**Policy Number:** WE1200211

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**DECLARATIONS**

**Item 1.**
- **a) Named Insured:** International Business Machines Corporation and as more fully set forth in the Lead Underlying Policy.
- **b) Address of Named Insured:** IBM Corporation, One New Orchard Road, (Mail Drop 109), Armonk, New York 10504, United States of America

**Item 2.**
- **a) Lead Underlying Policy No:** XOO G25915951
- **b) All other Underlying Policy No(s):**
  - (i) As held on file
  - (ii) As held on file
  - (iii) As held on file
- **c) Lead Underlying Insurer:** ACE Property & Casualty Insurance Company
- **d) All other Underlying Insurer(s):**
  - (i) Great American Insurance Co. of New York
  - (ii) Endurance Specialty Insurance Ltd
  - (iii) Liberty International Underwriters / Ohio Casualty Insurance Company / Federal Insurance Company

**Item 3.**
- **Limit of Liability:**
  - (Insuring Agreement 2):
    - a) USD 200,000,000 Each Occurrence.
    - b) USD 200,000,000 Aggregate.

**Item 4.**
- **Underlying Limits:**
  - (Insuring Agreement 2):
    - a) USD 200,000,000 Each Occurrence.
    - b) USD 200,000,000 Aggregate.
  - Which in turn is excess of various insurances and/or retentions as more fully set forth in the Lead Underlying Policy.

**Item 5.**
- **Policy Period:**
  - From: 21st May 2012 at 12:01 am standard time at the address of the Named Insured.
  - To: 21st May 2013 at 12:01 am standard time at the address of the Named Insured.

**Item 6.**
- **Notice to:**
  - (Conditions 3 and 5)
  - a) All Notices of Occurrence:
  - Te:
  - The Company as shown in the attached Individual Security Details.

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**Market Submission - Wording**
Page 15 of 28
RD 03/05/12 04

**ARGO RE**