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It is shown that the stationary excursions above level x for the stationary M/G/1 queue with the service time distribution belonging to a certain class 
of subexponential distributions are asymptotically of two types as x →∞: either the excursion starts with a jump from a level which is O(1) and the initial excess over x converges to ∞, or it starts from a level of the form x – O(1) and the excess has a proper limit distribution. The two types occur with probabilities ρ, resp. 1 – ρ.
