**DECLARATIONS - EXCESS LIABILITY POLICY**

**POLICY NO.:** 0000043
**BG002038**
**RENEWAL OF NO.:**

**NEW ENGLAND INSURANCE COMPANY**
*(A stock insurance company)*
**Administrative Offices:** 60 Batterymarch Street, Boston, Massachusetts 02110

**Item 1. Named Insured and Mailing Address**

**IBM**
**Corporate Headquarters**
**Armonk, New York 10504**

**Item 2. Policy Period: Inception May 21, 1989 Expiration May 21, 1990**

**12:01 A.M., Standard Time at the mailing address shown above.**

**Item 3. Limits of Insurance.**

The Limits of Insurance, subject to all the terms of this policy are:

(a) Per Occurrence Limit
$ 5,000,000 P/O
$ 25,000,000

(b) Products/Completed Operations Combined Aggregate Limit
$ 5,000,000 P/O
$ 25,000,000

(c) General Aggregate Limit
$ 5,000,000 P/O
$ 25,000,000

**Item 4. Total Limits of Insurance — all underlying insurance policies**

25,000,000 Each Occurrence/25,000,000 Aggregate

**Item 5. Controlling Underlying Insurance Policy**

Except as otherwise provided by this policy, this insurance shall follow all the terms, conditions, definitions and exclusions of the controlling underlying insurance policy.

**Policy No.: To be advised Issued By NATIONAL UNION Type of Coverage UMBRELLA**

**Item 6. Premium: Advance Premium: $ 80,000.00 Minimum Premium $ 16,000.00 Rate: Flat**

Form numbers of endorsements forming part of this policy when issued:
EL-S1, Endorsement 1-4

5/24/89el

The company located these documents in its business records. At this time, the company does not certify that these documents constitute a complete and accurate copy of the policy.
Countersigned by:

C-311 (6/88)