**AON**

**VIA ELECTRONIC MAIL**

**July 14, 2014**

**Ms. Kathleen Ireland**
Risk Manager, IBM CHQ
Global Risk & Insurance Management
International Business Machines Corporation
One New Orchard Road
Armonk, New York 10504
USA

**Re:** International Business Machines Corporation
Allied World Assurance Company, AG
Policy No.: C020117/001
Policy Period: May 21, 2014 – May 21, 2015

**Dear Ms. Ireland,**

We are pleased to enclose the Declarations Page, BSF-03 Policy Form and Endorsement Nos. 1 to 4 which attach to and forms part of the above captioned policy.

**Endt. No. 1**  
**SCHEDULE OF UNDERLYING POLICY(IES)**  
Eff. May 21/14  

**Endt. No. 2**  
**PREMIUM PAYMENT CONDITION**  
Eff. May 21/14  

**Endt. No. 3**  
**SEVERAL LIABILITY NOTICE**  
Eff. May 21/14  

**Endt. No. 4**  
**NON FOLLOWED ENDORSEMENT**  
Eff. May 21/14  

Please refer to the actual endorsement for exact terms and conditions.

We trust that you will find the attached to be in good order, however, should you have any questions please do not hesitate to contact our offices.

**Aon Risk Solutions**
Aon House | 30 Woodbourne Avenue | Pembroke HM08 | Bermuda
P.O. Box HM 2020 | Hamilton HM HX | Bermuda
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Aon (Bermuda) Ltd.