**FORM-CUBL-BSF01 (02/09)**

**POLICY NO.: IBM-064/CUBLBSF01-09**
**NEW BUSINESS**

**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 North Castle Drive, Armonk, New York 10504

**Item 2**
Policy Period:
(a) Inception Date: May 21, 2009 (12:01 A.M. at the address stated in Item 1(b) above)
(b) Expiration Date: May 21, 2010 (12:01 a.m. at the address stated in item 1(b) above)

**Item 3**
Retroactive Date: None

**Item 4**
(a) Followed Policy:
Company: ACE Property and Casualty Insurance Company
Policy Number: XOO G24895944
Coverage: Lead Umbrella
Policy Period: From: 5/21/09 To: 5/21/10
Limits of Liability: $50,000,000

(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: (Insuring Agreement 2):
a) USD25,000,000 part of USD200,000,000 each Occurrence, Claim or Loss
b) USD25,000,000 part of USD200,000,000 Aggregate

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