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Mark Loughridge, Senior Vice President and Chief Financial Officer

China and India together with Brazil and Russia comprise the emerging countries that we discussed in the past quarter. For the year these emerging countries delivered 3.8 billion of revenue without PC and grew 14% at constant currency. Year-to-year growth was lead by India at 55%, while China grew 8%, Brazil 7%, and Russia 29%. We’ll continued to shift investment to these high growth markets.

The transition was smooth and to our relationship with Lenovo we are better positioned in China’s fast growing market.

Comment: You can read the rest of IBM's conference call transcript here.

Source: Key Comments on China from IBM's Q4 2005 Conference Call (IBM)