IBM 2014 Annual Report Download - page 154

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153
Performance Graph
International Business Machines Corporation and Subsidiary Companies
COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN FOR IBM,
S&P 500 STOCK INDEX AND S&P INFORMATION TECHNOLOGY INDEX
The following graph compares the five-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 500 Stock Index, the
SEC’s rules require the use of that index. Under those rules, the
second index used for comparison may be a published industry
(U.S. Dollar) 2009 2010 2011 2012 2013 2014
IBM Common Stock $100.00 $114.28 $145.62 $154.26 $153.98 $134.89
S & P 500 Index 100.00 115.06 117.49 136.30 180.44 205.14
S & P Information Technology Index 100.00 110.19 112.84 129.57 166.41 199.89
240
280
80
200
160
120
09 10 11 12 13 14
or line-of-business index. The S&P Information Technology Index
is such an index. IBM is also included in this index.
The graph assumes $100 invested on December31 (of the
initial year shown in the graph) in IBM common stock and $100
invested on the same date in each of the S&P indices. The com-
parisons assume that all dividends are reinvested.