The Travelers Indemnity Company
The Aetna Casualty and Surety Company
Members of TravelersGroup

One Tower Square, Hartford, Connecticut 06183

FOLLOWING FORM EXCESS LIABILITY POLICY
POLICY NUMBER: 7FSJ-EX-271T316-2-TIL-97
DECLARATIONS PAGE
INSURING COMPANY: THE TRAVELERS INDEMNITY COMPANY OF ILLINOIS

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

Item 1.
NAMED INSURED AND MAILING ADDRESS:

INTERNATIONAL BUSINESS MACHINES CORP
OLD ORCHARD ROAD
ARMONK
NY 10504

Item 2.
Policy Period: From 05-21-97 to 05-21-98 12:01 a.m. standard time at the address of the named insured as stated herein.
Cancellation Notice days.

Item 3.
Premium: $ 25,000
Flat Charge ☑ Adjustable (See premium schedule)

Item 4.
Limits of Liability ☑ Quota Share Policy Percent
a. $10,000,000 each accident or occurrence
b. $10,000,000 aggregate
c. $ N/A Policy aggregate

Item 5.
Underlying Policies and Limits:
Policy Limits (000 OMITTED) Company
SEE ENDORSEMENT CG DO 87 09 93

Item 6.
Controlling Underlying Policies and Limits:
Policy Limits (000 OMITTED) Company
BE 932 8112 25000 EACH ACCIDENT OR NATIONAL UNION OCCURRENCE 25000 AGGREGATE (WHERE APPLICABLE)

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 CG T0 15, which contains the Nuclear Energy Liability Exclusion) and any endorsements listed hereafter:
SEE END. CG DO 30 10 91

NAME AND ADDRESS OF AGENT OR BROKER:

JOHNSON & HIGGINS 45078
125 BROAD STREET
NEW YORK
NY 10004-2424
CG TO 13 06 91
OFFICE: NEW YORK
Countersigned by