**AON**

VIA ELECTRONIC MAIL

July 15, 2014

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  
Arch Insurance (Bermuda)  
Policy No.: UFP0044276-03  
Policy Period: May 21, 2014 – May 21, 2015  

Dear Ms. Ireland,

We are pleased to enclose the Declarations page, Policy form and Endorsement nos. 1 to 5 which attach to and form part of the above captioned policy.

Endt. No. 1  
SCHEDULE OF UNDERLYING POLICY(IES)  
Eff. May 21/14  

Endt. No. 2  
PREMIUM PAYMENT CONDITION  
Eff. May 21/14  

Endt. No. 3  
SEVERAL LIABILITY NOTICE  
Eff. May 21/14  

Endt. No. 4  
AMENDMENT OF CONDITION 3 - CANCELLATION  
Eff. May 21/13  

Endt. No. 5  
DEFENSE, ASSISTANCE AND COOPERATIONS ENDORSEMENT  
Eff. May 21/13  

Please refer to the actual endorsement for exact terms and conditions.

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.