**AON**

VIA ELECTRONIC MAIL

September 20, 2016

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  
American International Reinsurance Company, Ltd.  
Policy No.: 60703940  
Policy Period: May 21, 2016 – May 21, 2017  

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.  

Endt. No. 1  
Eff. May 21/16  
SCHEDULE OF EXCESS POLICY (IES)  

Endt. No. 2  
Eff. May 21/16  
PREMIUM PAYMENT CONDITION  

Endt. No. 3  
Eff. May 21/16  
VIOLATION OF STATUTES IN CONNECTION WITH SENDING, TRANSMITTING OR COMMUNICATING ANY MATERIAL OR INFORMATION EXCLUSION  

Endt. No. 4  
Eff. May 21/16  
ECONOMIC SANCTIONS ENDORSEMENT  

Endt. No. 5  
Eff. May 21/16  
PERSONAL AND ADVERTISING LIABILITY EXCLUSION - ELECTRONICALLY STORED DATA  

Endt. No. 6  
Eff. May 21/16  
CANCELLATION CONDITION AMENDATORY ENDORSEMENT  

Please refer to the actual endorsements 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.