**ALLIED WORLD**

July 29, 2015

Aon (Bermuda) Ltd.
ATTN: Chris Heinicke
Aon House,
30 Woodbourne Avenue
Hamilton HM 08
BERMUDA

Insured: International Business Machines Corporation
Policy Number: C018124/002
From: May 21, 2015 To: May 21, 2016

Dear Chris Heinicke:

Allied World Assurance Company, AG (AW) is pleased to enclose the captioned Policy and its accompanying endorsements for the Insured. We trust you will find the documents to be issued in accordance with our binder. Should you have any questions or concerns, please feel free to contact your underwriter, Kimberly Pursell, at 441-278-5400.

Thank you for your support of Allied World Assurance Company, AG. We appreciate your business.

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