**Arch Reinsurance Ltd.**

**Waterloo House, Ground Floor**
**100 Pitts Bay Road,**
**Pembroke HM08**
**Bermuda**
**Telephone: 441-278-9200**
**Fax: 441-278-9230**

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**THE BERMUDA SHORTS FORM**

**POLICY NO.:** UFP0044276-03  
**RENEWAL OF:** UFP0044276-02

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**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, 2014 at 12:01 am standard time at the address of the Named Insured.
- To: May 21, 2015 at 12:01 am standard time at the address of the Named Insured.

**Item 3.** **Retrospective Date:** None

**Item 4.**
- **a) Followed Policy:**
  - Company: ACE Property & Casualty Insurance Company
  - Policy Number: XOO G27380037
  - Coverage: Commercial Umbrella Liability Policy
  - Policy Period: From May 21, 2014 To: May 21, 2015
  - 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 Schedule of Excess Policy(ies) Section I - Schedule of Underlying Policy(ies)
- **c) Quota-Share Policy (ies):** As per Endorsement No. 1 Schedule of Excess Policy(ies) Section II – Schedule of Quota-Share Policy(ies)

**Item 5.** **Limit of Liability: (Insuring Agreement 2):**
- **a) US$50,000,000** each Occurrence, Claim or Loss
- **b) US$50,000,000** Aggregate (where applicable)

**Item 6.** **Underlying Limits: (Insuring Agreement 2):**
- **a) US$500,000,000** each Occurrence, Claim or Loss
- **b) US$500,000,000** 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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**Page 1 of 3**

**BSF-03 (Ed. 03/14)**