**Y-503**

**The Fidelity & Casualty Company of N.Y.**

**20 Maiden Lane, New York, N.Y.**

**EXCESS POLICY DECLARATIONS**

**Policy Number LX 633 C2 23**

**ITEM 1. NAMED INSURED:** INTERNATIONAL BUSINESS MACHINES CORP.

**ITEM 2. ADDRESS:** ARMONK, NEW YORK

**(Number and Street, Town or City, County and State)**

**ITEM 3. POLICY PERIOD:** From 12:01 o'clock A.M., MAY 21, 1967 to MAY 21, 1970

**(hour and minutes)**

12:01 A.M., standard time at the address of the named insured as stated herein.

**ITEM 4. UNDERLYING INSURANCE (Designate Carrier and Policy Number):**

CONTINENTAL CASUALTY COMPANY RUE S433466

**ITEM 5. LIMIT OF LIABILITY:** $5,000,000, IN EXCESS OF ITEM 6 below

**ITEM 6. UNDERLYING LIMIT (Total):** $1,000,000, IN EXCESS OF PRIMARY INSURANCE AS DESCRIBED IN CONTINENTAL CASUALTY COMPANY'S POLICY No. RUE S433466

**ITEM 7. PREMIUM:** $ U.S. CANADA

$150.15 (See Endt.No.2)

$500.00

Countersigned by: [Signature]