**DECLARATION - EXCESS INSURANCE POLICY**

**DATE ISSUED:** MAY 24, 1993
**POLICY NUMBER:** 531-206534-7

**ITEM NAMED INSURED & ADDRESS:**
1. **INTERNATIONAL BUSINESS MACHINES CORP.**
   - **CORPORATE HEADQUARTERS**
   - **ALMONY, NY 10304**

**2. POLICY PERIOD:** POLICY COVERS FROM MAY 21, 1993 TO MAY 21, 1994 12:01 A.M. STANDARD TIME AT THE NAMED INSUREL'S ADDRESS STATED ABOVE.

**3. COVERAGE IS PROVIDED BY:**
- **REPRESENTATIVE:** JOHNSON & HIGGINS
- **INTERNATIONAL INSURANCE COMPANY**

**4. PREMIUM IS PAYABLE:**
- $50,000.00 IN ADVANCE ADJUSTABLE AT A RATE OF N/A PER FLAT CHARGE
- ANNUAL EXPOSURE IS ESTIMATED AT: N/A
- $50,000.00 ANNUAL MINIMUM PREMIUM

**TAX: LOCAL** N/A
**SUPPLUS LINES:** N/A

**5. UNDERLYING INSURANCE:**
- $25,000,000 EACH OCCURRENCE; $25,000,000 GENERAL AGGREGATE;
- $25,000,000 PRODUCTS/COMPLETED OPERATIONS AGGREGATE UMBRELLA
- LIABILITY AS PROVIDED BY NATIONAL UNION INSURANCE, POLICY NUMBER TO BE ADVISED, WHICH IS EXCESS OF THE PRIMARY UNDERLYING INSURANCE OR SELF-INSURED RETENTION.

**6. LIMIT OF LIABILITY:**
- $5,000,000 EACH OCCURRENCE; $5,000,000 GENERAL AGGREGATE;
- $5,000,000 PRODUCTS/COMPLETED OPERATIONS AGGREGATE PART OF
- $25,000,000 EACH OCCURRENCE; $25,000,000 GENERAL AGGREGATE;
- $25,000,000 PRODUCTS/COMPLETED OPERATIONS AGGREGATE EXCESS OF THE LIMITS INDICATED IN ITEM 5 OF THE DECLARATIONS.

**POLICY JACKET FORMS AND ENDORSEMENTS ATTACHED TO THIS POLICY AT INCEPTION 1 THRU 6**

**OPER/UNDERWRITER NO.: 247/073**
**JACKET NO.: FM 101.0.302 (2-82)**

**COUNTERSIGNED BY:** C. Vinson Tripp
**AUTHORIZED REPRESENTATIVE**