**Etna Excess Overlayer Indemnity Policy**

**The Etna Casualty and Surety Company**
100 Summer Street, Hartford, Connecticut 06118
is a stock insurance company, herein called "Etna Casualty."

In consideration of the payment of the premium and subject to all of the terms of this policy, agrees with the Insured named in the declarations as follows:

**Section 1. Declarations**

**Named Insured and Address:**
International Business Machines Corp.
Armonk, N.Y., 10504

**Policy Number:** 01 XN 1378 WCA

**Policy Period:**
From 5-21-77 To 5-21-78
12:01 A.M. standard time at the address of the insured.

**Premium:**
Adjustable at a rate of
Minimum Premium
Total Advance Premium $14,520
3 Year Policy Installments
1st Anniversary
2nd Anniversary

**Limits of Liability:**
($10,000,000 Maximum) Quota Share of
($40,000,000 Each Occurrence)
($10,000,000 Maximum) Quota Share of
($40,000,000 Annual Aggregate Where Applicable

**Endorsements:**
1. Broad Form Nuclear Energy Exclusion, Form No. 13113-A
See Endorsement Index

Printed in U.S.A.