**CERTIFICATE OF EXCESS INSURANCE**

**IN CONSIDERATION OF THE PAYMENT OF THE PREMIUM AND SUBJECT TO THE DECLARATIONS, TERMS AND CONDITIONS HEREOF, THE COMPANY DOES HEREBY ISSUE THIS CERTIFICATE OF EXCESS INSURANCE TO THE INSURED.**

**DECLARATIONS**

**INTERNATIONAL BUSINESS MACHINES CORP. SEE ENDT. #1**

**ITEM 1: STREET LOCATION**
- STREET: ARMONK,
- CITY: WHITE PLAINS
- XS: 3480
- ZIP: 10504
- STATE: NEW YORK

**ITEM 2: EFFECTIVE DATE**
- 5/21/77
- 5/21/78

**ITEM 3: PREMIUM PAYABLE**
- $6,000.00
- ADJUSTABLE AT A RATE OF FLAT PER

**ITEM 4: UNDERLYING INSURANCE**
- REFER TO SCHEDULE ENDT. #2

**ITEM 5: LIMIT(S) OF COVERAGE HEREUNDER**
- COMPANY'S LIMIT $5,000,000 EACH OCCURRENCE
- AND IN THE AGGREGATE WHERE APPLICABLE PART OF $50,000,000 IN EXCESS OF THE UNDERLYING LIMITS STATED IN ITEM 4 (ENDT. #2) OF THE CERTIFICATE DECLARATIONS

**ITEM 6: CANCELLATION**
- 30 (THIRTY DAYS)
- 6/22/77 MOT

**COUNTERSIGNED BY:** [Signature]