FORM-CUBL- BSF02 (07/09)

POLICY NO.: IBM-141/CUBLBSF02-10
RENEWAL OF: IBM-064/CUBLBSF01-09

USD200,000,000 (as stated in Item 6.a) of the Declarations)
USD200,000,000 (as stated in Item 6.b) of the Declarations)

in respect of each Occurrence, Claim or Loss but
in the aggregate during the currency of this Policy, separately in respect of each hazard Insured with an aggregate limit in the Followed Policy

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

**CONDITIONS:**

1. **MAINTENANCE OF UNDERLYING INSURANCE**

It is a condition of this policy that the Underlying Policy(ies) shall be maintained in full force and effect, except for any reduction of the aggregate limits contained therein solely by payment by Underlying Policy(ies) of any loss(es) covered by this Policy. In the event of the Insured's failure to maintain the Underlying Policy(ies) in full force and effect and except with respect to the aforementioned aggregate reduction, coverage hereunder shall not be invalid, but shall apply to the same extent that it would have applied had there been compliance with this condition.

2. **ASSISTANCE AND CO-OPERATION**

The Company shall not be called upon to assume charge of the settlement or defense of any claim made or deliverance brought or proceeding instituted against the Insured, however the Company shall have the right and shall be given the opportunity to associate with the Insured or the Insured's underlying insurers, or both, in the defense and control of any claim, suit or proceeding relative to the Occurrence, Claim or Loss where the claim or suit involves, or appears reasonably likely to involve the Company, in which event the Insured and the Company shall co-operate in all things in the defense of such claim, suit or proceeding.

3. **CANCELLATION**

This Policy may be canceled by the first Named Insured listed in Item 1(a) of the Declarations of this Policy by mailing or delivering to the Company at the address set forth in Item 7(a) of the Declarations of this Policy advance written notice of cancellation. This Policy may be cancelled by or on behalf of the Company by delivering to the first Named Insured or by mailing it to the first Named Insured, by registered, certified or other first class mail, at the first Named Insured's address set forth in Item 1(b) of the Declarations of this Policy, written notice stating when thereafter, not less than fifteen (15) days in the event of any premium is not paid when due, and not less than sixty (60) days in all other cases, cancellation shall be effective. Proof of mailing of such notice as aforesaid shall be sufficient proof of notice. It is agreed that the first Named Insured shall act on behalf of all other Insureds with respect to giving and receiving notice of cancellation. (The Policy Period terminates at the date and hour specified in such notice, but in case of notice of cancellation by the first Named Insured, the Company shall return ninety percent (90%) of the unearned portion of the premium calculated on a pro rata basis unless there is a Minimum Earned Premium set forth in Item 8. b) of the Declarations of this Policy, in which case the Company shall retain the Minimum Earned Premium and return the difference, if any,

4