Lorenzo H. Zambrano Elected to IBM Board

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ARMONK, N.Y. - 24 Jun 2003: The IBM board of directors today elected Lorenzo H. Zambrano to the board. Mr. Zambrano, 59, is chairman and chief executive officer of CEMEX, S.A. de C.V. CEMEX is based in Monterrey, Mexico, and is a leading global producer and marketer of cement and ready-mix concrete products.

Samuel J. Palmisano, IBM chairman and chief executive officer, said: "Lorenzo is an outstanding executive with a long track record of success. He is one of Latin America's most successful industrialists, and he will be a valuable addition to our board. We are delighted to have him join our board of directors."

Mr. Zambrano joined CEMEX in 1968 and has served in a variety of executive positions. He has been chairman of CEMEX since 1995, chief executive officer since 1985, and a director of CEMEX since 1979. Mr. Zambrano graduated from Instituto Technologico y de Estudios Superiores de Monterrey, A.C. with a BS degree in mechanical engineering and received an MBA degree from Stanford University.

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