**EXCESS LIABILITY POLICY DECLARATIONS**

**COMPANY SYMBOL:** R  
**POLICY SYMBOL & NUMBER:** HA003557  
**RENEWAL IF NUMBER:** RHA001995  

**EXECUTIVE OFFICE:**  
9300 Arrowpoint Boulevard  
Charlotte, N.C. 28217-5599  

**PRODUCER CODE NO.:** [Not provided]  

**THIS POLICY IS ISSUED BY THE COMPANY DESIGNATED BELOW:**

**ROYAL INDEMNITY COMPANY**  
**(A DELAWARE STOCK COMPANY)**  

**INSURED'S NAME AND MAILING ADDRESS:**  
INTERNATIONAL BUSINESS MACHINES (IBM)  
(SEE ENDORSEMENT #1)  
OLD ORCHARD ROAD  
ARMONK, NY 10504  

**PRODUCER'S NAME AND ADDRESS:**  
Tri-City Insurance Brokers, Inc.  
110 William Street  
New York, New York 10038  

**Item 1. Policy Period:**  
From MAY 21, 1991  
To MAY 21, 1992  
12:01 A.M., Standard Time at the address of the Named Insured as stated herein.  

**Item 2. Premium:**  
Advance Premium: $ 60,000.  
Rate: N/A  
Minimum Premium: $ N/A  

If the Policy Period is more than one year and the premium is to be paid in installments, premium is payable on:  

Effective Date 1st Anniversary 2nd Anniversary  
$ N/A $ N/A $ N/A  

**Item 3. Coverage:** EXCESS LIABILITY  

**Item 4. Limits of Liability:** The limit of the Company's liability shall be as stated herein, subject to all the terms of this Policy having reference thereto. (SEE ATTACHED SCHEDULE OF ENDORSEMENTS)  
$5,000,000 PART OF $25,000,000 EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE.  

**Item 5. Underlying Policy and Limits:**  
Policy Number: TBD  
Limits: $25,000,000 EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE EXCESS OF UNDERLYING OR SELF-INSURED RETENTION.  
Company: NATIONAL UNION  

**Countersigned by:** [Signature]  

**Date of Issue:** MAY 17, 1991  

**jw**  

**INSURED'S COPY**