**FORM-CUBL- BSF02 (07/09)**

**POLICY NO.: IBM-260/CUBLBSF02-12**

**RENEWAL OF: IBM-200/CUBLBSF02-11**

**CANOPIUS UNDERWRITING BERMUDA LIMITED**

**BERMUDA SHORTS FORM EXCESS LIABILITY INSURANCE POLICY DECLARATIONS**

**Item 1**
- **(a) Named Insured:** International Business Machines Corporation
- **(b) Address of Named Insured:** One New Orchard Road, (MD109), Armonk, NY 10504, USA

**Item 2**
- **Policy Period:**
  - **(a) Inception Date:** May 21, 2012 (12:01 A.M. at the address stated in Item 1(b) above)
  - **(b) Expiration Date:** May 21, 2013 (12:01 a.m. at the address stated in item 1(b) above)

**Item 3**
- **Retroactive Date:** N/A

**Item 4**
- **(a) Followed Policy:**
  - **Company:** Ace Property & Casualty Insurance Company
  - **Policy Number:** XOO G25915951
  - **Coverage:** Umbrella Liability
  - **Policy Period:** From: May 21, 2012 To: May 21, 2013
  - **Limits of Liability:**
    - USD50,000,000 Each Occurrence Limit
    - USD50,000,000 General Aggregate Limit
    - USD50,000,000 Products/Completed Operations Aggregate Limit
- **(b) Underlying Policy(ies):** As per endorsement No. 1 Section I – Schedule of Underlying Policy(ies)
- **(c) Quota – Share Policy(ies):** As per endorsement No. 1 Section II – Schedule of Quota – Share Policy(ies)

**Item 5**
- **Limit of Liability:**
  - a) USD25,000,000 part of USD200,000,000 each Occurrence, Claim or Loss (Insuring Agreement 2):
  - b) USDUSD25,000,00 part of USD200,000,000 Annual Aggregate

**Item 6**
- **Underlying Limits:**
  - a) USD200,000,000 each Occurrence, Claim or Loss (Insuring Agreement 2):
  - b) USD200,000,000 Aggregate

Which in turn is in excess of various insurances and/or retentions as more fully set forth in the Followed Policy