Comparison of One-, Five- and Ten-year Cumulative Total 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 500 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 $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 comparisons assume that all dividends are reinvested.
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 |
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 |
Ten-year
| 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IBM Common Stock |
$ 100.00 | $ 117.50 | $ 93.01 | $ 133.01 | $ 85.83 | $ 103.42 | $ 110.86 | $ 93.31 | $ 111.75 | $ 126.10 | $ 99.92 |
| S&P 500 Index |
100.00 | 121.04 | 110.02 | 96.95 | 75.52 | 97.18 | 107.76 | 113.05 | 130.91 | 138.10 | 87.01 |
| S&P Information Technology Index |
100.00 | 178.74 | 105.63 | 78.31 | 49.01 | 72.16 | 74.00 | 74.73 | 81.03 | 94.24 | 53.58 |
