# SCHEDULE IX

## INTERNATIONAL BUSINESS MACHINES CORPORATION AND SUBSIDIARY COMPANIES

### SHORT-TERM BORROWINGS
For the Year Ended December 31:
(Dollars in Millions)

| Balance at end of year | 1984 | 1993 | 1982 |
|------------------------|------|------|------|
| Loans payable           | $834 | $532 | $529 |
| Less current portion of long-term debt | 473 | 248 | 142 |
| Short-term borrowings   | $361 | $284 | $387 |

| Weighted average interest rate at end of year | 36.4% | 33.9% | 24.9% |
| Maximum amount outstanding during the year | $632 | $501 | $1,004 |
| Average amount outstanding during the year | $434 | $405 | $727 |
| Weighted average interest rate during the year | 33.6% | 22.5% | 21.8% |

**NOTE:**
Short-term borrowings include amounts in subsidiaries whose economic environment is highly inflationary. Hence, the high interest rates in those operations are largely offset by the effects of inflation.