**EXCESS LIABILITY POLICY DECLARATIONS**

**COMPANY SYMBOL:** R  
**POLICY SYMBOL & NUMBER:** HA009199  
**RENEWAL NUMBER:** RHA007838  

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

**PRODUCER CODE NO.:** N/A  

**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 NO. 1) OLD ORCHARD ROAD ARMONK, NEW YORK 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 05/21/95 To 05/21/96 12:01 A.M., Standard Time at the address of the Named Insured as stated herein.  

**Item 2. Premium:** Advance Premium: $ 42,500.00 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: N/A  

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: 3097770 Limits: $25,000,000 EXCESS OF UNDERLYING OR SELF INSURED RETENTION.  

Company: NATIONAL UNION  

Countersigned by: James A. Dixon  

**Date of Issue:** 05/22/95 TAW  

**INSURED'S COPY**