**AON**

**VIA COURIER**

June 25, 2012

Ms. Kathleen Ireland  
Risk Manager, IBM CHQ  
Global Risk & Insurance Management  
International Business Machines Corporation  
1 New Orchard Road  
Armonk, New York 10504  
U.S.A.

**Re:** International Business Machines Corporation  
Iron-Starr Excess Agency Ltd.  
Policy No. IS0000881  
Policy Period: May 21, 2012 - 2013

Dear Kathleen,

We are pleased to provide you with the above captioned policy for the policy period May 21, 2012 to May 21, 2013. Please find enclosed the declarations page, policy form and renewal endorsements 1 thru 9 which are listed below:

End. 1  
Eff: May 21/12  
**SCHEDULE OF UNDERLYING POLICIES**

End. 2  
Eff: May 21/12  
**ARBITRATION ENDORSEMENT**

End. 3  
Eff: May 21/12  
**COVERAGE TERRITORY ENDORSEMENT**

End. 4  
Eff: May 21/12  
**CHOICE OF LAW ENDORSEMENT II**

End. 5  
Eff: May 21/12  
**SEVERAL LIABILITY FOR QUOTA SHARE ENDORSMENT**

End. 6  
Eff: May 21/12  
**PREMIUM PAYMENT CONDITION**

Aon Risk Solutions  
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P.O. Box HM 2020 | Hamilton HM HX | Bermuda  
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Aon (Bermuda) Ltd.