Product leadership means growing at a rate  that is almost triple that of our industry. Industry 58 134 Borg Warner S ales v s. G lobal  A uto I n d ustry 1993 2004 BorgWarner INDEX: 1993=100 1 04 Financial Highlights 2004 2003 % Change Net sales  $3,525.3  $3,069.2 14.9% Net earnings  218.3  174.9  24.8% Net earnings per share — diluted  3.86  3.20  20.6% Average number of shares outstanding — diluted (millions)  56.5 54.6 Capital spending  204.9  172.0  19.1% Research and development  123.1  118.2  4.1% Cash and cash equivalents  229.7  113.1  103.1% Debt 584.5 655.5 (10.8)% Stockholders’ equity  1,534.2  1,260.4  21.7% Total stockholder return  29.5%  70.7% millions of dollars, except per share data