( BW)(NY-IBM)(IBM) IBM Board Approves Regular Quarterly Cash Dividend

    Business Editors/High-Tech Writers

    ARMONK, N.Y.--(BUSINESS WIRE)--Jan. 27, 2004--The IBM board of
directors today declared a regular quarterly cash dividend of $.16 per
common share, payable March 10, 2004 to stockholders of record
February 10, 2004.
    IBM also announced that its next annual meeting will be held April
27, 2004 at the Rhode Island Convention Center in Providence, Rhode
Island.

    --30--SDG/ny*

    CONTACT: IBM
             Edward Barbini, 914/499-6565
             barbini@us.ibm.com