Spring 2023 IBM Investor Update

Our Strategy Hybrid Cloud and AI 2 STRATEGY © 2023 IBM Corporation Our differentiation – Hybrid Cloud and AI focus with platform-centric approach – Integrated value proposition – Competitively positioned with significant market opportunity – Deep industry expertise and ability to transform enterprises end to end Our actions – Portfolio optimization – Investments in skills and innovation – Simplified go-to-market and more technical and experiential selling – Ecosystem expansion – Growth-oriented culture Our model – Sustainable revenue growth – Strong cash generation – Higher ROIC – Capital allocation supporting investment and shareholder return

IBM Approach for Hybrid Cloud & AI 3 Secure everywhere STRATEGY Red Hat Hybrid Cloud Platform Development, Security and Operational Services Public Clouds AWS • Azure Others Enterprise Infrastructure IBM Infrastructure Edge zSystems • Distributed Infrastructure (IBM Cloud, Power, Storage) Infrastructure Support Business Transformation Technology Consulting Application Operations IBM Consulting System Integrator Partners IBM Software Automation • Data & AI Software and SaaS Partners IBM Cloud Paks Security • Transaction Processing OpenShift • Red Hat Enterprise Linux Ansible Automation Platform Our Platform Approach © 2023 IBM Corporation

@ 2023 IBM Corporation Improved Portfolio Mix and Growth Profile 4 STRATEGY – Executed divestitures of non-core assets and separation of Kyndryl* – Organic investments in technology and talent, including adding tens of thousands of consultants and technical skills – Completed ~30 acquisitions since early 2020 *In November 2021, separated managed infrastructure services business to publicly traded company, Kyndryl Over 70% of our revenue now comes from higher-growth software and consulting businesses, up from ~55% in 2020 2022 Revenue Mix Software 42% Consulting 32% Infrastructure 25% Financing 1% >70% Higher growth

2022 Performance Highlights © 2023 IBM Corporation 5 Our model – Sustainable revenue growth – Strong cash generation – Higher ROIC – Capital allocation supporting investment and shareholder return STRATEGY Our results – Delivered $60.5B of revenue with broad-based growth, up 6% (12% at constant currency), including ~4 points from Kyndryl – A solid and growing recurring revenue base represents over 50% of revenue – Over 70% of revenue from higher-growth Software and Consulting segments – Key segments grew at high end of their models or above for the year – Generated cash from operations of $10.4 billion and consolidated free cash flow* of $9.3 billion, with free cash flow realization over 100% – Exited year with healthy cash balance of $8.8 billion, including marketable securities – Continued organic and inorganic investments in hybrid cloud and AI, including 8 acquisitions while divesting non-core assets – Returned ~$6 billion to stockholders and raised IBM’s quarterly dividend for the 27th consecutive year *Non-GAAP financial metric

IBM’s Compensation Practices align with IBM’s growth strategy and investor expectations: 1. Accelerate our Hybrid Cloud and AI revenue growth strategy 2. Generate cash flow growth for increased investment and shareholder return 3. Advance our best-in-class culture of diversity and inclusion through the diversity modifier 50% 50% + Diversity Modifier Operating Cash Flow** Revenue Metrics and Weightings 30% 30% 40% Free Cash Flow* Operating EPS* Revenue Annual Incentive Program Performance Share Units + Return on Invested Capital Modifier © 2023 IBM Corporation Metrics and Weightings Reinforcing IBM’s Shareholder Commitments COMPENSATION IBM’s compensation practices align with IBM’s growth strategy and investor expectations: 1. Accelerate our Hybrid Cloud and AI revenue growth strategy 2. Generate cash flow growth for increased investment and shareholder return 3. Advance our best-in-class culture of diversity and inclusion through the diversity modifier 6 *Non-GAAP financial metric **Net Cash from Operating Activities, excluding Global Financing receivables

For 2022, at target, 77%, or $14M of CEO pay was at risk and subject to attainment of rigorous performance goals 24% Short Term (4.5M) 8% Base Salary ($1.5M) 16% Annual Incentive ($3.0M) Target: 200% of Base Salary 75% Long Term ($13.75M) 45% Performance Share Units ($8.25M) 15% Stock Options ($2.75M) 15% Restricted Stock Units ($2.75M) Compensation Aligns with High-Value Business Model ~77% AT-RISK ($14M) Mr. Krishna’s IBM stock holdings exceed the CEO holding requirement of 10x base salary, aligning CEO compensation with shareholders’ interests. Target (100%) 81 100 85 98 116 0 50 100 150 2018 2019 2020 2021 2022 CEO ANNUAL INCENTIVE AWARD AS % OF TARGET* *2020, 2021, and 2022 pertains to Mr. Krishna and prior years pertain to Mrs. Rometty. 99 90 71 62 65 0 50 100 150 2016-18 2017-19 2018-20 2019-21 2020-22 Target (100%) LONG-TERM PERFORMANCE SHARE UNIT PAYOUTS AS % OF TARGET Payouts in both the annual and long-term programs reflect rigorous performance goals © 2023 IBM Corporation 7 COMPENSATION

Building the Right Board Optimal Mix of Skills and Experience Independent and Diverse Board 2019 2020 2021 MARTHA POLLACK F. WILLIAM MCNABB III MICHELLE HOWARD THOMAS BUBERL ARVIND KRISHNA ALFRED ZOLLAR Diversity Average Tenure Independence 92% 33% Diverse 4 > 10 years <5 5 years -10 years 5.9 years 6 2 © 2023 IBM Corporation Active Board Refreshment 11 1 50% 6 out of 12 director nominees were first elected to our Board in the past 4 years IBM’s directors collaboratively contribute significant experience in the areas most relevant to overseeing the Company’s business and strategy. The skills and experience of our Board include, but is not limited to: • Industry leaders with deep executive and oversight experience; • Global operational experience to oversee a business of IBM’s scale, scope, and complexity; • Technology, cybersecurity and digital transformation experience; • Key insight into IBM’s regulatory environment; and • Diversity of backgrounds and experiences. BOARD & GOVERNANCE 8

Board of Directors 9 @ 2023 IBM Corporation DIRECTOR Thomas Buberl David N. Farr Alex Gorsky Michelle J. Howard Arvind Krishna Andrew N. Liveris F. William McNabb III Martha E. Pollack Joseph R. Swedish Peter R. Voser Frederick H. Waddell Alfred W. Zollar Client Industry Expertise Organizational Leadership & Management Global Operations CFO Specific Risk Oversight/Risk Management Exposure Technology, Cybersecurity or Digital Academia Government/Regulatory, Business Associations or Public Policy Public Board Year Elected to IBM Board 2020 2012 2014 2019 2021 2010 2019 2019 2017 2015 2017 2021 Gender Identity Male Male Male Female Male Male Male Female Male Male Male Male Race and/or Ethnicity White/ Caucasian White/ Caucasian White/ Caucasian Black/African American Asian/ Pacific Islander White/ Caucasian White/ Caucasian White/ Caucasian White/ Caucasian White/ Caucasian White/ Caucasian Black/African American Born Outside the U.S. Research & 9 Development: INDUSTRY EXPERTISE: Financial Services: Manufacturing: Healthcare: Government: Information Technology: Chemicals: Energy: BOARD & GOVERNANCE

@ 2023 IBM Corporation Equitable Impact IBM Impact We aspire to make a lasting, positive Impact in business ethics, our environment, and the communities in which we work and live. ENVIRONMENTAL, SOCIAL & GOVERNANCE Ethical Impact Environmental Impact • For the fifth year in a row, IBM has been named one of the World’s Most Ethical Companies for its unwavering commitment to business integrity according to Ethisphere, a global leader in defining and advancing the standards of ethical business practices • IBM’s AI Ethics Board continued to infuse the company’s principles into business and product decision-making and lead advocacy for tech ethics externally with the Rome Call for AI Ethics and the Notre Dame-IBM Tech Ethics Lab • Co-founded the Responsible Computing consortium which created a framework for trustworthy IT and sustainability • Collaborated with over 20 HBCUs on IBM Cybersecurity Centers to advance STEM-based opportunities for traditionally underrepresented communities • Year-over-year increase of representation for women globally and Black and Hispanic employees in the US as a result of IBM’s diversity practices • Eight D&I Communities with over 200 Business Resource Groups spanning 52 countries • Reduced operational greenhouse gas emissions 61.6% in 2021 against base year 2010, adjusted for acquisitions and divestitures • Launched the IBM Sustainability Accelerator, a global pro bono social impact program with a focus on vulnerable populations • Held the first annual Supplier Sustainability Leadership Forum focused on energy efficiency 10

Voting Item 5: Independent Board Chair The Board recommends a vote AGAINST Voting Item 6: Public Report on Lobbying Activities The Board recommends a vote AGAINST – Independent third parties consistently recognize IBM as a leader in lobbying and political spending disclosure – IBM already provides the disclosure requested by this proposal – IBM has established clear oversight over such activities and expenditures through numerous written corporate policies, instructions, and guidelines, all of which are available on IBM’s public policy website – IBM does not make political contributions of any kind, directly or indirectly, to political parties, candidates or PACs 11 – IBM’s Lead Director role is robust and ensures effective independent oversight at all times – This leadership structure promotes consistent, unified vision for the Company’s strategy which is essential to long-term success – The full Board reviews our leadership structure annually to ensure the allocation of responsibilities remains appropriate – The Board’s flexibility to determine the appropriate Board leadership structure is essential © 2023 IBM Corporation PROPOSALS

Voting Item 7: Public Report on Congruency of China Business Operations and ESG Activities The Board recommends a vote AGAINST Voting Item 8: Public Report on Harassment and Discrimination Prevention Efforts The Board recommends a vote AGAINST – IBM has already issued a report responsive to the concerns of this proposal – IBM does not tolerate discrimination or harassment and has clear policies, procedures, and practices in place to protect and support IBMers – IBM does not require concealment clauses and IBMers are free to discuss the terms and conditions of their employment – IBM has strong board oversight of risk related to harassment, discrimination, and other unlawful acts 12 – IBM adheres to the law across all of the countries where we do business, including government controls on the export and use of certain technologies – IBM complies with all laws related to human rights and forced labor, including the US Uyghur Forced Labor Prevention Act – IBM practices the highest level of social, environmental and ethical responsibility in our global supply chains – IBM has robust processes in place to ensure that our technology is not used in ways that would conflict with our values, our commitment to uphold basic human rights and freedoms, and our long-standing focus on responsible stewardship of powerful innovations © 2023 IBM Corporation PROPOSALS

We Request Your Support at the 2023 Annual Meeting of Stockholders ❌AGAINST Stockholder Proposal to Have an Independent Board Chair ❌AGAINST Stockholder Proposal Requesting a Public Report on Lobbying Activities ❌AGAINST Stockholder Proposal Requesting a Public Report on Congruency in China Business Operations and ESG Activities ❌AGAINST Stockholder Proposal Requesting a Public Report on Harassment and Discrimination Prevention Efforts 13 FOR Election of all Twelve Director Nominees FOR Ratification of PricewaterhouseCoopers LLP as IBM’s Independent Registered Public Accounting Firm FOR Advisory Vote on Executive Compensation EVERY YEAR Advisory Vote regarding the Frequency of the Advisory Vote on Executive Compensation The Board asks that you vote: © 2023 IBM Corporation PROPOSALS

© 2023 IBM Corporation

Forward-Looking Statements, Non-GAAP and Other Information @ 2023 IBM Corporation Certain comments made in this presentation may be characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company’s current assumptions regarding future business and financial performance. Those statements by their nature address matters that are uncertain to different degrees. Those statements involve a number of factors that could cause actual results to differ materially. Additional information concerning these factors is contained in the Company’s filings with the SEC. Copies are available from the SEC, from the IBM website, or from IBM Investor Relations. Any forward-looking statement made during this presentation speaks only as of the date on which it is made. The company assumes no obligation to update or revise any forward-looking statements except as required by law; these charts and the associated remarks and comments are integrally related and are intended to be presented and understood together. References to revenue impacts from sales to Kyndryl are incremental sales post-separation. In an effort to provide additional and useful information regarding the company’s financial results and other financial information, as determined by generally accepted accounting principles (GAAP), these materials contain non-GAAP financial measures on a continuing operations basis, including revenue growth rates adjusted for constant currency. Free cash flow is presented on a consolidated basis, which includes activity from discontinued operations. The rationale for management’s use of this non-GAAP information is included on page 6 and 34 of the company’s 2022 Annual Report, which is Exhibit 13 to the Form 10-K submitted with the SEC on February 28, 2023. For reconciliation of these non-GAAP financial measures to GAAP and other information, please refer to pages 17 and 34 of the company’s 2022 Annual Report. Note: For the 2020–2022 performance period, Return on Invested Capital (ROIC) equals consolidated net operating profits after tax (consolidated GAAP net income plus after-tax interest expense) excluding the settlement charge resulting from the U.S. pension risk transfer, divided by the sum of the average debt and average total stockholders’ equity over the period, excluding goodwill associated with the Red Hat acquisition. In September 2022, IBM transferred $16 billion of its defined benefit pension obligations and related plan assets to two insurers. A non-cash settlement charge of $4.4 billion net of tax related to this transfer was excluded given its unique and non-recurring nature. Due to the significant nature of the Red Hat acquisition, the Company utilizes a computation of ROIC excluding goodwill associated with the acquisition. The goodwill that was generated is primarily attributable to the assembled workforce of Red Hat and the increased synergies expected to be achieved over time from the integration of Red Hat products into the Company’s various integrated solutions. 15