**Form XL XS-BSF-02 (07/09)**

**THE BERMUDA SHORTS FORM**

Issued by
XL INSURANCE (BERMUDA) LTD

**Policy Number:** BM00025502LI11A
**Renewal of:** BM00024832LI10A
**Producer:** AON (BERMUDA) LTD.

**DECLARATIONS**

**Item 1.**
a) **Named Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION
b) **Address of Named Insured:** One New Orchard Road, Mail Drop 109, Armonk, NY 10504

**Item 2.** **Policy Period:**
From: May 21, 2011 at 12:01 am standard time at the address of the Named Insured.
To: May 21, 2012 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 and Casualty Insurance Company
Policy Number: X00 G25830854
Coverage: Commercial Umbrella Liability Policy
Policy Period: May 21, 2011 to May 21, 2012
Limits of Liability:
$50,000,000 Each Occurrence
$50,000,000 General Aggregate
$50,000,000 Products/Completed Operations Aggregate

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)

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