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Stock repurchase history

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TI has had a stock repurchase program, authorized by its board of directors, for many years. The repurchases were initially intended to neutralize the potential dilutive effect of shares expected to be issued upon the exercise of stock options under the company's long-term incentive plans and employee stock purchase plan.

In 2004, TI implemented a much more aggressive stock repurchase program designed to reduce the number of shares outstanding. In late 2004, as TI began to shift its product portfolio to higher-profit analog products that require less capital spending, the company began to generate more cash flow from operations. In addition, successful implementation of the company's hybrid manufacturing strategy allowed TI to reduce the amount of cash carried on the balance sheet.

Over the last several years, we've used repurchases to significantly reduce the number of shares that are outstanding. Cumulatively, the board of directors has authorized $20 billion in stock repurchases since September 2004, and we've reduced our share count by 23 percent since the end of 2004. However, given that our cash balances are at a desirable level, it is likely our repurchases, while continuing as a means of returning value to our shareholders, will be at lower levels than in the past.

TI Stock Repurchases

Shares (M) 2005 2006 2007 1Q08 2008 3Q08
Average Basic 1640 1528 1417 1327 1320 1304
Average Diluted 1671 1560 1446 1347 1341 1318
Repurchased 153 172 146.9 28.6 14.1 17.1
Repurchased $M $4,151 $5,302 $4,886 $874 $433 $429




CFO Kevin March talks about
how TI has increased its stock
repurchases since 4Q04.
(0:38)