**AON**

VIA ELECTRONIC MAIL

July 27, 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  
Allied World Assurance Company, AG  
Policy No.: C020117/002  
Policy Period: May 21, 2015 – May 21, 2016  

Dear Ms. Ireland,

We are pleased 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. The endorsements are listed below:

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

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

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

Endt. No. 4  
Eff. May 21/15  
NON FOLLOWED ENDORSEMENT

Endt. No. 5  
Eff. May 21/15  
CANCELLATION ENDORSEMENT

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/jr  
Encl.

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.