# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

**(A member of Liberty Mutual Group and hereinafter "the Company")**
55 Water Street, 18th Floor, New York, NY 10041
Toll-free number: 1-800-677-9163

## EXCESS LIABILITY POLICY DECLARATIONS

**Policy Number:** LQIB71078753072
**Renewal of:** LQIB71078753062
**Broker:** Arthur J. Gallagher Risk Management Services
1281 East Main Street
Hartford, CT 06902

### Item 1: NAMED INSURED AND MAILING ADDRESS
International Business Machines Corporation
North Castle Drive
Mail Drop #222
Armonk, New York 10504
(as Per First Underlying Insurance Policy)

### Item 2: POLICY PERIOD
From: 5/21/2008
To: 5/21/2009
12:01 AM Standard Time at the mailing address of the Named Insured shown.

### Item 3: POLICY PREMIUM
**$194,000.00**
**POLICY MINIMUM PREMIUM:** $50,000.00
TRIA Premium:
$6,000.00
Total Annual Premium:
$200,000.00
Premium Basis: (x) Flat ( )Auditable

### Item 4: LIMITS OF LIABILITY
Our liability under this policy will not exceed the following limit: 50.00% percent of "loss" excess of the Underlying Insurance stated in Item 5 of the Declarations, but for no greater than:
$50,000,000.00 - Each Occurrence
$50,000,000.00 - Aggregate Limit (where applicable)

### Item 5: SCHEDULE OF UNDERLYING INSURANCE
First Underlying Insurance Policy

Insurer: National Union Fire Insurance Company
Applicable Limit(s):
of Pittsburgh, PA
Policy Number: 5443148
$50,000,000.00 - Each Occurrence
Policy Period: 5/21/2008 to 5/21/2009
$50,000,000.00 - Aggregate Limit(where applicable)