**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**
**03**
**FROM:** **7 1 73**
**TO:** **5 21 76**
**NIL**

**CERTIFICATE NUMBER**
**EFFECTIVE DATE OF ENDORSEMENT**
**Endorsement Member**

**REINSURANCE CERTIFICATE PERIOD**

**TOTAL ADDITIONAL OR RETURN PREMIUM (--)**

**NIL**

**DATE OF NEXT INSTALLMENT**

**In the event of a loss involving coverage by this Certificate and any other excess Certificate issued by the American Re-Insurance Company in this layer of insurance, The maximum limit of the Company's liability for all Certificates Combined shall be $3,000,000.**

**AMERICAN RE-INSURANCE COMPANY**

**Counter-signed by [Signature]**

**AUTHORIZED REPRESENTATIVE**

**(os) 6/27/73**

**Form C5 072 8/72 rev.**