**POLICY NO.:** 25413435  
**NEW BUSINESS/RENEWAL OF:** 21472589

**THE BERMUDA SHORTS FORM – 02**

**DECLARATIONS**

- **Item 1.**
  - **a) Named Insured:** International Business Machines Corporation
  - **b) Address of Named Insured:** One New Orchard Road, Mail Drop 109, Armonk, New York 10504

- **Item 2. Policy Period:**
  - From: May 21, 2010 at 12:01 am standard time at the address of the Named Insured.
  - To: May 21, 2011 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 & Casualty Insurance Company
    - **Policy Number:** XOO G2 49 07 33 8
    - **Coverage:** Lead Umbrella - Occurrence
    - **Policy Period:** From: May 21, 2010 To: May 21, 2011
    - **Limits of Liability:** USD 50,000,000 Each Occurrence, USD 50,000,000 General Aggregate, USD 50,000,000 Products/Completed Operations Aggregate
  - **b) Underlying Policy(ies):** As per Endorsement No. 1 Schedule of Excess Policy(ies) Section I - Schedule of Underlying Policy(ies)
  - **c) Quota Share Policy (ies):** As per Endorsement No. 1 Schedule of Excess Policy(ies) Section II - Schedule of Quota Share Policy(ies)

- **Item 5. Limit of Liability:**
  - **(Insuring Agreement 2):**
    - **a) USD 150,000,000 each Occurrence, Claim or Loss**
    - **b) USD 150,000,000 Aggregate**

- **Item 6. Underlying Limits:**
  - **(Insuring Agreement 2):**
    - **a) USD 400,000,000 each Occurrence, Claim or Loss**
    - **b) USD 400,000,000 Aggregate**

Which in turn is excess of various insurances and/or retentions as more fully set forth in the Followed Policy

**Date of Issuance:** June 24, 2010  
**Page 1 of 2**  
103270(11/09)

**CHARTIS EXCESS LIMITED IS REGISTERED IN IRELAND AND REGULATED BY THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY.**  
**REGISTERED OFFICE:** 30 NORTH WALL QUAY, IFSC, DUBLIN 1, IRELAND. REGISTRATION NO. 279452