**AON**

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  
Arch Insurance (Bermuda)  
Policy No.: UFP0044276-05  
Policy Period: May 21, 2016 – May 21, 2017  

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  
  Eff. May 21/16  
  SCHEDULE OF UNDERLYING POLICY(IES)

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

- Endt. No. 3  
  Eff. May 21/16  
  SEVERAL LIABILITY NOTICE

- Endt. No. 4  
  Eff. May 21/16  
  AMENDMENT OF CONDITION 3 - CANCELLATION

- Endt. No. 5  
  Eff. May 21/16  
  DEFENSE, ASSISTANCE AND COOPERATION ENDORSEMENT  

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.