IBM 2008 Annual Report Download - page 124

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
Performance Graphs
INTERNATIONAL BUSINESS MACHINES CORPORATION and Subsidiary Companies
Comparison of One-, Five- and Ten-year Cumulative To t al Return for IBM,
S&P 500 Stock Index and S&P Information Technology Index
The following graphs compare the one-, five- and ten-year cumulative
total returns for IBM common stock with the comparable cumulative
return of certain Standard & Poor’s (S&P) indices. Due to the fact that
IBM is a company included in the S&P  Stock Index, the SEC’s
rules require the use of that index for the required five-year graph.
Under those rules, the second index used for comparison may be a
published industry or line-of-business index. The S&P Information
Technology Index is such an index. IBM is also included in this index.
Each graph assumes $ invested on December  (of the initial
year shown in the graph) in IBM common stock and $ invested on
the same date in each of the S&P indices. The comparisons assume
that all dividends are reinvested.
- -
($ ) ($ )
Five-year 2003 2004 2005 2006 2007 2008
• IBM Common Stock $100.00 $107.19 $ 90.22 $108.06 $121.93 $96.61
• S & P 500 Index 100.00 110.88 116.33 134.70 142.10 89.53
• S & P Information Technology Index 100.00 102.56 103.57 112.29 130.61 74.26
One-year 2007 2008
• IBM Common Stock $100.00 $79.24
• S & P 500 Index 100.00 63.00
• S & P Information Technology Index 100.00 56.86
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