**American Re-Insurance Company**

99 John Street  
New York, N.Y. 10038

**Endorsement Issued By:**

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

**Attention:** Mr. Richard T. Michel  

**International Business Machines Corporation Et al**  
(THEREINAFTER CALLED THE INSURED)  

**Certificate Number:** M-0692673  
**Effective Date of Endorsement:** 7/1/73  
**Endorsement Number:** 04  
**From:** 7/1/73 to 7/1/74  
**Reinsurance Certificate Period:** 7/1/73 to 7/1/74  
**Total Additonal or Return Premium:** NIL  

**Additional Endorsements Required:** NIL  
**Future Installment:** NIL  
**Amendment:** NIL  
**Mechanics of Delivery:** NIL  

**Date of Next Installment:**  

It is hereby understood and agreed that in the event of reduction or exhaustion of the aggregate limit or limits designated in the underlying policy or policies solely by payment of losses in respect to accidents or occurrences during the period of such underlying policy or policies, it is hereby understood and agreed that such insurance as is afforded by this Certificate shall apply in excess of the reduced underlying limit or if such limit is exhausted, shall apply as underlying insurance, notwithstanding anything to the contrary in the terms and conditions of this Certificate.

**American Re-Insurance Company**

Countersigned by: [Signature]  
Authorized Representative  

**July 17, 1973/eb**