Filed Pursuant to Rule 433

Registration Number 333-190160


2.750% Notes Due 2020

International Business Machines Corporation
November 14, 2013
Pricing Term Sheet




International Business Machines Corporation

Issuer Ratings*


Aa3/AA-/A+ (Moody’s/S&P/Fitch)



SEC Registered



Registered Form

Trade Date


November 14, 2013

Settlement Date


November 21, 2013 (T+5)



Application will be made to list the Notes on the New York Stock Exchange



Barclays Bank PLC



Deutsche Bank AG, London Branch



Merrill Lynch International



Mitsubishi UFJ Securities International plc



Standard Chartered Bank

Principal Amount





December 21, 2020

Interest Payment Date


December 21 of each year

First Payment Date


December 21, 2014

Benchmark Gilt


4.750% due March 7, 2020

Benchmark Gilt Yield


1.949% (semi-annual)

Spread to Benchmark Gilt


+80 bps

Yield to Maturity


2.749% (semi-annual)



2.750%, accruing from November 21, 2013

Make-Whole Call


+15 bps spread to reference Gilt

Price to Public



Underwriting Discount



Price to Issuer



Day Count


Actual / Actual (ICMA)

Minimum Denomination


£100,000 and multiples of £1,000

CUSIP / ISIN / Common Code


459200 HS3 / XS0996288717 / 099628871


*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.


The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at  Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Bank PLC at 1-888-603-5847, Deutsche Bank AG, London Branch at 1-800-503-4611 or Merrill Lynch International at 1-800-294-1322.


This pricing term sheet supplements the preliminary form of prospectus supplement issued by International Business Machines Corporation on November 14, 2013 relating to its Prospectus dated July 26, 2013.