To Whom It May Concern:

Regarding the Transfer of IBM Stock Certificates

Estimated Capital

Assuming that the “less than hundred” certificates are processed at 99 shares per certificate, and the “Blank” certificates are processed at 1000 shares per certificate; the IBM Capital involved in this transfer amounts to:7000 certificates at 99 shares per certificate, amounts to: 693,000 shares8000 certificates at 100 shares per certificate, amounts to: 800,000 shares1650 certificates at 1000 shares per certificate, amounts to: 1,650,000 shares

______________TOTAL IBM CAPITAL TRANSFERRED FOR CREMATION 3,143,000 shares

Value of Estimated Capital: (In U.S. Dollars, at $368.00 per share 01/Feb/1972) is: $ 1,156,624,000.

I might also add that this transaction required my signature just three times.

Trusting that this has been instructive, I am:

Yours very truly,

Daniel J. G. Stumpf

Appended below:

1) “Certificate of Cremation”, from British American Bank Note Company Ltd., dated February 23, 1972

2) Letter of Transmittal to British American Bank Note Company Ltd., from National Trust Company Ltd.,

dated February 11, 1972

3) Table: IBM Share Price History, in U. S. Dollars, from 1970 to 2015; February 01, 1972 highlighted

IBM SHARE PRICE HISTORY in U.S. Dollars - 1970 to 2015, Highlighted: February 01, 1972 Date Open High Low Close

7/1/2015 163.970001 173.779999 162.229996 173.2200016/1/2015 170.210007 171.559998 162.119995 162.6600045/1/2015 173.199997 176.300003 168.839996 169.6499944/1/2015 160.229996 175.130005 158.389999 171.2899933/2/2015 161.940002 165.350006 153.399994 160.52/2/2015 154 164.990005 151.509995 161.9400021/2/2015 161.309998 163.309998 149.520004 153.309998

12/1/2014 161.639999 164.520004 150.5 160.44000211/3/2014 164.25 164.970001 159.800003 162.16999810/1/2014 189.910004 190.889999 161.100006 164.399994

9/2/2014 192.679993 195 188.119995 189.8300028/1/2014 190.5 194.130005 183.580002 192.3000037/1/2014 181.699997 196.399994 181.699997 191.6699986/2/2014 184.759995 187.649994 179.270004 181.2700045/1/2014 196.309998 196.740005 182.330002 184.3600014/1/2014 193.119995 199.210007 187.009995 196.4700013/3/2014 183.330002 195.630005 182.210007 192.4900052/3/2014 176.020004 186.119995 172.190002 185.1699981/2/2014 187.210007 190.809998 175.339996 176.679993

12/2/2013 179.460007 187.789993 172.729996 187.57000711/1/2013 179.809998 186.240005 177.309998 179.67999310/1/2013 185.339996 186.990005 172.570007 179.210007

9/3/2013 183.630005 194.889999 182.309998 185.1799938/1/2013 196.649994 197.169998 181.100006 182.2700047/1/2013 192.149994 200.940002 190.259995 195.0399936/3/2013 208.25 210.050003 188.410004 191.1100015/1/2013 201.869995 211.979996 199.199997 208.0200044/1/2013 212.800003 214.889999 187.679993 202.5399933/1/2013 200.649994 215.899994 199.360001 213.3000032/1/2013 204.649994 205.350006 197.509995 200.8300021/2/2013 194.089996 208.580002 190.389999 203.070007

12/3/2012 190.759995 196.449997 186.940002 191.55000311/1/2012 194.679993 198 184.779999 190.07000710/1/2012 208.009995 211.789993 190.559998 194.529999

9/4/2012 196.610001 208.320007 193.25 207.4499978/1/2012 196.960007 202 193.020004 194.8500067/2/2012 196.360001 197.839996 181.850006 195.9799966/1/2012 190.119995 199.990005 187 195.5800025/1/2012 207.179993 208.929993 192 192.8999944/2/2012 208.960007 210.690002 196.789993 207.0800023/1/2012 197.229996 209.119995 196.809998 208.6499942/1/2012 193.210007 199.229996 190.830002 196.7299961/3/2012 186.729996 193.100006 177.350006 192.600006

12/1/2011 187.009995 194.899994 179.039993 183.88000511/1/2011 181.550003 189.970001 177.059998 18810/3/2011 174.360001 190.529999 168.880005 184.630005

Date Open High Low Close9/1/2011 172.710007 180.910004 158.759995 174.8699958/1/2011 182.600006 183.690002 157.130005 171.9100047/1/2011 171.610001 185.630005 171.490005 181.8500066/1/2011 168.899994 172.449997 161.520004 171.550003