**AON**

VIA ELECTRONIC MAIL

August 17, 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  
Endurance Specialty Insurance Ltd.  
Policy No.: EXC10000024507  
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 form part of the above captioned policy. These Endorsements are listed below:

- 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  
  U.S. TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT AND NON-CERTIFIED ACTS OF TERRORISM COVERAGE ENDORSEMENT - II

- Endt. No. 4  
  Eff. May 21/16  
  ECONOMIC OR TRADE SANCTIONS EXCLUSION

- Endt. No. 5  
  Eff. May 21/16  
  CANCELLATION AMENDATORY ENDORSEMENT

- Endt. No. 6  
  Eff. May 21/16  
  FOLLOWED POLICY – POLICY ISSUANCE ENDORSEMENT

- Endt. No. 7  
  Eff. May 21/16  
  DELETION OF ENDORSEMENT NO. 6

Please refer to the actual endorsement for exact terms and conditions.

Aon Risk Solutions  
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P.O. Box HM 2020 | Hamilton HM HX | Bermuda  
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Aon (Bermuda) Ltd.