**Endurance Specialty Insurance Ltd.**

**Waterloo House, 100 Pitts Bay Road, Pembroke HM08, Bermuda**
**Telephone: 441-278-0400 Facsimile: 441-296-1474**
**For Claim Matters Only: Facsimile: 441-296-5151 or excesscasualtyclaims@endurance.bm**

**POLICY NO.: EXC10000024505**
**RENEWAL OF: EXC10000024504**

**THE BERMUDA SHORTS FORM – 03 (07/13)**

**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, 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.** **Retroactive Date:** None

**Item 4.**
a) **Followed Policy:**
Company: ACE Property and 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:**
a) US$ 25,000,000 each Occurrence, Claim or Loss
b) US$ 25,000,000 Aggregate

**Item 6.** **Underlying Limits:**
a) US$ 75,000,000 each Occurrence, Claim or Loss
b) US$ 75,000,000 Aggregate

Which in turn is excess of various insurances and/or retentions as more fully set forth in the Followed Policy

**Date of Issuance:** June 9, 2014
**BSF-03 Declarations (Ed. 07/13)**

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