EXCEPTIONS:**

(1) **Policy Period:** From May 21, 1967 to May 26, 1970 12:01 A.M. Standard Time at New York.

(2) **Loss Payable:** Liability under this policy with respect to any occurrence shall not attach unless and until the Insured, the Insured's underlying primary insurers and Insured's underlying excess umbrella insurers shall have paid on account of such occurrence the full amount of the "retained limit" as hereinafter defined.

'Retained limit' means the total sum of Eighty Five Million Two Hundred Thousand Dollars ($85,200,000) plus the underlying limits as defined in the Excess Umbrella Policy issued by American Home Assurance Company."

(3) **Proportionate Share:** One hundred percent (100%) share of the next Two Million Dollars ($2,000,000) layer of ultimate net loss in excess of the retained limit.