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Management discussion
International Business Machines Corporation and Subsidiary Companies

Global Financing

Return on equity

($ in millions)
At December 31: 2007 2006

* Calculated based upon an estimated tax rate principally based on Global Financing’s geographic mix of earnings as IBM’s provision for income taxes is determined on a consolidated basis.

** Average of the ending equity for Global Financing for the last five quarters.

Numerator:
Global Financing After-tax income(a)* $ 877 $ 914
Denominator:
Average Global Financing equity(b)** $ 3,365 $ 3,097
Global Financing Return on equity(a)/(b) 26.1% 29.5%
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