**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  
Endurance Specialty Insurance Ltd.  
Policy No.: EXC10000024504  
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 EXCESS POLICY(IES) Eff. May 21/13
* Endt. No. 2 ARBITRATION ENDORSEMENT Eff. May 21/13
* Endt. No. 3 CHOICE OF LAW ENDORSEMENT - II Eff. May 21/13
* Endt. No. 4 PREMIUM PAYMENT CONDITION Eff. May 21/13
* Endt. No. 5 ECONOMIC OR TRADE SANCTIONS EXCLUSION Eff. May 21/13
* Endt. No. 6 AMENDMENT OF ESIL BSF-02 FORM ENDORSEMENT Eff. May 21/13
* Endt. No. 7 U.S. TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT (TRIPRA) OF 2007 ENDORSEMENT - II Eff. May 21/13

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