**AON**

VIA ELECTRONIC MAIL

July 13, 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  
Endurance Specialty Insurance Ltd.  
Policy No.: EXC10000024506  
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 6 which attach to and form part of the above captioned policy. These Endorsements are listed below:

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

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

* Endt. No. 3  
  U.S. TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT AND NON-CERTIFIED ACTS OF TERRORISM COVERAGE ENDORSEMENT - II  
  Eff. May 21/15  

* Endt. No. 4  
  ECONOMIC OR TRADE SANCTIONS EXCLUSION  
  Eff. May 21/15  

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

* Endt. No. 6  
  FOLLOWED POLICY – POLICY ISSUANCE ENDORSEMENT  
  Eff. May 21/15  

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.

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.