International Business Machines (IBM) 10-K2004 FY Annual report

Filed: 24 Feb 05, 12:00am

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EXHIBIT 21

IBM CORPORATION SUBSIDIARIES

Subsidiaries—as of December 31, 2004

Company Name				State or country of incorporation or organization	Voting % owned by immediate parent
IBM Credit LLC				USA (Delaware)	100.0000
IBM International Foundation				USA (Delaware)	100.0000
IBM International Services Corporation				USA (Delaware)	100.0000
	IBM Business Transformation Center, S.r.l.			Costa Rica	100.0000
Tivoli Systems, Inc.				USA (Delaware)	100.0000
IBM World Trade Corporation				USA (Delaware)	100.0000
	IBM Bahamas Limited			Bahamas	100.0000
	IBM Foreign Sales Corporation			Barbados	100.0000
	WTC Insurance Corporation, Ltd.			Bermuda	100.0000
	IBM Canada Limited — IBM Canada Limitee			Canada	100.0000
		IBM Americas Holding Limited		Bermuda	100.0000
			IBM Brasil— Industria, Maquinas e Servicos Limitada	Brazil	100.0000
		IBM Argentina Sociedad Anonima		Argentina	90.0000	(B)
		IBM Canada Credit Services Company		Canada	100.0000
	IBM de Bolivia, S.A.			Bolivia	99.9869
	IBM de Chile, S.A.C.			Chile	99.9998	(B)
	IBM de Colombia, S.A.			Colombia	87.0678	(B)
	IBM del Ecuador, C.A.			Ecuador	100.0000
	Grupo IBM Mexico, S.A. de C.V.			Mexico	100.0000
		IBM de Mexico, S.A.		Mexico	99.9993	(A)
	IBM del Peru, S.A.			Peru	99.9999
	IBM del Uruguay, S.A.			Uruguay	100.0000
	IBM de Venezuela, S.A.			Venezuela	100.0000
	IBM A/NZ Holdings Pty. Limited			Australia	90.0000
		IBM Australia Limited		Australia	100.0000
		IBM New Zealand Limited		New Zealand	100.0000
	IBM India Limited			India	100.0000
	PT IBM Indonesia			Indonesia	99.0000
	IBM World Trade Asia Holdings LLC			Delaware	100.0000
		YK IBM AP Holdings		Japan	100.0000
			IBM Japan, Ltd.	Japan	100.0000
	IBM Korea, Inc.			Korea (South)	100.0000
	IBM Malaysia Sdn. Bhd.			Malaysia	100.0000
	IBM Philippines, Incorporated			Philippines	99.9991	(A)
	IBM Thailand Company Limited			Thailand	99.9985	(A)
	IBM Vietnam Company			Vietnam	100.0000
	IBM Bulgaria Ltd.			Bulgaria	100.0000
	IBM Croatia Ltd./IBM Hrvatska d.o.o.			Croatia	100.0000
	IBM Egypt Business Support Services			Egypt	99.8000
	IBM Eesti Osauhing (IBM Estonia Ou)			Estonia	100.0000
	IBM Italia S.p.A.			Italy	100.0000
		Companhia IBM Portuguesa, S.A.		Portugal	100.0000
		IBM Hellas Information Handling Systems S.A.		Greece	99.9999	(B)
		IBM Israel Limited		Israel	100.0000
		IBM (International Business Machines)Turk Limited Sirketi		Turkey	98.0000	(B)
		IBM South Africa Group Ltd.		South Africa	100.0000

		IBM South Africa (Pty) Ltd.			South Africa	100.0000
IBM East Africa Limited					Kenya	66.6667	(B)
Sabiedriba ar irobezotu atbildibu IBM Latvija					Latvia	100.0000
IBM Lietuva					Lithuania	100.0000
IBM Holdings B.V.					Netherlands	100.0000
	IBM China Holdings B.V.				Netherlands	100.0000
		IBM China Company Limited			P.R.C.	100.0000
		IBM China/Hong Kong Limited			Hong Kong	100.0000
	IBM Global Holdings B.V.				Netherlands	65.2564	(B)
		IBM Central Holding GmbH			Germany	100.0000
			IBM Ceska Republika spol. s r.o		Czech Republic	96.8000	(B)
			IBM Deutschland GmbH		Germany	89.3500	(B)
				IBM Oesterreich Internationale Bueromaschinen Gesellschaft m.b.H.	Austria	100.0000
				IBM (Schweiz)-IBM (Suisse)-IBM (Svizzera)-IBM (Switzerland)	Switzerland	100.0000
			IBM East Europe/Asia Ltd.		Russia	100.0000
			IBM Polska Sp.z.o.o.		Poland	100.0000
			International Business Machines Corporation Magyarorszagi Kft.		Hungary	99.9291	(B)
		IBM International Holdings B.V.			Netherlands	100.0000
			IBM Ireland Limited		Ireland	100.0000
			IBM Singapore Pte. Ltd.		Singapore	100.0000
		IBM North Region Holdings			United Kingdom	99.9999	(A)
			IBM Nederland N.V.		Netherlands	88.2353	(B)
			IBM United Kingdom Holdings Limited		United Kingdom	100.0000
				IBM United Kingdom Limited	United Kingdom	100.0000
	IBM International B.V.				Netherlands	100.0000
		IBM Europe Holding B.V.			Netherlands	100.0000
			Compagnie IBM France S.A.		France	100.0000
				IBM International Treasury Services Company	Ireland	34.7826	(B)
				IBM Maroc	Morocco	50.9987	(B)
				IBM Tunisie	Tunisia	100.0000
	International Business Machines of Belgium S.A.				Belgium	99.9998	(B)
IBM Taiwan Holdings B.V.					Netherlands	100.0000
	IBM Taiwan Corporation				Taiwan	100.0000
International Business Machines West Africa Limited					Nigeria	87.5000	(B)
International Business Machines A/S					Norway	60.0000	(B)
IBM Romania Srl					Romania	100.0000
IBM Slovensko spol s.r.o.					Slovak Republic	100.0000
IBM Slovenija d.o.o.					Slovenia	100.0000
International Business Machines, S.A.					Spain	100.0000
IBM Nordic Aktiebolag					Sweden	100.0000
	IBM Danmark A/S				Denmark	100.0000
	Oy International Business Machines AB				Finland	100.0000
	International Business Machines Svenska AB				Sweden	100.0000
IBM Middle East FZ-LLC					United Arab Emirates	100.0000

(A): Minor percentage held by other IBM shareholders subject to repurchase option.
(B): Remaining percentage owned by other wholly-owned IBM company(s).

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