**EXCESS LIABILITY POLICY DECLARATIONS**

**COMPANY SYMBOL:** R  
**POLICY SYMBOL & NUMBER:** HA005114  
**PRE-NEWAL NUMBER:** RHA003557  
**PRODUCER CODE NO.:**  
**EXECUTIVE OFFICE:** 9300 Arrowpoint Boulevard Charlotte, N.C. 28217-5599

**THIS POLICY IS ISSUED BY THE COMPANY DESIGNATED BELOW:**

**COMPANY NAME:** ROYAL INDEMNITY COMPANY (A DELAWARE STOCK COMPANY)  
**INSURED'S NAME AND MAILING ADDRESS:** INTERNATIONAL BUSINESS MACHINES (IBM) (SEE ENDORSEMENT #1) OLD ORCHARD ROAD ARMONK, NY 10504  
**PRODUCER'S NAME AND ADDRESS:** Tri-City Insurance Brokers, Inc. 110 William Street New York, New York 10038

**Item 1. Policy Period:** From MAY 21, 1992 To MAY 21, 1993 12:01 A.M., Standard Time at the address of the Named Insured as stated herein.

**Item 2. Premium:** Advance Premium: $ 55,000. Rate: N/A Minimum Premium: $ N/A

If the Policy Period is more than one year and the premium is to be paid in installments, premium is payable on:

| Effective Date | 1st Anniversary | 2nd Anniversary |
|----------------|-----------------|-----------------|
| $ N/A          | $ N/A           | $ N/A           |

**Item 3. Coverage:** EXCESS LIABILITY

**Item 4. Limits of Liability:** The limit of the Company's liability shall be as stated herein, subject to all the terms of this Policy having reference thereto. (SEE ATTACHED SCHEDULE OF ENDORSEMENTS) $5,000,000 PART OF $25,000,000 EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE.

**Item 5. Underlying Policy and Limits:**

| Policy Number: | TBD |
|----------------|-----|
| Limits:        | $25,000,000 EACH OCCURRENCE AND IN THE AGGREGATE WHERE APPLICABLE EXCESS OF UNDERLYING OR SELF-INSURED RETENTION. |
| Company:       | AMERICAN HOME ASSURANCE COMPANY |

**Countersigned by:** [Signature]

**Date of Issue:** MAY 26, 1992 JW

**INSURED'S COPY**