**Arch Reinsurance Ltd.**

**Victoria Hall, 4th Floor**
**11 Victoria Street**
**Hamilton HM 11**
**Bermuda**

**Telephone:** 441-278-9200
**Fax:** 441-278-9230

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**THE BERMUDA SHORTS FORM**

**POLICY NO.:** UFP0055008-00
**NEW BUSINESS**

**DECLARATIONS**

**Item 1.**
- **a)** Named Insured: International Business Machines Corporation
- **b)** Address of Named Insured: One New Orchard Road (MD 109) Armonk, NY 10504 USA

**Item 2.** Policy Period:
- From: May 21, 2013 at 12:01 am standard time at the address of the Named Insured.
- To: May 21, 2014 at 12:01 am standard time at the address of the Named Insured.

**Item 3.** Retroactive Date:
- As per the Followed Policy, if any

**Item 4.**
- **a)** Followed Policy:
  - Company: Ace Property and Casualty Insurance Company
  - Policy Number: XOO G27051169
  - Coverage: Lead Umbrella
  - Policy Period: From: May 21, 2013 To: May 21, 2014
  - Limits of Liability: US$50,000,000 Each Occurrence US$50,000,000 General Aggregate US$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)

**Item 5.** Limit of Liability:
- **a)** US$25,000,000 each Occurrence, Claim or Loss Part of US$50,000,000
- **b)** US$25,000,000 Aggregate

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

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