JPMORGAN CHASE BANK, N.A. 383 Madison Avenue New York, New York 10179

Exhibit 10.3

JPMORGAN CHASE BANK, N.A.
383 Madison Avenue
New York, New York 10179

October 23, 2015

International Business Machines Corporation

One New Orchard Road

Armonk, New York 10504

Attention:  Sarah Asad

Ladies and Gentlemen:

Reference is made to (i) the Credit Agreement, dated as of November 10, 2011 (as amended or modified from time to time, the “Credit Agreement”) among International Business Machines Corporation., a New York corporation (“IBM”), each Subsidiary Borrower (as defined in the Credit Agreement), the Lenders (as defined in the Credit Agreement), JPMorgan Chase Bank, N.A., as administrative agent for the Lenders and the other agents named therein and (ii) the Extension Request, dated as of September 23, 2015 (the “Extension Request”), delivered by IBM to the Administrative Agent pursuant to Section 2.21(a) of the Credit Agreement.  Capitalized terms used but not defined herein are used with the meanings assigned to them in the Credit Agreement.

We hereby confirm that, prior to the Extension Request Deadline specified in the Extension Request, we have received executed consents to the extension of the Termination Date requested in the Extension Request from each of the Lenders listed on Schedule 1 hereto extending the Termination Date with respect to the Revolving Credit Commitments of such consenting Lenders to November 10, 2020.

Schedule 1