This excerpt taken from the DTV DEF 14A filed Apr 29, 2005.
The following graph compares five-year cumulative return to stockholders for the Company against the S&P 500 Composite Stock Price Index (the S&P 500 Index) and an industry peer group (Industry Peer Group). The performance of the Company includes the historical performance of GM Class H common stock, which was listed on the NYSE under the ticker symbol GMH. The GM Class H common stock was a tracking stock intended to reflect the financial performance of the Company prior to its split-off from GM. For the period from December 31, 1999 through December 22, 2003, the table below reflects the performance of the GM Class H common stock, and for the period from December 23, 2003 through December 31, 2004, the table reflects the performance of DIRECTV common stock. The Companys Common Stock began trading under the ticker symbol HS on December 23, 2003. On March 16, 2004, Hughes Electronics Corporation changed its name to The DIRECTV Group, Inc. and, effective March 17, 2004, its ticker symbol was changed to DTV.
The comparison with the Industry Peer Group was developed to complete the analysis. Last year, the Industry Peer Group included Comcast Corporation, EchoStar Communications Corporation, Cablevision NY Group, Charter Communications, Time Warner Inc. and Cox Communications. However, Cox Communications is no longer a publicly-traded company. For comparison purposes, the chart below shows the old Industry Peer Group including Cox Communications through the end of 2003 and the new Industry Peer Group which includes all of the above named companies except Cox Communications through the end of 2004. The comparison assumes $100 invested in the Company, the S&P 500 Index, and the old and new Industry Peer Group on December 31, 1999, and reflects dividend reinvestment and annual weighting of the industry peer indices by individual company market capitalization. Although the companies in the industry peer indices were selected because of similar industry characteristics, they are not entirely representative of the Companys business.