**AON**

**VIA ELECTRONIC MAIL**

**July 15, 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
Aspen Bermuda Limited
Policy No.: ECA51JJ14A0A
Policy Period: May 21, 2014 – May 21, 2015

Dear Ms. Ireland,

We are pleased to enclose the Declarations page, Policy form and Endorsement nos. 1 to 6 which attach to and form part of the above captioned policy.

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

Endt. No. 2 **NON FOLLOWED ENDORSEMENT**  
Eff. May 21/14  

Endt. No. 3 **CHANGES IN FOLLOWED POLICY ENDORSEMENT**  
Eff. May 21/14  

Endt. No. 4 **VIOLATION OF COMMUNICATION LAW EXCLUSION**  
Eff. May 21/14  

Endt. No. 5 **ECONOMIC OR TRADE SANCTIONS ENDORSEMENT**  
Eff. May 21/14  

Endt. No. 6 **SEVERAL LIABILITY FOR QUOTA SHARE COVERAGE**  
Eff. May 21/14  

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

**Aon Risk Solutions**
Aon House | 30 Woodbourne Avenue | Pembroke HM08 | Bermuda
P.O. Box HM 2020 | Hamilton HM HX | Bermuda
t +1.441.295.2220 | d +1.441.278.1213 | f +1.441.292.3244 | aon.com
Aon (Bermuda) Ltd.