**AON**

**VIA ELECTRONIC MAIL**

**July 16, 2013**

**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
Iron-Starr Excess Agency Ltd.
Policy No.: IS0001324
Policy Period: May 21, 2013 – May 21, 2014

Dear Ms. Ireland,

We are please to enclose the Declarations page, Policy form and Endorsement nos. 1 to 9 which attaches to and forms part of the above captioned policy.

Endt. No. 1
SCHEDULE OF UNDERLYING POLICY(IES)

Eff. May 21/13

Endt. No. 2
COVERAGE TERRITORY ENDORSEMENT

Eff. May 21/13

Endt. No. 3
ARBITRATION ENDORSEMENT

Eff. May 21/13

Endt. No. 4
PREMIUM PAYMENT CONDITION

Eff. May 21/13

Endt. No. 5
CHOICE OF LAW ENDORSEMENT - II

Eff. May 21/13

Endt. No. 6
NON FOLLOWED ENDORSEMENT

Eff. May 21/13

Endt. No. 7
SEVERAL LIABILITY FOR QUOTA SHARE ENDORSEMENT

Eff. May 21/13

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.