# REPORT OF INDEPENDENT ACCOUNTANTS ON FINANCIAL STATEMENT SCHEDULES

To the Board of Directors of International Business Machines Corporation

Our examinations of the consolidated financial statements referred to in our report dated January 29, 1985 appearing on page 25 of the 1984 Annual Report to Stockholders of International Business Machines Corporation, (which report and consolidated financial statements are incorporated by reference in this Annual Report on Form 10-K) also included an examination of the Financial Statement Schedules listed in Item 14(a)2 of this Form 10-K. In our opinion, these Financial Statement Schedules present fairly the information set forth therein when read in conjunction with the related consolidated financial statements.

**PRICE WATERHOUSE**

153 East 53rd Street
New York, N.Y. 10022
January 29, 1985