**American Re-Insurance Company**

**(Herein Called The Reinsurer)**

**One Liberty Plaza * 91 Liberty Street**
**New York, New York 10006**

**Johnson & Higgins**
**Insurance Brokers**
**Employee Benefit Plan Consultants**
**35 Wall St., New York 10005**
**482-2000**

**IN CONSIDERATION OF THE PAYMENT OF THE PREMIUM AND SUBJECT TO THE DECLARATIONS, TERMS AND CONDITIONS HEREOF, THE COMPANY DOES HEREBY INSURE:**

**International Business Machines Et al (As more fully described in (Hereinafter Called The Insured) Underlying Policy)**

**Street Location:** Armonk
**City:** New York
**State:** NY
**M-1665042 of M-0692473**

**Certificate No.:** 5 21 77 5 21 78
**Branch:** 4,840.00
**Prior Certificate:** 4,840.00

**Item 2:**
- **Effective Date:** 12:01 A.M.
- **Expiration Date:** 12:01 A.M.

**Item 3:**
- **Continued Deposit Premium Adjustment:** None
- **Total Premium:** $4,840.00
- **Initial Gross Premium:** $4,840.00
- **Future Installments:** 0
- **CC:** K

**Description of Coverage Hereunder:**
- **Excess Umbrella Liability**

**Item 4: Underlying Insurance:**
- $130,000,000 each occurrence and annual aggregate where applicable, first layer umbrella provided by Zurich, Policy No. (to be advised) Excess of Primary

**Item 5: Limit(s) of Coverage Hereunder:**
- $5,000,000 part of $20,000,000 each occurrence and annual aggregate where applicable, such amount to apply in excess of the Underlying Insurance as shown under Item 4 above

**Item 6: Cancellation:**
- **30 days**
- **Date:** 5/27/77 /eb

**Form CF-002-A.W.Y.-4-77**

**American Reinsurance Company**
**Counter-signed by:**
**Authorized Representative:**
**Date:**