**AON**

VIA ELECTRONIC MAIL

July 27, 2015

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  
XL Insurance (Bermuda) Ltd.  
Policy No.: BM00027784LJ14A  
Policy Period: May 21, 2015 – May 21, 2016  

Dear Ms. Ireland,

We are please to enclose the Declarations Page, BSF-03 Policy Form and Endorsement Nos. 1 to 5 which attach to and forms part of the above captioned policy. The endorsements are listed below:

Endt. No. 1  
SCHEDULE OF UNDERLYING POLICY(IES)  
Eff. May 21/15  

Endt. No. 2  
FOLLOW FORM BERMUDA SHORTS FORM POLICY  
AMENDATORY ENDORSEMENT  
Eff. May 21/15  

Endt. No. 3  
SEVERAL LIABILITY NOTICE ENDORSEMENT  
Eff. May 21/15  

Endt. No. 4  
PREMIUM PAYMENT CONDITION ENDORSEMENT  
Eff. May 21/15  

Endt. No. 5  
CANCELLATION AMENDMENT ENDORSEMENT – 90 DAYS  
Eff. May 21/15  

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

Aon Risk Solutions  
Aon House | 30 Woodbourne Avenue | Pembroke HMC8 | 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.