# Excess Liability Policy

## Declarations

**Policy Number:** XOM-000-9521-3203  
**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)  

**Named Insured and Mailing Address:**  
INTERNATIONAL BUSINESS MACHINES CORPORATION, IBM WORLD TRADE  
as per endorsement 178447-3-90  
CORPORATE HEADQUARTERS  
ARMONK, NY 10504  

**Coverage is provided in the following company, a stock company:**  
07 NATIONAL SURETY CORPORATION  

**In return for the payment of the premium, and subject to all the terms of this policy, we agree with you to provide the insurance as stated in this policy.**

**Item 4 - Limits of Insurance:**  
As per endorsement #178210-1-86.

**Item 5 - Underlying Insurance Limits:**  
$120,000,000 Each Occurrence  
$120,000,000 Aggregate  

**Premium:**  
* Basis of premium: Flat charge  
* Advance Premium: $19,000  
* Annual Minimum Premium: $19,000  

**Item 6 - Schedule of Underlying Insurance:**  
This schedule is described within Form No. 178457-2-91 which forms a part of this policy's declarations.  

**Item 8 - Endorsements attached to and forming a part of this policy at inception:**  
100001 178447 03 90  
178210 01 86 178454 09 90  
178241 06 93 NY 178465 07 91  
178419 08 88  
178436 12 91  

**Date of Issue:** 05/27/1994  
**Countersignature of Authorized Agent:** [Signature]  

This declarations page is issued in conjunction with and forms a part of Policy Form 5002 07-87.