**AON**

**VIA ELECTRONIC MAIL**

**July 15, 2015**

**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.: UFP0044276-04
Policy Period: May 21, 2015 – May 21, 2016

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. The endorsements are listed below:

Endt. No. 1 **SCHEDULE OF UNDERLYING POLICY(IES)**
Eff. May 21/15

Endt. No. 2 **PREMIUM PAYMENT CONDITION**
Eff. May 21/15

Endt. No. 3 **SEVERAL LIABILITY NOTICE**
Eff. May 21/15

Endt. No. 4 **ENDORSEMENT FOR FOLLOW FORM POLICY ISSUANCE PRIOR TO ISSUANCE/RECEIPT OF FOLLOWED POLICY**
Eff. May 21/15

Endt. No. 5 **AMENDMENT OF CONDITION 3 - CANCELLATION**
Eff. May 21/15

Endt. No. 6 **DEFENSE, ASSISTANCE AND COOPERATION ENDORSEMENT**
Eff. May 21/15

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.