# EXHIBIT III

## CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in the Prospectuses constituting part of the Registration Statements on Form S-8 (Nos. 2-95149, 2-77235, 2-77236 and 2-71660) and Form S-3 (No. 2-94564) of International Business Machines Corporation of our report dated January 29, 1985 appearing on page 25 of the 1984 Annual Report to Stockholders which is incorporated in this Annual Report on Form 10-K. We also consent to the incorporation by reference of our report on the Financial Statement Schedules, which appears on page 9 of this Form 10-K.

**PRICE WATERHOUSE**

153 East 53rd Street
New York, N.Y. 10022
March 26, 1985