# ENDORSEMENT

**ISSUED BY**

**American Re-Insurance Company**

(HEREIN CALLED THE REINSURER)

ONE LIBERTY PLAZA * 91 LIBERTY STREET
NEW YORK, NEW YORK 10006

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

[ATTENTION: Mr. Richard Michel]

**INTERNATIONAL BUSINESS MACHINES et al**

(THEREINAFTER CALLED THE INSURED)

**M-1665042**  
**CERTIFICATE NUMBER**  
**5 21 77**  
**EXPIRATION DATE OF**  
**ENDORSEMENT**  
**4**  
**Endorsement Number**  
**FROM:** **5 21 77 TO:** **5 21 78**  
**REINSURANCE CERTIFICATE PERIOD**  
**$ NIL**  
**TOTAL ADDITIONAL OR**  
**RETURN PREMIUM (-)**

| ADDITIONAL | CHANGE IN | AMENDED |
|------------|-----------|---------|
| RETURN PREMIUM (-) | FUTURE INSTALLMENTS | FUTURE INSTALLMENT |
| NIL | X | INCREASE OR DECREASE (-) |

**DATE OF**  
**NEXT INSTALLMENT**

It is understood and agreed that Endorsement Number One is deleted from this Certificate.

**AMERICAN RE-INSURANCE COMPANY**

Countersigned by /cs  
AUTHORIZED REPRESENTATIVE

**10/13/77**  
DATE

Form CF 022-A W Y-11-76