**EXCESS LIABILITY POLICY DECLARATIONS**

**COMPANY SYMBOL:** R  
**POLICY SYMBOL & NUMBER:** HA006552  
**NEWAL NUMBER:** RHA005114  

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

**PRODUCER CODE NO.:** _______  

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

**COMPANY NAME:** 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:**  
Royal Specialty Underwriting, Inc.  
Resurgens Plaza  
945 East Paces Ferry Road  
Suite 1890  
Atlanta, Georgia 30326  
404-231-2366  

**Item 1. Policy Period:** From MAY 21, 1993 To MAY 21, 1994  
12:01 A.M., Standard Time at the address of the Named Insured as stated herein.  

**Item 2. Premium:**  
Advance Premium: $ 50,000.  
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: AMERICAN HOME ASSURANCE COMPANY  

Countersigned by: [Signature]  

**Date of Issue:** MAY 21, 1993  
JW  

**INSURED'S COPY**