**American International Reinsurance Company, Ltd.**

27 Richmond Road
Pembroke, HM08
Bermuda

**POLICY NO.: 60703940**
**NEW BUSINESS/RENEWAL OF: 60703940**

**THE BERMUDA SHORTS FORM – 03 (03/14)**

**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, 2015 at 12:01 am standard time at the address of the Named Insured.
- To: May 21, 2016 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 & Casualty Insurance Company
  - Policy Number: G 27 63 84 8 A
  - Coverage: Lead Umbrella - Occurrence
  - Policy Period: From: May 21, 2015 To: May 21, 2016
  - Limits of Liability: USD 50,000,000 Per Occurrence USD 50,000,000 Annual Aggregate (where applicable)
- **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) USD 50,000,000 each Occurrence, Claim or Loss
- b) USD 50,000,000 Aggregate

**Item 6.** Underlying Limits: (Insuring Agreement 2):
- a) USD 650,000,000 each Occurrence, Claim or Loss
- b) USD 650,000,000 Aggregate

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

**Page 1 of 9**

**AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.**
27 Richmond Road
Pembroke, HM08
Bermuda

©AIG, Inc. All rights reserved.