IBM, International Business Machines Corp : Thomson

Group Companies & Subsidiaries Subsidiaries ... IBM India Ltd India 99.00% ... Oy International Business Machines AB Finland 100.00%...

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IBM, International Business Machines Corp : Thomson Financial Extel Company Report "Pricewaterhousecoopers, Llp"

Update Information Company Status: Last Amended Date: Last Balance Sheet Date:

Active 21-Mar-03 31-Dec-02

Management Directors

Summary Description Global services acctd for 41% of 2001 revs; Hardware, 39%; Software, 15%; Global financing, 4% & Enterprise investments, 1%

Position Chairman, President & Chief Executive Director

Company Identifiers Ticker IBM

Sedol 2005973

Cusip 459200101

ISIN US4592001014

NYSE NYSE BSE CIN MSE PBW PCS MON SP500 DJCOMP FTSPWORLD DJGLOBAL

Indexes:

USD84.9 21-Mar-03 Close USD84.9

52wk High USD104 29-Mar-02

Position Vice President& Secretary

Name Daniel E. O'Donnell

Appointed/Ceased

52wk Low USD55.07 09-Oct-02

USD3.95 27.7

Shares(m) Market Cap(m) 1,690.088 USD143,488.44

International Business Machines Corporation(IBM). The Group's principal activity is to provide customer solutions with the help of advanced information technology. Its operations comprise of three Hardware product segments (Technology, Personal and Enterprise Systems); Global services segment; Software segment; Global Financing segment and an Enterprise Investments segment. The products are licensed under a number of patents that vary in duration. The Group operates in more than 150 countries worldwide. The products are distributed through the Group's global sales and distribution organizations and third-party business partners. In 2002, the Group acquired PricewaterhouseCoopers' (PwC) global business consulting and technology services unit and Tarian Software, as well as, discontinued hard disk drive business. On 21-Feb-2003, it acquired Rational Software Corp. Global services accounted for 45% of 2002 revenues; Hardware, 33%; Software, 16%; Global financing, 5% and Enterprise investments/other, 1%.

Industry Sector Primary

USD0.15 G 10-Mar-03 06-Feb-03

USA COMPUTER SERVICES

SIC Code 7371

Description Computer programming services

7371 7373 3571 6159 3577 3572

Market Data Country Sector

29 Apr 2003 Ceased Retired

Activities

Dividend Data Amount Tax Code Pay Date Ex Date

29 Apr 2003 Ceased Retired

Secretary

Security Data EPS P/E

Appointed/Ceased

Lucio A. Noto John B. Slaughter Sidney Taurel Alex Trotman Charles M. Vest

Security Summary Share price Share price Date Description

Cathleen Black Kenneth I. Chenault Juergen Dormann Nannerl O. Keohane Charles F. Knight Minoru Makihara

Exchange/Index Listing Primary: Exchanges:

Name Samuel J. Palmisano

Group Companies & Subsidiaries Subsidiaries Company

Business Address New Orchard Road Armonk NEW YORK UNITED STATES 10504 Tel: +1 914 499-1900

Web Address http://www.ibm.com

Service Provider Addresses Auditors

Source:Thomson Financial Extel 2002

Country of % Owned Incorporation Controlled Main IBM Credit Corp 100.00% Lotus Development Corp 100.00% Tivoli Systems Inc 100.00% IBM World Trade Corp 100.00% IBM Central and Eastern Europe/Middle 100.00% East/ Africa Inc IBM Plans Management Corp 88.00% IBM World Trade Asia Corp 100.00% IBM World Trade Holding LLC 100.00% WTC Insurance Corp Ltd Bermuda 100.00% IBM Argentina SA Argentina 100.00% IBM Australia Ltd Australia 100.00% IBM Bahamas Ltd Bahamas 100.00% IBM de Bolivia SA Bolivia 100.00% IBM Americas Holding Ltd Bermuda 100.00% IBM Brasil Industria Maquinas e Brazil 100.00% Servicos Ltda Donelly Financial Inc British Virgin 100.00% Islands IBM Foreign Sales Corp Barbados 100.00% Fitzal Capital Inc British Virgin 100.00% Islands IBM Canada Credit Services Co Canada 100.00% IBM Canada Ltd--IBM Canada Limitee Canada 100.00% IBM China Co Ltd China 100.00% IBM China/Hong Kong Ltd Hong Kong 100.00% IBM de Chile SAC Chile 100.00% IBM de Colombia SA Colombia 90.00% IBM Middle East FZE United Arab 100.00% Emirates IBM Middle East FZ-LLC United Arab 100.00% Emirates IBM del Ecuador SA Ecuador 100.00% IBM Global Services India Pvt Ltd India 90.00% IBM India Ltd India 99.00% YK IBM AP Holdings Japan 100.00% IBM Japan Ltd Japan 100.00% IBM Asia Pacific Service Corp Japan 100.00% Display Technologies Inc Japan 100.00% IBM Korea Inc Korea, Republic of 100.00% PT IBM Indonesia Indonesia 100.00% IBM Malaysia Sdn Bhd Malaysia 100.00%

Post Y/E Changes

Page 1

IBM, International Business Machines Corp : Thomson Financial Extel Company Report Financiera de Technologiae Informatica SA de CA Sociedad Financiera del Objecto Limitado Filial Grupo IBM Mexico SA de CV IBM de Mexico SA IBM New Zealand Ltd IBM del Peru SA IBM Philippines Inc IBM Romania Srl IBM Taiwan Corp IBM Thailand Co Ltd IBM del Uruguay SA IBM de Venezuela SA IBM Vietnam Company International Business Machines of Belgium SA IBM Bulgaria Ltd IBM Croatia Ltd/IBM Hrvatska doo IBM Global Services Delivery Center Czech Republic IBM Global Services Delivery Center Czech Republika sro IBM Business Consulting Services sro IBM Eesti Osauhing (IBM Estonia Ou) Compagnie IBM France SA IBM Eurocoordination Tunisian Business Machines (TBM) IBM Europe Middle East Africa IBM International Treasury Services Co IBM Italia SpA IBM Hellas Information Handling Systems SA IBM Israel Ltd Companhia IBM Portuguesa SA IBM (International Business Machines) Turk Ltd Sirketi IBM South Africa (Pty) Group Ltd IBM East Africa Ltd Sabiedriba ar irobezotu IBM Latvija IBM Lietuva IBM Business Consulting Services Ltd IBM BTO Global Holdings BV IBM Business Consulting Services Eastern Europe BV IBM Far East Holdings BV International Information Products (Shenzhen) Co Ltd IBM Holdings BV IBM Global Holdings BV IBM Central Holding GmbH IBM Ceskra Republika spol sro IBM Deutschland GmbH IBM Osterreich Internationale Bueromaschinen Gesellschaft mbH IBM (Schweiz) - IBM (Suisse)- IBM (Svizzera) - IBM (Switzerland) IBM East Europe/Asia IBM Polska Sp zoo International Business Machines Corp Magyarorszagi Kft IBM Eastern Europe Holdings BV IBM Global Services Kft IBM International Holdings BV IBM Ireland Limited IBM Singapore Pte Ltd IBM Storage Products Kft IBM North Region Holdings IBM Nederland NV IBM United Kingdom Holdings Ltd IBM United Kingdom Ltd IBM International Centre for Asset Management NV International Business Machines A/S IBM West Africa Ltd IBM Slovensko spol sro IBM Slovenija doo International Business Machines SA IBM Nordic Aktiebolag IBM Danmark A/S Oy International Business Machines AB IBM Svenska Aktiebolag IBM Business Consulting Services Ltd IBM (International Business Machines) Is Danismanlik Hizmetleri Ltd

Mexico

100.00%

Announced Effective 18-Apr-88

Name SIC Metaphor Computer Systems

06-Sep-90

7372

%shares Value($mil) Seller %owned SIC 0 10 Metaphor Computer Systems 0 7372

Mexico Mexico New Zealand Peru Philippines Romania Taiwan, Republic of China Thailand Uruguay Venezuela Vietnam Belgium

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

02-Oct-89 12-Jan-90

CADAM Inc(Lockheed Corp) 7373

100 100

100

Lockheed Corp 3721

100.00% 100.00% 100.00% 100.00% 100.00%

10-Jan-90 10-Jan-90

Rational Software Corp 7372

0 0

0

Rational Software Corp 7372

10-Jan-90 10-Jan-90

Valisys Corp(FMC Corp) 7372

0 0

0

FMC Corp 2819

19-Mar-90 19-Mar-90

Aox Inc 3577

0 0

0

Aox Inc 3577

Bulgaria Croatia Czech Republic

100.00% 100.00% 100.00%

02-May-90

Valid Logic Systems Inc

0

12.4

25-Jun-90

7373

0

Valid Logic Systems Inc 7373

Czech Republic Estonia France France Tunisia France Ireland Italy Greece

100.00% 100.00% 100.00% 96.00% 70.00% 100.00%

11-Sep-90 11-Sep-90

Hogan Systems Inc 7372

5 5

0

Hogan Systems Inc 7372

29-Dec-90 29-Dec-90

CSI 7371

0 0

0

CSI 7371

25-Jan-91

Intera Tydac Technologies Inc

0

0

25-Jan-91

5045

0

Intera Information Tech Corp 7374

Israel Portugal Turkey

100.00% 100.00% 98.00%

28-Jan-91

SVG Lithography Systems

6

2.7

28-Jan-91

3559

6

Silicon Valley Group Inc 3674

18-Jun-91 18-Jun-91

Wang Laboratories Inc 3571

South Africa Kenya Latvia Lithuania Lebanon Netherlands Netherlands

100.00% 67.00% 100.00% 100.00% 98.00% 100.00% 100.00%

0 0

25

Wang Laboratories Inc 7372

11-Jul-91

Metaphor Computer Systems

100

100

03-Oct-91

7372

100

Metaphor Computer Systems 7372

24-Jul-91

Industrial Computing Designs

0

0

24-Jul-91

7372

0

Industrial Computing Designs 7372

Netherlands China

100.00% 80.00%

18-Dec-91

Measurex Automation-Software

Netherlands Netherlands Germany Czech Republic Germany Austria

100

0

100.00% 100.00% 100.00% 100.00% 72.00% 100.00%

28-Feb-92

7372

100

Honeywell-Measurex Corp 3823

28-Jan-92 29-Jun-92

Cie des Machines Bull 7374

5.68 5.68

101.012

France 999A

04-Mar-92

Red Shark Technology Corp

0

0

04-Mar-92

7372

0

Red Shark Technology Corp 7372

20-Mar-92 20-Mar-92

DIS 7372

6.3 6.3

0

Republic of Finland 999A

24-Apr-92 24-Apr-92

MT-Computers(Hungary) 3571

0 0

0

Hungary 999A

04-May-92 05-May-92

Sapiens International Corp NV 7372

3.7 2.662

1.997

Century Holdings Inc 6799

07-May-92 07-May-92

Norrell Corp 7363

0 0

0

Norrell Corp 7363

01-Jun-92 02-Jun-92

Parallan Computer Inc 3571

0 0

0

Parallan Computer Inc 3571

16-Sep-92

HomeView Realty Search Svcs

0

0

16-Sep-92

6531

0

HomeView Realty Search Svcs 6531

03-Dec-92

Tadpole Technology PLC

2.7

0.493

27-Jan-93

3577

2.7

Tadpole Technology PLC 3577

23-Dec-92

Worldwide Chain Store Systems

80

0

23-Dec-92

5311

80

Worldwide Chain Store Systems 5311

12-Apr-93 12-Apr-93

Catapult Inc 8243

100 100

0

Catapult Inc 8243

27-Apr-93 27-Apr-93

Object Design Inc 7372

0 0

0

Object Design Inc 7372

21-Oct-93

Isonet Oy-Information Manageme 100

0

21-Oct-93

8742

Helsingin Puhelinyhsistys 3661

22-Dec-93

Information Services Group Ltd

24

24.774

22-Dec-93

7375

24

Information Services Group Ltd 7375

23-Mar-94 23-Mar-94

Sema Group Systems AG 7379

100 100

2.233

Sema Group PLC 7379

12-Sep-94 12-Sep-94

NYNEX DPI(NYNEX Corp) 7371

100 100

10

NYNEX Corp 4813

10.00% 100.00%

Switzerland

100.00%

Russia Poland Hungary

100.00% 100.00% 100.00%

Netherlands Hungary Netherlands Ireland Singapore Hungary United Kingdom Netherlands United Kingdom United Kingdom Netherlands

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Norway Nigeria Slovak Republic Slovenia Spain Sweden Denmark Finland Sweden United Kingdom Turkey

60.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 98.00% 100.00%

Note: O = Owned; C = Controlled. If neither is indicated then the company has not reported the owned and controlled proportions being different.

Company History Incorporated 16-June-1911 in New York; Registered No 1-2360. The name changed from Computing-Tabulating Recording Co to International Business Machines Corpn in February 1924. Listed on the New York, Chicago and Pacific Stock Exchanges.

Acquisitions

Source:Thomson Financial Extel 2002

100

Page 2

IBM, International Business Machines Corp : Thomson Financial Extel Company Report 15-Nov-94 15-Nov-94

ICTV 5065

0 0

0

06-Jan-95 06-Jan-95

Tiltan Systems Engineering

51

0

7373

51

31-Jan-95 31-Jan-95

Jaerafaella ICC(Atle Foervalt) 3577

14 14

07-Apr-95 07-Apr-95

ICTV 5065

14-Dec-99

3571

Tiltan Systems Engineering 7373

14-Jan-00

Accessible Software Inc

100

11-Feb-00

7372

100

3.999

Atle Foervaltnings AB 6799

11-Jul-00

Aragon Consulting Group

100

11-Jul-00

8748

100

Novosys Oy-Computer Services D 100 7371 100

0

KT Tietokeskus Oy 7379

23-Oct-00 23-Oct-00

OpenOrders Inc 7372

05-May-95

GE Capital Systems Support

100

0

10-Jul-95

7378

100

03-Nov-00 03-Nov-00

05-Jun-95

Lotus Development Corp

100

05-Jul-95

7372

100

01-Sep-95 01-Sep-95

Cie des Machines Bull 7374

1.6 1.6

General Electric Co{GE} 3612

0

Accessible Software Inc 7372

0

Aragon Consulting Group 8748

100 100

0

OpenOrders Inc 7372

EZchip Technologies 3674

5 5

0

EZchip Technologies 3674

Structural Bioinformatics Inc

0

0

Structural Bioinformatics Inc 8731

0

NeTune Communications 4813

3263.774

Lotus Development Corp 7372

29-Nov-00 29-Nov-00

8731

0

0

France 999A

28-Mar-01

NeTune Communications

0

28-Mar-01

4813

0

19-Apr-01 07-Jun-01

Mainspring Inc 7389

100 100

83.68

Mainspring Inc 7389

24-Apr-01 02-Jul-01

Informix Software Inc 7372

100 100

1000

ABB Ltd 3612

30-Oct-01

CrossWorlds Software Inc

100

126.101

14-Jan-02

7372

100

CrossWorlds Software Inc 7372

25-Jun-02 25-Jun-02

Metamerge AS 7372

100 100

0

Metamerge AS 7372

30-Jul-02

PwCC Ltd

100

3500

02-Oct-02

7379

100

PricewaterhouseCoopers LLP 8721

29-Aug-02 29-Aug-02

TrelliSoft Inc 7372

100 100

0

TrelliSoft Inc 7372

12-Sep-02 12-Sep-02

Holosofx Inc 7372

100 100

0

Holosofx Inc 7372

06-Oct-02 31-Dec-02

EADS Matra Datavision 7371

100 100

29.364

EADS NV 3721

04-Nov-02 15-Nov-02

Tarian Software 7372

100 100

0

Tarian Software 7372

06-Dec-02 21-Feb-03

Rational Software Corp 7372

100 100

2091.83

Rational Software Corp 7372

11-Sep-95 15-Dec-95

Early,Cloud & Co 7372

100 100

0

Early,Cloud & Co 7372

31-Jan-96 04-Mar-96

Tivoli Systems Inc 7372

100 100

709.8

Tivoli Systems Inc 7372

22-Feb-96 29-Mar-96

Object Technology Intl 7372

100 100

0

Object Technology Intl 7372

04-Mar-96 01-Apr-96

Data Sciences Ltd 7372

100 100

145.122

Data Sciences Ltd 7372

01-Jun-96

LYD(Lyonnaise des Eaux)

51

0

01-Jun-96

7379

51

Suez Lyonnaise des Eaux SA 4941

13-Aug-96 13-Aug-96

CPM Corp-Target Software Sys 7372

100 100

0

CPM Corp 5045

30-Sep-96

Professional Data Mgmt Assoc

100

0

14-Oct-96

7371

100

Professional Data Mgmt Assoc 7371

13-Nov-96 17-Dec-96

Edmark Corp 7372

100 100

123.801

Edmark Corp 7372

20-Dec-96 20-Dec-96

Elbm(IBM) 3571

49 100

0

IBM Corp 3571

19-Mar-97 16-Apr-97

NetObjects Inc 7372

0 0

0

NetObjects Inc 7372

08-May-97 12-Jun-97

Advantis(IBM,Sears Roebuck) 7373

30 100

450

IBM Corp 3571

11-Feb-98

Commquest Technologies Inc

100

180

31-Mar-98

3663

100

Commquest Technologies Inc 3663

11-Mar-98

General Elec Capital Svcs-Coml

100

0

General Electric Co{GE} 3612

Capital 31 Dec 2002 Share

100

Common Total Authorized SHARES: 4,687.5 M

Par Value (USD) 0.2

11-Mar-98

6141

13-Mar-98

Chem Systems Group Inc

100

27-Mar-00

8742

100

19-May-98 19-May-98

Ubique Ltd 7375

100 100

0

19-May-98 02-Jun-98

Databeam Corp 7372

100 100

0

Databeam Corp 7372

01-Jan-92 IBM Corp 0 Barclays de Zoete Wedd Ltd

08-Jul-98 21-Aug-98

IBM South Africa(IBM SA Group) 0 7375 100

134.526

IT Media Ltd 3571

Dividend Payment Details

27-Oct-98 27-Oct-98

Wallop Software Inc-BUILD-IT 7372

100 100

0

Wallop Software Inc 7372

15-Feb-99 15-Feb-99

Lambda Gestion 8748

100 100

0

Lambda Gestion 8748

09-Mar-99 09-Mar-99

Red Hat Inc 7375

0 0

0

Red Hat Inc 7375

09-Jun-99

Whistle Communications Corp

100

0

23-Jun-99

7375

100

Whistle Communications Corp 7375

12-Jul-99

Sequent Computer Systems Inc

100

808.871

24-Sep-99

3571

100

Sequent Computer Systems Inc 3571

27-Jul-99 29-Sep-99

Mylex Corp 3571

100 100

260.52

Mylex Corp 3571

22-Sep-99 27-Sep-99

DASCOM Inc 7373

100 100

115

DASCOM Inc 7373

14-Dec-99

Mercury Computer-Storage Unit

100

23.5

Mercury Computer

Source:Thomson Financial Extel 2002

Systems Inc 3571

100

0

Chem Systems Group Inc 8742 Ubique Ltd 7375

Issued (USD m) 344.4734

Shares Issued

Mkt Cap (USD m) 1,722.3669 133,483.4344

Capital History Issue Date Issuer Name Bookrunner

Type QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR

Gross(USD) 0.15 0.15 0.15 0.14 0.14 #NA #NA #NA 0.13 0.13 0.13 0.12 0.12 0.12 0.12 0.11 0.11 0.11 0.11 0.1 0.1 0.1

Shares Offered

Offer Price

Type of Security Currency

Net(USD) 0.15 0.15 0.15 0.14 0.14 0.14 0.14 0.13 0.13 0.13 0.13 0.12 0.12 0.12 0.12 0.11 0.11 0.11 0.11 0.1 0.1 0.1

na US

Announced 29-Oct-02 30-Jul-02 30-Apr-02 29-Jan-02 31-Oct-01 31-Jul-01 24-Apr-01 30-Jan-01 31-Oct-00 26-Jul-00 26-Apr-00 25-Jan-00 26-Oct-99 27-Jul-99 27-Apr-99 26-Jan-99 27-Oct-98 29-Jul-98 28-Apr-98 28-Jan-98 29-Oct-97 30-Jul-97

Primary Exchange Market

Amount($m) Amount all Mkts($m) 5 5

U.S. Private

Holders 08-Nov-02 09-Aug-02 10-May-02 08-Feb-02 09-Nov-01 10-Aug-01 10-May-01 09-Feb-01 10-Nov-00 10-Aug-00 10-May-00 10-Feb-00 10-Nov-99 10-Aug-99 10-May-99 10-Feb-99 10-Nov-98 10-Aug-98 08-May-98 10-Feb-98 10-Nov-97 11-Aug-97

XD Date 06-Nov-02 07-Aug-02 08-May-02 06-Feb-02 07-Nov-01 08-Aug-01 08-May-01 07-Feb-01 08-Nov-00 08-Aug-00 08-May-00 08-Feb-00 08-Nov-99 06-Aug-99 06-May-99 08-Feb-99 06-Nov-98 06-Aug-98 06-May-98 06-Feb-98 06-Nov-97 07-Aug-97

Pay Date 10-Dec-02 10-Sep-02 10-Jun-02 09-Mar-02 10-Dec-01 10-Sep-01 09-Jun-01 10-Mar-01 09-Dec-00 09-Sep-00 10-Jun-00 10-Mar-00 10-Dec-99 10-Sep-99 10-Jun-99 10-Mar-99 10-Dec-98 10-Sep-98 10-Jun-98 10-Mar-98 10-Dec-97 10-Sep-97

Page 3

IBM, International Business Machines Corp : Thomson Financial Extel Company Report QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR QTR

0.1 0.0875 0.0875 0.0875 0.0875 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.135 0.135

0.1 0.0875 0.0875 0.0875 0.0875 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.0625 0.135 0.135

29-Apr-97 28-Jan-97 29-Oct-96 31-Jul-96 17-Apr-96 30-Jan-96 30-Oct-95 25-Jul-95 25-Apr-95 31-Jan-95 24-Oct-94 26-Jul-94 25-Apr-94 01-Feb-94 02-Nov-93 27-Jul-93 27-Apr-93 26-Jan-93

09-May-97 10-Feb-97 08-Nov-96 09-Aug-96 10-May-96 09-Feb-96 10-Nov-95 10-Aug-95 10-May-95 10-Feb-95 10-Nov-94 10-Aug-94 11-May-94 10-Feb-94 10-Nov-93 11-Aug-93 12-May-93 10-Feb-93

07-May-97 06-Feb-97 06-Nov-96 07-Aug-96 08-May-96 07-Feb-96 08-Nov-95 08-Aug-95 04-May-95 06-Feb-95 04-Nov-94 04-Aug-94 05-May-94 04-Feb-94 04-Nov-93 05-Aug-93 06-May-93 04-Feb-93

10-Jun-97 10-Mar-97 10-Dec-96 10-Sep-96 10-Jun-96 09-Mar-96 09-Dec-95 09-Sep-95 10-Jun-95 10-Mar-95 10-Dec-94 10-Sep-94 10-Jun-94 10-Mar-94 10-Dec-93 10-Sep-93 10-Jun-93 10-Mar-93

Shareholdings Owner Name Total Holding % Held STATE STR GLOBAL ADVR 106,321,774 6.29 (US) BARCLAYS GBL INVESTORS, 56,824,066 3.36 N.A.

Report Date 31-Dec-02

Filing Type 13F

31-Dec-02

13F

Total Number of Shareholders based on reported filings: 2,293

Borrowings IBM, International Business Machines Corp Loans Issue Date Issuer Name

Description

Maturity Date

Amount($m)

Bookrunner

Currency

IBM Corp JP Morgan

Rev Cred Fac U.S. Dollar

30-May-02

06-May-02 IBM Corp JP Morgan

Rev Cred Fac U.S. Dollar

16-May-03

4000 4000

---Mar-01

Rev Cred Fac U.S. Dollar

31-May-06

8000 12000

---Mar-01

IBM Corp JP Morgan

Amount All Mkts($m) 4000 12000

Issuer Name

Coupon(%) Currency

Bookrunner

Maturity Date

Amount($m)

21-Feb-02

IBM Corp Daiwa Securities SMBC

Coupon Type 0.600 Fixed Rate

05-Mar-02

IBM Corp Morgan Stanley

4.125 Fixed Rate

U.S. Dollar

30-Jun-05

250 250

04-Mar-02

IBM Corp Deutsche Banc Alex Brown

Floats Floating Rate

U.S. Dollar

28-Sep-03

500 500

26-Apr-02

IBM Corp Nikko Salomon Smith Barney

0.400 Fixed Rate

Japanese Yen 10-May-04

782.2 782.2

23-Sep-02

IBM Corp Banc of America Securities LLC

Floats Floating Rate

U.S. Dollar

27-Sep-04

400 400

05-Sep-02

IBM Corp Floats Deutsche Bank Securities Floating Corp Rate

U.S. Dollar

10-Sep-04

1100 1100

05-Sep-02

IBM Corp JP Morgan

4.250 Fixed Rate

U.S. Dollar

15-Sep-09

600 600

20-Nov-02

IBM Corp JP Morgan

4.750 Fixed Rate

U.S. Dollar

29-Nov-12

1400 1400

20-Nov-02

IBM Corp JP Morgan

5.875 Fixed Rate

U.S. Dollar

29-Nov-32

600 600

20-Jun-01

IBM Corp Deutsche Bank AG

6.000 Fixed Rate

British Pound

28-Jun-04

280.112 280.112

20-Jun-01

IBM Corp Deutsche Bank AG

6.125 Fixed Rate

British Pound

28-Jun-06

280.112 280.112

12-Jun-01

IBM Corp Merrill Lynch-Tokyo

0.700 Fixed Rate

Japanese Yen 06-Jun-06

410.75 410.75

20-Sep-01

IBM Corp JP Morgan

4.875 Fixed Rate

U.S. Dollar

01-Oct-06

1500 1500

23-Mar-00

IBM Corp Deutsche Bank AG

5.375 Fixed Rate

EURO

31-Mar-05

960.615 960.615

06-Apr-00

IBM Corp Morgan Stanley Dean Witter

0.900 Fixed Rate

Japanese Yen 14-Apr-03

954.5 954.5

21-Jun-00

IBM Corp ABN AMRO Bank NV

5.500 Fixed Rate

EURO

Japanese Yen 04-Mar-05

Source:Thomson Financial Extel 2002

27-Jun-03

IBM Corp Daiwa SBCM (Japan)

0.620 Fixed Rate

Japanese Yen 21-Jun-02

1308.16 1308.16

01-Aug-00

IBM Corp Morgan Stanley Dean Witter(JP)

1.360 Fixed Rate

Japanese Yen 10-Aug-05

914.5 914.5

18-Sep-00

IBM Corp Merrill Lynch Japan

2.400 Fixed Rate

Japanese Yen 28-Sep-10

467.5 467.5

13-Sep-00

IBM Corp Deutsche Banc Alex Brown

Floats Floating Rate

EURO

26-Sep-02

1073.25 1073.25

12-Sep-00

IBM Corp 4.000 Credit Suisse First Boston Fixed Rate Ltd

Swiss Franc

28-Sep-03

140.174 140.174

27-Nov-00

IBM Corp Nikko Salomon Smith Barney

Japanese Yen 04-Dec-01

1585.5 1585.5

0.700 Fixed Rate

Per Share Data 31 Dec 1998

31 Dec 1999

31 Dec 2000

31 Dec 2001

31 Dec 2002

EARNINGS(USD) Reported Gross Earnings Reported Net Earnings Adjusted Gross Earnings Adjusted Net Earnings

6.75 -

4.25 -

4.58 -

4.45 -

2.32 -

SHARES on which Earnings calculated (m) Basic Ave No Of Shares Fully Diluted Ave No Of Shares Total Dividend(USD) Dividend Cover Net Asset Value(USD)

934.5 0.86 7.848 13.863

1,808.5 0.7 6.071 7.161

1,763.0 1,812.1 0.51 8.98 6.774

1,733.3 1,771.2 0.55 8.09 6.944

1,703.2 1,730.9 0.59 3.932 0.736

Interims PROFIT BEFORE TAX is after (charging) creditingDepreciation/Amortn

(2,434)

(3,655)

(1,167)

(2,701)

(3,782)

NET CREDITS is after (charging) crediting-

IBM, International Business Machines Corp Bonds Launch Date

13-Jun-00

Amount All Mkts($m) 194.35 194.35

953.834 953.834

A/C Policy Decreases

(6)

-

-

-

-

Consolidated Profit and Loss Account - Unaudited

Turnover Cost Of Sales Gross Profit Rep Operating Profit Excpl Charges-Tdg Interest Payable Financial Assets W/O Exceptional Charges Profit Before Tax Tax Profit After Tax Discont Ops Inc Net Extraordinary Losses Net Income Non Equity Dividends Equity Earnings Dividends Retained Profits

30 Jun 2001 US$m 42,612 (26,966) 15,646 0 (130) 5,391 (1,596) 3,795 3,795 (10) 3,785 (10) 3,785

30 Sep 2001 US$m 63,040 (40,003) 23,037 0 (184) 7,653 (2,263) 5,390 5,390 (10) 5,380 (10) 5,380

31 Mar 2002 US$m 18,551 (12,115) 6,436 0 (30) 1,691 (499) 1,192 1,192 1,192 1,192

30 Jun 2002 US$m 37,681 (23,911) 13,770 0 (1,090) (63) (477) 2,408 (679) 1,729 481 (481) 1,248 1,729 -

30 Sep 2002 US$m 57,502 (36,409) 21,093 0 (1,250) (97) (10) (434) 4,812 (1,389) 3,423 (862) 2,561 2,561 -

30 Sep 2001 US$m 16,820 3,715 297 40,309 85,094 13,815 8,162 21,977 21,977 28,561 10,907 17,654 32,876 85,094 7,433 52,218 21,977

31 Mar 2002 US$m 16,629 1,786 3,833 134 37,385 83,056 14,403 8,648 23,051 23,051 24,908 8,243 16,665 30,084 83,056 7,301 52,972 23,051

30 Jun 2002 US$m 14,712 1,729 3,453 114 36,723 84,211 14,475 6,920 21,395 21,395 25,841 9,571 16,270 32,597 84,211 4,126 51,614 21,395

30 Sep 2002 US$m 14,451 1,717 5,216 6 37,316 83,956 14,526 (47,409) 22,092 25,744 7,971 17,773 30,239 83,956 7,077 53,717 22,092

Consolidated Balance Sheets - Unaudited

Tangible Fixed Assets Intang Fixed Assets Cash & Equivalents Trading Investments Current Assets Total Assets Share Capital Reserves Eqty S/Holders Funds Non Eqty S/Holder Fds Shareholders' Funds Debt Short Term Debt Long Term Debt Current Liabilities Total Liabilities Net Current Assets Assets Less Curr Liab Net Assets

30 Jun 2001 US$m 16,611 3,691 89 40,574 83,940 13,914 8,677 22,344 247 22,591 27,306 8,536 18,770 29,949 83,940 10,625 53,991 22,591

Income Statement Consolidated Profit and Loss Account

Page 4

IBM, International Business Machines Corp : Thomson Financial Extel Company Report

REVENUE Cost of sales

31 Dec 1998 US$m 81,667 (50,795)

GROSS PROFIT Administration exps Staff expenses Provisions Other trading exps Exceptional chgs-tdg

30,872

31,929

32,424

31,782

30,284

(14,981) (6,727) -

(12,971) (7,031) -

(13,893) (6,897) -

(15,091) 0 (491) (6,905) -

(14,491) 0 (673) (6,177) (2,147)

TRADING PROFIT Interest/inv income Interest payable Other expenses net Exceptional charges

9,164

11,927

11,634

9,295

6,796

Geographical Analysis

178 (238) 2,292 (574)

127 (145) 1,169 (423)

Geographical Analysis - Turnover by market

PROFIT BEFORE TAX Tax

9,040

11,757

11,534

10,953

7,524

(2,712)

(4,045)

(3,441)

(3,230)

(2,190)

USA Oth non-US countries Japan Other countries

6,328

7,712

8,093

7,723

-

-

-

-

(1,373)

-

-

-

-

(1,373) (382)

PROFIT AFTER TAX Discont ops inc net Net credits Extraordinary losses

31 Dec 1999 US$m 87,548 (55,619)

589 (713) -

557 (727) -

31 Dec 2000 US$m 88,396 (55,972)

310 (717) 307 -

31 Dec 2001 US$m 85,866 (54,084)

31 Dec 2002 US$m 81,186 (50,902)

Misc staff expenses

Auditors remuneration Non-audit fees FA rentals etc Depreciation Goodwill amortisation Amortn of software Net exchange losses Depreciation

6,328 (20) (814)

7,712 (20) (859)

8,093 (20) (909)

7,723 (10) (956)

3,579 (1,005)

RETAINED PROFITS

5,494

6,833

7,164

6,757

2,574

-

-

(342)

(327)

(1,431) (3,958) (517) -

(1,397) (5,733) (426) -

(1,366) (4,513) (482) -

-

(324)

(1,349) (4,195) (262) (198)

(12) (36) (1,377) (3,691) (688) 39

a) Includes other income

5,334

NET INCOME Preferred dividends Common dividends

(331)

31 Dec 1998 US$m 35,303 37,797 8,567 -

31 Dec 1999 US$m 37,171 39,966 10,411 -

31 Dec 2000 US$m 37,216 12,128 39,052

31 Dec 2001 US$m 35,215 11,514 39,137

31 Dec 2002 US$m 32,759 10,939 37,488

81,667

87,548

88,396

85,866

81,186

Geographical Analysis - Profit before tax by source

USA Oth non-US Countries

31 Dec 1998 US$m -

31 Dec 1999 US$m -

31 Dec 2000 US$m -

31 Dec 2001 US$m 5,386 5,567

31 Dec 2002 US$m 3,838 3,686

-

-

-

10,953

7,524

31 Dec 1998 US$m -

31 Dec 1999 US$m -

31 Dec 2000 US$m 21,449 4,319 10,029 -

31 Dec 2001 US$m 23,028 4,034 9,572 -

31 Dec 2002 US$m 27,889 2,814 13,027 52,754

-

-

35,797

36,634

96,484

31 Dec 1998 US$m 35,419 28,916 11,863 2,877 2,592 81,667

31 Dec 1999 US$m 37,041 32,172 12,662 3,137 2,536 87,548

31 Dec 2000 US$m 13,238 16,335 11,964 35,591 13,426 4,444 1,372 (7,974) 88,396

31 Dec 2001 US$m 10,295 12,055 14,453 37,603 13,920 4,243 1,122 (7,825) 85,866

31 Dec 2002 US$m 4,812 11,188 13,305 39,214 14,299 4,142 1,026 (6,697) (103) 81,186

81,667

87,548

88,396

85,866

81,186

31 Dec 1998 US$m -

31 Dec 1999 US$m -

31 Dec 2000 US$m 758 (148) 2,092 4,517 2,793 1,176 (297) 62 581 11,534

31 Dec 2001 US$m (374) (153) 1,830 5,161 3,168 1,143 (317) 108 387 10,953

31 Dec 2002 US$m (1,057) 57 1,561 3,657 3,556 955 (293) (164) (748) 7,524

-

-

11,534

10,953

7,524

31 Dec 1998 US$m 14,821 2,236 2,577 40,109 363

31 Dec 1999 US$m 14,627 2,060 2,527 39,686 408

31 Dec 2000 US$m -

31 Dec 2001 US$m -

31 Dec 2002 US$m -

Geographical Analysis - Total assets Notes To Consolidated Profit and Loss Account 31 Dec 1998 US$m STAFF EXPENSES BY GRADE Staff pensions PROVISIONS Bad debt provisions OTHER TRADING EXPS Marketing exps etc Research, dev & eng

EXCPL CHARGES-TDG Misc excpl chgs-tdg INTEREST/INV INCOME Interest income INTEREST PAYABLE BY TYPE Misc int by type INTEREST PAYABLE BY MATURITY Misc int by maturity Interest capitalised

OTHER EXPENSES NET Misc expenses net EXCEPTIONAL CHARGES Inv prop disp gain FA disposal gain Financial assets w/o Misc exceptional exps

31 Dec 1999 US$m

-

-

-

-

31 Dec 2000 US$m (327) -

31 Dec 2001 US$m -

31 Dec 2002 US$m -

(491)

(673)

(1,681) (5,046)

(1,758) (5,273)

(1,746) (5,151)

(1,615) (5,290)

(1,427) (4,750)

(6,727)

(7,031)

(6,897)

(6,905)

(6,177)

-

-

-

589

557 a

-

178

127

-

-

-

-

(717)

(2,147)

(741) 28

(750) 23

(737) 20

(271) 33

(180) 35

(713)

(727)

(717)

(238)

(145)

-

-

307

-

-

-

2,292 (169) (405) -

1,169 (157) (58) (208)

-

-

-

(574)

(423)

(1,256) 735

(2,031) 420

(805) (333)

(410) (496)

(471) 0

Domestic tax Overseas tax

(521) (2,191)

(1,611) (2,434)

(1,138) (2,303)

(906) (2,324)

(471) (1,719)

(2,712)

(4,045)

(3,441)

(3,230)

(2,190)

(3,318) 606

(4,758) 713

(3,506) 65

(2,572) (658)

(2,257) 67

(2,712)

(4,045)

(3,441)

(3,230)

(2,190)

EXTRAORDINARY LOSSES Xord discont bus cost No of staff at y/e

Hardware technology Hardware personal sys Hardware systems Global services Software Global financing Enterprise investment Eliminations Oth rev & adjustment TURNOVER

Business Analysis - Profit before tax

Hardware technology Hardware personal sys Enterprise systems Global services Software Global financing Enterprise investment Eliminations Misc PBT PROFIT BEFORE TAX

Business Analysis - Net assets -

-

-

-

291,067

307,401

316,303

319,876

(382) 315,889

PROFIT BEFORE TAX is after (charging) crediting STAFF EXPENSES BY GRADE Staff pensions

Business Analysis Business Analysis - Turnover

-

TAX BY COUNTRY Domestic current tax Domestic deferred tax

TAX BY TYPE Current taxation Deferred taxation

USA Japan Other countries Misc total assetsgeog

(331)

Source:Thomson Financial Extel 2002

(342)

-

(376)

-

Hardware Global Services Software Global Financing Enterprise Inv/Other

Page 5

IBM, International Business Machines Corp : Thomson Financial Extel Company Report Liabilities & misc NET ASSETS

(40,673) 19,433

(38,797) 20,511

-

-

-

Misc intang FA amortn

-

-

-

-

599

663

782

963

1,396

6,380

7,344

8,436

11,648

21,514

12,179 32,691 (25,239)

11,421 28,195 (22,026)

10,800 27,655 (21,741)

10,932 27,443 (21,871)

9,815 26,268 (21,643)

19,631

17,590

16,714

16,504

14,440

419

1,552

-

-

-

Investments

419

1,552

1,080

698

1,130

Invs in assoc cos

420

595

629

544

562

Trade investments

420

595

629

544

562

4,586 7,874

5,067 7,981

5,712 7,596

5,424 6,822

5,291 6,505

13,299

15,195

15,017

13,488

13,488

1,088 4,112

1,162 3,706

1,446 3,319

1,259 3,045

960 2,188

5,200

4,868

4,765

4,304

3,148

58 335

42 746

6 153

-

-

393

788

159

63

593

393

788

-

-

-

11,680 4,885 12,848

14,521 5,074 8,759

11,338 3,521 2,709 11,008

10,492 4,809 11,850

13,671 1,302 11,044

29,413

28,354

28,576

27,151

26,017

11,255 2,650

8,425 5,805

7,496 2,709

6,373 4,815

2,315 3,716

13,905

14,230

10,205

11,188

6,031

3,106 5,666 6,471 720

3,613 5,221 9,940 1,212

Misc intang FA, net 19,433

20,511

-

31 Dec 1998 US$m -

31 Dec 1999 US$m -

31 Dec 2000 US$m 9,632 2,442 3,141 10,492 2,488 40,822 246 69,263

-

(12,516)

-

Business Analysis - Total Assets

Hardware technology Hardware personal sys Enterprise systems Global services Software Global financing Enterprise invesment Eliminations Misc total assets TOTAL ASSETS

31 Dec 2001 US$m 9,136 1,904 3,208 10,340 3,356 36,670 106 (4,884) 28,477 88,313

31 Dec 2002 US$m 5,771 1,776 3,124 14,462 3,361 35,242 88 (5,061) 37,721 96,484

Balance Sheet

TANGIBLE ASSETS Property - cost Oth tangible FA-cost Total depreciation Tangible assets FINANCIAL ASSETS Misc investments

Long term receivables Misc financial assets

Consolidated Balance Sheets

FIXED ASSETS Intangible assets Tangible assets Financial assets

MISC ASSETS CURRENT ASSETS Stocks Trade debtors Prepaid exps Accounts receivable Tax recoverable Misc debtors Cash & equivalents Trading investments

CREDS due within 1 yr Short term debt Accruals & defd inc Accounts payable Revenue tax

31 Dec 1998 US$m

31 Dec 1999 US$m

31 Dec 2000 US$m

31 Dec 2001 US$m

31 Dec 2002 US$m

6,380 19,631 13,299

7,344 17,590 15,195

8,436 16,714 15,017

11,648 16,504 13,488

21,514 14,440 13,488

39,310

40,129

40,167

41,640

49,442

4,430

4,211

4,302

4,212

5,390

5,200 25,468 a 4,611 d 1,313 5,375 393

4,868 26,259 a 4,838 d 1,359 5,043 788

4,765 29,152 b 1,966 c 2,701 1,574 3,563 159

4,304 25,757 a 2,344 1,261 2,402 6,330 63

3,148 25,911 a 2,554 1,447 2,617 5,382 593

42,360

43,155

43,880

42,461

41,652

13,905 13,545 6,252 3,125

14,230 14,156 6,400 4,792

10,205 13,182 8,192 4,827

11,188 12,240 7,047 4,644

6,031 15,413 7,630 5,476

36,827

39,578

36,406

35,119

34,550

NET CURRENT ASSETS

5,533

3,577

7,474

7,342

7,102

TOTAL ASSETS LESS CURRENT LIABILITIES

49,273

47,917

51,943

53,194

61,934

CREDS due after 1 yr Long term debt L/T accrls & defd inc Misc other L/T liabs

15,508 12,818

14,124 11,928

18,371 1,266 2,346

15,963 1,145 2,127

19,986 2,138 1,790

PROVISIONS

28,326 1,514

26,052 1,354

21,983 9,336

19,235 10,345

23,914 15,238

NET ASSETS

19,433

20,511

20,624

23,614

22,782

SHARE CAPITAL Share premium Own share premium Inv appreciation res Retained earnings Currency apprecn res Misc reserves

9,658 (133) 51 10,141 860 (1,854)

11,387 (7,361) 847 16,878 314 (2,162)

12,022 (13,774) (78) 23,784 (217) (1,712)

13,865 (20,076) 310 30,142 (612) (360)

14,474 (20,175) (365) 31,555 238 (3,291)

NET ASSETS

19,433

20,511

20,624

23,614

22,782

710

608

599

345

346

Notes To Consolidated Balance Sheets 31 Dec 1998 US$m INTANGIBLE ASSETS Goodwill, gross Goodwill, amortn Goodwill, net

3,056 (2,111)

31 Dec 1999 US$m 3,691 (2,646)

31 Dec 2000 US$m

31 Dec 2001 US$m

31 Dec 2002 US$m

-

-

-

945

1,045

848

1,278

4,115

4,836

5,636

6,806

9,407

16,003

13,115

-

-

-

-

STOCKS Finished gds & resale Misc stocks

TRADING INVESTMENTS BY TYPE Tdg govt securities Tdg debt securities

Market value DEBT BY TYPE Loan capital Commercial paper Current maturities Misc debt

DEBT BY MATURITY Short term loans Current maturities SHORT TERM DEBT Due within 1 to 2 yrs Due within 2 to 5 yrs Due after 5 years Misc debt by maturity

DEBT BY SECURITY Misc debt by backing PROVISIONS Deferred taxation Pension provisions Misc provisions

SHARE CAPITAL Common shares Redeemable prefs Preference shares Treasury stock

COMMITMENTS AND CONTINGENCIES Optg leases - other Lease commitments Misc commits/contings

Misc intang FA, gross

Source:Thomson Financial Extel 2002

2,915 4,382 6,867 (40)

5,405 6,000 7,011 (45)

29,413

28,354

28,576

27,151

26,017

29,413

28,354

28,576

27,151

26,017

1,514 -

1,354 -

1,623 7,713 -

1,593 8,537 215

1,450 13,788 -

1,514

1,354

9,336

10,345

15,238

463 247 -

375 247 (14)

378 247 (26)

383 (38)

384 (38)

710

608

599

345

346

6,642 -

5,890 -

6,262 -

5,734 -

6,085 3,896

31 Dec 1998 US$m 9,273

31 Dec 1999 US$m 10,111

31 Dec 2000 US$m 9,274

31 Dec 2001 US$m 14,265

31 Dec 2002 US$m 13,788

-

-

-

a) Includes notes receivable b) Incls notes receivable c) Incls other current assets d) Includes other current assets

Cash Flow Consolidated Statement of Cash Flows

OPERATIONS Deferred costs, net

5,120 4,283 6,136 (31)

INVESTING ACTIVITIES Subsidiaries acqd

(916)

(3,158)

Page 6

IBM, International Business Machines Corp : Thomson Financial Extel Company Report Invests acquired Tangibles acquired Intangibles acquired Businesses sold Investments sold Tangibles sold

FINANCING S/T debt raised Long term debt raised S/T loans repaid Long term debt repaid Share capital acqd Dividends paid ord Dividends paid pref Dividends paid

OTHER INFLOWS

(4,211) (6,520) (250) 3,945 905

(3,949) (5,959) (464) 4,880 2,616 1,207

(1,079) (5,616) (565) 1,393 1,619

(778) (5,660) (655) 738 1,165

(1,582) (4,753) (597) 1,233 1,185 775

(6,131)

(1,669)

(4,248)

(6,106)

(6,897)

499 7,567 (5,942) (6,283) (834)

276 6,133 (7,510) (6,645) (879)

9,604 (1,400) (7,561) (6,073) (909) (20) -

2,926 4,535 (7,898) (3,906) (956) (10) -

6,726 (4,087) (5,812) (3,087) (1,005) -

(4,993)

(8,625)

(6,359)

(5,309)

(7,265)

-

CASH& EQVTS INCREASE

-

(1,851)

Currency appreciation

120

B/S CASH& EQVT INCR

(1,731)

-

(183)

(1,333)

(149)

(147)

(332)

(1,480)

-

(722)

2,850

(1,096)

(83) 2,767

148 (948)

Notes To Consolidated Statement of Cash Flows 31 Dec 1998 US$m OPERATIONS Net income Depn & amortn incr Other tdg adj incr Asset disposal Decr in inventories Decrease in debtors Increase in creditors Other wkg cap decr

31 Dec 1999 US$m

31 Dec 2000 US$m

31 Dec 2001 US$m

31 Dec 2002 US$m

6,328 4,992 (606) (261) 73 (2,736) 362 1,121

7,712 6,585 (713) (4,791) 301 (1,677) (3) 2,697

8,093 4,995 29 (792) (55) (4,720) 2,245 (521)

7,723 4,820 1,063 (317) 337 3,284 (969) (1,676)

3,579 4,379 3,096 (343) 793 4,125 (55) (1,786)

9,273

10,111

9,274

14,265

13,788

Financial Calendar Date 29-Apr-03

Event Annual General Meeting

Source:Thomson Financial Extel 2002

Page 7