**AON**

VIA ELECTRONIC MAIL

September 1, 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  
XL Insurance (Bermuda) Ltd.  
Policy No.: BM00029768LI16A  
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 7 which attach to and forms part of the above captioned policy. The endorsements are listed below:

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

Endt. No. 2  
Eff. May 21/16  
**SEVERAL LIABILITY NOTICE ENDORSEMENT**  

Endt. No. 3  
Eff. May 21/16  
**PREMIUM PAYMENT CONDITION ENDORSEMENT**  

Endt. No. 4  
Eff. May 21/16  
**CANCELLATION AMENDMENT ENDORSEMENT – 90 DAYS**  

Endt. No. 5  
Eff. May 21/16  
**ECONOMIC OR TRADE SANCTIONS ENDORSEMENT**  

Endt. No. 6  
Eff. May 21/16  
**SCHEDULE OF EXCESS POLICY (IES)**  

Endt. No. 7  
Eff. May 21/16  
**SCHEDULE OF EXCESS POLICY (IES)**  

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.