# Allied World Assurance Company

**Policy No:** C020117/001  
**New**

**THE BERMUDA SHORTS FORM - 03 (07/13)**

## 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, Armonk, NY 10504, UNITED STATES OF AMERICA

### 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:** None

### Item 4.
- **a) Followed Policy:**
  - **Company:** ACE Property & Casualty Insurance Company
  - **Policy Number:** XOO G27380037
  - **Coverage:** Commercial Umbrella Liability
  - **Policy Period:** From: May 21, 2014 To: May 21, 2015
  - **Limits of Liability:** USD50,000,000
- **b) Underlying Policy(ies):** As per Endorsement No. 1 Schedule of Underlying Policy(ies)

### Item 5.
- **Limit of Liability:**
  - **a) USD25,000,000 Per Occurrence**
  - **Part of USD200,000,000 Per Occurrence**
  - **(Insuring Agreement 2):**
    - **b) USD25,000,000 General Aggregate**

**Date of Issuance:** July 11, 2014  
**ACBSF-03 (07/13)**

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