**THE BERMUDA SHORTS FORM - 02**

**POLICY NO.:** 60703940  
**RENEWAL OF:** 60703940

## 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, 2012 at 12:01 am standard time at the address of the Named Insured.
  - To: May 21, 2013 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:** XOO G25915951
    - **Coverage:** Lead Umbrella - Occurrence
    - **Policy Period:** From: May 21, 2012 To: May 21, 2013
    - **Limits of Liability:**
      - US$ 50,000,000 Each Occurrence
      - US$ 50,000,000 General Aggregate
      - US$ 50,000,000 Products Completed-Operations Aggregate
  - **b) Underlying Policy(ies):**
    - As per Endorsement No. 1 Schedule of Excess Policy(ies)
    - Section 1 - 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) US$ 100,000,000 each Occurrence, Claim or Loss
    - b) US$ 100,000,000 Aggregate

- **Item 6.** Underlying Limits:
  - **(Insuring Agreement 2):**
    - a) US$ 450,000,000 each Occurrence, Claim or Loss
    - b) US$ 450,000,000 Aggregate

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

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