IBM Board Approves 9 Percent Dividend Increase, Authorizes Additional Share Repurchases

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MIAMI - 27 Apr 1999: . . . The IBM Board of Directors today approved a 9 percent increase in the company's quarterly dividend, raising the dividend from $.22 to $.24 per common share -- or $.12 per common share if a proposed two-for-one stock split is approved by shareholders later today at the company's annual meeting here.

The dividend is payable June 10, 1999 to holders of record May 10, 1999.

The action marks the fourth time in the last four years that IBM's board has approved a dividend increase. IBM's quarterly dividend rate has grown by 92 percent since 1996, including the increase approved today.

In addition, the IBM board authorized the company to repurchase up to an additional $3.5 billion of the company's common shares. IBM said it will repurchase the shares in the open market from time to time, based on market conditions.

Since January 31, 1995, the company has repurchased approximately $27 billion of its stock under a series of earlier board authorizations.

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