# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

(A Stock Insurance Company, hereinafter the "Insurer")
55 Water Street, 18th Floor New York, NY 10041
Toll-free number: 1-800-677-9163

**NOTICE:** THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.

## EXCESS LIABILITY POLICY DECLARATIONS

**Policy Number:** 1000040626-12
**Renewal of:** EXCNY078753-11
**Broker:** AON Risk Services
199 Water Street
8th Floor
New York, NY 10038
NEW YORK CITY, NY 10038

### Item 1: NAMED INSURED AND MAILING ADDRESS

International Business Machines Corporation
One New Orchard Road
Mail Drop 109
Armonk, NY 10504
(as per First Underlying Insurance Policy)

### Item 2: POLICY PERIOD

From: May 21, 2013
To: May 21, 2014
12:01 A.M. Standard Time at the address of the Named Insured shown.

### Item 3: POLICY PREMIUM

**TRIA Premium:** $0
**Total Annual Premium:** $194,000

**POLICY MINIMUM PREMIUM:** 0.00%

**Premium Basis:** (x) Flat
( ) Auditable

### Item 4: LIMITS OF LIABILITY

Our liability under this policy will not exceed the following limit: 50.00% percent of "loss" excess of the Underlying Insurance stated in Item 5 of the Declarations, but for no greater than:

$50,000,000 – Each Occurrence
$50,000,000 – Aggregate Limit (where applicable)