**FORM-CUBL- BSF02 (07/09)**

**POLICY NO.: IBM-341/CUBLBSF02-13**
**RENEWAL OF: IBM-260/CUBLBSF02-12**

**CANOPIUS UNDERWRITING BERMUDA LIMITED**

**BERMUDA SHORTS FORM EXCESS LIABILITY INSURANCE POLICY DECLARATIONS**

| Item 1 | (a) Named Insured: | International Business Machines Corporation |
| (b) Address of Named Insured: | One New Orchard Road, (MD109), Armonk, NY 10504, USA |
| Item 2 | Policy Period: | |
| (a) Inception Date: | May 21, 2013 |
| (b) Expiration Date: | May 21, 2014 |
| Item 3 | Retroactive Date | N/A |
| Item 4 | (a) Followed Policy: | |
| Company: | Ace Property & Casualty Insurance Company |
| Policy Number: | G27051169 |
| Coverage: | Umbrella Liability |
| Policy Period: | From: May 21, 2013 To: May 21, 2014 |
| Limits of Liability: | USD50,000,000 Each Occurrence Limit |
| | | USD50,000,000 General Aggregate Limit |
| | | USD50,000,000 Products/Completed Operations Aggregate Limit |
| (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) USD25,000,000 part of USD200,000,000 each Occurrence, Claim or Loss (Insuring Agreement 2): |
| | b) USD25,000,000 part of USD200,000,000 Annual Aggregate |
| Item 6 | Underlying Limits: | |
| | a) USD200,000,000 each Occurrence, Claim or Loss (Insuring Agreement 2): |
| | b) USD200,000,000 Aggregate |
| | Which in turn is in excess of various insurances and/or retentions as more fully set forth in the Followed Policy |

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