# EXCESS LIABILITY POLICY

**Insurer:** TWIN CITY FIRE INSURANCE COMPANY  
**HARTFORD, CONNECTICUT**

**SEND CORRESPONDENCE TO:**  
FIRST STATE MANAGEMENT GROUP, INC.  
150 FEDERAL STREET, BOSTON, MA 02110-1753

**Policy No.:** KA 0000245

**INTERNATIONAL BUSINESS MACHINES CORPORATION**  
**CORPORATE HEADQUARTERS**  
**ARMONK, NEW YORK 10504**

## DECLARATIONS

### Items
1. **Named Insured and Mailing Address**
   - **Previous Policy No.:** EN 0000840

2. **Policy Period**
   - **Inception Date:** 5-21-93
   - **Expiration Date:** 5-21-94
   - **12:01 a.m. standard time at the address of the First Named Insured as stated herein.**

### Producer's Name and Address
- **Code:** Corporation

3. **Audit Period:**
   - **Not subject to Audit**

4. **Deposit Premium:** $65,000 (which is a Flat Charge, Policy Period)

5. **Rate:** N/A
6. **Premium Base:** N/A

7. **Minimum Retained Audit Premium:** N/A
8. **Minimum Retained Premium:** N/A, not subject to adjustment in the event of cancellation.

## Limits of Liability

The Limit of the company’s Liability under this policy shall, subject to all the terms of the policy relating thereto, be as follows:
- **$10,000,000 each occurrence**
- **$10,000,000 aggregate where applicable**

## Total Limits of Liability – All Underlying Insurance Policies
Refer to EXTENSION SCHEDULE forming a part of this policy.

## Controlling Underlying Insurance Policy
Refer to EXTENSION SCHEDULE forming a part of this policy.

## Form Numbers of Policy Provisions and Endorsement forming a part of this policy:
See LISTING OF POLICY PROVISIONS AND ENDORSEMENTS FORMING A PART OF THE POLICY AT ISSUE.

This policy will not be valid unless countersigned by our duly authorized representative.
**First State Management Group**
**By:** [Signature]
**Authorized Representative**

**Form L-3923-1B (Ed. 10/88) Printed in U.S.A. (NS)**

**6-25-93/f1**
**Copyright Hartford Fire Insurance Company, 1986**