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IBM Board Declares Regular Quarterly Cash Dividend

Authorizes $4 Billion for Stock Repurchase

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ARMONK, N.Y. - 26 Oct 2004: The IBM board of directors today declared a regular quarterly cash dividend of $.18 per common share, payable December 10, 2004 to stockholders of record November 10, 2004. With the payment of the December 10 dividend, IBM will have paid 356 consecutive quarterly dividends, starting in 1916.

The board also authorized up to $4.0 billion in additional funds for use in its repurchase program. IBM said it will repurchase shares on the open market or in private transactions from time to time, depending on market conditions.

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