# DECLARATIONS
EXCESS LIABILITY POLICY

**Insured by the Stock Company checked below and hereinafter called the Company**

- **Zurich Insurance Company**
  - Schaumburg, Illinois

- **Zurich-American Insurance Company**
  - of Illinois, Schaumburg, Illinois

**Item 1. Named Insured and Mailing Address (Number, Street, Town or City, State, Zip Code)**
- **International Business Machine Corp.**
  - Corporate Headquarters
  - Armonk, New York 10504

**Producer Name**: Johnson & Higgins

**Policy Period**
- From: 01-01-95
- To: 05-21-95
- 12:01 a.m. Standard Time at the address of the Named Insured.

**Item 2. Policy Premium**
- **Policy Premium**: $8,256.00
- **Policy Minimum Premium**: $2,064.00
- **Rate**: In Advance
- **Flat Charge**: $8,256.00

**Item 3. Limits of Liability**
- The Company's liability under this policy shall not exceed the following Limit:
  - 9.09 Percent of the ultimate Net Loss in excess of all underlying insurance but for no greater amount than:
    - Each Occurrence: $5,000,000.
    - Annual Aggregate as defined in the First Underlying Insurance Policy: $5,000,000.

**Item 4. Schedule of Underlying Insurance**
- **First Underlying Insurance Policy:**
  - Carrier: National Union
  - Policy No.: To Be Advised
  - Term: 5/21/94 to 5/21/95
  - Underlying Limit: $25,000,000. Each Occurrence
  - Annual Aggregate (where applicable): $25,000,000.

- **Other Underlying Insurance:**
  - Underlying Limit: $35,000,000. Each Occurrence
  - Annual Aggregate (where applicable): $35,000,000.

**Subject to forms attached hereto (enter form numbers and edition dates)**
- Z35269F
- Z38529F
- Z22300F-1,2,3,4,5,6,7.

**Issue Date**: 6-22-95
**Countersign Date**: 6-22-95

**DO NOT WRITE IN THIS BOX**
- **Countersigned at**: New York, N.Y.
- **Authorized Representative**: [Signature]
- **Countersign Date**: [Signature]

**INSURED COPY**