**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  
XL Insurance (Bermuda) Ltd.  
Policy No.: BM00027784LL14A  
Policy Period: May 21, 2014 – May 21, 2015  

Dear Ms. Ireland,

We are please to enclose the Declarations Page, BSF-03 Policy Form and Endorsement Nos. 1 to 5 which attach to and forms part of the above captioned policy.

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

Endt. No. 2 FOLLOW FORM BERMUDA SHORTS FORM POLICY AMENDATORY ENDORSEMENT  
Eff. May 21/14  

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

Endt. No. 4 PREMIUM PAYMENT CONDITION ENDORSEMENT  
Eff. May 21/14  

Endt. No. 5 FOLLOWING FORM POLICY ISSUANCE ENDORSEMENT  
Eff. May 21/14  

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.