**AMERICAN RE-INSURANCE COMPANY**

(HEREIN CALLED THE INSURER)
90 JOHN STREET
NEW YORK, N.Y. 10038

**JOHNSON & HIGGINS**
INSURANCE BROKERS
EMPLOYEE BENEFIT PLAN CONSULTANTS
740 ALL ST., NEW YORK 10005
WH 4-3160

**IN CONSIDERATION OF THE PAYMENT OF THE PREMIUM AND SUBJECT TO THE DECLARATIONS, TERMS AND CONDITIONS HEREOF, THE COMPANY DOES HEREBY INSURE:**

**DECLARATIONS**

**International Business Machines Corporation et al**
(THEREINAFTER CALLED THE INSURED)
As Per Endt. No. 1

**STREET LOCATION:** Armork
**CITY:** New York
**STATE:** 10504
**M 0692473** 01 **M-0080975**

**CERTIFICATE NO.:** 71 **BRANCH:** 01 **PRIOR CERTIFICATE NO.:** 52176

**ITEM 1 EFFECTIVE DATE:** 73 01 73 **EXPIRATION DATE:** 5 21 76 **ITEM 3 TOTAL PREMIUM:** $12,551.00

**ITEM 2 CONTINUED DEPOSIT PREMIUM ADJUSTMENT:** None
**ITEM 3 INITIAL GROSS PREMIUM:** $12,551.00
**ITEM 3 FUTURE INSTALLMENTS:** X
**ITEM 3 COMMUNICATIONS:** N1

**DESCRIPTION OF COVERAGE HEREUNDER:** Excess Umbrella Liability

**ITEM 4 UNDERLYING INSURANCE:** $8,000,000 Each Occurrence and Aggregate provided by American Home Assurance Co. Excess of $2,000,000 Each Occurrence and Aggregate provided by United States Fire Ins. Co. Excess of various Underlying Insurance.

**ITEM 5 LIMIT(S) OF COVERAGE HEREUNDER:** $3,000,000 Part of $10,000,000 Excess of Underlying Insurance shown in Item #4 Above.

**ITEM 6 CANCELLATION:** 30 days
**DATE:** (os) June 27, 1973

**AMERICAN RE-INSURANCE COMPANY**
Countersigned by:
AUTHORIZED REPRESENTATIVE