**AON**

VIA ELECTRONIC MAIL

July 31, 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  
XL Insurance (Bermuda) Ltd  
Policy No.: BM00026949LI13A  
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 11 which attaches to and forms part of the above captioned policy.

Endt. No. 1 SCHEDULE OF UNDERLYING POLICIES  
Eff. May 21/13  

Endt. No. 2 SEVERAL LIABILITY NOTICE ENDORSEMENT  
Eff. May 21/13  

Endt. No. 3 FOLLOW FORM BERMUDA SHORTS FORM POLICY AMENDATORY ENDORSEMENT  
Eff. May 21/13  

Endt. No. 4 ARBITRATION ENDORSEMENT  
Eff. May 21/13  

Endt. No. 5 CHOICE OF LAW ENDORSEMENT II  
Eff. May 21/13  

Endt. No. 6 ASSISTANCE AND CO-OPERATION AMENDMENT ENDORSEMENT  
Eff. May 21/13  

Endt. No. 7 CANCELLATION AMENDMENT ENDORSEMENT – 90 DAYS  
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.