# FOLLOWING FORM EXCESS LIABILITY INSURANCE POLICY DECLARATIONS

**Policy No:** C007539/002  
**Renewal of:** C007539/001

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, LTD. (hereinafter referred to as the "Insurer") 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:** One North Castle Drive (Mail Drop 222) Armonk, NY 10504 USA

**ITEM 2.**  
**POLICY PERIOD:** From: May 21, 2008 To: May 21, 2009 (12:01 A.M. at the address stated in Item 1 above)

**ITEM 3.**  
**RETROACTIVE DATE:** Not Applicable

**ITEM 4.**  
**COVERAGE:** ☑ Following Form Occurrence Excess Liability ☐ Following Form Claims-Made Excess Liability

**ITEM 5.**  
**LIMITS OF LIABILITY:** US$25,000,000 part of $200,000,000 Limit shown applies in the aggregate. This Aggregate applies to each coverage to which an aggregate applies in the Followed Policy and per Occurrence or per Claim (or as Followed Policy) for all other loss.

**ITEM 6.**  
**PER OCCURRENCE OR PER CLAIM (or as Followed Policy) RETENTION:** US$200,000,000 (Unless amended by endorsement attached hereto)

**ITEM 7.**  
**SCHEDULE OF FOLLOWED POLICY(IES), PRIMARY POLICIES AND UNDERLYING EXCESS POLICIES:** SEE ATTACHED ENDORSEMENT #1

**ALLIED WORLD ASSURANCE COMPANY, LTD**  
27 Richmond Road Pembroke HAI OB Bermuda  
P.O. Box HAI 3010 Hamilton HAI MX Bermuda  
T.: 441 778 5400 F.: 441 796 5428 E.: info@awc.com  
www.awc.com