**Form XL XS-BSF-01 (02/09)**

**THE BERMUDA SHORTS FORM**

Issued by  
XL INSURANCE (BERMUDA) LTD

**Policy Number:** BM00024254LIO9A  
**Renewal of:** BM00023605LIO8A  
**Producer:** AON (BERMUDA) LTD.

**DECLARATIONS**

**Item 1.**
a) **Named Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION  
b) **Address of Named Insured:** CHQ Global Risk & Insurance Management One North Castle Drive Mail Drop 222 Armonk, NY 10504

**Item 2.** **Policy Period:**
From: May 21, 2009 at 12:01 am standard time at the address of the Named Insured.
To: May 21, 2010 at 12:01 am standard time at the address of the Named Insured.

**Item 3.** **Retroactive Date:** NONE

**Item 4.**
a) **Followed Policy:**
Company: ACE Property and Casualty Insurance Company  
Policy Number: XOO G24895944  
Coverage: Lead Umbrella Occurrence  
Policy Period: May 21, 2009 to May 21, 2010  
Limits of Liability:
$50,000,000 Each Occurrence  
$50,000,000 General Aggregate  
$50,000,000 Products/Completed Operations Aggregate  

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)

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