# Starr Excess Liability Insurance International Limited

(Hereinafter referred to as the "Insurer")

29 Richmond Road, Pembroke HM 08, Bermuda

Telephone: 441-295-7827

Facsimile: 441-292-8099

Facsimile: 441-296-3750 (For Claim Matters Only)

## FOLLOWING FORM EXCESS LIABILITY INSURANCE POLICY OCCURRENCE FORM DECLARATIONS

Policy No: 400000

New

In consideration of the payment of the premium, and in reliance upon the statements in the Declarations below and subject to the limits of liability, exclusions, conditions and other terms of this policy, the Insurer agrees with the Named Insured as listed in Item 1 below (hereinafter referred to as the “Insured”) as follows:

### ITEM 1.
(a) NAMED INSURED: International Business Machines Corporation
(b) ADDRESS: New Orchard Road Armonk, NY 10504-0000 USA

### ITEM 2.
POLICY PERIOD:
From: May 21, 1998 To: May 21, 1999 (12:01 A.M. at the address stated in Item 1 above)

### ITEM 3.
COVERAGE: Following Form Excess Liability Insurance

### ITEM 4.
LIMITS OF LIABILITY: US$150,000,000 Limit shown applies in the aggregate. This Aggregate applies to each type of loss to which an aggregate applies in the Followed Policy and per occurrence for all other loss.

### ITEM 5.
PER OCCURRENCE RETENTION: US$170,000,000 (Unless amended by endorsement attached hereto)

### ITEM 6.
SCHEDULE OF FOLLOWED POLICY(IES) AND UNDERLYING EXCESS POLICIES.

SEE ENDORSEMENT 1 [FFOC]

Date of Issuance – January 7, 1999
SELIC FF0C
(Ed. 11798)