# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

**(A New York Stock Insurance Company, hereinafter the "Insurer")**
55 Water Street, 18th Floor, New York, NY 10041
Toll-free number: 1-800-677-9163

## EXCESS LIABILITY POLICY DECLARATIONS

**Policy Number:** LQ1B71078753082
**Renewal of:** LQ1B71078753072
**Broker:** AON Risk Services
199 Water Street
8th Floor
New York, NY 10038

### Item 1: NAMED INSURED AND MAILING ADDRESS
International Business Machines Corporation
One North Castle Drive
Mail Drop #222
Armonk, New York 10504
(as Per First Underlying Insurance Policy)

### Item 2: POLICY PERIOD
From: May 21, 2009
To: May 21, 2010
12:01 AM Standard Time at the mailing address of the Named Insured shown.

### Item 3: POLICY PREMIUM
**POLICY PREMIUM:** $194,000.00
**POLICY MINIMUM PREMIUM:** $50,000.00
**TRIA Premium:** $6,000.00
**Total Annual Premium:** $200,000.00
**Premium Basis:** (x) Flat ( )Auditable

### Item 4: LIMITS OF LIABILITY
Our liability under this policy will not exceed the following limit: 50.00% percent of "loss" excess of the Underlying Insurance stated in Item 5 of the Declarations, but for no greater than:
$50,000,000.00 - Each Occurrence
$50,000,000.00 - Aggregate Limit (where applicable)