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

**DECLARATIONS**

In consideration of the payment of the premium, and in reliance upon the statements in the Declarations below and subject to the limits of liability, exclusions, conditions and other terms of this Policy, Allied World Assurance Company, AG (hereinafter referred to as either the "Insurer" or the "Company") agrees with the Named Insured as listed in Item 1. below (hereinafter referred to as the "Insured") as follows:

**Item 1.**
- **a) Named Insured:** International Business Machines Corporation
- **b) Address of Named Insured:** One New Orchard Road, Armonk, NY 10504, UNITED STATES OF AMERICA

**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:** XOO G2763848A
  - **Coverage:** Commercial Umbrella Liability
  - **Policy Period:** From: May 21, 2015 To: May 21, 2016
  - **Limits of Liability:** US$50,000,000
- **b) Underlying Policy(ies):** As per Endorsement No. 1 Schedule of Underlying Policy(ies)

**Item 5.** **Limit of Liability:**
- **a) USD25,000,000 Each Occurrence Part of USD200,000,000 Each Occurrence**
- **(Insuring Agreement 2):**
  - **b) USD25,000,000 Aggregate Part of**

**Date of Issuance:** July 22, 2015
**ACBSF-03 (03/14)**

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