THE TRAVELERS INDEMNITY COMPANY

FOLLOWING FORM EXCESS LIABILITY
POLICY DECLARATIONS PAGE

POLICY NUMBER 7FSJEX-218T033-A-94

The limit of our liability shall be as stated herein, subject to all the terms of this policy having reference thereto.

Item 1. Name Insured: INTERNATIONAL BUSINESS MACHINES CORPORATION (as per controlling underlying policy) CORPORATE HEADQUARTERS Address: ARMONK, NY 10504

Item 2. Policy Period: From 05/21/94 to 05/21/95 12:01 a.m. standard time at the address of the named insured as stated herein Cancellation Notice days.

Item 3. Premium: $48,000. Flat Charge

Item 4. Limits of Liability Quota Share Policy 20 Percent of $25,000,000
a. $5,000,000 Each Accident or Occurrence
b. $5,000,000 Aggregate
c. $N/A Policy Aggregate

Item 5. Underlying Policies and Limits:
Policy Limits Company See Schedule of Underlying Policies and Limits (FF-22)

Item 6. Controlling Underlying Policies and Limits:

Company: NATIONAL UNION FIRE INSURANCE COMPANY Policy: BE3086120 Limits of Liability: $25,000,000 Each Occurrence $25,000,000 Aggregate (where applicable)
[X] Coverage applies excess of a reduced aggregate

Item 7. On the effective date shown in Item 2, the Following Form Excess Liability Policy numbered above includes this Declarations Page and the Policy Jacket (Form which contains the Nuclear Energy Liability Exclusion) and any endorsements listed hereafter:

CG T1 02 08 86; SEE ENDORSEMENT 9380.
Richard C. Borken
Countersigned By