# ASPEN BERMUDA SHORTS FORM - 03 (03/14)

## DECLARATIONS

**Item 1.**
- **a) Named Insured:** International Business Machines Corporation
- **b) Address of Named Insured:** One New Orchard Road, Mail Drop 109, Armonk, NY 10504

**Item 2. Policy Period:**
- From: May 21, 2014 at 12:01 am standard time at the address of the Named Insured.
- To: May 21, 2015 at 12:01 am standard time at the address of the Named Insured.

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

**Item 4.**
- **a) Followed Policy:**
  - Company: ACE Property & Casualty Insurance Company
  - Policy Number: G2 73 80 03 7
  - Coverage: Lead Umbrella - Occurrence
  - Policy Period: From: May 1, 2014 To: May 1, 2015
- **b) Underlying Policy(ies):**
  - As per Endorsement No. 1 Schedule of Excess Policy(ies)
  - Section I - Schedule of Underlying Policy(ies)
- **c) Quota Share Policy(ies):**
  - As per Endorsement No. 1 Schedule of Excess Policy(ies)
  - Section II - Schedule of Quota Share Policy(ies)

**Item 5. Limit of Liability:**
- (Insuring Agreement 2):
  - a) USD 25,000,000 (Part of USD 200,000,000) each Occurrence, Claim or Loss
  - b) USD 25,000,000 Aggregate

**Item 6. Underlying Limits:**
- (Insuring Agreement 2):
  - a) USD 200,000,000 each Occurrence, Claim or Loss
  - b) USD 200,000,000 Aggregate Which in turn is excess of various insurances and/or retentions as more fully set forth in the Followed Policy

**Date of Issuance:**
BSF-03 (Ed. 03/14)

Page 1 of 10