# DECLARATIONS
EXCESS LIABILITY POLICY

**Insured by the Stock Company checked below and hereinafter called the Company**

- Zurich Insurance Company, Schaumburg, Illinois
- Zurich-American Insurance Company of Illinois, Schaumburg, Illinois

## Item 1. Named Insured and Mailing Address (Number, Street, Town or City, State, Zip Code)
- **International Business Machine Corp.**
  - Corporate Headquarters: Armonk, New York 10504

## Item 2. Policy Premium
- **Flat charge:** $16,625.

## Item 3. Limits of Liability
- The Company's liability under this policy shall not exceed the following Limit:
  - **9.09 Percent of the ultimate Net Loss in excess of all underlying insurance but for no greater amount than:**
    - **$5,000,000. Each Occurrence**
    - **$5,000,000. Annual Aggregate as defined in the First Underlying Insurance Policy**

## Item 4. Schedule of Underlying Insurance
- **First Underlying Insurance Policy:**
  - **Carrier:** National Union
  - **Policy No.: To Be Advised**
  - **Term:** 5-21-95 to 5-21-96
  - **Underlying Limit:** $25,000,000. Each Occurrence
  - **Annual Aggregate (where applicable):** $25,000,000.
- **Other Underlying Insurance:**
  - **Various Companies**
    - **Underlying Limit:** $35,000,000. Each Occurrence
    - **Annual Aggregate (where applicable):** $35,000,000.

## Subject to forms attached hereto (enter form numbers and edition dates)
- Z35269F
- Z38529F
- Z22300F - 1,2,3,4,5,6,7.

## Countersigned at New York, N.Y.
- **Issue Date:** 5-23-95 lyl
- **Countersign Date:** [Signature]

**DO NOT WRITE IN THIS BOX**

**Producer Name:** Johnson & Higgins
**Policy Period:** From (Mo-Day-Yr) 05-21-95 To (Mo-Day-Yr) 05-21-96 12:01 a.m. Standard Time at the address of the Named Insured.
**Policy Minimum Premium:** $4,156.
**1st Anniversary:** $ ——
**2nd Anniversary:** $ ——

**Zurich Insurance Company Ed. 5-91**