# ASPEN INSURANCE LIMITED

## THE BERMUDA SHORT FORM DECLARATIONS

**Policy Number:** ECA1KFW11A0W  
**New**

**ITEM 1**
- **(a) NAMED INSURED:** International Business Machines Corporation
- **(b) ADDRESS:** One New Orchard Road, Mail Drop 109, Armonk, NY 10504

**ITEM 2**
- **POLICY PERIOD:** From May 21, 2011 To May 21, 2012 (12:01 A.M. standard time at the address stated in Item 1 above)

**ITEM 3**
- **RETROACTIVE DATE:** Not Applicable

**ITEM 4**
- **(a) FOLLOWED POLICY:**
  - **Company:** ACE Property & Casualty Insurance Company
  - **Policy Number:** XOO G25830854
  - **Coverage:** Lead Umbrella - Occurrence
  - **Policy Period:** May 21, 2011 to May 21, 2012
  - **Limits of Liability:** USD 50,000,000 Each Occurrence, USD 50,000,000 General Aggregate
- **(b) UNDERLYING POLICY(IES):** As per Endorsement No. 1 Section I - Schedule of Underlying Policy(ies)
- **(c) QUOTA SHARE POLICY (IES):** Not Applicable

**ITEM 5**
- **LIMITS OF LIABILITY:**
  - **(a) USD 50,000,000 each Occurrence, Claim or Loss**
  - **(b) USD 50,000,000 Aggregate (where applicable)**

**ITEM 6**
- **UNDERLYING LIMITS:**
  - **(a) USD 550,000,000 each Occurrence, Claim or Loss**
  - **(b) USD 550,000,000 Aggregate (where applicable)**
  - **Which in turn is excess of various insurances and/or retentions as more fully set forth in the Followed Policy**

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