5. OTHER INSURANCE

If other valid and collectible insurance with any other insurer is available to the Assured covering a loss also covered by this Policy, other than insurance that is in excess of the insurance afforded by this Policy, the insurance afforded by this Policy shall be in excess of and shall not contribute with such other insurance.

DECLARATIONS

ITEM 1. NAMED ASSURED:
INTERNATIONAL BUSINESS MACHINES CORPORATION

ITEM 2. UNDERLYING UMBRELLA POLICIES:
VARIOUS - AS PER SCHEDULE ON
FILE WITH COMPANY

ITEM 3. UNDERLYING UMBRELLA LIMITS
(INSURING AGREEMENT 11):
$143,000,000.00

ITEM 4. UNDERLYING UMBRELLA AGGREGATE LIMITS
(INSURING AGREEMENT 11):
$143,000,000.00

ITEM 5. LIMIT OF LIABILITY
(INSURING AGREEMENT 11):
$1,000,000.00

ITEM 6. AGGREGATE LIMIT OF LIABILITY
(INSURING AGREEMENT 11):
$1,000,000.00

ITEM 7. NOTICE OF OCCURRENCE (CONDITION 4) TO:
SAYRE & TOSO, INC.

ATTACHED TO AND FORMS PART OF: POLICY NO. M 72607
ISSUED TO: INTERNATIONAL BUSINESS MACHINES CORPORATION
DATED AT: LOS ANGELES, CALIFORNIA
JULY 30, 1970

SAYRE & TOSO, INC.
BY: [Signature]