**New England Reinsurance Corporation**

**First State Underwriters Agency**

**Administrative Offices: 60 Batterymarch Street, Boston, Massachusetts 02110**

**Renewed by:**

**791711 & 791710**

**Named Insured and Mailing Address**

- **INTERNATIONAL BUSINESS MACHINES CORP., ETAL (See End't. #1)**
- **Old Orchard Road**
- **Armonk, New York 10504**

**Item 1. Policy Period:**
- From: May 21, 1981
- To: May 21, 1982

12:01 A.M., Standard Time at the address of the named Insured as stated herein.

**Item 2. Premium:**
- Advance Premium: $ (A) $4,000. (B) $2,300.
- Rate: Flat
- Minimum Premium: $ (A) $4,000. (B) $2,300.

If the Policy Period is more than one year and the premium is to be paid in installments, premium is payable on:
- Effective Date: $ ---
- 1st Anniversary: $ ---
- 2nd Anniversary: $ ---

**Item 3. Coverage:** EXCESS UMBRELLA LIABILITY

**Item 4. Limits of Liability:** The limit of the Company's liability shall be as stated herein, subject to all the terms of this Policy having reference thereto.

See attached Endorsement #2

**Item 5. Underlying Umbrella Insurer(s) and Policy Numbers:**
(1) Centennial Insurance Co. # 462-01-86-23 (End't #4)
(2) National Union
(3) Northbrook Excess & Surplus Insurance Co.

**Item 6. Underlying Limits of Liability:**

See attached Endorsement #3

**Forms attached:** E-48, CP-1, C-47

Countersigned by:

**Date of Issue:** 7/21/81 bh

**The company located these documents in its business records until this date. The company does not certify that these documents constitute a complete and accurate copy of the policy.**

C-253-1D