**AMERICAN RE-INSURANCE COMPANY**

99 JOHN STREET
NEW YORK, N.Y. 10038

**Johnson & Higgins**
95 Wall Street
New York, New York 10005

**ATTENTION:** Mr. Richard T. Michel

**International Business Machines Corporation et al**
(THEREINAPFTER CALLED THE INSURED)

M-0692473
7.1.73
01
FROM: 7.1.73 TO: 5.21.76
$ N11
CERTIFICATE NUMBER EFFECTIVE DATE OF ENDORSEMENT ENDORSEMENT NUMBER REINSURANCE CERTIFICATE PERIOD $ TOTAL ADDITIONAL OR RETURN PREMIUM (—)

N11

DATE OF NEXT INSTALLMENT

It is agreed that the Named Insured is to read as follows:

"International Business Machines Corp., IBM World Trade Corp., and any other subsidiary or affiliated corporation of each provided such other subsidiary or affiliated corporation warrants that it is under the same operative and financial control through the identity of its officers, directors or stockholders"

(os) 6/27/73
DATE

AMERICAN RE-INSURANCE COMPANY
Countersigned by AUTHORIZED REPRESENTATIVE