**PRUDENTIAL INSURANCE COMPANY**

Home Office:
745 Broad Street
Newark, New Jersey 07101

**EXCESS LIABILITY POLICY**

Policy No.: DXG 901114
Prior No.: 

**JOHNSON & HIGGINS**
INSURANCE BROKERS
EMPLOYEE BENEFIT PLAN CONSULTANTS
30 WALL ST., NEW YORK 10005
TELEPHONE: 212-682-4411

**DECLARATIONS**

Item 1. Insured's Name and Address
International Business Machines Corp. (As Per End. #1)
Armonk, New York, 10504

Item 2. Policy Period - From: May 21, 1975 To: May 21, 1977
(12:01 A.M. Standard Time at the address of the Named Insured as stated herein.)

Item 3. Coverage/Limits of Liability
This policy covers only with respect to those coverages indicated below, and shall apply only as excess of the Underlying Limits and then only up to the amount of the Excess Limits, shown below:

| UNDERLYING LIMITS | EXCESS LIMITS |
|-------------------|---------------|
| $40,000,000 each occurrence and annual aggregate Umbrella, and various underlying primary policies | $5,000,000 being 1/8 part of $40,000,000 each occurrence and annual aggregate excess of Underlying Limits |

Item 4. Premium
A) Deposit $6,000
B) Annual Minimum

Premium Basis:
Rate:

Item 5. Schedule of Underlying Insurance
American Guarantee and Liability Insurance Company policy 8752208, and other excess and primary policies totalling underlying limits.

**August 16, 1976**
Date
Authorized Signature