# Certificate of Facultative Reinsurance

**Gerling Global Reinsurance Corporation**
**United States Branch**
**717 Fifth Avenue, New York, N.Y. 10022**

## Declarations (Items 1 through 8)

1. **National Union Fire Insurance Company of Pittsburgh**
   - Does hereby reinsure: American Home Assurance Company

2. **Name of Insured: International Business Machines Corporation, etal**
   - 1) 9910310, Amorik, New York
   - 2) CE 3640492, Don Mills, Ontario

3. **Company Policy No.:**
   - Effective From: May 21, 1980
   - To: May 21, 1981

4. **Reinsurance Period:**
   - From: May 21, 1980
   - To: May 21, 1981

5. **Details of Reinsurance Afforded:**

| Section 1. Type of Insurance | Section 2. Policy Limits and Application | Section 3. Company Retention | Section 4. Reinsurance Accepted | Section 5. Basis of Acceptance |
|---|---|---|---|---|
| Excess Umbrella Liability | $8,000,000 each occurrence/annual aggregate where applicable excess $2,000,000 each occurrence/annual aggregate where applicable excess Primary Insurance or S.I.R. | $2,000,000 part of $8,000,000 each occurrence/annual aggregate where applicable excess $2,000,000 each occurrence/annual aggregate where applicable excess Primary Insurance or S.I.R. | $1,000,000 part of $8,000,000 each occurrence/annual aggregate where applicable excess $2,000,000 each occurrence/annual aggregate where applicable excess Primary Insurance or S.I.R. | Contributing Excess |

6. **Reinsurance Premium Computation:**
   - Flat Charge: $20,560.50 U.S.
   - Adjustable on Basis of: $20,560.50 U.S.
   - Deposit Premium: $689.50 Canada
   - Minimum Premium: $689.50 Canada
   - Total Premium: $21,250.00

7. **Audit Period:** None

8. **Ceding Commission:** 25%

**8/1/80 af**

**CERT. 1 Rev. 4/77**

**Original**

**GERLING GLOBAL OFFICES INC.**
**U.S. Manager**

**Authorized Signature**