**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  
Endurance Specialty Insurance Ltd.  
Policy No.: EXC10000024505  
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 7 which attach to and forms part of the above captioned policy.  

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

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

Endt. No. 3  
U.S. TERRORISM RISK INSURANCE PROGRAM  
REAUTHORIZATION ACT (TRIPRA) OF 2007 ENDORSEMENT - II  
Eff. May 21/14  

Endt. No. 4  
ECONOMIC OR TRADE SANCTIONS EXCLUSION  
Eff. May 21/14  

Endt. No. 5  
CANCELLATION AMENDATORY ENDORSEMENT  
Eff. May 21/14  

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

We trust that you will find the attached to be in good order, however, should you have any questions please do not hesitate to contact our offices.  

Sincerely,  

Christopher Heinicke  
Senior Vice President  

CH/eb  
cc: Nick Moore – Aon Risk Services, Inc. of New York  

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.