# Placement Binder

## Insured:
- **Name:** International Business Machines Corporation
- **Address:** Armonk, New York U.S.A.

## Type:
- **Excess Umbrella Liability**

## Period:
- **12 Months effective 21st May, 1986**

## Limit:
- $2,500,000 each occurrence and in the aggregate where applicable part of $25,000,000 each occurrence and in the aggregate excess of $25,000,000 each occurrence and in the aggregate where applicable which in turn excess of the underlying insurance.

## Terms and Conditions:
- To follow those of the lead Umbrella with the Hartford Policy No.: T.B.A.
- Subject to: Excluding Absolute pollution, Data processors E&O, Aircraft products and grounding, CCC, Discrimination and Asbestos.

## Premium:
- $87,500

## Brokerage:
- 15% plus applicable taxes

## Written Line:
- $2,500,000

## Insurer:
- Zurich International Ltd.

## Signature:
- (Signature present but not legible)

## Date:
- 12 June 1986

## Reference:
- Z 008760

## CSL/pw/1554

## J&H Intermediaries Limited