# Allied World Assurance Company

**Policy No:** C018124/001  
**New**

## THE BERMUDA SHORTS FORM DECLARATIONS

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, Allied World Assurance Company, AG (hereinafter referred to as either the "Insurer" or the "Company") 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 of Named Insured:** One New Orchard Road, Mail Drop 109, Armonk, NY 10504, UNITED STATES OF AMERICA

### Item 2.
- **Policy Period:** From: May 21, 2013 at 12:01 am standard time at the address of the Named Insured. To: May 21, 2014 at 12:01 am standard time at the address of the Named Insured.

### Item 3.
- **Retroactive Date:** Not Applicable

### Item 4.
- **Coverage:** Following Form Occurrence Excess Liability

### Item 5.
- **Limits of Liability:**
  - a) US$25,000,000 each Occurrence, Claim or Loss
  - b) US$50,000,000 General Aggregate

(Insuring Agreement 2):
  - a) US$25,000,000 each Occurrence, Claim or Loss
  - b) US$50,000,000 General Aggregate

**Date of Issuance:** July 16, 2013  
**ACBSF-02 (03/09)**

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