**Aetna Life & Casualty**

**EXCESS OVERLAYER INDEMNITY POLICY**

---

**THE AETNA CASUALTY AND SURETY COMPANY**

Hartford, Connecticut 06115

(a stock insurance company, herein called "Aetna Casualty")

**IN CONSIDERATION of the payment of the premium and subject to all of the terms of this policy, agrees with it, hereinafter named:**

**Section 1. DECLARATIONS**

**NAMED INSURED AND ADDRESS**

INTERNATIONAL BUSINESS MACHINES CORPORATION

ARMONK, NY 10504

**POLICY NO.** 01 XN 2597 WCA

**POLICY PERIOD**

From 5-21-80 To 5-21-81

12:01 A.M. standard time at the address of Insured

**PREMIUM:**

Flat charge

Adjustable at a rate of

Maximum Premium

Total Advance Premium $15,450

3 Year Policy Installments

1st Anniversary

2nd Anniversary

**LIMITS OF LIABILITY:**

25% ($10,000,000 MAXIMUM) QUOTA SHARE OF $40,000,000 EACH OCCURRENCE

25% ($10,000,000 MAXIMUM) QUOTA SHARE OF $40,000,000 ANNUAL AGGREGATE WHERE APPLICABLE

**ENDORSEMENTS:** SEE ENDORSEMENT INDEX