Keith Bachman Believe Quotations

We don?t see this quarter as being a major catalyst, in either direction, but we believe the trends will improve for IBM during 2006.

While the quarter may provide a glimpse of the current state of the business, we believe that investors are far more interested in the potential impact of potential pending cost cuts on the company?s profit and loss.

We believe that the stock will trade well into product announcements next week, which we believe will include low-end notebook.