**CHUBB/PACIFIC INDEMNITY GROUP DECLARATIONS EXCESS LIABILITY POLICY**

**Prior Number:** 7922-85-90
**Producer Number:** 4-65222
**Policy Number:** 79228124

**Item 1. Named Insured & Address:**
International Business Machines Corporation, etal.
Armonk, New York 10504

**Item 2. Producer's Name & Address:**
Johnson & Higgins
95 Wall Street
New York, New York 10005

**Item 3. Policy Period:**
From: May 21, 1980
To: May 21, 1981 (12:01 A.M. standard time at the address of the Named Insured)

**Item 4. Premium:**
$11,500. Premium Basis: Flat
(see ends't. #3)
Rate:
Premium $11,127.-U.S.
+ 373.-Canada
$11,500.-Tot. Prem

**Item 5. Limit of Liability:**
The Company's Liability, under this policy, shall not exceed the greater of the following amounts:
A. 23.8% Percent of the LOSS in excess of all UNDERLYING INSURANCE nor for more than
B. $5,000,000. per occurrence or;
C. $5,000,000. Annual aggregate (as defined in the First UNDERLYING INSURANCE policy)

**Item 6. Schedule of UNDERLYING INSURANCE:**
First UNDERLYING INSURANCE policy:
Centennial Insurance Co.
5/21/80 to 5/21/81
$2,000,000. - each occurrence
$2,000,000. - annual aggregate (where applicable)

other UNDERLYING INSURANCE:
Various Companies
5/21/80 to 5/21/81
$17,000,000. - each occurrence
$17,000,000. - annual aggregate where applicable in excess of the First Underlying Insurance

**Issued at:** 100 William St., N.Y., N.Y.
**Date:** April 16, 1980

**Authorized Representative:**