**AON**

VIA ELECTRONIC MAIL

July 26, 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
Canopius Underwriting Bermuda Limited
Policy No.: IBM-341/CUBLBSF02-13
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 10 which attaches to and forms part of the above captioned policy.

Endt. No. 1 SCHEDULE OF UNDERLYING EXCESS POLICIES AND QUOTA SHARE POLICIES
Eff. May 21/13

Endt. No. 2 CHOICE OF LAW ENDORSEMENT - II
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 SANCTION LIMITATION AND EXCLUSION CLAUSE
Eff. May 21/13

Endt. No. 6 CREDIT RATING CANCELLATION ENDORSEMENT
Eff. May 21/13

Endt. No. 7 DEFENSE, ASSISTANCE AND COOPERATION ENDORSEMENT
Eff. May 21/13

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