# TRUE EXCESS LIABILITY POLICY DECLARATIONS

**DEFENSE MAY BE INSIDE THE LIMITS OF INSURANCE. PLEASE READ THE TERMS OF THE "Followed Policy" AND THE TERMS OF THIS POLICY CAREFULLY.**

**Item 1. Named Insured:** International Business Machines Corporation and as more fully set forth in the Lead Underlying Policy  
**Address:** 1 New Orchard Road, Mail Drop 1 Ammonk, NY 10504  

**Item 2. Policy Period:** 5/21/2022 to 5/21/2023 Both dates at 12:01 A.M. Standard Time at the address of the Named Insured  

**Item 3. a) Followed Policy:**  
- **Insurer:** ACE Property and Casualty Insurance Company  
- **Policy Number:** XEU G27983212 007  
- **Coverage:** Umbrella Liability  
- **Policy Period:** 5/21/2022 to 5/21/2023  
- **Limits of Liability:** $25,000,000 Each Occurrence $25,000,000 Aggregate (where applicable) $25,000,000 Products Completed Operations Aggregate  

**b) Underlying Policy(ies):** As per SCHEDULE OF EXCESS POLICY(IES), SECTION II - Schedule of Underlying Policy(ies)  

**c) Quota Share Policy(ies):** As per SCHEDULE OF EXCESS POLICY(IES), SECTION I - Schedule of Quota Share Policy(ies)  

**Item 4. Limits of Liability:** (Insuring Agreement 2.)  
a) $25,000,000 Each Occurrence or Event  
b) $25,000,000 Aggregate (where applicable)  
c) $25,000,000 Products-Completed Operations Aggregate  

**Item 5. Underlying Limits of Insurance:** (Insuring Agreement 2.)  
a. $125,000,000 Each Occurrence  
b. $125,000,000 Aggregate (where applicable)  
c. $125,000,000 Products Completed Operations Aggregate  

**NOTICE:** THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.

**Class 2-13000 Risk**

NAV-AXS-DEC (06/18)
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