**American Excess Insurance Company**

(hereinafter called the Company)
Wilmington, Delaware

Administrative Office: One Liberty Plaza, 301 Liberty St.
New York, New York 10005

**DECLARATIONS**

**INTERNATIONAL BUSINESS MACHINES**
(HEREINAFTER CALLED THE INSURED)

**ITEM 1**
- STREET LOCATION: Armonk
- CITY: New York
- STATE: NY

**EUL**: 5079620
**OH**: EUL-5001920
**CERTIFICATE NO.**: 
**BRANCH PRIOR CERTIFICATE NO.**:

**ITEM 2**
- EFFECTIVE DATE: 5/21/80
- EXPIRATION DATE: 5/21/81
- ITEM 3 TOTAL PREMIUM: $4,838.00

**ITEM 3**
- PREMIUM (CONTINUED):
  - ADVANCE PREMIUM: $4,838.00
  - RATE: NONE
  - MINIMUM PREMIUM: $4,838.00

**ITEM 4**
- DESCRIPTION OF COVERAGE HEREUNDER: Excess Umbrella Liability

**ITEM 5**
- UNDERLYING POLICY AND LIMITS:
  - COMPANY: As per Schedules on file with the Company
  - POLICY NUMBER: 
  - LIMITS: $130,000,000 each occurrence and in the aggregate where applicable Umbrella Liability.

**ITEM 6**
- LIMIT(S) OF THE COMPANY'S LIABILITY: $5,000,000 each occurrence and in the aggregate where applicable part of $45,000,000 each occurrence and in the aggregate where applicable in excess of the total limit of liability specified in Item No. 5 above.

**ITEM 7**
- CANCELLATION: 30 days

**DATE**: 5/30/80 /ek

**FORM AE-P-001-A.W.Y.-1-79**

**ORIGINAL COPY**

**COUNTERSIGNED BY:** Robert Futo
**AUTHORIZED REPRESENTATIVE**

**PRINTED IN U.S.A.**

**CERTIFICATE OF EXCESS INSURANCE**