# COMMERCIAL UMBRELLA DECLARATIONS

**NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.**

- A CAPITAL STOCK COMPANY
- ADMINISTRATIVE OFFICES
  - 70 PINE STREET, NEW YORK, N.Y. 10270-0150

**POLICY NUMBER:** BE 701 41 56
**RENEWAL OF:** BE 357 56 96

**PRODUCER NAME:** Marsh & McLennan Global Broking, Inc.
**ADDRESS:** 1166 Avenue of the Americas
           New York, New York 10036

**ITEM 1. NAMED INSURED:** International Business Machines Corporation
**ADDRESS:** New Orchard Road
           Armonk, New York 10504-0000

**ITEM 2. POLICY PERIOD:** FROM MAY 21, 1999 TO MAY 21, 2000 AT
                      12:01 A.M. STANDARD TIME AT THE ADDRESS OF THE NAMED INSURED SHOWN ABOVE.

**ITEM 3. LIMITS OF INSURANCE**
The Limits of Insurance, subject to all the terms of this policy, are:
- **A. $50,000,000 Each Occurrence**
- **B. $50,000,000 General Aggregate (in accordance with Section III, Limits of Insurance)**
- **C. $50,000,000 Products-Completed Operations Aggregate (in accordance with Section III, Limits of Insurance)**
- **D. $10,000 Self Insured Retention**

**ITEM 4. PREMIUM COMPUTATION**
- ESTIMATED EXPOSURE: N/A
- RATE/PER: FLAT
- ADVANCE PREMIUM: $594,000
- MINIMUM PREMIUM: $594,000

**ITEM 5. ENDORSEMENTS ATTACHED:** See Attached Schedule

**COUNTERSIGNED:** BY AUTHORIZED REPRESENTATIVE