THE TRAVELERS INDEMNITY COMPANY

FOLLOWING FORM EXCESS LIABILITY
POLICY DECLARATIONS PAGE

POLICY NUMBER 7FSJEX-220T381-9-92

The limit of our liability shall be as stated herein, subject to all the terms of this policy having reference thereto.

Item 1. Name Insured: INTERNATIONAL BUSINESS MACHINES CORPORATION (as per controlling underlying policy) CORPORATE HEADQUARTERS Address: ARMONK NY 10504

Item 2. Policy Period: From 05/21/92 to 05/21/93 12:01 a.m. standard time at the address of the named insured as stated herein Cancellation Notice days.

Item 3. Premium: $25,000 Flat Charge

Item 4. Limits of Liability Quota Share Policy 9 Percent of $55,000,000
a. $5,000,000 Each Accident or Occurrence
b. $5,000,000 Aggregate
c. $NOT APPLICABLE Policy Aggregate

Item 5. Underlying Policies and Limits:
Policy Limits Company
See Schedule of Underlying Policies and Limits (FF-22)

Item 6. Controlling Underlying Policies and Limits:
Company: AMERICAN HOME INSURANCE COMPANY
Policy: BE3086019
Limits of Liability: $25,000,000 Each Occurrence $25,000,000 Aggregate (where applicable)
[X] Coverage applies excess of a reduced aggregate

Item 7. On the effective date shown in Item 2, the Following Form Excess Liability Policy numbered above includes this Declarations Page and the Policy Jacket (Form which contains the Nuclear Energy Liability Exclusion) and any endorsements listed hereafter:

CG T1 02 08 86; See Endorsement 9380.