Bloomberg Rept On IBM 1apr2010

Company Report
INTERNATIONAL BUSINESS MACHINES CORP

One New Orchard Road
Armonk, NY 10504-1722
United States
www.ibm.com
1-914-499-1900
Generated 04/01/2010
Table of Contents
Company Overview ............................................. 1
Historical Price, Volume, and Earnings Data .... 2
Federal Litigation Analytics ............................... 3
Most Recent Litigation ........................................ 8
Company Management ....................................... 9
Financial Results ............................................... 19
Debt and Equity Offerings ................................ 24
Holdings ............................................................ 26
Company Hierarchy .......................................... 30
Corporate Actions ............................................. 34
Most Recent Filings .......................................... 39
Recent Company News .................................... 41
www.bloomberglaw.com © 2010 Bloomberg Finance L.P. All rights reserved.

Company Overview
DESCRIPTION
International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The
Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global
sales and distribution organization, as well as through a variety of third party distributors and resellers.
QUICK-PROFILE
Country of Incorporation United States
State of Incorporation New York
Fiscal Year End December
Website www.ibm.com
Employees 399,409.00
Transfer Agent Computershare Trust Company N.A.
Auditor PRICEWATERHOUSE COOPERS LLP
Primary Exchange New York
Phone 1-914-499-1900
Fax 1-914-765-7382
Current Price 128.46 USD 04/01/10 10:54:41
Market Capitalization 166,870.01 Million USD
52-Week High 134.25 USD 01/19/10
52-Week Low 95.70 USD 04/01/09
Shares Outstanding 1,299.00
Last Dividend 0.55
Cash Flow from Operations 20,773.00 Million USD
Cash and Near Cash Items 12,183.00 Million USD
www.bloomberglaw.com © 2010 Bloomberg Finance L.P. All rights reserved. Generated 04/01/10
1
Historical Price, Volume, and Earnings Data
For comprehensive historical prices, see the Company Overview section on Bloomberglaw.com
RECENT PRICE/VOLUME HISTORY

Date Open High Low Close Volume
04/01/10 128.95 129.31 128.45 128.46 1253397
03/31/10 131.18 134.25 121.61 128.25 409427448
12/31/09 119.39 132.85 117.26 130.90 426198997
09/30/09 105.00 122.88 99.50 119.61 420346949
06/30/09 96.13 110.64 95.70 104.42 527378992
RECENT PER-SHARE EARNINGS

Date EPS
12/31/09 3.59
09/30/09 2.40
06/30/09 2.32
03/31/09 1.70
12/31/08 3.28
2
Federal Litigation Analytics
FEDERAL CASE TYPES BY YEAR (2005 - PRESENT)
An titru s t = 4 9 Em p lo ym e n t = 3 3
As b e s to s = 1 9
La b o r Sta n d a rd s = 1 0
Eris a = 1 0
Ge n e ra l Co n tra ct = 6 6 Co p yrig h t = 7
Ju d icia l Pro ce d u re = 6
Oth e r Civil Rig h ts = 6
All Oth e r Typ e s = 5 4
Pa te n t = 7 4
Case Type 2005 2006 2007 2008 2009 2010 Total
Patent 15 12 18 10 18 1 74
General Contract 9 19 12 15 9 2 66
Antitrust 1 26 22 0 0 0 49
Employment 8 3 5 10 7 0 33
Asbestos 0 0 17 1 0 1 19
Labor Standards 1 1 4 4 0 0 10
Erisa 2 6 1 0 1 0 10
Copyright 1 4 0 0 1 1 7
Judicial Procedure 0 2 2 0 1 1 6
Other Civil Rights 0 1 3 0 1 1 6
All Other Types 9 7 11 14 10 3 54
3
CASE TYPES BY FEDERAL DISTRICT COURT (2005 - PRESENT)
No rth e rn Dis trict Of No rth e rn Dis trict Of

Ge o rg ia = 9 Illin o is = 8
Ce n tra l Dis trict Of Dis trict Of Ma ryla n d = 7
Ca lifo rn ia = 9 Ea s te rn Dis trict Of
Dis trict Of Ma s s a ch u s e tts Ca lifo rn ia = 7
= 9 Dis trict Of Ne w Je rs e y = 6
Ea s te rn Dis trict Of So u th e rn Dis trict Of
Pe n n s ylva n ia = 2 0 Ca lifo rn ia = 6
Ea s te rn Dis trict Of Te x a s Dis trict Of Co lo ra d o = 6
= 29
Dis trict Of De la wa re = 5
Mid d le Dis trict Of Flo rid a
= 5
So u th e rn Dis trict Of Ne w
Yo rk = 4 0 All Oth e r Co u rts = 9 9
No rth e rn Dis trict Of

Ca lifo rn ia = 6 9
Court Patent General Antitrust Employment Asbestos Labor Erisa All Other Total
Contract Standards Types
Northern District 11 5 36 4 0 1 0 12 69
Of California
Southern District 6 16 0 4 1 3 1 9 40
Of New York
Eastern District 26 1 0 1 0 0 0 1 29
Of Texas
Of Pennsylvania
District Of 0 4 1 1 0 1 1 1 9
Massachusetts
Central District 4 0 0 1 0 0 0 4 9
Of California
Of Georgia
Of Illinois
District Of Maryland 0 5 0 0 0 0 0 2 7
4
Court Patent General Antitrust Employment Asbestos Labor Erisa All Other Total
Contract Standards Types
Of California
District Of 0 0 1 0 0 0 1 4 6
New Jersey
Southern District 2 0 0 0 0 0 0 4 6
Of California
District Of Colorado 0 1 0 3 0 0 1 1 6
District Of Delaware 5 0 0 0 0 0 0 0 5
Middle District 0 0 0 0 0 0 2 3 5
Of Florida
All Other Courts 15 23 11 13 1 3 4 29 99
CASES BY FEDERAL DISTRICT COURT AND YEAR (2005- PRESENT)

Court 2005 2006 2007 2008 2009 2010 Total
Northern District 10 19 22 6 11 1 69
Of California
Southern District 8 10 4 9 7 2 40
Of New York
Eastern District 5 4 10 3 7 0 29
Of Texas
Of Pennsylvania
District Of 0 4 2 2 1 0 9
Massachusetts
Central District 0 1 3 2 3 0 9
Of California
Of Georgia
Of Illinois
District Of Maryland 1 0 3 2 1 0 7
Of California
District Of 0 6 0 0 0 0 6
New Jersey
Southern District 0 0 1 3 1 1 6
Of California
All Other Courts 19 28 25 22 15 6 115
5
FEDERAL CASES BY JUDGE AND YEAR (2005- PRESENT)
All Oth e r Ju d g e s = 2 3 0
Ju d g e Ju lie E. Ca rn e s = 3
Ho n . Je ffre y S. Wh ite = 3
Ju d g e Ro n Cla rk = 4
Ho n . Ro n a ld M. Wh yte = 5
Ju d g e Da vid Fo ls o m = 5
Ju d g e Ste p h e n C.
Ro b in s o n = 5
Ju d g e Le o n a rd Da vis = 6
Ho n o ra b le Ed u a rd o C.
Ro b re n o = 6 Ho n . Cla u d ia Wilke n = 2 9
Ho n . Su s a n Ills to n = 6
Ju d g e T. Jo h n Wa rd = 7
Ho n o ra b le Ja m e s T. Gile s
Judge 2005 2006 2007 2008 2009 2010 Total
Hon. Claudia Wilken 0 9 20 0 0 0 29
Honorable 0 0 11 0 0 0 11
James T. Giles
Judge T. John Ward 2 0 1 0 4 0 7
Hon. Susan Illston 1 3 0 0 2 0 6
Honorable Eduardo 0 0 6 0 0 0 6
C. Robreno
Judge 1 2 2 0 1 0 6
Leonard Davis
Judge Stephen 1 0 0 2 2 0 5
C. Robinson
Judge David Folsom 2 0 2 0 1 0 5
Hon. Ronald 2 1 0 1 1 0 5
M. Whyte
Judge Ron Clark 0 1 2 1 0 0 4
Hon. Jeffrey 2 1 0 0 0 0 3
S. White
6
Judge 2005 2006 2007 2008 2009 2010 Total
Judge Julie 0 1 1 1 0 0 3
E. Carnes
All Other Judges 35 58 48 45 34 10 230
7
Most Recent Litigation
SELECTED DOCUMENTS
Recent 25 documents from 2005 to present. For a complete listing of Litigation, see the Litigation section on Bloomberglaw.com.
Docket
J. et al v. Winton Woods City School District Board of Education, Docket No. 1:10-cv-00171 (S.D. Ohio Mar. 15, 2010), Court Docket
Moua v. International Business Machines Corporation et al, Docket No. 5:10-cv-01070 (N.D. Cal. Mar. 15, 2010), Court Docket
Batiste et al v. Dutchmen Manufacturing, Inc. et al, Docket No. 1:10-cv-00095 (S.D. Miss. Mar. 03, 2010), Court Docket
Acceleron, LLC v. Egenera, Inc. et al, Docket No. 1:10-cv-00128 (D. Del. Feb. 17, 2010), Court Docket
IBM Credit LLC v. Klingspor Corporation, Docket No. 1:10-cv-00451 (S.D.N.Y. Jan. 20, 2010), Court Docket
International Business Machines Corporation v. BGC Partners, Inc., Docket No. 1:10-cv-00128 (S.D.N.Y. Jan. 07, 2010), Court Docket
Geras v. International Business Machines Corporation, Docket No. 1:10-cv-00001 (D. Colo. Jan. 03, 2010), Court Docket
Vasudevan Software, Inc. v. International Business Machines Corporation et al, Docket No. 5:09-cv-05897 (N.D. Cal. Dec. 21, 2009), Court Docket
Actuate Corporation v. International Business Machines Corporation et al, Docket No. 3:09-cv-05892 (N.D. Cal. Dec. 16, 2009), Court Docket
CAS Severn, Inc. v. International Business Machines Corp., Docket No. 8:09-cv-03366 (D. Md. Dec. 16, 2009), Court Docket
BetaNet, LLC v. Adobe Systems, Inc et al, Docket No. 2:09-cv-00384 (E.D. Tex. Dec. 14, 2009), Court Docket
Neon Enterprise Software, LLC v. International Business Machines Corporation, Docket No. 1:09-cv-00896 (W.D. Tex. Dec. 14, 2009), Court
Docket
Ring Technology Enterprises of Texas, LLC v. A-DATA Technology (U.S.A.) Co,. Ltd. et al, Docket No. 2:09-cv-00383 (E.D. Tex. Dec. 11, 2009),
Court Docket
Carberry v. Metropolitan Life Insurance Company, Docket No. 1:09-cv-02512 (D. Colo. Oct. 26, 2009), Court Docket
Kornfeld v. International Business Machines Corporation, Docket No. 1:09-cv-07998 (S.D.N.Y. Sept. 17, 2009), Court Docket
Ballard v. International Business Machines Corporation, Docket No. 3:09-cv-00374 (W.D.N.C Aug. 27, 2009), Court Docket
Klingspor Corporation v. International Business Machines Corporation et al, Docket No. 1:09-cv-00323 (W.D.N.C Aug. 19, 2009), Court Docket
Kemp v. International Business Machines Corp., Docket No. 3:09-cv-03683 (N.D. Cal. Aug. 12, 2009), Court Docket
Enhanced Security Research LLC et al v. Cisco Systems Inc. et al, Docket No. 1:09-cv-00571 (D. Del. Aug. 03, 2009), Court Docket
Marquez v. International Business Machines Corporation et al, Docket No. 3:09-cv-00280 (W.D. Tex. Aug. 03, 2009), Court Docket
Hus v. International Business Machines Corporation, Docket No. 5:09-cv-03506 (N.D. Cal. Jul. 30, 2009), Court Docket
Auburn University v. International Business Machines, Corp., Docket No. 3:09-cv-00694 (M.D. Ala. July 23, 2009), Court Docket
Mosaid Technologies Inc. v. International Business Machines Corporation, Docket No. 1:09-cv-00510 (D. Del. July 13, 2009), Court Docket
Dorph v. International Business Machines Corporation, Docket No. 2:09-cv-00588 (S.D. Ohio Jul. 09, 2009), Court Docket
Smith v. International Business Machines Corp. et al, Docket No. 4:09-cv-02132 (S.D. Tex. Jul. 06, 2009), Court Docket
8
Company Management
EXECUTIVES
Name Age Title
Samuel J Palmisano "Sam" 58 Chairman/President/CEO
Mark Loughridge N/A Senior VP/CFO
Timothy S Shaughnessy N/A Senior VP:Services Delivery
Steven A Mills 58 Senior VP:Software Group
John E Kelly III N/A Senior VP:Research & Intel
Virginia M Rometty "Ginni" 51 Senior VP:Global Sales
Michael E Daniels "Mike" N/A Senior VP:Global Technology
Andrew Bonzani N/A VP/Secy/Asst Gen Counsel
BOARD OF DIRECTORS
Name Age Title Organization
Lead Director Exxon Mobil Corp
Board Member Exxonmobil Chemical SA

Samuel J Palmisano "Sam" 58
Chairman Intl Business Machines Corp
Chairman/President/CEO Intl Business Machines Corp
Board Member Citigroup Inc
Board Member Intl Business Machines Corp
Alain J P Belda 66 Chairman Alcoa Inc
Managing Director Warburg Pincus LLC
Chairman Alcoa Inc
Board Member Alcoa Inc
Chairman Caterpillar Inc
Board Member Federal Reserve System
James W Owens "Jim" 64 Board Member FM Global
Board Member Black & Veatch Corp
Chairman/CEO Caterpillar Inc
Board Member Bloomberg Family Foundation
Board Member Procter & Gamble Co
Chairman American Express Travel Relate
Kenneth I Chenault "Ken" 58 Chairman American Express Co
Chairman/CEO American Express Travel Relate
Chairman/CEO American Express Co
9
Lead Director Procter & Gamble Co

W James McNerney Jr "Jim" 60
Chairman Boeing Co
Chairman/President/CEO Boeing Co
Board Member Grupo Televisa SA
Board Member Axtel SA
Board Member Fomento Economico Mexicano
Chairman Cemex Sab DE CV
Chairman Americas Society Inc

Lorenzo H Zambrano 66 Board Member Citigroup
Board Member Grupo Financiero Banamex SA

DE
Board Member Banco Natl DE Mexico SA
Founder Axtel SA
Chairman/CEO Cemex Sab DE CV
Chairman Americas Society Inc
Board Member Hearst Corp
Board Member Coca-Cola Co
Cathleen P Black "Cathie" N/A Board Member Hearst Communications Inc
President Hearst Magazines
Senior Vice President Hearst Corp
Senior Vice President Hearst Communications Inc
Board Member Mcgraw-Hill Cos Inc
Sidney Taurel 61 Board Member Biocrossroads
Chairman Emeritus Eli Lilly & Co
Founder Intl Schl Of Indiana
Board Member Novartis AG
Board Member Genvault Corp
Board Member PNC Natl Assoc
William R Brody 66 Board Member Mercantile Bankshares Corp
Board Member Aegon USA Inc
Board Member Koolsmiles Inc
Board Member Novamed
President Salk Inst For Blgical Studies
10
Board Member Medtronic Inc
Board Member Public Service Entp Group Inc
Board Member Marathon Oil Corp
Board Member Fedex Corp

Shirley Ann Jackson 63
Board Member Finra
Chairman Nyse Regulation Inc
Board Member Nyse Euronext
President Rensselaer Polytechnic Inst
Chairman Nyse Regulation Inc
Board Member Citibank NA
Andrew N Liveris 55 Chairman Dow Chemical Co
Board Member Citigroup Inc
Chairman/President/CEO Dow Chemical Co
Board Member ING Group NV
Joan E Spero 65 Board Member Intl Business Machines Corp
Board Member IBM Corp
Board Member Eli Lilly & Co
Board Member United Parcel Service Inc

Michael L Eskew "Mike" 60
Board Member 3M Co
Chairman Tokyo Stock Exchange
Vice Chairman Nippon Keidanren

Taizo Nishimuro 74
Chairman Tokyo Stock Exchange
Advisor Toshiba Corp
Co-Vice Chairman Nippon Keidanren
COMMITTEES
Board Committees Name Title
Academic Lloyd G Waterhouse "Buzz" Member
Michael L Eskew "Mike" Chairman
W James McNerney Jr "Jim" Member
Audit James W Owens "Jim" Member
Joan E Spero Member
Lloyd G Waterhouse "Buzz" Member
Cathleen P Black "Cathie" Chairman

Directors & Governance
Shirley Ann Jackson Member
11
Board Committees Name Title
Taizo Nishimuro Member
Lorenzo H Zambrano Member
Samuel J Palmisano "Sam" Chairman
Cathleen P Black "Cathie" Member

Executive
Michael L Eskew "Mike" Member
Sidney Taurel Member
Sidney Taurel Chairman
Executive Compensation & Management Alain J P Belda Member

Resources William R Brody Member
Andrew N Liveris Member
EXECUTIVE COMPENSATION
Name Company Year Salary Bonus Other Total
Compensation
INTL BUSINESS 2009 1,800,000 USD — 22,513,795 USD 24,313,795 USD

MACHINES
CORP

MACHINES
CORP

MACHINES
CORP

MACHINES
CORP
INTL BUSINESS 2005 1,680,000 USD 5,175,000 USD 103,032 USD 6,958,032 USD
MACHINES
Samuel J CORP
Palmisano
"Sam"
MACHINES
CORP
MACHINES
CORP
INTL BUSINESS 2002 1,433,332 USD 4,500,000 USD — 5,933,332 USD

MACHINES
CORP
INTL BUSINESS 2001 1,100,000 USD 3,000,000 USD — 4,100,000 USD

MACHINES
CORP
INTL BUSINESS 2000 798,000 USD 1,250,000 USD — 2,048,000 USD

MACHINES
CORP
12
Compensation
INTL BUSINESS 1999 575,000 USD 775,000 USD — 1,350,000 USD

MACHINES
CORP

MACHINES
CORP

MACHINES
CORP
INTL BUSINESS 2009 720,000 USD — 5,741,973 USD 6,461,973 USD

MACHINES
CORP
INTL BUSINESS 2008 707,500 USD 250,000 USD 7,159,941 USD 8,117,441 USD
MACHINES
CORP
MACHINES
CORP
Mark Loughridge MACHINES
CORP
INTL BUSINESS 2005 617,500 USD 1,025,000 USD 4,926 USD 1,647,426 USD
MACHINES
CORP
INTL BUSINESS 2004 575,000 USD 955,000 USD 1,210 USD 1,531,210 USD
MACHINES
CORP

MACHINES
CORP

MACHINES
CORP
MACHINES
CORP
Steven A Mills MACHINES
CORP
MACHINES
CORP
INTL BUSINESS 2002 450,000 USD 450,000 USD — 900,000 USD

MACHINES
CORP
13
Compensation

MACHINES
CORP
INTL BUSINESS 2000 340,000 USD 369,000 USD — 709,000 USD

MACHINES
CORP

MACHINES
Virginia M CORP
Rometty "Ginni" INTL BUSINESS 2008 617,500 USD 250,000 USD 4,793,147 USD 5,660,647 USD
MACHINES
CORP

MACHINES
CORP
Michael E
MACHINES
Daniels "Mike"
CORP
MACHINES
CORP
CHANGES
Title Name Age Start End
Samuel J Palmisano 58 01/01/2003

"Sam"
Chairman
Louis V Gerstner Jr 68 03/02/2002 12/2002
Louis V Gerstner Jr 68 4/1993 03/01/2002
John M Thompson 67 09/01/2000 09/01/2002
Vice Chairman Paul J Rizzo 82 5/1993 12/1994
Paul J Rizzo 82 1/1993 5/1993

"Sam"
Chief Executive Officer Samuel J Palmisano 58 3/2002 01/01/2003

"Sam"
Louis V Gerstner Jr 68 4/1993 03/01/2002

"Sam"
Samuel J Palmisano 58 3/2002 01/01/2003

President
"Sam"
Samuel J Palmisano 58 9/2000 3/2002

"Sam"
General Counsel Andrew Bonzani N/A NA
14
Donald J Rosenberg N/A NA 11/13/2006
Lawrence R Ricciardi 69 5/1998 2/2002
Mark Loughridge N/A 05/03/2004
John R Joyce N/A 11/15/1999 05/03/2004
Chief Financial Officer Lawrence R Ricciardi 69 6/1997 5/1998
G Richard Thoman 65 9/1995 6/1997
Paul J Rizzo 82 1/1993 5/1993
Finance Director Lawrence R Ricciardi 69 6/1997 5/1998
Samuel J Palmisano 58 9/2000 3/2002

Chief Operating Officer
"Sam"
Secretary Andrew Bonzani N/A NA
Controller Timothy S Shaughnessy N/A NA 05/05/2008
Andrew Bonzani N/A NA
Michael E Daniels "Mike" N/A 07/20/2005
Timothy S Shaughnessy N/A 05/05/2008
Virginia M Rometty 51 NA
"Ginni"
Steven A Mills 58 NA
Mark Loughridge N/A 05/03/2004
John E Kelly III N/A NA
Rodney C Adkins "Rod" 51 5/2007 10/30/2009
Robert W Moffat Jr 53 2008 10/16/2009
David Kappos N/A NA 08/13/2009
R Frankin Kern III N/A 04/01/2008 1/2009

"Frank"
Vice President
Nicholas M Donofrio 64 7/2005 9/2008
William M Zeitler N/A 1/2003 08/01/2008
Timothy S Shaughnessy N/A NA 05/05/2008
Douglas T Elix 61 05/03/2004 04/01/2008
Robert W Moffat Jr 53 2005 2008
John E Kelly III N/A 9/2004 07/17/2007
Paul M Horn N/A 1996 07/17/2007
Donald J Rosenberg N/A NA 11/13/2006
John R Joyce N/A 05/03/2004 2006
Stephen M Ward Jr N/A 01/14/2003 05/02/2005
John E Kelly III N/A 8/2000 9/2004
15
Douglas T Elix 61 10/1999 05/03/2004
John R Joyce N/A 11/15/1999 05/03/2004
Mark Loughridge N/A 1998 05/03/2004
William M Zeitler N/A 9/2000 1/2003
Samuel J Palmisano 58 1999 9/2000

"Sam"
John M Thompson 67 9/1993 09/01/2000
Samuel J Palmisano 58 1998 1999

"Sam"
Ned C Lautenbach 66 1/1995 6/1998
Samuel J Palmisano 58 1997 1998

"Sam"
G Richard Thoman 65 9/1995 6/1997
Patrick A Toole N/A 1991 12/1996
G Richard Thoman 65 1994 9/1995
Ned C Lautenbach 66 11/1992 1/1995
Lawrence R Ricciardi 69 NA
Dominique Cerutti 49 2003 2005

Executive
Stephen M Ward Jr N/A 2000 01/13/2003
Steven A Mills 58 1995 7/2000
INTERLOCKS
Organization Name Title
3M Co Michael L Eskew "Mike" Board Member
Aegon USA Inc William R Brody Board Member
Alcoa Inc Alain J P Belda Chairman
Alcoa Inc James W Owens "Jim" Board Member
Alcoa Inc Alain J P Belda Chairman
American Express Co Kenneth I Chenault "Ken" Chairman
American Express Co Kenneth I Chenault "Ken" Chairman/CEO
American Express Travel Relate Kenneth I Chenault "Ken" Chairman
American Express Travel Relate Kenneth I Chenault "Ken" Chairman/CEO
Americas Society Inc Lorenzo H Zambrano Chairman
Americas Society Inc Lorenzo H Zambrano Chairman
Axtel SA Lorenzo H Zambrano Board Member
16
Axtel SA Lorenzo H Zambrano Founder
Banco Natl DE Mexico SA Lorenzo H Zambrano Board Member
Biocrossroads Sidney Taurel Board Member
Black & Veatch Corp James W Owens "Jim" Board Member
Bloomberg Family Foundation Kenneth I Chenault "Ken" Board Member
Boeing Co W James McNerney Jr "Jim" Chairman
Boeing Co W James McNerney Jr "Jim" Chairman/President/CEO
Caterpillar Inc James W Owens "Jim" Chairman
Caterpillar Inc James W Owens "Jim" Chairman/CEO
Cemex Sab DE CV Lorenzo H Zambrano Chairman
Cemex Sab DE CV Lorenzo H Zambrano Chairman/CEO
Citibank NA Andrew N Liveris Board Member
Citigroup Lorenzo H Zambrano Board Member
Citigroup Inc Alain J P Belda Board Member
Citigroup Inc Andrew N Liveris Board Member
Coca-Cola Co Cathleen P Black "Cathie" Board Member
Dow Chemical Co Andrew N Liveris Chairman
Dow Chemical Co Andrew N Liveris Chairman/President/CEO
Eli Lilly & Co Michael L Eskew "Mike" Board Member
Eli Lilly & Co Sidney Taurel Chairman Emeritus
Exxon Mobil Corp Samuel J Palmisano "Sam" Lead Director
Exxonmobil Chemical SA Samuel J Palmisano "Sam" Board Member
FM Global James W Owens "Jim" Board Member
Federal Reserve System James W Owens "Jim" Board Member
Fedex Corp Shirley Ann Jackson Board Member
Finra Shirley Ann Jackson Board Member
Fomento Economico Mexicano Lorenzo H Zambrano Board Member
Genvault Corp William R Brody Board Member
Grupo Financiero Banamex SA DE Lorenzo H Zambrano Board Member
Grupo Televisa SA Lorenzo H Zambrano Board Member
Hearst Communications Inc Cathleen P Black "Cathie" Board Member
Hearst Communications Inc Cathleen P Black "Cathie" Senior Vice President
Hearst Corp Cathleen P Black "Cathie" Board Member
Hearst Corp Cathleen P Black "Cathie" Senior Vice President
Hearst Magazines Cathleen P Black "Cathie" President
IBM Corp Joan E Spero Board Member
17
ING Group NV Joan E Spero Board Member
Intl Schl Of Indiana Sidney Taurel Founder
Koolsmiles Inc William R Brody Board Member
Marathon Oil Corp Shirley Ann Jackson Board Member
Mcgraw-Hill Cos Inc Sidney Taurel Board Member
Medtronic Inc Shirley Ann Jackson Board Member
Mercantile Bankshares Corp William R Brody Board Member
Nippon Keidanren Taizo Nishimuro Vice Chairman
Nippon Keidanren Taizo Nishimuro Co-Vice Chairman
Novamed William R Brody Board Member
Novartis AG William R Brody Board Member
Nyse Euronext Shirley Ann Jackson Board Member
Nyse Regulation Inc Shirley Ann Jackson Chairman
Nyse Regulation Inc Shirley Ann Jackson Chairman
PNC Natl Assoc William R Brody Board Member
Procter & Gamble Co W James McNerney Jr "Jim" Lead Director
Procter & Gamble Co Kenneth I Chenault "Ken" Board Member
Public Service Entp Group Inc Shirley Ann Jackson Board Member
Rensselaer Polytechnic Inst Shirley Ann Jackson President
Salk Inst For Blgical Studies William R Brody President
Tokyo Stock Exchange Taizo Nishimuro Chairman
Tokyo Stock Exchange Taizo Nishimuro Chairman
Toshiba Corp Taizo Nishimuro Advisor
United Parcel Service Inc Michael L Eskew "Mike" Board Member
Warburg Pincus LLC Alain J P Belda Managing Director
18
Financial Results
All financials are in millions of USD; data is for the last 5 quarters
OVERVIEW
Overview Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
Income Statement
Revenue 27,230.00 23,566.00 23,251.00 21,711.00 27,006.00
Operating Income 6,125.00 4,168.00 4,033.00 2,686.00 5,576.00
Pretax Income 6,381.00 4,373.00 4,262.00 3,122.00 5,809.00
Income bef XO items 4,813.00 3,214.00 3,103.00 2,295.00 4,427.00
Net Income 4,813.00 3,214.00 3,103.00 2,295.00 4,427.00
Basic EPS Before Abnormal Items 3.65 2.44 2.34 1.71 3.31
Basic EPS 3.65 2.44 2.34 1.71 3.31
Diluted EPS Before Abnormal Items 3.59 2.40 2.32 1.70 3.28
Diluted EPS 3.59 2.40 2.32 1.70 3.28
Dividends per Share 0.55 0.55 0.55 0.50 0.50
EBITDA 7,390.00 5,426.00 5,275.00 3,915.00 6,897.00
Actual Sales Per Employee 68,175.73 n/a n/a n/a 67,776.79
Return on Common Equity 74.37 56.80 57.96 58.17 58.83
Balance Sheet
Total Current Assets 48,936.00 43,446.00 44,435.00 43,995.00 49,004.00
Total Long–Term Assets 60,086.00 60,229.00 59,220.00 57,949.00 60,520.00
Total Assets 109,022.00 103,675.00 103,655.00 101,944.00 109,524.00
Total Current Liabilities 36,002.00 32,960.00 36,430.00 37,425.00 42,435.00
Total Long–Term Liabilities 50,265.00 52,221.00 51,751.00 50,826.00 53,623.00
Total Liabilities 86,267.00 85,181.00 88,181.00 88,251.00 96,058.00
Total Shareholders' Equity 22,755.00 18,494.00 15,474.00 13,693.00 13,466.00
Shares Outstanding 1,305.34 1,313.60 1,310.88 1,321.40 1,339.10
Book Value per Share 17.34 14.00 11.73 10.29 10.06
Tangible Book Value per Share -0.05 -2.49 -4.53 -5.44 -5.70
Shr Eqty/Total Liab & Equity 20.87 17.84 14.93 13.43 12.30
Cash Flows
Net Income 4,813.00 3,214.00 3,103.00 2,295.00 4,427.00
Cash From Operating Activities 6,449.00 5,198.00 4,739.00 4,387.00 6,621.00
Cash From Investing Activities -2,495.00 -2,339.00 -1,848.00 -48.00 -879.00
Cash from Financing Activities -1,302.00 -5,007.00 -3,509.00 -4,784.00 -2,752.00
Net Changes in Cash 2,652.00 -2,148.00 -618.00 -445.00 2,990.00
Free Cash Flow 5,123.00 4,381.00 4,034.00 3,788.00 5,401.00
Free Cash Flow per Basic Share 3.89 3.32 3.04 2.82 4.03
19
Overview Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
Free Cash Flow per Diluted Share 12.92 13.11 11.85 11.18 10.64
Cashflow per Share 4.89 3.94 3.57 3.26 4.94
INCOME STATEMENT
Income Statement Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
Revenue 27,230.00 23,566.00 23,251.00 21,711.00 27,006.00
–Cost of Revenue 14,084.00 12,939.00 12,669.00 12,281.00 14,070.00
Gross Profit 13,146.00 10,627.00 10,582.00 9,430.00 12,936.00
–Selling, General & Admin Expense 7,021.00 6,459.00 6,549.00 6,744.00 7,360.00
Operating Income 6,125.00 4,168.00 4,033.00 2,686.00 5,576.00
–Interest Expense 81.00 84.00 101.00 136.00 192.00
–Foreign Exchange Losses (Gains) n/a -69.00 -82.00 -28.00 205.00
–Net Non–Operating Losses (Gains) -337.00 -220.00 -248.00 -544.00 -630.00
Pretax Income 6,381.00 4,373.00 4,262.00 3,122.00 5,809.00
–Income Tax Expense 1,568.00 1,159.00 1,159.00 827.00 1,382.00
Income Before XO Items 4,813.00 3,214.00 3,103.00 2,295.00 4,427.00
–Extraordinary Loss Net of Tax 0.00 0.00 0.00 0.00 0.00
–Minority Interests 0.00 0.00 0.00 0.00 0.00
Net Income 4,813.00 3,214.00 3,103.00 2,295.00 4,427.00
–Total Cash Preferred Dividends 0.00 0.00 0.00 0.00 0.00
–Other Adjustments 0.00 0.00 0.00 0.00 0.00
Net Inc Avail to Common Shareholders 4,813.00 3,214.00 3,103.00 2,295.00 4,427.00
Abnormal Loss 0.00 0.00 0.00 0.00 n/a
Tax Effect on Abnormal Items 0.00 0.00 0.00 0.00 n/a
Normalized Income 4,813.00 3,214.00 3,103.00 2,295.00 4,427.00
Comprehensive Income 6,503.00 3,735.00 3,709.00 2,492.00 -13,035.00
Comprehensive Income per Share 4.93 2.83 2.80 1.85 -9.73
Basic EPS Before Abnormal Items 3.65 2.44 2.34 1.71 3.31
Basic EPS Before XO Items 3.65 2.44 2.34 1.71 3.31
Basic EPS 3.65 2.44 2.34 1.71 3.31
Basic Weighted Avg Shares 1,318.40 1,319.90 1,326.10 1,344.30 1,339.10
Diluted EPS Before Abnormal Items 3.59 2.40 2.32 1.70 3.28
Diluted EPS Before XO Items 3.59 2.40 2.32 1.70 3.28
Diluted EPS 3.59 2.40 2.32 1.70 3.28
Diluted Weighted Avg Shares 1,340.70 1,338.20 1,336.90 1,349.50 1,347.90
Reference Items
EBITDA 7,390.00 5,426.00 5,275.00 3,915.00 6,897.00
Gross Margin 48.28 45.09 45.51 43.43 47.90
Operating Margin 22.49 17.69 17.35 12.37 20.65
20
Income Statement Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
Profit Margin 17.68 13.64 13.35 10.57 16.39
Actual Sales Per Employee 68,175.73 n/a n/a n/a 67,776.79
Dividends per Share 0.55 0.55 0.55 0.50 0.50
Total Cash Common Dividends 725.12 725.95 729.35 675.00 669.55
Sales Growth 0.83 -6.86 -13.31 -11.39 -6.44
Basic EPS Before XO Growth 10.27 16.75 15.84 1.79 16.14
Interest Income 42.00 8.00 19.00 25.00 58.00
Research & Development Expense 1,461.00 1,446.00 1,434.00 1,480.00 1,528.00
Depreciation Expense 967.00 953.00 936.00 917.00 996.00
BALANCE SHEET
Balance Sheet Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
Assets
+Cash & Near Cash Items 12,183.00 9,532.00 11,678.00 12,294.00 12,741.00
+Short–Term Investments 1,791.00 1,980.00 848.00 1.00 166.00
+Accounts & Notes Receivable 25,650.00 22,370.00 22,677.00 22,122.00 26,383.00
+Inventories 2,494.00 2,546.00 2,691.00 2,759.00 2,701.00
+Other Current Assets 6,818.00 7,018.00 6,541.00 6,819.00 7,013.00
Total Current Assets 48,936.00 43,446.00 44,435.00 43,995.00 49,004.00
+Long–Term Investments 16,023.00 15,280.00 15,010.00 14,963.00 16,241.00
+Gross Fixed Assets 39,595.00 39,789.00 38,669.00 37,592.00 38,444.00
–Accumulated Depreciation 25,431.00 25,600.00 24,721.00 23,865.00 24,140.00
+Net Fixed Assets 14,164.00 14,189.00 13,948.00 13,727.00 14,304.00
+Other Long–Term Assets 29,899.00 30,760.00 30,262.00 29,259.00 29,975.00
Total Long–Term Assets 60,086.00 60,229.00 59,220.00 57,949.00 60,520.00
Total Assets 109,022.00 103,675.00 103,655.00 101,944.00 109,524.00
Liabilities & Shareholders' Equity
+Accounts Payable 7,436.00 6,145.00 5,869.00 5,878.00 7,014.00
+Short–Term Borrowings 4,168.00 4,885.00 8,504.00 9,870.00 11,236.00
+Other Short–Term Liabilities 24,398.00 21,930.00 22,057.00 21,677.00 24,185.00
Total Current Liabilities 36,002.00 32,960.00 36,430.00 37,425.00 42,435.00
+Long–Term Borrowings 21,932.00 20,583.00 20,868.00 21,106.00 22,689.00
+Other Long–Term Liabilities 28,333.00 31,638.00 30,883.00 29,720.00 30,934.00
Total Long–Term Liabilities 50,265.00 52,221.00 51,751.00 50,826.00 53,623.00
Total Liabilities 86,267.00 85,181.00 88,181.00 88,251.00 96,058.00
+Total Preferred Equity 0.00 0.00 0.00 0.00 0.00
+Minority Interest 118.00 98.00 94.00 92.00 0.00
+Share Capital & APIC 41,810.00 40,482.00 39,774.00 39,430.00 39,129.00
+Retained Earnings & Other Equity -19,173.00 -22,086.00 -24,394.00 -25,829.00 -25,663.00
21
Balance Sheet Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
Total Shareholders' Equity 22,755.00 18,494.00 15,474.00 13,693.00 13,466.00
Total Liabilities & Equity 109,022.00 103,675.00 103,655.00 101,944.00 109,524.00
Reference Items
Shares Outstanding 1,305.34 1,313.60 1,310.88 1,321.40 1,339.10
Number of Treasury Shares 821.68 800.11 794.24 779.69 757.89
Amount of Treasury Shares 81,243.00 78,411.00 77,679.00 76,148.00 74,171.00
Pension Obligations 15,953.00 18,427.00 18,459.00 18,276.00 19,452.00
Operating Leases 5,830.00 n/a n/a n/a 5,810.00
Capital Leases – Short Term 64.00 n/a n/a n/a 57.00
Capital Leases – Long Term 101.00 n/a n/a n/a 156.00
Capital Leases – Total 165.00 n/a n/a n/a 213.00
Options Granted During Period 0.00 n/a n/a n/a 0.00
Options Outstanding at Period End 73.21 4.99 53.46 92.35 119.31
Total Debt to Total Assets 23.94 24.57 28.34 30.39 30.97
Net Debt 12,126.00 13,956.00 16,846.00 18,681.00 21,018.00
Net Debt to Equity 53.29 75.46 108.87 136.43 156.08
Tangible Common Equity Ratio -0.08 -3.99 -7.21 -8.86 -8.64
Current Ratio 1.36 1.32 1.22 1.18 1.15
Cash Conversion Cycle 66.47 62.06 64.85 62.24 64.93
Inventory – Work in Progress 1,960.00 1,992.00 2,126.00 568.00 2,176.00
Inventory – Finished Goods 533.00 554.00 565.00 2,191.00 525.00
Other Inventory n/a n/a 0.00 0.00 0.00
Pure Retained Earnings 80,900.00 76,812.00 74,328.00 71,968.00 70,353.00
Goodwill 20,190.00 19,272.00 18,737.00 18,070.00 18,226.00
Number of Employees 399,409.00 n/a n/a n/a 398,455.00
CASH FLOW
Cash Flow Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
+Net Income 4,813.00 3,214.00 3,103.00 2,295.00 4,427.00
+Depreciation & Amortization 1,265.00 1,258.00 1,242.00 1,229.00 1,321.00
+Other Non–Cash Adjustments -276.00 139.00 88.00 -161.00 1,568.00
+Changes in Non–Cash Capital 647.00 587.00 306.00 1,024.00 -695.00
Cash From Operating Activities 6,449.00 5,198.00 4,739.00 4,387.00 6,621.00
+Disposal of Fixed Assets 330.00 0.00 0.00 0.00 350.00
+Capital Expenditures -1,326.00 -817.00 -705.00 -599.00 -1,220.00
+Increase in Investments 0.00 0.00 0.00 0.00 0.00
+Decrease in Investments 0.00 0.00 0.00 0.00 0.00
+Other Investing Activities -1,499.00 -1,522.00 -1,143.00 551.00 -9.00
22
Cash Flow Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
Cash From Investing Activities -2,495.00 -2,339.00 -1,848.00 -48.00 -879.00
+Dividends Paid -727.00 -726.00 -732.00 -675.00 -669.00
+Change in Short–Term Borrowings -500.00 783.00 -1,115.00 181.00 -4,502.00
+Increase in Long–Term Borrowings 4,269.00 445.00 1,056.00 913.00 5,578.00
+Decrease in Long–term Borrowings -2,735.00 -5,720.00 -1,562.00 -3,478.00 -2,651.00
+Increase in Capital Stocks 1,550.00 980.00 280.00 242.00 116.00
+Decrease in Capital Stocks -3,064.00 -929.00 -1,671.00 -1,765.00 -740.00
+Other Financing Activities -95.00 160.00 235.00 -202.00 116.00
Cash from Financing Activities -1,302.00 -5,007.00 -3,509.00 -4,784.00 -2,752.00
Net Changes in Cash 2,652.00 -2,148.00 -618.00 -445.00 2,990.00
Reference Items
EBITDA 7,390.00 5,426.00 5,275.00 3,915.00 6,897.00
Cash Paid for Taxes 1,567.00 n/a n/a n/a n/a
Cash Paid for Interest 1,240.00 n/a n/a n/a n/a
Net Cash Paid for Acquisitions 1,069.00 25.00 79.00 21.00 296.00
Free Cash Flow 5,123.00 4,381.00 4,034.00 3,788.00 5,401.00
Free Cash Flow To Firm 5,184.10 4,442.74 4,107.53 3,887.97 5,547.32
Free Cash Flow to Equity 6,487.00 -111.00 2,413.00 1,404.00 4,176.00
Free Cash Flow per Basic Share 3.89 3.32 3.04 2.82 4.03
Price to Free Cash Flow 10.02 9.05 8.73 8.57 7.80
Cash Flow to Net Income 1.34 1.62 1.53 1.91 1.50
KEY RATIOS
Key Ratios Dec 2009 Q4 Sep 2009 Q3 Jun 2009 Q2 Mar 2009 Q1 Dec 2008 Q4
Operating Margin 22.49 17.69 17.35 12.37 20.65
Pretax Margin 23.43 18.56 18.33 14.38 21.51
Return on Assets 12.29 11.88 11.26 11.00 10.73
Return on Common Equity 74.37 56.80 57.96 58.17 58.83
Return on Capital 28.52 25.35 24.38 23.54 23.09
Current Ratio 1.36 1.32 1.22 1.18 1.15
Quick Ratio 1.10 1.03 0.97 0.92 0.93
Number of Employees n/a n/a n/a 399,409.00 398,455.00
Assets Per 1000 Employees n/a n/a n/a 272.96 274.87
Sales Per 1000 Employees n/a n/a n/a 68.18 67.78
Net Income Per 1000 Employees n/a n/a n/a 12.05 11.11
Price Earnings Ratio (P/E) 13.08 12.33 11.17 10.75 9.39
BEst EPS 10.90 10.68 9.96 9.76 9.87
23
Debt and Equity Offerings
MOST RECENT PUBLIC OFFERING
Date 1968-11-30
Price 328.50
Number of Shares 0.05
Amount 16.43
Type ADDL
CORPORATE BONDS
Up to 20 most recent active bonds shown. For a complete list see the Capital Structures section on BloombergLaw.com.
Issuer Coupon Maturity Amt Issued Series BBG Maturity/ Announce Currency
Composite Refund Date
Rating Type
IBM CORP 5.6 11/30/39 1,517,000,000.00 A+ CALLABLE 11/06/09 USD
IBM CORP 2.1 05/06/13 1,250,000,000.00 A+ AT 11/03/09 USD

MATURITY
IBM CORP 0.29031 11/04/11 750,000,000.00 FRN A+ AT 11/03/09 USD

MATURITY
IBM CORP 6.625 01/30/14 750,000,000.00 EMTN A AT 10/30/08 EUR

MATURITY
IBM CORP 8.0 10/15/38 1,000,000,000.00 A CALLABLE 10/09/08 USD
IBM CORP 0.82875 07/28/11 1,000,000,000.00 A AT 07/23/08 USD

MATURITY
IBM CORP 3.625 05/27/15 150,000,000.00 EMTN A AT 05/08/08 CHF

MATURITY
IBM CORP 3.25 05/27/11 350,000,000.00 A AT 05/08/08 CHF

MATURITY
IBM CORP 4.95 03/22/11 500,000,000.00 A+ AT 03/19/07 USD

MATURITY
IBM CORP 4.0 11/11/11 600,000,000.00 A+ AT 11/06/06 EUR

MATURITY
IBM CORP 3.55 05/15/10 4,274,000.00 NOTE A+ AT 05/09/03 USD

MATURITY
IBM CORP 4.2 02/15/13 652,000.00 NOTE A+ AT 02/03/03 USD

MATURITY
IBM CORP 5.875 11/29/32 600,000,000.00 A+ CALLABLE 11/20/02 USD
IBM CORP 2.4 09/28/10 50,000,000,000.00 3RG A+ AT 09/18/00 JPY

MATURITY
24
Issuer Coupon Maturity Amt Issued Series BBG Maturity/ Announce Currency
Composite Refund Date
Rating Type
IBM CORP 2.4 09/28/10 50,000,000,000.00 3BR A+ AT 09/18/00 JPY

MATURITY
IBM CORP 6.5 01/15/28 700,000,000.00 A+ CALLABLE 01/06/98 USD
PREFERREDS
No Data Available
BANK LOANS
Up to 20 most recent active loans shown. For a complete list, see the Capital Structures section of BloombergLaw.com
Issuer Effective Date Tranche Loan Type Maturity Currency Loan Status
INTL BUSINESS 05/01/09 — USD MANDATE

MACHINES
CORP
INTL BUSINESS 06/28/06 REV 06/28/11 USD SIGNED

MACHINES
CORP
EQUITIES
Equity Class Ticker
Belgium Cert IBMC BB Equity
Common Stock IBM US Equity
Receipt IBM AR Equity
25
Holdings
For a complete list of Company Holdings, see the Holdings section on Bloomberglaw.com.
INSIDER HOLDINGS
Top 20 holders shown. For a complete list see the Holdings section on BloombergLaw.com
Holder Name Source Amount Held %Out Latest Change File Date
PALMISANO SAMUEL J Form 4 370,381.00 0.03 59,152.00 02/01/2010
ELIX DOUGLAS T Form 4 133,919.00 0.01 3,858.00 05/08/2008
MILLS STEVEN A Form 4 106,517.00 0.01 18,090.00 02/01/2010
MACDONALD J Form 4 84,257.00 0.01 15,212.00 02/01/2010

RANDALL
DANIELS MICHAEL E Form 4 79,658.00 0.01 968.00 02/02/2010
ZEITLER WILLIAM M Form 4 67,202.00 0.01 3,874.00 05/08/2008
HARRELD J BRUCE Form 4 61,687.00 0.00 0.00 07/24/2008
KELLY III JOHN E Form 4 58,598.00 0.00 6,739.00 02/11/2010
LOUGHRIDGE MARK Form 4 57,030.00 0.00 -20,321.00 02/05/2010
ROMETTY VIRGINIA M Form 4 50,379.00 0.00 5,092.00 03/07/2010
KERN III R FRANKIN Form 4 42,173.00 0.00 4,840.00 02/01/2010
IWATA JON C Form 4 39,115.00 0.00 12,442.00 02/01/2010
SANFORD LINDA S Form 4 35,174.00 0.00 0.00 02/01/2010
ARNOLD COLLEEN F Form 4 30,869.00 0.00 4,447.00 02/01/2010
NOTO LUCIO A Form 4 25,127.00 0.00 0.00 07/30/2008
MOFFAT JR ROBERT W Form 4 23,880.00 0.00 -14,138.00 08/05/2009
WEBER ROBERT C Form 4 23,401.00 0.00 14,822.00 02/01/2010
LEBLANC ROBERT J Form 4 15,563.00 0.00 7,415.00 02/01/2010
ADKINS RODNEY C Form 4 14,284.00 0.00 9,772.00 02/01/2010
SHAUGHNESSY Form 4 13,964.00 0.00 -10,000.00 02/11/2010

TIMOTHY S
INSTITUTIONAL HOLDINGS
Top 20 holders shown. For a complete list, see the Holdings section on Bloomberglaw.com.
Holder Name Portfolio Name Source Position %Out Latest Change File Date
STATE STREET CORP STATE STREET 13F 67,758,740.00 5.22 3,004,905.00 12/31/2009
CORPORA
VANGUARD GROUP VANGUARD GROUP 13F 46,330,365.00 3.57 -333,460.00 12/31/2009

INC INC
BLACKROCK BLACKROCK 13F 34,808,948.00 2.68 560,827.00 12/31/2009

INSTITUTIONAL INSTITUTIO
TRUST
NORTHERN TRUST NORTHERN TRUST 13F 18,757,288.00 1.44 -891,155.00 12/31/2009

CORPORATION CORPO
26
Holder Name Portfolio Name Source Position %Out Latest Change File Date
BANK OF AMERICA BANK OF AMERICA 13F 18,214,062.00 1.40 3,496,439.00 12/31/2009

CORPORATION
WELLINGTON WELLINGTON 13F 18,198,002.00 1.40 2,627,540.00 12/31/2009

MANAGEMENT CO MANAGEMEN
LLP
BANK OF NEW YORK BANK OF NEW YORK 13F 17,704,637.00 1.36 264,637.00 12/31/2009
MELLON CORP MEL
CAPITAL WORLD CAPITAL WORLD 13F 16,976,000.00 1.31 499,000.00 12/31/2009

INVESTORS INVEST
STATE FARM MUTUAL STATE FARM MUTUAL 13F 16,651,892.00 1.28 0.00 12/31/2009
AUTO INSURANCE AU
T ROWE PRICE T ROWE PRICE 13F 14,231,469.00 1.10 3,646,629.00 12/31/2009

ASSOCIATES ASSOCIA
CAPITAL RESEARCH CAPITAL RESEARCH 13F 13,111,200.00 1.01 -1,025,800.00 12/31/2009

GLOBAL INVESTOR GLO
NEUBERGER BERMAN NEUBERGER 13F 12,951,766.00 1.00 1,862,954.00 12/31/2009

LLC BERMAN GRO
AXA AXA 13F 12,861,737.00 0.99 1,431,273.00 12/31/2009
VANGUARD GROUP VANGUARD TOTAL MF- 12,838,138.00 0.99 289,298.00 12/31/2009

INCORPORATED STOCK USA
VANGUARD GROUP VANGUARD 500 MF- 12,341,796.00 0.95 -141,749.00 12/31/2009

INCORPORATED INDEX F USA
JP MORGAN CHASE & JP MORGAN CHASE & 13F 11,829,584.00 0.91 34,027.00 12/31/2009
CO CO
TIAA CREF TIAA-CREF 13F 11,421,250.00 0.88 -125,981.00 12/31/2009

INVESTMENT INVESTMENT
MANAGEMENT
INTECH INVESTMENT INTECH INVESTMENT 13F 11,132,282.00 0.86 1,436,552.00 12/31/2009

MANAGEMENT MA
BLACKROCK FUND BLACKROCK FUND 13F 10,899,159.00 0.84 193,156.00 12/31/2009

ADVISORS ADVIS
BLACKROCK GROUP BLACKROCK GROUP 13F 10,104,876.00 0.78 7,622,112.00 12/31/2009

LIMITED LIMI
HISTORICAL INSTITUTIONAL HOLDINGS

Holdings for prior 5 quarters, for top 20 holders shown. For a complete list see the Holdings section on Bloomberglaw.com.
Holder Name Portfolio Name Q4/2008 Q1/2009 Q2/2009 Q3/2009 Amount Held
STATE STATE 74,409,105.00 69,157,905.00 64,783,623.00 64,753,835.00 67,758,740.00

STREET CORP STREET
CORPORA
VANGUARD VANGUARD 43,623,696.00 45,314,509.00 46,182,713.00 46,663,825.00 46,330,365.00

GROUP INC GROUP INC
27
BLACKROCK BLACKROCK 0.00 0.00 0.00 0.00 34,808,948.00

INSTITUTIONAL INSTITUTIO
TRUST
NORTHERN NORTHERN 17,587,881.00 18,649,165.00 19,657,787.00 19,648,443.00 18,757,288.00

TRUST TRUST
CORPORATION CORPO
BANK OF BANK OF 16,185,821.00 15,078,564.00 14,470,982.00 14,717,623.00 18,214,062.00

AMERICA AMERICA
CORPORATION
WELLINGTON WELLINGTON 19,039,651.00 17,765,868.00 16,087,220.00 15,570,462.00 18,198,002.00

MANAGEMENT MANAGEMEN
CO LLP
BANK OF NEW BANK OF NEW 18,124,741.00 19,465,969.00 18,038,131.00 17,440,000.00 17,704,637.00

YORK MELLON YORK MEL
CORP
CAPITAL CAPITAL 33,166,000.00 19,829,000.00 16,778,000.00 16,477,000.00 16,976,000.00

WORLD WORLD
INVESTORS INVEST
STATE FARM STATE FARM 16,651,892.00 16,651,892.00 16,651,892.00 16,651,892.00 16,651,892.00

MUTUAL AUTO MUTUAL AU
INSURANCE
T ROWE T ROWE 5,728,768.00 7,128,559.00 7,275,199.00 10,584,840.00 14,231,469.00

PRICE PRICE
ASSOCIATES ASSOCIA
CAPITAL CAPITAL 15,285,000.00 14,778,000.00 14,699,500.00 14,137,000.00 13,111,200.00

RESEARCH RESEARCH
GLOBAL GLO
INVESTOR
NEUBERGER NEUBERGER 12,241,993.00 10,807,348.00 10,767,550.00 11,088,812.00 12,951,766.00

BERMAN LLC BERMAN GRO
AXA AXA 15,308,111.00 13,462,867.00 11,623,026.00 11,430,464.00 12,861,737.00

GROUP TOTAL STOCK
INCORPORATED

GROUP 500 INDEX F
INCORPORATED
JP MORGAN JP MORGAN 15,248,927.00 14,062,898.00 11,749,286.00 11,795,557.00 11,829,584.00

CHASE & CO CHASE & CO
TIAA CREF TIAA-CREF 12,009,552.00 12,149,655.00 11,746,866.00 11,547,231.00 11,421,250.00

MANAGEMENT
INTECH INTECH 12,613,168.00 10,711,981.00 10,221,546.00 9,695,730.00 11,132,282.00

MANAGEMENT MA
28
BLACKROCK BLACKROCK 0.00 0.00 0.00 0.00 10,899,159.00

FUND FUND ADVIS
ADVISORS
BLACKROCK BLACKROCK 1,429,142.00 1,723,706.00 2,306,899.00 2,482,764.00 10,104,876.00

GROUP GROUP LIMI
LIMITED
COMPANY HOLDINGS
No Data Available
29
Company Hierarchy
SUBSIDIARIES
AptSoft Corp
Arsenal Digital Solutions
Cia IBM Portuguesa SA
Cie IBM France SAS
CITLOI
Consul Risk Management Inc
Datamirror Corp
Diligent Technologies UK Ltd
Encentuate Inc
Equitant
FilesX
Guardium Inc
Healthlink Inc
IBM Argentina SA
IBM Australia Ltd
IBM Bahamas Ltd
IBM Brasil Industria Maquinas e Servicos Ltda
IBM Bulgaria Ltd
IBM Business Transformation Center Srl
IBM Canada Ltd
IBM Capital Inc
IBM Ceska Republika spol sro
IBM China/Hong Kong Ltd
IBM China Co Ltd
IBM China Investment Co Ltd
IBM Credit LLC
IBM Croatia Ltd
IBM Danmark A/S
IBM de Bolivia SA
IBM de Chile SAC
IBM de Colombia & CIA SC
IBM del Ecuador CA
IBM del Peru SA
IBM del Uruguay SA
IBM de Mexico S de RL
IBM Deutschland GmbH
30
IBM East Africa Ltd
IBM East Europe/Asia Ltd
IBM Eesti Osauhing
IBM Egypt Business Support Services
IBM Foreign Sales Corp
IBM Global Services China Co Ltd
IBM Hellas Information Handling Systems SA
IBM India Pty Ltd
IBM Indonesia PT
IBM International Business Machines doo
IBM International Business Machines Turk Ltd Sirketi
IBM International BV
IBM International Foundation
IBM International Group BV
IBM International Group Capital LLC
IBM Ireland Ltd
IBM Ireland Product Distribution Ltd
IBM Israel Ltd
IBM Italia SpA
IBM Japan Ltd
IBM Korea Inc
IBM Lietuva
IBM Malaysia Sdn Bhd
IBM Malta Ltd
IBM Maroc
IBM Middle East FZ LLC
IBM Nederland BV
IBM New Zealand Ltd
IBM Oesterreich Internationale Bueromaschinen GmbH
IBM Philippines Inc
IBM Polska Sp zoo
IBM Romania Srl
IBM Schweiz
IBM Services Financial Sector Luxembourg Sarl
IBM Singapore Pte Ltd
IBM Slovenija doo
IBM Slovensko spol sro
IBM South Africa Pty Ltd
IBM Taiwan Corp
31
IBM Thailand Co Ltd
IBM Tunisie
IBM Ukraine
IBM Venezuela
IBM Vietnam Co
IBM World Trade Corp
InfoDyne Corp
Initiate Systems Inc
Intelliden Inc
International Busines Machines Svenska AB
International Business Machines A/S
International Business Machines Corp Magyarorszagi Kft
International Business Machines of Belgium SA
International Business Machines SA
International Business Machines West Africa Ltd
Internet Security Systems KK
Isogon Corp
KeyMRO
Language Analysis Systems Inc
Lombardi Software Inc
MDTVISION
National Interest Security Co Inc
Net Integration Technologies Inc
NovusCG
Ounce Labs Inc
Oy International Business Machines AB
Platform Solutions Inc
Princeton Softech Inc
PureEdge Solutions Inc
RedPill Solutions
Rembo Technology
Sabiedriba ar irobezotu atbildibu IBM Latvija
Softek Storage Solutions Inc
Solid Information Technology
SPSS Inc
Telelogic AB
Transitive Corp
Vallent Corp
Watchfire Corp
32
WebDialogs Inc
WTC Insurance Corp Ltd
XIV
33
Corporate Actions
MERGERS AND ACQUISITIONS
Displaying actions for 04/01/2009 to present. For a complete list see the Corporate Actions section of Bloomberglaw.com.
Type of Action Announced Date Counterparty Announced Status Current/ Legal Advisor
Value Completed
Value
Acquisition 02/16/10 Intelliden Inc -- Completed -- Cravath Swaine

& Moore
Acquisition 02/03/10 Initiate Systems -- Completed --

Inc
Divestiture 01/20/10 DC Capital -- Completed --

Partners LLC
Acquisition 12/16/09 Lombardi -- Completed -- Cravath Swaine

Software Inc & Moore
Acquisition 11/30/09 Guardium Inc -- Completed -- Cravath Swaine

& Moore
Divestiture 11/16/09 International -- Pending --

Business
Machines Corp
Divestiture 10/27/09 International 600.00 M USD Completed 600.00 M USD Cravath Swaine
Business & Moore
Machines Corp
Divestiture 10/05/09 Bank of America -- Completed --

Corp
Acquisition 09/22/09 RedPill 11.80 M USD Completed 8.33 M USD WongPartnership

Solutions LLP
Divestiture 09/15/09 International -- Completed -- Cravath Swaine

Business & Moore
Machines Corp
Acquisition 07/28/09 Ounce Labs Inc -- Completed -- Cravath Swaine

& Moore
Acquisition 07/28/09 SPSS Inc 766.02 M USD Completed 766.02 M USD A&L Goodbody
Divestiture 05/05/09 Exeros -- Completed -- O'Melveny &

Myers LLP
NEW ISSUES
Date Type of Action Summary
11/03/09 Debt Offer - New Issue USD 11/4/2011 750000.000 M
11/03/09 Debt Offer - New Issue USD 5/6/2013 1250000.000 M
NAME & LISTING CHANGES

12/15/09 Change in Listing SEAQ International => London Stock

Exchange M
34
DISTRIBUTIONS
05/06/09 Cash Dividend Regular Cash, Net/Coupon/Gross: 0.550000

(IBMBF US) M

(IBMC BB) M

(IBMD AR) M

(IBMC AR) M

(IBM AR) M

(IBMGBP EO) M

(IBMGBX EU) M

(IBM PZ) M

(IBMEUR EU) M

(IBM EU) M

(IBM EO) M

(IBM GR) M

(IBMA NA) M

(IBM PE) M

(IBM CP) M

(IBM* MM) M

(IBM US) M

(IBMGBX EO) M

(IBM LN) M

(IBMEUR EO) M

(IBMC AR) M
35

(IBMD AR) M

(IBM AR) M

(IBM CP) M

(IBM* MM) M

(IBMA NA) M

(IBM PE) M

(IBM EU) M

(IBM EO) M

(IBM GR) M

(IBMGBX EU) M

(IBM PZ) M

(IBMEUR EU) M

(IBMEUR EO) M

(IBM US) M

(IBMGBX EO) M

(IBM LN) M

(IBMGBP EO) M

(IBMC BB) M

(IBMC AR) M

(IBM AR) M

(IBMD AR) M
36

(IBMC BB) M

(IBM* MM) M

(IBMA NA) M

(IBM PE) M

(IBM CP) M

(IBM EU) M

(IBM EO) M

(IBM GR) M

(IBM PZ) M

(IBMEUR EU) M

(IBMGBP EO) M

(IBMGBX EU) M

(IBMEUR EO) M

(IBM LN) M

(IBMGBX EO) M

(IBM TE) M

(IBM US) M

(IBMC BB) M

(IBMD AR) M

(IBMC AR) M

(IBM AR) M
37

(IBMGBP EO) M

(IBMGBX EU) M

(IBM PZ) M

(IBMEUR EU) M

(IBM EU) M

(IBM EO) M

(IBM GR) M

(IBMA NA) M

(IBM PE) M

(IBM CP) M

(IBM* MM) M

(IBM TE) M

(IBMGBX EO) M

(IBM LN) M

(IBMEUR EO) M

(IBM US) M
OTHER
04/28/09 Stock Buyback Open for Common; 3000000000.000 Shares

M
10/27/09 Stock Buyback Open for Common; 5000000000.000 Shares

M
04/27/10 Corporate Meeting Type: Annual Shareholder M
38
Most Recent Filings
Most recent 50 filings shown. For a complete list, see the Filings section on Bloomberglaw.com.
SELECTED DOCUMENTS
Form Type Reporting Entity/Security Filed Date Period Date
4 KAVANAUGH JAMES J 03/16/10 03/15/10
Circular IBM US Equity 03/16/10 03/08/10
4 ROMETTY VIRGINIA M 03/08/10 03/07/10
144 IBM US Equity 03/05/10 02/23/10
4 BLACK CATHLEEN 02/24/10 02/23/10
3 LIVERIS ANDREW N 02/24/10 02/23/10
4 KELLY JOHN E III 02/12/10 02/11/10
4 SHAUGHNESSY TIMOTHY S 02/12/10 02/11/10
4 RHODIN MICHAEL D. 02/10/10 02/09/10
4 RHODIN MICHAEL D. 02/09/10 02/08/10
4 ADKINS RODNEY C 02/09/10 02/08/10
4 ARNOLD COLLEEN F. 02/09/10 02/08/10
4 DANIELS MICHAEL E 02/09/10 02/08/10
4 IWATA JON C 02/09/10 02/08/10
4 KELLY JOHN E III 02/09/10 02/08/10
4 KERN R. FRANKLIN III 02/09/10 02/08/10
4 LEBLANC ROBERT J. 02/09/10 02/08/10
4 LOUGHRIDGE MARK 02/09/10 02/08/10
4 MACDONALD J RANDALL 02/09/10 02/08/10
4 MILLS STEVEN A 02/09/10 02/08/10
4 PALMISANO SAMUEL J 02/09/10 02/08/10
4 SANFORD LINDA S 02/09/10 02/08/10
4 WEBER ROBERT C 02/09/10 02/08/10
4 RHODIN MICHAEL D. 02/02/10 02/01/10
4 ADKINS RODNEY C 02/02/10 02/01/10
4 ARNOLD COLLEEN F. 02/02/10 02/01/10
39
Form Type Reporting Entity/Security Filed Date Period Date
4 IWATA JON C 02/02/10 02/01/10
4 KELLY JOHN E III 02/02/10 02/01/10
4 KERN R. FRANKLIN III 02/02/10 02/01/10
4 LEBLANC ROBERT J. 02/02/10 02/01/10
4 MACDONALD J RANDALL 02/02/10 02/01/10
4 MILLS STEVEN A 02/02/10 02/01/10
4 PALMISANO SAMUEL J 02/02/10 02/01/10
4 SANFORD LINDA S 02/02/10 02/01/10
4 WEBER ROBERT C 02/02/10 02/01/10
4 WEBER ROBERT C 02/01/10 01/29/10
8-K IBM US Equity 01/29/10 01/26/10
40
Recent Company News
Most recent 10 Bloomberg News stories shown. For complete news, see the Overview section on Bloomberglaw.com.
RENESAS ELECTRONICS MAY CHOSE SINGLE TECHNOLOGY PARTNER, FT SAYS

By Victoria Batchelor
April 1 (Bloomberg) -- Either International Business Machines Corp. or Panasonic Corp. may lose a technology partner when two of Japan's
chipmakers merge today to form Renesas Electronics Corp., the Financial Times reported.
The new company combines Renesas Technology Corp., which has an alliance with Panasonic, and NEC Electronics Corp., which is allied
with IBM, the FT said. Yasushi Akao, president of the newly-formed company, told the FT he wants to try and chose one technology alliance.
To contact the reporter on this story: Victoria Batchelor in Sydney at +61-2-9777-8674 or vbatchelor@bloomberg.net
To contact the editor responsible for this story: Victoria Richards at +61-2-9777-8614 or vrichards@bloomberg.net
OBAMA SAYS FLEXIBLE RULES IN WORKPLACE HELP WORKERS, BUSINESSES

By Nicholas Johnston
March 31 (Bloomberg) -- President Barack Obama said flexible workplace rules are good for both employees and businesses as he gave
closing remarks at a forum on the subject today.
"Workplace flexibility isn't just a women's issue. It's an issue that affects the well-being of our families and the strength of our businesses,"
Obama told participants at the event in the Eisenhower Executive Office Building next door to the White House.
Administration officials met with executives from more than two dozen companies, along with policy experts, union leaders and workers
to discuss practices such as telecommuting and flexible work hours that provide employees the opportunity to spend more time with their
families.
In his 2011 budget, Obama included money for programs aimed at enabling employees to care for elderly relatives or family members with
disabilities, and to help pay for child care.
A report by the President's Council of Economic Advisers released today found flexible workplace rules reduce absenteeism and turnover
and improve worker health and productivity.
First Lady Michelle Obama kicked off today's event by encouraging companies to expand practices that help workers cope with family-
related matters, including discounts for childcare.
"Balancing our responsibilities as employees as breadwinners, mothers, fathers, sons, daughters, husbands and wives it's an issue
that many folks have struggled with for so many years," she said. "As the parents of two beautiful young daughters, it's an issue that is
particularly important to me and my husband."
Companies Represented
Forum attendees included executives from PNC Financial Services Group Inc., JetBlue Airways Corp., Campbell Soup Co., GlaxoSmithKline
Plc, International Business Machines Corp., American Express Co. and Marriott International Inc.
The gathering is the latest effort by Obama to reach out to corporate executives. With the U.S. still emerging from the worst recession since
the 1930s and his health-care plan signed into law, Obama is turning more of his focus to the economy.
--With assistance from Kate Andersen Brower in Washington.
Editors: Don Frederick, Jim Rubin.
To contact the reporter on this story: Nicholas Johnston in Washington at +1-202-654-1264 or njohnston3@bloomberg.net
To contact the editor responsible for this story: Jim Kirk at +1-202-654-4315 or jkirk12@bloomberg.net
CFTC APPROVES COLLATERAL SEGREGATION FOR OTC CLEARING (UPDATE1)

(Adds CME Group in first paragraph.)
By Matthew Leising
41
March 31 (Bloomberg) -- The U.S. commodities regulator approved rules to protect bank client assets that support cleared over-the-counter
derivatives trades, giving a boost to CME Group Inc., the world's largest futures market.
The rules passed by the Commodity Futures Trading Commission mean banks will have to segregate the cash and other collateral investors
pledge as margin to back credit-default or interest-rate swaps that are processed by a clearinghouse. That system has been in place for
futures trades and assured that investors who used Lehman Brothers Holdings Inc. as their futures broker recovered their money after the
firm went bankrupt in September 2008.
CME Group has offered to guarantee credit-default swaps with its clearinghouse since last year. Its hedge fund and asset manager clients
have pushed for protections of their collateral similar to what they receive in futures trading. CME Group had processed $189.5 million worth
of credit swaps as of March 16. Competitor Intercontinental Exchange Inc., owner of the world's largest credit-swap clearinghouse, has
guaranteed more than $6.4 trillion of the trades since last March.
Clearinghouses are capitalized by their members in a structure meant to ensure that trading parties are made whole if any member defaults.
They collect margins on outstanding trades each day to keep accounts current and give regulators access to information on market
positions.
--Editors: Charles W. Stevens, Richard Bedard
To contact the reporter on this story: Matthew Leising in New York at +1-212-617-1151 or mleising@bloomberg.net.
To contact the editor responsible for this story: Alan Goldstein at +1-212-617-6186 or agoldstein5@bloomberg.net
IBM TO SUPPORT STARTUPS AS IT SEEKS M&A TARGETS (UPDATE2)

(Updates share prices in last paragraph.)
By Katie Hoffmann
March 31 (Bloomberg) -- International Business Machines Corp., the world's biggest computer-services provider, will help some startup
software companies develop their technology as it seeks to identify potential partners or acquisition targets.
Chosen startups will have access to IBM's software and research laboratories, the Armonk, New York-based company said today in a
statement. IBM introduced the program at a forum in Bangalore, India.
To qualify, companies must be closely held, less than three years old and make software that could be part of IBM's Smarter Planet
program, which maintains that anything can be digitally monitored to be made more efficient. The requirements fit into IBM's mergers and
acquisition strategy, said Jim Corgel, who heads the company's developer relations.
"When the time is right, they might become part of IBM," Corgel said. The company has bought about 75 of the 1,500 startups it has worked
with, he said.
Since becoming IBM's chief executive officer eight years ago, Sam Palmisano has spent more than $20 billion on 100 acquisitions, most of
them software companies valued at less than $1 billion.
Even if the startups aren't acquired by IBM, they may become a partner of the company, said Steve White, who heads software partnerships
for research firm IDC in Toronto.
"This is a way to pick up some new evolving partners, potentially the big partners of the future," White said.
IBM fell 52 cents to $128.25 at 4 p.m. in New York Stock Exchange composite trading. The shares have dropped 2 percent this year.
--Editors: Stephen West, Jerry Byrd.
To contact the reporter on this story: Katie Hoffmann in New York at +1-212-617-5327 or khoffmann4@bloomberg.net
To contact the editor responsible for this story: Julie Alnwick at +1-212-617-8960 or jalnwick@bloomberg.net
QUARTERLY RANKING OF S&P 500 SECTORS BY NET INCOME

By Phillip Cruz
March 31 (Bloomberg) -- The following tables detail fourth-quarter earnings results for sectors in the Standard & Poor's 500 Index. For the
quarter to date, 495 companies out of the 500 have reported their earnings. This list ranks year-over-year percent changes of the sector's
net income. Within sectors, industry's net income is also ranked by year-over-year percent changes.
42
Q4/09 Q4/08
NET NET %
(MIL) (MIL) CHG
=====================================================
TOTAL 158032.11-160788.57 198.3
INFORMATION TECHNOLOGY 36958.39 3185.99 1060.0

Office Electronics 180.00 1.00 17900.0
Internet Software & Servi 3614.09 390.82 824.8
Software 9061.84 -1284.39 805.5
Electronic Equipment & In 1014.47 113.62 792.9
Semiconductor & Semicondu 5267.95 -3316.02 258.9
Communications Equipment 3149.06 -2347.30 234.2
Computers & Peripherals 12250.32 7461.26 64.2
IT Services 2420.67 2167.01 11.7
HEALTH CARE 31636.57 8353.61 278.7

Health Care Equipment & S 1808.99 68.36 2546.2
Pharmaceuticals 20497.89 3614.57 467.1
Health Care Providers & S 6335.12 2600.26 143.6
Life Sciences Tools & Ser 510.20 337.91 51.0
Biotechnology 2412.87 1634.04 47.7
Health Care Technology 71.50 98.47 -27.4
ENERGY 15814.40 -27581.97 157.3

Oil, Gas & Consumable Fue 13811.46 -31083.76 144.4
Energy Equipment & Servic 2002.94 3501.80 -42.8
CONSUMER DISCRETIONARY 16962.24 -46575.59 136.4

Specialty Retail 3165.28 52.87 5887.3
Hotels Restaurants & Leis 2067.68 303.43 581.4
Leisure Equipment & Produ 936.96 -648.02 244.6
Multiline Retail 2807.99 -3220.95 187.2
Auto Components 457.00 -938.00 148.7
Internet & Catalog Retail 564.68 -2500.84 122.6
Household Durables 362.97 -1999.19 118.2
Media 4675.64 -32912.15 114.2
Automobiles 667.30 -5900.19 111.3
Diversified Consumer Serv 363.23 270.59 34.2
Distributors 99.17 87.78 13.0
Textiles, Apparel & Luxur 794.34 829.07 -4.2
UTILITIES 9668.26 4267.09 126.6
43
Independent Power Produce 4373.20 -1449.60 401.7
Gas Utilities 260.58 202.60 28.6
Electric Utilities 3073.60 3024.22 1.6
Multi-Utilities 1960.88 2489.88 -21.2
MATERIALS 2796.56 -19022.56 114.7

Chemicals 1712.01 -774.83 321.0
Containers & Packaging 88.19 -60.40 246.0
Metals & Mining 1234.71 -14955.51 108.3
Construction Materials -13.35 -212.82 93.7
Paper & Forest Products -225.00 -3019.00 92.5
FINANCIALS 8845.61-106238.22 108.3

Real Estate Management & 64.29 6.53 884.5
Consumer Finance 1753.26 -965.23 281.6
Capital Markets 7942.97 -5515.93 244.0
Commercial Banks 2887.93 -14104.66 120.5
Insurance -1610.58 -65217.46 97.5
Diversified Financial Ser -3982.18 -22169.22 82.0
Real Estate Investment Tr 1628.43 1569.77 3.7
Thrifts & Mortgage Financ 161.48 157.98 2.2
CONSUMER STAPLES 16290.36 8406.29 93.8

Beverages 3665.10 -327.40 1219.5
Food Products 3816.86 2227.90 71.3
Food & Staples Retailing 5514.80 3428.98 60.8
Personal Products 589.60 436.80 35.0
Tobacco 2704.00 2640.00 2.4
Household Products 5892.00 6006.30 -1.9
INDUSTRIALS 17158.16 11905.90 44.1

Airlines 116.00 -56.00 307.1
Commercial Services & Sup 582.59 -371.62 256.8
Aerospace & Defense 6282.10 2100.30 199.1
Building Products -185.00 -508.00 63.6
Air Freight & Logistics 1258.87 913.61 37.8
Machinery 2233.56 2261.40 -1.2
Industrial Conglomerates 3885.00 4049.00 -4.1
Electrical Equipment 715.14 780.04 -8.3
Road & Rail 1707.20 1985.60 -14.0
Trading Companies & Distr 141.59 170.45 -16.9
Construction & Engineerin 265.08 349.42 -24.1
Professional Services 156.02 231.70 -32.7
TELECOMMUNICATION SERVICE 1901.56 2510.88 -24.3

Wireless Telecommunicatio -882.53 -1520.59 42.0
Diversified Telecommunica 2784.08 4031.47 -30.9
TOTAL 158032.11-160788.57 198.3
--Editor: Marybeth Sandell
To contact the reporter on this story: Phillip Cruz in Princeton at +1-609-279-3686 or pcruz@bloomberg.net
44
To contact the editor responsible for this story: Marybeth Sandell at +46-8-610-0704 or msandell1@bloomberg.net
NI ERN NI ERNIRNET NI ERNANA NI INDSTATS NI BBEA NI US NI TABLE NI COS NI USSTATS
QUARTERLY RANKING OF S&P 500 INDUSTRIES BY NET INCOME

By Phillip Cruz
March 31 (Bloomberg) -- The following tables detail fourth-quarter earnings results for industries in the Standard & Poor's 500 Index. For the
quarter to date, 495 companies out of the 500 have reported their earnings. Industries are ranked by year-over-year percent changes in net
income.
Q4/09 Q4/08
NET NET %
(MIL) (MIL) CHG
=====================================================
TOTAL 158032.11-160788.57 198.3
Office Electronics 180.00 1.00 17900.0

Beverages 3665.10 -327.40 1219.5
Software 9061.84 -1284.39 805.5
Chemicals 1712.01 -774.83 321.0
Airlines 116.00 -56.00 307.1
Semiconductor & Semicondu 5267.95 -3316.02 258.9
Commercial Services & Sup 582.59 -371.62 256.8
Containers & Packaging 88.19 -60.40 246.0
Leisure Equipment & Produ 936.96 -648.02 244.6
Capital Markets 7942.97 -5515.93 244.0
Communications Equipment 3149.06 -2347.30 234.2
Multiline Retail 2807.99 -3220.95 187.2
Auto Components 457.00 -938.00 148.7
Oil, Gas & Consumable Fue 13811.46 -31083.76 144.4
Health Care Providers & S 6335.12 2600.26 143.6
45
Internet & Catalog Retail 564.68 -2500.84 122.6
Household Durables 362.97 -1999.19 118.2
Media 4675.64 -32912.15 114.2
Automobiles 667.30 -5900.19 111.3
Metals & Mining 1234.71 -14955.51 108.3
Insurance -1610.58 -65217.46 97.5
Construction Materials -13.35 -212.82 93.7
Paper & Forest Products -225.00 -3019.00 92.5
Food Products 3816.86 2227.90 71.3
Building Products -185.00 -508.00 63.6
Life Sciences Tools & Ser 510.20 337.91 51.0
Biotechnology 2412.87 1634.04 47.7
Wireless Telecommunicatio -882.53 -1520.59 42.0
Air Freight & Logistics 1258.87 913.61 37.8
Gas Utilities 260.58 202.60 28.6
IT Services 2420.67 2167.01 11.7
Tobacco 2704.00 2640.00 2.4
Electric Utilities 3073.60 3024.22 1.6
Machinery 2233.56 2261.40 -1.2
Household Products 5892.00 6006.30 -1.9
Textiles, Apparel & Luxur 794.34 829.07 -4.2
Road & Rail 1707.20 1985.60 -14.0
Multi-Utilities 1960.88 2489.88 -21.2
Health Care Technology 71.50 98.47 -27.4
TOTAL 158032.11-160788.57 198.3
NI ERN NI ERNIRNET NI ERNANA NI INDSTATS NI BBEA NI US NI TABLE NI COS NI USSTATS
QUARTERLY RANKING OF S&P 500 INDUSTRIES BY INCOME FROM OPS

By Phillip Cruz
46
March 31 (Bloomberg) -- The following tables detail fourth-quarter earnings results for industries in the Standard & Poor's 500 Index. For
the quarter to date, 495 companies out of the 500 have reported their earnings. Industries are ranked by year-over-year percent changes in
income from operations.
Q4/09 Q4/08
CONT OPS CONT OPS %
(MIL) (MIL) CHG
======================================================
TOTAL 165244.78 84257.44 96.1
Semiconductor & Semicondu 5186.27 668.20 676.2

Capital Markets 7622.99 -1593.03 578.5
Metals & Mining 1619.52 359.51 350.5
Leisure Equipment & Produ 803.80 248.98 222.8
Auto Components 319.00 -369.00 186.4
Building Products 41.72 -63.18 166.0
Containers & Packaging 642.50 265.40 142.1
Chemicals 1972.75 867.52 127.4
Paper & Forest Products 29.52 -112.00 126.4
Automobiles 800.35 -3128.88 125.6
Insurance 114.20 -35080.70 100.3
Internet & Catalog Retail 551.86 314.32 75.6
Communications Equipment 3523.16 2466.52 42.8
Software 9887.24 7330.24 34.9
Multiline Retail 2876.79 2170.10 32.6
Food Products 3647.94 3081.55 18.4
Airlines 71.48 61.00 17.2
IT Services 2664.57 2328.46 14.4
47
Media 5558.65 4965.48 11.9
Household Products 4386.25 3994.50 9.8
Beverages 3754.06 3491.92 7.5
Biotechnology 2660.49 2483.11 7.1
Textiles, Apparel & Luxur 912.35 863.31 5.7
Health Care Technology 95.10 90.60 5.0
Tobacco 2892.92 2834.80 2.1
Multi-Utilities 2376.81 2385.66 -0.4
Electric Utilities 3114.74 3135.11 -0.6
Commercial Services & Sup 820.19 828.31 -1.0
Gas Utilities 267.03 270.29 -1.2
Health Care Providers & S 4108.76 4163.65 -1.3
Life Sciences Tools & Ser 671.95 686.57 -2.1
Machinery 2250.30 2491.51 -9.7
Air Freight & Logistics 1258.87 1488.61 -15.4
Office Electronics 219.00 265.00 -17.4
Household Durables 175.95 214.78 -18.1
Oil, Gas & Consumable Fue 16658.08 20451.51 -18.5
Road & Rail 1721.59 2142.13 -19.6
Construction Materials -23.28 20.83 -211.7
Wireless Telecommunicatio -277.17 102.41 -370.6
TOTAL 165244.78 84257.44 96.1
NI US NI ERN NI ERNIRCONT NI ERNANA NI INDSTATS NI BBEA NI TABLE NI COS NI USSTATS
QUARTERLY RANKING OF S&P 500 SECTORS BY INCOME FROM OPERATIONS

By Phillip Cruz
March 31 (Bloomberg) -- The following tables detail fourth-quarter earnings results for sectors in the Standard & Poor's 500 Index. For the
quarter to date, 495 companies out of the 500 have reported their earnings. This list ranks year-over-year percent changes of the sector's
income from continuing operations. Within sectors, industry's income from continuing operations is also ranked by year-over-year percent
changes.
48
Q4/09 Q4/08
CONT OPS CONT OPS %
(MIL) (MIL) CHG
=====================================================
TOTAL 165244.78 84257.44 96.1
MATERIALS 4241.01 1401.25 202.7

Metals & Mining 1619.52 359.51 350.5
Containers & Packaging 642.50 265.40 142.1
Chemicals 1972.75 867.52 127.4
Paper & Forest Products 29.52 -112.00 126.4
Construction Materials -23.28 20.83 -211.7
FINANCIALS 10197.98 -49737.59 120.5

Capital Markets 7622.99 -1593.03 578.5
Insurance 114.20 -35080.70 100.3
CONSUMER DISCRETIONARY 18048.77 10122.79 78.3

Leisure Equipment & Produ 803.80 248.98 222.8
Auto Components 319.00 -369.00 186.4
Automobiles 800.35 -3128.88 125.6
Internet & Catalog Retail 551.86 314.32 75.6
Multiline Retail 2876.79 2170.10 32.6
Media 5558.65 4965.48 11.9
Textiles, Apparel & Luxur 912.35 863.31 5.7
Household Durables 175.95 214.78 -18.1
INFORMATION TECHNOLOGY 38286.86 25082.06 52.6

Semiconductor & Semicondu 5186.27 668.20 676.2
Communications Equipment 3523.16 2466.52 42.8
Software 9887.24 7330.24 34.9
IT Services 2664.57 2328.46 14.4
49
Office Electronics 219.00 265.00 -17.4
CONSUMER STAPLES 22574.02 16737.06 34.9

Food Products 3647.94 3081.55 18.4
Household Products 4386.25 3994.50 9.8
Beverages 3754.06 3491.92 7.5
Tobacco 2892.92 2834.80 2.1
UTILITIES 5912.82 5710.51 3.5

Multi-Utilities 2376.81 2385.66 -0.4
Electric Utilities 3114.74 3135.11 -0.6
Gas Utilities 267.03 270.29 -1.2
HEALTH CARE 24480.35 23795.01 2.9

Biotechnology 2660.49 2483.11 7.1
Health Care Technology 95.10 90.60 5.0
Health Care Providers & S 4108.76 4163.65 -1.3
Life Sciences Tools & Ser 671.95 686.57 -2.1
INDUSTRIALS 17774.19 20231.57 -12.1

Building Products 41.72 -63.18 166.0
Airlines 71.48 61.00 17.2
Commercial Services & Sup 820.19 828.31 -1.0
Machinery 2250.30 2491.51 -9.7
Air Freight & Logistics 1258.87 1488.61 -15.4
Road & Rail 1721.59 2142.13 -19.6
TELECOMMUNICATION SERVICE 4845.69 6087.89 -20.4

Wireless Telecommunicatio -277.17 102.41 -370.6
ENERGY 18883.10 24826.89 -23.9

Oil, Gas & Consumable Fue 16658.08 20451.51 -18.5
TOTAL 165244.78 84257.44 96.1
50
QUARTERLY INCOME SUMMARY FOR S&P 500 SECTOR AND INDUSTRY
By Phillip Cruz
March 31 (Bloomberg) -- The following tables detail fourth-quarter earnings results for sectors and industries in the Standard & Poor's 500
Index. For the quarter to date, 495 companies out of the 500 have reported their earnings. Sectors and industries are sorted in alphabetical
order.
Q4/09 Q4/08 Q4/09 Q4/08

CONT OPS CONT OPS % NET NET %
(MIL) (MIL) CHG (MIL) (MIL) CHG
============================================================================
TOTAL 165244.78 84257.44 96.1 158032.11-160788.57 198.3
CONSUMER DISCRETIONARY 18048.77 10122.79 78.3 16962.24 -46575.59 136.4

Auto Components 319.00 -369.00 186.4 457.00 -938.00 148.7
Automobiles 800.35 -3128.88 125.6 667.30 -5900.19 111.3
Distributors 99.17 87.78 13.0 99.17 87.78 13.0
Diversified Consumer S 354.76 290.06 22.3 363.23 270.59 34.2
Hotels Restaurants & L 2247.61 2127.66 5.6 2067.68 303.43 581.4
Household Durables 175.95 214.78 -18.1 362.97 -1999.19 118.2
Internet & Catalog Ret 551.86 314.32 75.6 564.68 -2500.84 122.6
Leisure Equipment & Pr 803.80 248.98 222.8 936.96 -648.02 244.6
Media 5558.65 4965.48 11.9 4675.64 -32912.15 114.2
Multiline Retail 2876.79 2170.10 32.6 2807.99 -3220.95 187.2
Specialty Retail 3348.50 2338.22 43.2 3165.28 52.87 5887.3
Textiles, Apparel & Lu 912.35 863.31 5.7 794.34 829.07 -4.2
CONSUMER STAPLES 22574.02 16737.06 34.9 16290.36 8406.29 93.8

Beverages 3754.06 3491.92 7.5 3665.10 -327.40 1219.5
Food & Staples Retaili 7235.02 6884.80 5.1 5514.80 3428.98 60.8
Food Products 3647.94 3081.55 18.4 3816.86 2227.90 71.3
Household Products 4386.25 3994.50 9.8 5892.00 6006.30 -1.9
Personal Products 657.84 444.00 48.2 589.60 436.80 35.0
Tobacco 2892.92 2834.80 2.1 2704.00 2640.00 2.4
ENERGY 18883.10 24826.89 -23.9 15814.40 -27581.97 157.3

Energy Equipment & Ser 2225.02 4375.38 -49.1 2002.94 3501.80 -42.8
Oil, Gas & Consumable 16658.08 20451.51 -18.5 13811.46 -31083.76 144.4
FINANCIALS 10197.98 -49737.59 120.5 8845.61-106238.22 108.3

Capital Markets 7622.99 -1593.03 578.5 7942.97 -5515.93 244.0
51
Commercial Banks 2155.57 -1707.84 226.2 2887.93 -14104.66 120.5
Consumer Finance 1537.76 -373.80 511.4 1753.26 -965.23 281.6
Diversified Financial -3114.53 -12768.64 75.6 -3982.18 -22169.22 82.0
Insurance 114.20 -35080.70 100.3 -1610.58 -65217.46 97.5
Real Estate Investment 1631.43 1561.77 4.5 1628.43 1569.77 3.7
Real Estate Management 85.98 64.97 32.4 64.29 6.53 884.5
Thrifts & Mortgage Fin 164.58 159.68 3.1 161.48 157.98 2.2
HEALTH CARE 24480.35 23795.01 2.9 31636.57 8353.61 278.7

Biotechnology 2660.49 2483.11 7.1 2412.87 1634.04 47.7
Health Care Equipment 3501.26 3039.52 15.2 1808.99 68.36 2546.2
Health Care Providers 4108.76 4163.65 -1.3 6335.12 2600.26 143.6
Health Care Technology 95.10 90.60 5.0 71.50 98.47 -27.4
Life Sciences Tools & 671.95 686.57 -2.1 510.20 337.91 51.0
Pharmaceuticals 13442.79 13331.56 0.8 20497.89 3614.57 467.1
INDUSTRIALS 17774.19 20231.57 -12.1 17158.16 11905.90 44.1

Aerospace & Defense 6289.90 5582.94 12.7 6282.10 2100.30 199.1
Air Freight & Logistic 1258.87 1488.61 -15.4 1258.87 913.61 37.8
Airlines 71.48 61.00 17.2 116.00 -56.00 307.1
Building Products 41.72 -63.18 166.0 -185.00 -508.00 63.6
Commercial Services & 820.19 828.31 -1.0 582.59 -371.62 256.8
Construction & Enginee 265.06 353.56 -25.0 265.08 349.42 -24.1
Electrical Equipment 717.08 780.28 -8.1 715.14 780.04 -8.3
Industrial Conglomerat 4006.80 6139.19 -34.7 3885.00 4049.00 -4.1
Machinery 2250.30 2491.51 -9.7 2233.56 2261.40 -1.2
Professional Services 180.62 250.76 -28.0 156.02 231.70 -32.7
Road & Rail 1721.59 2142.13 -19.6 1707.20 1985.60 -14.0
Trading Companies & Di 150.59 176.46 -14.7 141.59 170.45 -16.9
INFORMATION TECHNOLOGY 38286.86 25082.06 52.6 36958.39 3185.99 1060.0

Communications Equipme 3523.16 2466.52 42.8 3149.06 -2347.30 234.2
Computers & Peripheral 12986.96 9287.51 39.8 12250.32 7461.26 64.2
Electronic Equipment & 1071.30 531.89 101.4 1014.47 113.62 792.9
Internet Software & Se 2748.38 2204.23 24.7 3614.09 390.82 824.8
IT Services 2664.57 2328.46 14.4 2420.67 2167.01 11.7
Office Electronics 219.00 265.00 -17.4 180.00 1.0017900.0
Semiconductor & Semico 5186.27 668.20 676.2 5267.95 -3316.02 258.9
Software 9887.24 7330.24 34.9 9061.84 -1284.39 805.5
MATERIALS 4241.01 1401.25 202.7 2796.56 -19022.56 114.7

Chemicals 1972.75 867.52 127.4 1712.01 -774.83 321.0
Construction Materials -23.28 20.83 -211.7 -13.35 -212.82 93.7
Containers & Packaging 642.50 265.40 142.1 88.19 -60.40 246.0
Metals & Mining 1619.52 359.51 350.5 1234.71 -14955.51 108.3
Paper & Forest Product 29.52 -112.00 126.4 -225.00 -3019.00 92.5
TELECOMMUNICATION SERV 4845.69 6087.89 -20.4 1901.56 2510.88 -24.3

Diversified Telecommun 5122.85 5985.48 -14.4 2784.08 4031.47 -30.9
Wireless Telecommunica -277.17 102.41 -370.6 -882.53 -1520.59 42.0
UTILITIES 5912.82 5710.51 3.5 9668.26 4267.09 126.6

Electric Utilities 3114.74 3135.11 -0.6 3073.60 3024.22 1.6
52
Gas Utilities 267.03 270.29 -1.2 260.58 202.60 28.6
Independent Power Prod 154.24 -80.55 291.5 4373.20 -1449.60 401.7
Multi-Utilities 2376.81 2385.66 -0.4 1960.88 2489.88 -21.2
TOTAL 165244.78 84257.44 96.1 158032.11-160788.57 198.3
RAJARATNAM SEEKS TO KEEP WIRETAP PAPERS CONFIDENTIAL (UPDATE1)

(Adds details of the argument in second paragraph.)
By David Glovin
March 31 (Bloomberg) -- Galleon Group LLC founder Raj Rajaratnam, who faces criminal insider-trading charges, asked a judge to keep
confidential wiretap applications that prosecutors say may be disclosed to the public.
Rajaratnam today filed court papers opposing the government's earlier request for a court procedure that will address "the public's right to
access wiretap applications," which investigators probing him had confidentially submitted to a judge. Rajaratnam says "no such right exists"
and that the applications should remain secret until a judge decides whether the wiretaps may be used at his trial.
Defense attorney John Dowd says Rajaratnam's right to try to exclude the wiretaps from his trial "would be irreversibly compromised if the
government were permitted to publicize the same evidence in public filings" before a judge rules.
The government's insider-trading case is based on testimony from cooperating witnesses and wiretaps of Rajaratnam and others.
--Editors: Mary Romano, Charles Carter.
To contact the reporter on this story: David Glovin in federal court in New York at +1-212-732-9245 or dglovin@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at +1-212-617-1092 or drovella@bloomberg.net.
53
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Company Report

INTERNATIONAL BUSINESS MACHINES CORP

www.bloomberglaw.com © 2010 Bloomberg Finance L.P. All rights reserved.

RECENT PRICE/VOLUME HISTORY

04/01/10 128.95 129.31 128.45 128.46 1253397

03/31/10 131.18 134.25 121.61 128.25 409427448

12/31/09 119.39 132.85 117.26 130.90 426198997

09/30/09 105.00 122.88 99.50 119.61 420346949

06/30/09 96.13 110.64 95.70 104.42 527378992

RECENT PER-SHARE EARNINGS

All Oth e r Typ e s = 5 4

Case Type 2005 2006 2007 2008 2009 2010 Total

Other Civil Rights 0 1 3 0 1 1 6

All Other Types 9 7 11 14 10 3 54

No rth e rn Dis trict Of No rth e rn Dis trict Of

No rth e rn Dis trict Of

All Other Courts 15 23 11 13 1 3 4 29 99

CASES BY FEDERAL DISTRICT COURT AND YEAR (2005- PRESENT)

All Other Courts 19 28 25 22 15 6 115

Judge 2005 2006 2007 2008 2009 2010 Total

Hon. Claudia Wilken 0 9 20 0 0 0 29

Judge T. John Ward 2 0 1 0 4 0 7

Hon. Susan Illston 1 3 0 0 2 0 6

Judge David Folsom 2 0 2 0 1 0 5

Judge Ron Clark 0 1 2 1 0 0 4

All Other Judges 35 58 48 45 34 10 230

Samuel J Palmisano "Sam" 58 Chairman/President/CEO

Mark Loughridge N/A Senior VP/CFO

Timothy S Shaughnessy N/A Senior VP:Services Delivery

Steven A Mills 58 Senior VP:Software Group

John E Kelly III N/A Senior VP:Research & Intel

Virginia M Rometty "Ginni" 51 Senior VP:Global Sales

Michael E Daniels "Mike" N/A Senior VP:Global Technology

Andrew Bonzani N/A VP/Secy/Asst Gen Counsel

Lead Director Exxon Mobil Corp

Board Member Exxonmobil Chemical SA

Chairman/President/CEO Intl Business Machines Corp

Board Member Citigroup Inc

Board Member Intl Business Machines Corp

Alain J P Belda 66 Chairman Alcoa Inc

Managing Director Warburg Pincus LLC

Chairman Alcoa Inc

Board Member Intl Business Machines Corp

Board Member Alcoa Inc

Chairman Caterpillar Inc

Board Member Federal Reserve System

James W Owens "Jim" 64 Board Member FM Global

Board Member Black & Veatch Corp

Chairman Caterpillar Inc

Chairman Caterpillar Inc

Chairman/CEO Caterpillar Inc

Board Member Bloomberg Family Foundation

Board Member Procter & Gamble Co

Chairman American Express Travel Relate

Kenneth I Chenault "Ken" 58 Chairman American Express Co

Board Member Intl Business Machines Corp

Chairman/CEO American Express Travel Relate

Chairman/CEO American Express Co

Board Member Intl Business Machines Corp

Lead Director Procter & Gamble Co

Board Member Intl Business Machines Corp

Board Member Grupo Televisa SA

Board Member Axtel SA