# DECLARATIONS
## UMBRELLA LIABILITY

**POLICY NO.:** BE 308-61-20  
**RENEWAL OF:** 3086019

**Member Companies of American International Group**

- **AMERICAN HOME ASSURANCE COMPANY**
- **NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.**

**ITEM 1.**
- **Name of Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION
- **Address (Street, Town, State):** CORPORATE HEADQUARTERS ARMONK NY 10577-0000

**This Declaration Page, with policy provisions and endorsements, if any, issued to form a part thereof, completes the above numbered Umbrella Liability Policy.**

**ITEM 2.**
- **Policy Period:**
  - From: MAY 21, 1993
  - To: MAY 21, 1995
  - (12:01 A.M. Standard Time at the address of the Insured stated above)

The limit of the Company's liability shall be as stated herein subject to all the terms of this policy having reference thereto:

(A) $25,000,000 Single Limit any one occurrence Personal Injury or Property Damage or Advertising Liability or any combination thereof

in excess of:
(1) the amount recoverable under the underlying insurance as set out in the attached Schedule A.
or
(2) $25,000 ultimate net loss in respect of each occurrence not covered by said underlying insurance.

(B) $25,000,000 in the aggregate for the policy period or each annual period in accordance with the "Limit of Liability—Retained Limit" Section of the policy.

**ITEM 3.**
- **Limit of Liability:**

**ITEM 4.**
- **Premium Computation:**
  - **Rating Basis:** FLAT
  - **Estimated Exposure:** N/A
  - **Rate:** FLAT
  - **Estimated Premium:** $690,190
  - **Deposit Premium:** Annual Minimum Premium $675,000
  - **Audit Period:** NOT SUBJECT TO AUDIT

**Producer No.:** 07875  
**Producer:** JOHNSON & HIGGINS  
**Address:** 125 BROAD STREET  
**Date of Issue:** 8/31/93  
**Countersigned by:** Robert S. Lee (Licensed Resident Agent)  
**Date Issued:** 08/25/93  

**Policy Text Form No 23022 (5/77)**  
**U23020 (5/77)**  
**INSURED'S COPY**