M18-03-GMShareRepurchase

Model18-03AGM-ShareRepurchaseModel–Basic199920002001200220032004Revenue145,800$144,500$148,400$152,300$145,200$148,100$NetIncome5,600$5,200$5,000$4,900$5,000$5,100$CashUsedforShareBuyback2,200$4,000$4,000$4,000$4,000$4,000$GMSharesOutstanding(year-beg)648.7614.7551.7492.8439.2392.3GMSharesRepurchased34.063.058.853.646.841.0GMSharesRetiredwithHughesStock------GMSharesOutstanding(year-end)614.7551.7492.8439.2392.3351.3AverageSharesOutstanding631.7583.2522.2466.0415.8371.8EPS1(basedonyear-begshrouts)8.63$8.46$9.06$9.94$11.38$13.00$EPS2(basedonavgshrouts)8.86$8.92$9.57$10.51$12.03$13.72$P/E7.57.57.57.57.57.5GMSharePrice(basedonEPS1)64.74$63.44$67.98$74.57$85.39$97.49$GMSharePrice(basedonEPS2)66.49$66.87$71.80$78.86$90.20$102.87$M-40Model18-03BGM-ShareRepurchaseModel199920002001200220032004Revenue145,800$144,500$148,400$152,300$145,200$148,100$NetIncome5,600$5,200$5,000$4,900$5,000$5,100$CashUsedforShareBuyback2,200$4,000$4,000$4,000$4,000$4,000$GMSharesOutstanding(year-beg)648.7614.7551.7361.3214.4191.5GMSharesRepurchased34.063.058.839.322.920.0GMSharesRetiredwithHughesStock*--131.5107.6--GMSharesOutstanding(year-end)614.7551.7361.3214.4191.5171.5AverageSharesOutstanding631.7583.2456.5287.9203.0181.5EPS1(basedonyear-begshrouts)8.63$8.46$9.06$13.56$23.32$26.63$EPS2(basedonavgshrouts)8.86$8.92$10.95$17.02$24.63$28.10$P/E7.57.57.57.57.57.5GMSharePrice(basedonEPS1)64.74$63.44$67.98$101.71$174.91$199.71$GMSharePrice(basedonEPS2)66.49$66.87$82.15$127.66$184.76$210.73$*SellHughesfor$17billion;useproceedstoretireGMstockM-41