**ACE Bermuda Insurance Ltd.**

**Excess Liability Indemnity Policy**

**Form:** OCC01

**Policy No:** IBM-0054/OCC01

**Named Insured:** International Business Machines Corp. (IBM Corp)

**Insurer:** ACE Bermuda Insurance Ltd.

**Producer:** Arthur J. Gallagher (UK) Limited

**Address of Named Insured:** CHQ Global Risk & Ins. Management IBM Corporation One North Castle Drive (Mail Drop 222) Armonk, N.Y. 10504 USA

**Type of Coverage:** Following Form Excess Liability Insurance Policy Occurrence Form in the amount as stated in Item 2 of the Declarations.

**Term:** May 21, 2008 to May 21, 2009 (As of 12:01 A.M. at the address shown on Item 1(b) of the Declarations).

| Gross Premium: | USD | 95,000.00 |
|----------------|------|------------|
| Net Premium:   | USD | 95,000.00 |
| Commission:    | USD | 0.00       |

In witness whereof, this policy has been made, entered into and executed by the undersigned in Hamilton, Bermuda this 19th day of May 2008

By: Mr. Timothy J. Proctor

Title: Vice President

**ace bermuda**