**American Re-Insurance Company**

**Certificate of Facultative Reinsurance**

**American Home Assurance Company**
99 John Street
New York, New York 10005

**Attention: Mr. Chuck Ciccarelli**

**In consideration of the payment of the net premium and subject to the general conditions set forth on the reverse side hereof, we hereby issue the following declarations:**

**National Union Fire Insurance Company of Pittsburgh, Pa.**
**Name of Ceding Company (then in Calco Inc. Company)**
**International Business Machine Corp., et al. (as per Co's policy)**

**Street Location:**
**New York**
**State:**
**New York**
**X 3035535 001**
**Branch Policy Certificate No.:**
**9603117**
**Company Policy No.:**
**05-21**
**Effective Date:**
**24-83**
**$16,250.00**
**Total Reinsurance Premium:**

**Deposit Premium Adjustment:**
**0.00**

**Initial Gross Premium:**
**$16,250.00**
**Future Installments:**
**302**

**Installment Period:**
**Reception Date:**
**Next Installment:**

**A. Description of Coverage Underwriter - Excess Umbrella Personal Injury Liability, Property Damage Liability and Advertising Liability.**

**B. Limit of Liability Stipulated in Company's Policy - $8,000,000 each occurrence for Personal Injury Liability or Property Damage Liability or Advertising Liability or a combination thereof, and $8,000,000 annual aggregate where applicable in excess of $2,000,000 each occurrence and $2,000,000 annual aggregate where applicable, excess of primary insurance.**

**C. Limit of Liability Retained by the Company or Reinsured Elsewhere - 37.5% or $7,000,000 share part of the liability set forth in Item B above.**

**D. Limit of Liability Ceded to and Accepted by the Reinsurer - 12.5% or $1,000,000 share part of the liability set forth in Item B above.**

**American Re-Insurance Company**

**Date:**
**Countersigned by:**
**Authorized Representative**

**Form CF 001-A.W.Y. + 242**
**Printed in U.S.A.**