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2004 LEADERS
RANK
2004 2003

The BusinessWeek
Global 1000
RANK
2004 2003

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52

1
2
3
4
5
6
9
10
13
8
21
7
14
12
18
11
17
22
26
20
19
16
24
15
31
32
28
36
40
25
38
23
35
33
46
48
50
37
41
60
29
42
44
49
58
NR
NR
51
30
27
65
39

MARKET VALUE
Billions of U.S. Dollars

General Electric
Microsoft
Exxon Mobil
Pzer
Wal-Mart Stores
Citigroup
BP
American International Group
Intel
Royal Dutch/Shell Group
Bank of America
Johnson & Johnson
HSBC Holdings
Vodafone Group
Cisco Systems
International Business Machines
Procter & Gamble
Berkshire Hathaway
Toyota Motor
Coca-Cola
Novartis
GlaxoSmithKline
Total
Merck
Nestl
Wells Fargo
Altria Group
ChevronTexaco
Roche Holding
Verizon Communications
Royal Bank of Scotland Group
NTT DoCoMo
PepsiCo
Dell
UBS
Eli Lilly
ENI
Home Depot
United Parcel Service
Nippon Telegraph & Telephone
SBC Communications
AstraZeneca
Time Warner
J.P. Morgan Chase
Telefnica
Samsung Electronics
Gazprom
Deutsche Telekom
Amgen
Nokia
3M
Fannie Mae

U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
Britain
U.S.
U.S.
Neth./Britain
U.S.
U.S.
Britain
Britain
U.S.
U.S.
U.S.
U.S.
Japan
U.S.
Switzerland
Britain
France
U.S.
Switzerland
U.S.
U.S.
U.S.
Switzerland
U.S.
Britain
Japan
U.S.
U.S.
Switzerland
U.S.
Italy
U.S.
U.S.
Japan
U.S.
Britain
U.S.
U.S.
Spain
Korea
Russia
Germany
U.S.
Finland
U.S.
U.S.

328.11
284.43
283.61
269.66
241.19
239.43
193.05
191.18
184.66
174.83
169.84
165.32
163.09
159.15
152.23
150.55
139.35
136.86
130.65
125.56
125.51
124.05
122.94
105.21
104.87
99.85
98.20
96.70
95.93
95.77
94.37
92.17
91.28
90.08
84.79
83.21
82.07
81.73
80.69
79.02
78.41
78.36
77.64
75.25
72.08
71.07
70.78
70.53
70.02
66.95
66.26
65.91

RANK
2004 2003

53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104

61
55
53
47
34
43
80
78
114
62
99
57
45
111
54
63
69
NR
74
156
83
76
136
71
103
67
92
59
98
86
75
90
636
77
64
68
93
56
84
108
73
185
91
66
94
85
115
96
228
116
97
82

MARKET VALUE
Billions of U.S. Dollars

American Express
U.S.
Unilever
Neth./Britain
Hewlett-Packard
U.S.
Comcast
U.S.
Viacom
U.S.
Abbott Laboratories
U.S.
Aventis
France
Siemens
Germany
Genentech
U.S.
Wachovia
U.S.
Tyco International
U.S.
France Tlcom
France
Oracle
U.S.
eBay
U.S.
Medtronic
U.S.
Morgan Stanley
U.S.
Barclays
Britain
China Mobile (Hong Kong)
China
BNP Paribas
France
Mitsubishi Tokyo Financial
Japan
Merrill Lynch
U.S.
Banc One
U.S.
Qualcomm
U.S.
U.S. Bancorp
U.S.
BHP Billiton
Australia/Brit.
L Oral
France
News Corp.
Australia
Kraft Foods
U.S.
SAP
Germany
Banco Santander Central Hispano
Spain
HBOS
Britain
ConocoPhillips
U.S.
Mizuho Financial
Japan
Enel
Italy
Bristol-Myers Squibb
U.S.
Sano-Synthlabo
France
E.ON
Germany
Wyeth
U.S.
Walt Disney
U.S.
ING Groep
Netherlands
TIM
Italy
Motorola
U.S.
Deutsche Bank
Germany
BellSouth
U.S.
Nissan Motor
Japan
Goldman Sachs Group
U.S.
DaimlerChrysler
Germany
Texas Instruments
U.S.
LM Ericsson
Sweden
Banco Bilbao Vizcaya Argentaria
Spain
Telefnica Mviles
Spain
Lloyds TSB Group
Britain

65.41
65.30
64.82
64.64
64.53
64.27
63.65
63.15
63.04
61.94
61.72
59.25
59.18
58.08
58.05
58.04
56.92
56.66
55.72
55.13
54.58
54.26
54.25
54.16
53.16
52.88
52.24
51.47
50.87
50.54
50.47
50.17
50.01
49.61
49.13
48.46
48.12
48.04
48.00
46.58
46.53
46.30
46.05
45.71
45.52
45.39
45.34
45.23
45.15
44.84
44.58
44.20

105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168

NR
109
89
95
79
72
100
88
107
423
110
124
211
104
102
123
81
342
119
87
169
138
125
166
101
150
137
129
141
117
147
151
113
120
152
NR
149
128
142
161
132
153
122
135
106
143
121
299
NR
144
105
112
155
182
126
131
139
157
159
130
146
140
127
346

68 | BusinessWeek | July 26, 2004

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v02

MARKET VALUE
Billions of U.S. Dollars

Telecom Italia
Italy
United Technologies
U.S.
Canon
Japan
Gillette
U.S.
DuPont
U.S.
Anheuser-Busch
U.S.
Honda Motor
Japan
Telstra
Australia
Lowes
U.S.
Sumitomo Mitsui Financial
Japan
Crdit Suisse Group
Switzerland
UnitedHealth Group
U.S.
Yahoo!
U.S.
Target
U.S.
Diageo
Britain
Allianz
Germany
Freddie Mac
U.S.
Yahoo! Japan
Japan
First Data
U.S.
Washington Mutual
U.S.
AT&T Wireless
U.S.
Socit Gnrale
France
Dow Chemical
U.S.
Boston Scientic
U.S.
Takeda Chemical Industries
Japan
Boeing
U.S.
Axa
France
Crdit Agricole
France
Philips Electronics
Netherlands
Walgreen
U.S.
LVMH Moet Hennessy Louis Vuitton
France
Tesco
Britain
Carrefour
France
ABN AMRO Holding
Netherlands
Carnival
U.S./Britain
Taiwan Semiconductor Mfg.
Taiwan
Sony
Japan
Schlumberger
U.S.
Applied Materials
U.S.
Matsushita Electric Industrial
Japan
Rio Tinto
Australia/Brit.
McDonalds
U.S.
Assicurazioni Generali
Italy
Kimberly-Clark
U.S.
National Australia Bank
Australia
MBNA
U.S.
Liberty Media
U.S.
Manulife Financial
Canada
Anglo American
South Africa
Allstate
U.S.
Fifth Third Bancorp
U.S.
Colgate-Palmolive
U.S.
British American Tobacco
Britain
Nomura Holdings
Japan
Unicredito Italiano
Italy
Tokyo Electric Power
Japan
Cardinal Health
U.S.
Commonwealth Bank of Australia
Australia
Honeywell International
U.S.
BT Group
Britain
BASF
Germany
Hutchison Whampoa
Hong Kong
Royal Bank of Canada
Canada
A.P. Mller-Mrsk
Denmark

43.99
43.63
43.46
43.39
43.19
43.19
42.32
42.26
42.12
41.32
41.01
40.83
40.79
40.74
40.65
40.32
40.21
39.23
38.90
38.48
38.44
37.20
37.18
36.99
36.77
36.72
36.61
36.28
35.95
35.88
35.12
35.05
35.03
34.88
34.48
34.06
33.70
33.68
33.67
33.56
33.51
33.25
33.14
33.05
32.46
32.45
31.95
31.34
31.27
31.00
30.77
30.47
30.37
30.06
29.62
29.50
29.45
29.29
28.94
28.90
28.75
28.44
28.40
28.12

RANK
2004 2003

169 158
170 186
171 200
172 196
173 165
174 173
175 154
176 194
177 NR
178 187
179 474
180 145
181 172
182 190
183 NR
184 176
185 209
186 184
187 244
188 164
189 320
190 163
191 780
192 133
193 278
194 234
195 178
196 181
197 148
198 226
199 282
200 179
201 171
202 229
203 168
204 257
205 204
206 NR
207 191
208 250
209 162
210 207
211 208
212 201
213 219
214 284
215 134
216 193
217 214
218 223
219 202
220 NR
221 167
222 230
223 203
224 197
225 199
226 231
227 175
228 170
229 253
230 239
231 188
232 160

MARKET VALUE
Billions of U.S. Dollars

BMW
Germany
Vivendi Universal
France
Illinois Tool Works
U.S.
Statoil
Norway
Fortis
Belgium
Alcoa
U.S.
EMC
U.S.
Ford Motor
U.S.
Petrobras
Brazil
MetLife
U.S.
St. Paul Travelers
U.S.
Fox Entertainment Group
U.S.
Automatic Data Processing
U.S.
Repsol YPF
Spain
Surgutneftegas
Russia
Seven-Eleven Japan
Japan
Caterpillar
U.S.
General Motors
U.S.
Nextel Communications
U.S.
Bank of Nova Scotia
Canada
Sprint
U.S.
Emerson Electric
U.S.
UFJ Holdings
Japan
Schering-Plough
U.S.
Millea Holdings
Japan
RWE
Germany
Hang Seng Bank
Hong Kong
National Grid TransCo
Britain
Clear Channel Communications
U.S.
DIRECTV Group
U.S.
Alcon
U.S.
Sysco
U.S.
Banca Intesa
Italy
Accenture
U.S.
Gannett
U.S.
DDI
Japan
Prudential Financial
U.S.
Lukoil Holding
Russia
Mnchener Rck.
Germany
Singapore Telecommunications
Singapore
Bank of New York
U.S.
Forest Laboratories
U.S.
Australia & New Zealand Banking Group Australia
Groupe Danone
France
Cendant
U.S.
Hitachi Ltd.
Japan
Marsh & McLennan
U.S.
Reed Elsevier
Neth./Britain
Zurich Financial Services Group
Switzerland
Deutsche Post
Germany
Westpac Banking
Australia
America Movil
Mexico
Lockheed Martin
U.S.
Aviva
Britain
Exelon
U.S.
FedEx
U.S.
InterActiveCorp
U.S.
Toronto-Dominion Bank
Canada
National City
U.S.
British Sky Broadcasting Group
Britain
Gap
U.S.
BG Group
Britain
Thomson
Canada
Southern Co.
U.S.

28.08
28.00
27.82
27.57
27.38
27.24
27.20
27.19
27.18
26.87
26.43
26.25
26.21
25.93
25.85
25.84
25.73
25.62
25.62
25.34
25.32
25.18
24.99
24.88
24.70
24.66
24.41
24.40
24.39
24.37
24.25
24.18
24.06
24.01
23.96
23.75
23.69
23.65
23.53
23.39
23.38
23.31
23.26
23.16
23.12
23.10
23.10
22.66
22.64
22.35
22.28
22.19
22.16
22.04
22.01
21.96
21.89
21.86
21.84
21.80
21.63
21.49
21.43
21.33

July 26, 2004 | BusinessWeek | 69

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THE BUSINESSWEEK GLOBAL 1000


RANK
2004 2003

233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296

298
NR
659
261
254
276
454
222
192
232
183
189
328
198
213
280
NR
177
443
220
NR
174
252
243
259
206
212
NR
NR
224
275
195
272
286
247
274
279
225
317
318
256
NR
235
338
240
180
366
265
227
217
267
237
215
264
216
245
420
273
246
NR
329
292
260
266

MARKET VALUE
Billions of U.S. Dollars

Renault
France
Yukos
Russia
Biogen Idec
U.S.
Avon Products
U.S.
Bayer
Germany
San Paolo-IMI
Italy
Zimmer Holdings
U.S.
AFLAC
U.S.
East Japan Railway
Japan
BB&T
U.S.
Swisscom
Switzerland
Dominion Resources
U.S.
Sun Hung Kai Properties
Hong Kong
Hennes & Mauritz
Sweden
International Paper
U.S.
Stryker
U.S.
Telefonos de Mexico
Mexico
STMicroelectronics
France
EADS
France
Lehman Brothers Holdings
U.S.
Teva Pharmaceutical Industries
Israel
Swiss Re
Switzerland
Nordea Bank
Sweden
Dexia
Belgium
Bank of Montreal
Canada
TeliaSonera
Sweden
Suez
France
Oil & Natural Gas
India
Resona Holdings
Japan
Endesa
Spain
Amazon.com
U.S.
Cox Communications
U.S.
Standard Chartered
Britain
Hartford Financial Services Group
U.S.
Baxter International
U.S.
Reckitt Benckiser
Britain
General Dynamics
U.S.
HCA
U.S.
Denso
Japan
Sharp
Japan
Nike
U.S.
Companhia Vale do Rio Doce
Brazil
Northrop Grumman
U.S.
Alcatel
France
Progressive
U.S.
BCE (Bell Canada Enterprises)
Canada
BOC Hong Kong
Hong Kong
Aegon
Netherlands
SunTrust Banks
U.S.
EnCana
Canada
Analog Devices
U.S.
Iberdrola
Spain
Duke Energy
U.S.
Sara Lee
U.S.
Koninklijke KPN
Netherlands
Central Japan Railway
Japan
Countrywide Financial
U.S.
Electrabel
Belgium
L Air Liquide
France
CNOOC
China
Cadbury Schweppes
Britain
Canadian Imperial Bank of Commerce
Canada
Kellogg
U.S.
Cheung Kong Holdings
Hong Kong

21.19
21.14
21.12
20.87
20.87
20.86
20.82
20.74
20.74
20.66
20.58
20.53
20.49
20.48
20.35
20.33
20.24
20.20
20.20
20.18
20.00
19.97
19.83
19.82
19.77
19.75
19.68
19.67
19.55
19.55
19.53
19.50
19.40
19.26
19.26
19.05
19.01
18.98
18.92
18.86
18.72
18.71
18.66
18.58
18.56
18.49
18.38
18.36
18.35
18.33
18.27
18.25
18.23
18.12
18.07
18.06
17.98
17.98
17.67
17.65
17.60
17.58
17.48
17.38

RANK
2004 2003

297 302
298 221
299 311
300 293
301 218
302 331
303 291
304 205
305 307
306 263
307 450
308 238
309 295
310 289
311 390
312 365
313 241
314 300
315 310
316 330
317 334
318 305
319 385
320 393
321 268
322 309
323 294
324 301
325 296
326 281
327 249
328 210
329 324
330 379
331 394
332 416
333 251
334 373
335 325
336 255
337 304
338 361
339 384
340 262
341 498
342 NR
343 271
344 456
345 258
346 236
347 446
348 405
349 283
350 395
351 383
352 287
353 242
354 814
355 323
356 371
357 409
358 476
359 290
360 352

MARKET VALUE
Billions of U.S. Dollars

KBC Bancassurance Holding


Costco Wholesale
WellPoint Health
Occidental Petroleum
General Mills
Newmont Mining
Compagnie de Saint-Gobain
SLM
Best Buy
Volkswagen
Corning
Kansai Electric Power
Harley-Davidson
Guidant
Ito-Yokado
Capital One Financial
Waste Management
Maxim Integrated Products
Centrica
Golden West Financial
Norsk Hydro
Prudential
CVS
Apollo Group
Heineken
Novo-Nordisk
Imperial Oil
Sun Life Financial Services
State Street
Imperial Tobacco Group
Danske Bank
Kohls
Nortel Networks
Deere
Metro
Starbucks
Tribune
Great-West Lifeco
Japan Tobacco
Alltel
Computer Associates International
Schneider Electric
Kyocera
Fuji Photo Film
Mitsubishi Estate
Chunghwa Telecom
PNC Financial Svcs.
mmO2
Chubu Electric Power
EchoStar Communications
Lucent Technologies
Mitsubishi Corp.
Omnicom Group
Electronic Arts
GUS
ConAgra Foods
Union Pacic
Softbank
McGraw-Hill
Marks & Spencer
Alcan
Compagnie Financire Richemont
Shin-Etsu Chemical
Bridgestone

Belgium
U.S.
U.S.
U.S.
U.S.
U.S.
France
U.S.
U.S.
Germany
U.S.
Japan
U.S.
U.S.
Japan
U.S.
U.S.
U.S.
Britain
U.S.
Norway
Britain
U.S.
U.S.
Netherlands
Denmark
Canada
Canada
U.S.
Britain
Denmark
U.S.
Canada
U.S.
Germany
U.S.
U.S.
Canada
Japan
U.S.
U.S.
France
Japan
Japan
Japan
Taiwan
U.S.
Britain
Japan
U.S.
U.S.
Japan
U.S.
U.S.
Britain
U.S.
U.S.
Japan
U.S.
Britain
Canada
Switzerland
Japan
Japan

17.35
17.31
17.30
17.29
17.26
17.21
17.17
17.16
17.13
17.09
17.00
16.94
16.93
16.88
16.78
16.74
16.67
16.67
16.64
16.55
16.54
16.54
16.52
16.52
16.32
16.31
16.29
16.27
16.24
16.23
16.18
16.18
16.10
16.05
16.02
16.01
15.94
15.86
15.82
15.77
15.75
15.71
15.65
15.64
15.63
15.63
15.62
15.50
15.47
15.39
15.27
15.24
15.22
15.19
15.11
15.10
15.10
14.94
14.91
14.88
14.81
14.79
14.76
14.70

RANK
2004 2003

361 470
362 376
363 389
364 270
365 NR
366 585
367 326
368 314
369 345
370 341
371 368
372 435
373 667
374 297
375 369
376 575
377 377
378 353
379 288
380 313
381 333
382 269
383 NR
384 422
385 358
386 438
387 512
388 312
389 515
390 406
391 354
392 520
393 362
394 496
395 NR
396 600
397 316
398 285
399 NR
400 404
401 372
402 NR
403 442
404 248
405 336
406 375
407 584
408 350
409 370
410 488
411 569
412 415
413 396
414 363
415 391
416 382
417 321
418 381
419 327
420 386
421 340
422 360
423 472
424 579

70 | BusinessWeek | July 26, 2004

CREDITS:
v02

MARKET VALUE
Billions of U.S. Dollars

Lafarge
Nintendo
Danaher
Inditex
Cathay Financial Holdings
Symantec
Devon Energy
Rohm
T-Online International
Paychex
Ricoh
Volvo
Caremark Rx
Wm. Wrigley Jr.
Fanuc
NEC
Gilead Sciences
Power Financial
Raytheon
Svenska Handelsbanken
Peugeot
Sun Microsystems
SK Telecom
Murata Mfg.
Kao
Staples
Nippon Steel
Anadarko Petroleum
International Game Technology
Toshiba
Weyerhaeuser
Synthes
Scottish Power
Aeon
United Microelectronics
Fujitsu
Compass Group
Charles Schwab
Walmart de Mexico
St. Jude Medical
Burlington Resources
Reliance Industries
Interbrew
AT&T
H.J. Heinz
Apache
Mitsui Sumitomo Insurance
KeyCorp
Mediaset
Telenor
Broadcom
Portugal Telecom
Shell Canada
FirstEnergy
Pinault-Printemps-Redoute
CLP Holdings
Masco
Halliburton
Loblaw
Becton, Dickinson
Banco Popular Espaol
Chubb
Coca-Cola Enterprises
JFE Holdings

France
Japan
U.S.
Spain
Taiwan
U.S.
U.S.
Japan
Germany
U.S.
Japan
Sweden
U.S.
U.S.
Japan
Japan
U.S.
Canada
U.S.
Sweden
France
U.S.
Korea
Japan
Japan
U.S.
Japan
U.S.
U.S.
Japan
U.S.
Switzerland
Britain
Japan
Taiwan
Japan
Britain
U.S.
Mexico
U.S.
U.S.
India
Belgium
U.S.
U.S.
U.S.
Japan
U.S.
Italy
Norway
U.S.
Portugal
Canada
U.S.
France
Hong Kong
U.S.
U.S.
Canada
U.S.
Spain
U.S.
U.S.
Japan

14.57
14.48
14.48
14.42
14.33
14.25
14.23
14.23
14.20
14.16
14.15
14.13
14.11
14.10
14.09
13.98
13.98
13.94
13.90
13.88
13.88
13.87
13.84
13.78
13.78
13.77
13.73
13.72
13.61
13.60
13.58
13.51
13.51
13.48
13.46
13.46
13.46
13.37
13.35
13.35
13.28
13.22
13.20
13.16
13.15
13.12
13.08
13.08
13.01
12.96
12.96
12.93
12.88
12.86
12.86
12.82
12.82
12.77
12.74
12.73
12.73
12.71
12.69
12.67

RANK
2004 2003

425 606
426 343
427 397
428 530
429 335
430 344
431 418
432 419
433 308
434 347
435 460
436 469
437 NR
438 355
439 277
440 306
441 392
442 364
443 430
444 478
445 538
446 539
447 597
448 588
449 562
450 322
451 408
452 NR
453 374
454 574
455 593
456 398
457 581
458 303
459 461
460 319
461 504
462 NR
463 400
464 NR
465 429
466 445
467 411
468 931
469 601
470 524
471 436
472 431
473 531
474 407
475 339
476 495
477 417
478 432
479 NR
480 356
481 540
482 399
483 380
484 487
485 NR
486 403
487 426
488 433

MARKET VALUE
Billions of U.S. Dollars

Asahi Glass
Entergy
Xilinx
HypoVereinsbank
Mellon Financial
American Electric Power
TJX
Franklin Resources
Kroger
Linear Technology
Aetna
Agilent Technologies
Sibneft
Burlington Northern Santa Fe
Allied Irish Banks
Southwest Airlines
Anthem
Kingsher
Lexmark International
DBS Group Holdings
Mitsui & Co.
Hoya
TXU
SABMiller
Koninklijke Ahold
Abbey National
Praxair
Norilsk Nickel
RAS
Holcim
PG&E
United Overseas Bank
Porsche
Bank of Ireland
Almanij
FPL Group
Dai Nippon Printing
Belgacom
Petro-Canada
Mobile Telesystems
Allergan
Henkel
ACE
ABB
BAE Systems
Christian Dior
Bouygues
Hershey Foods
Ingersoll-Rand
Yamanouchi Pharmaceutical
Veritas Software
Marathon Oil
Air Products & Chemicals
Marriott International
Kookmin Bank
Baker Hughes
AGF
Canadian National Railway
Principal Financial
CRH
Research In Motion
SouthTrust
Barrick Gold
WPP Group

Japan
U.S.
U.S.
Germany
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
Russia
U.S.
Ireland
U.S.
U.S.
Britain
U.S.
Singapore
Japan
Japan
U.S.
Britain
Netherlands
Britain
U.S.
Russia
Italy
Switzerland
U.S.
Singapore
Germany
Ireland
Belgium
U.S.
Japan
Belgium
Canada
Russia
U.S.
Germany
U.S.
Switzerland
Britain
France
France
U.S.
U.S.
Japan
U.S.
U.S.
U.S.
U.S.
Korea
U.S.
France
Canada
U.S.
Ireland
Canada
U.S.
Canada
Britain

12.63
12.61
12.58
12.57
12.57
12.57
12.54
12.51
12.40
12.38
12.37
12.36
12.33
12.26
12.26
12.24
12.23
12.22
12.22
12.19
12.15
12.14
12.11
12.07
12.04
12.04
12.03
12.00
12.00
11.97
11.94
11.92
11.91
11.89
11.89
11.75
11.74
11.73
11.71
11.70
11.67
11.67
11.64
11.55
11.54
11.52
11.51
11.50
11.45
11.44
11.37
11.36
11.36
11.35
11.35
11.33
11.29
11.24
11.21
11.20
11.20
11.19
11.17
11.13

July 26, 2004 | BusinessWeek | 71

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THE BUSINESSWEEK GLOBAL 1000


RANK
2004 2003

489 315
490 NR
491 729
492 751
493 NR
494 516
495 410
496 480
497 NR
498 NR
499 447
500 489
501 357
502 479
503 437
504 378
505 511
506 482
507 441
508 473
509 427
510 739
511 NR
512 367
513 465
514 484
515 492
516 434
517 658
518 633
519 558
520 577
521 387
522 348
523 604
524 513
525 NR
526 332
527 541
528 552
529 481
530 439
531 NR
532 NR
533 525
534 686
535 485
536 603
537 477
538 NR
539 449
540 424
541 NR
542 627
543 NR
544 412
545 545
546 388
547 451
548 491
549 586
550 860
551 571
552 526

MARKET VALUE
Billions of U.S. Dollars

Bed Bath & Beyond


U.S.
Unied Energy System of Russia
Russia
Juniper Networks
U.S.
Wm. Morrison Supermarkets
Britain
Hon Hai Precision Industries
Taiwan
Fortune Brands
U.S.
Clorox
U.S.
Yum! Brands
U.S.
Autostrade
Italy
PTT
Thailand
Scottish & Southern Energy
Britain
Xerox
U.S.
Equity Office Properties
U.S.
Suncor Energy
Canada
Gas Natural SDG
Spain
Schering
Germany
Archer Daniels Midland
U.S.
M&T Bank
U.S.
Veolia Environnement
France
TPG
Netherlands
Stora Enso
Finland
Acom
Japan
POSCO
Korea
Loews
U.S.
BAA
Britain
Adobe Systems
U.S.
Keyence
Japan
Legal & General Group
Britain
Merck KGAA
Germany
Mitsubishi Electric
Japan
Simon Property
U.S.
Univision Communications
U.S.
Campbell Soup
U.S.
Progress Energy
U.S.
Apple Computer
U.S.
Este Lauder
U.S.
Sasol
South Africa
XL Capital
U.S.
Akzo Nobel
Netherlands
Biomet
U.S.
PPG Industries
U.S.
Pitney Bowes
U.S.
Korea Electric Power (KEPCO)
Korea
T&D Holdings
Japan
Skandinaviska Enskilda Banken
Sweden
Nikko Cordial
Japan
Takefuji
Japan
Inneon Technologies
Germany
Safeway
U.S.
CEMEX
Mexico
McKesson
U.S.
Serono
Switzerland
Companhia de Bebidas das Americas (AmBev) Brazil
Land Securities
Britain
University of Phoenix Online
U.S.
Public Service Enterprise Group
U.S.
Tokyo Electron
Japan
Genzyme
U.S.
Tokyo Gas
Japan
Comerica
U.S.
Fortum
Finland
Mizuho Trust & Banking
Japan
Charter One Financial
U.S.
FreningsSparbanken
Sweden

11.11
11.11
11.10
11.09
11.05
11.01
11.00
10.92
10.90
10.89
10.89
10.84
10.82
10.80
10.79
10.78
10.78
10.77
10.76
10.73
10.72
10.72
10.69
10.69
10.67
10.65
10.62
10.61
10.58
10.57
10.53
10.52
10.49
10.48
10.46
10.40
10.36
10.30
10.29
10.26
10.26
10.25
10.23
10.16
10.15
10.13
10.13
10.07
10.06
10.03
10.02
10.00
9.99
9.99
9.98
9.97
9.97
9.93
9.92
9.91
9.84
9.82
9.81
9.81

RANK
2004 2003

553 626
554 679
555 522
556 791
557 514
558 532
559 501
560 463
561 468
562 NR
563 536
564 500
565 NR
566 849
567 337
568 NR
569 NR
570 NR
571 NR
572 466
573 414
574 457
575 471
576 652
577 464
578 505
579 641
580 902
581 543
582 553
583 510
584 656
585 619
586 529
587 618
588 NR
589 695
590 714
591 737
592 444
593 458
594 462
595 NR
596 572
597 578
598 716
599 573
600 493
601 760
602 839
603 567
604 NR
605 NR
606 870
607 554
608 467
609 494
610 NR
611 503
612 565
613 549
614 507
615 459
616 671

MARKET VALUE
Billions of U.S. Dollars

Commerzbank
Smith & Nephew
Pearson
J.C. Penney
Paccar
Johnson Controls
Moodys
J. Sainsbury
TransCanada
Malayan Banking
Kirin Brewery
Cigna
China Unicom
Reuters Group
Beiersdorf
Genworth Financial
KT
Medco Health Solutions
Hyundai Motor
Norfolk Southern
Consolidated Edison
KLA-Tencor
Northern Trust
TDK
Boots Group
Casino, Guichard-Perrachon
Swire Pacic
Aiful
UPM-Kymmene
Secom
Unocal
Daiwa Securities Group
Allied Domecq
Associated British Foods
Man Group
AngloGold Ashanti
Flextronics International
Nitto Denko
Erste Bank
Banca Monte dei Paschi di Siena
ALTANA
Alleanza Assicurazioni
Banco Ita
Micron Technology
Marshall & Ilsley
Monsanto
OCBC Bank
Svenska Cellulosa Aktiebolaget
Mitsui Fudosan
Georgia-Pacic
Washington Post
ITV
Elan
Sumitomo Trust & Banking
Hong Kong & China Gas
Hongkong Electric Holdings
Limited Brands
Copec
AmSouth Bancorporation
Adecco
Mitsubishi Heavy Industries
Mediobanca
Altadis
Syngenta

Germany
Britain
Britain
U.S.
U.S.
U.S.
U.S.
Britain
Canada
Malaysia
Japan
U.S.
China
Britain
Germany
U.S.
Korea
U.S.
Korea
U.S.
U.S.
U.S.
U.S.
Japan
Britain
France
Hong Kong
Japan
Finland
Japan
U.S.
Japan
Britain
Britain
Britain
South Africa
U.S.
Japan
Austria
Italy
Germany
Italy
Brazil
U.S.
U.S.
U.S.
Singapore
Sweden
Japan
U.S.
U.S.
Britain
Ireland
Japan
Hong Kong
Hong Kong
U.S.
Chile
U.S.
Switzerland
Japan
Italy
Spain
Switzerland

9.80
9.79
9.78
9.77
9.77
9.74
9.72
9.71
9.70
9.66
9.61
9.59
9.59
9.57
9.56
9.55
9.54
9.49
9.47
9.46
9.46
9.46
9.45
9.45
9.43
9.42
9.38
9.38
9.37
9.35
9.33
9.33
9.31
9.30
9.30
9.29
9.28
9.28
9.26
9.26
9.22
9.22
9.18
9.16
9.14
9.14
9.11
9.09
9.09
9.09
9.08
9.05
9.05
9.05
9.02
9.01
8.99
8.99
8.99
8.99
8.97
8.97
8.95
8.94

RANK
2004 2003

617
618
619
620
621
622
623
624
625
626
627
628
629
630
631
632
633
634
635
636
637
638
639
640
641
642
643
644
645
646
647
648
649
650
651
652
653
654
655
656
657
658
659
660
661
662
663
664
665
666
667
668
669
670
671
672
673
674
675
676
677
678
679
680

583
561
647
740
666
648
616
589
890
576
624
NR
710
582
663
497
816
440
NR
630
610
NR
557
533
692
674
499
551
537
523
684
612
NR
NR
NR
490
632
811
769
NR
NR
NR
509
629
528
845
483
NR
402
NR
NR
623
754
862
518
521
517
550
559
508
708
527
822
812

72 | BusinessWeek | July 26, 2004

CREDITS:
v02

MARKET VALUE
Billions of U.S. Dollars

Quest Diagnostics
U.S.
Pernod Ricard
France
Eaton
U.S.
abertis infraestructuras
Spain
Nippon Oil
Japan
Arcelor
France
CEPSA
Spain
Sandvik
Sweden
Orix
Japan
Autoroutes du Sud de la France (ASF)
France
Wolseley
Britain
Shinsei Bank
Japan
Sankyo
Japan
Suzuki Motor
Japan
Starwood Hotels & Resorts
U.S.
Aon
U.S.
Sompo Japan Insurance
Japan
Vodafone Holdings K.K.
Japan
Standard Bank Investment
South Africa
Groupe Bruxelles Lambert
Belgium
Federated Department Stores
U.S.
Indian Oil
India
E.W. Scripps
U.S.
Altera
U.S.
Thyssen Krupp
Germany
Lagardere
France
Albertsons
U.S.
Rohm & Haas
U.S.
H&R Block
U.S.
Transocean
U.S.
Swatch Group
Switzerland
UnionBanCal
U.S.
FirstRand
South Africa
Nan Ya Plastics
Taiwan
Telekom Malaysia
Malaysia
Woolworths Ltd.
Australia
Lincoln National
U.S.
Toppan Printing
Japan
ASML Holding
Netherlands
PetroChina
China
LG Electronics
Korea
China Steel
Taiwan
Regions Financial
U.S.
Chugai Pharmaceutical
Japan
Bear Stearns
U.S.
Valero Energy
U.S.
Chiron
U.S.
AU Optronics
Taiwan
George Weston
Canada
Bank Austria Creditanstalt
Austria
Rakuten
Japan
May Department Stores
U.S.
Promise
Japan
DnB NOR
Norway
Kyushu Electric Power
Japan
Accor
France
Snam Rete Gas
Italy
Equity Residential
U.S.
NTT Data
Japan
Tohoku Electric Power
Japan
American Standard
U.S.
Computer Sciences
U.S.
Coach
U.S.
Sumitomo Corp.
Japan

8.93
8.91
8.87
8.86
8.85
8.83
8.83
8.83
8.82
8.80
8.77
8.75
8.75
8.73
8.72
8.70
8.68
8.67
8.63
8.63
8.63
8.61
8.60
8.60
8.60
8.60
8.60
8.59
8.57
8.57
8.54
8.54
8.53
8.52
8.51
8.50
8.49
8.47
8.46
8.46
8.44
8.44
8.44
8.43
8.41
8.40
8.39
8.39
8.37
8.36
8.34
8.34
8.33
8.31
8.28
8.27
8.24
8.20
8.20
8.19
8.18
8.17
8.14
8.14

RANK
2004 2003

681 608
682 650
683 622
684 421
685 NR
686 NR
687 535
688 NR
689 599
690 591
691 547
692 NR
693 568
694 736
695 NR
696 413
697 639
698 759
699 709
700 NR
701 690
702 560
703 564
704 NR
705 977
706 675
707 804
708 NR
709 620
710 725
711 745
712 425
713 635
714 NR
715 935
716 825
717 NR
718 546
719 898
720 806
721 611
722 555
723 738
724 646
725 705
726 631
727 NR
728 637
729 678
730 502
731 680
732 749
733 784
734 683
735 NR
736 452
737 428
738 556
739 NR
740 580
741 628
742 829
743 668
744 727

MARKET VALUE
Billions of U.S. Dollars

Electricidade de Portugal (EDP)


Portugal
VINCI
France
BOC Group
Britain
Sears, Roebuck
U.S.
CNP Assurances
France
Telekomunikasi Indonesia
Indonesia
Ameren
U.S.
Anglo American Platinum
South Africa
SunGard Data Systems
U.S.
Gallaher Group
Britain
MBIA
U.S.
Xstrata
Britain
St. George Bank
Australia
CIT Group
U.S.
Fubon Financial Holding
Taiwan
Electronic Data Systems
U.S.
Dover
U.S.
Henderson Land Development
Hong Kong
Edison International
U.S.
Tenaga Nasional
Malaysia
SMC
Japan
Ecolab
U.S.
Synovus Financial
U.S.
Wipro
India
Fast Retailing
Japan
Talisman Energy
Canada
National Semiconductor
U.S.
M-Cell
South Africa
Cintas
U.S.
Investor
Sweden
Woodside Petroleum
Australia
Intuit
U.S.
Eisai
Japan
NEC Electronics
Japan
National Bank of Greece
Greece
Hilton Group
Britain
Sberbank (Savings Bank of the Russian Fed.) Russia
West Japan Railway
Japan
Royal Caribbean Cruises
U.S.
Sumitomo Chemical
Japan
Magna International
Canada
PPL
U.S.
Husky Energy
Canada
MTR
Hong Kong
Banco Comercial Portugus (BCP)
Portugal
Power Corp. of Canada
Canada
Infosys Technologies
India
Wesfarmers
Australia
Sempra Energy
U.S.
AutoZone
U.S.
Pepsi Bottling Group
U.S.
Atlas Copco
Sweden
Textron
U.S.
United Utilities
Britain
Mega Financial Holding
Taiwan
Eastman Kodak
U.S.
Mattel
U.S.
Ambac Financial
U.S.
Dreyers Grand Ice Cream Holdings
U.S.
Singapore Airlines
Singapore
Kinder Morgan
U.S.
AMP Ltd.
Australia
ITT Industries
U.S.
Coles Myer
Australia

8.13
8.13
8.12
8.08
8.05
8.04
8.02
8.02
8.01
8.01
8.00
7.98
7.94
7.94
7.93
7.92
7.92
7.89
7.87
7.86
7.86
7.85
7.84
7.81
7.78
7.78
7.77
7.76
7.76
7.75
7.74
7.73
7.70
7.69
7.69
7.69
7.68
7.67
7.67
7.67
7.66
7.65
7.64
7.64
7.64
7.63
7.61
7.59
7.58
7.57
7.53
7.53
7.52
7.49
7.49
7.49
7.49
7.47
7.46
7.45
7.44
7.44
7.43
7.40

July 26, 2004 | BusinessWeek | 73

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PRODUCTION:

74

ISSUE DATE:

3
EUR

ASIA

DEPARTMENT: SPECIAL REPORT


STORY: SCOREBOARD

ART DIRECTOR:
PRODUCTION:

75

CLOSE DESK:

C M Y K

CLOSE DESK:

THE BUSINESSWEEK GLOBAL 1000


RANK
2004 2003

745 706
746 602
747 613
748 NR
749 681
750 645
751 548
752 677
753 614
754 726
755 NR
756 643
757 704
758 644
759 642
760 640
761 676
762 NR
763 776
764 592
765 753
766 877
767 728
768 719
769 913
770 834
771 859
772 544
773 590
774 NR
775 689
776 542
777 701
778 NR
779 NR
780 752
781 778
782 847
783 741
784 665
785 787
786 654
787 596
788 782
789 NR
790 NR
791 563
792 657
793 879
794 757
795 912
796 796
797 NR
798 638
799 699
800 813
801 587
802 NR
803 566
804 928
805 901
806 869
807 696
808 735

MARKET VALUE
Billions of U.S. Dollars

Sekisui House
Ajinomoto
FIserv
Edison
Luxottica Group
Sanyo Electric
VNU
Herms International
TDC
Canadian Natural Resources
Tyson Foods
Fujisawa Pharmaceutical
MGIC Investment
Cincinnati Financial
Jefferson-Pilot
Smiths Group
Heineken Holding
Konica Minolta Holdings
Sumitomo Electric Industries
Wella
Toyota Industries
Asahi Kasei
Michelin
InterContinental Hotels
Dentsu
Lennar
EFG Eurobank Ergasias
New York Times
Alliance & Leicester
America Telecom
Telekom Austria
DTE Energy
Scottish & Newcastle
Avaya
Rolls-Royce Group
Taisho Pharmaceutical
Brambles Industries
Oji Paper
Yamato Transport
Network Appliance
Wharf Holdings
3i Group
Solvay
Groupe UCB
Formosa Plastics
Career Education
CSX
Degussa
Brascan
Hudson City Bancorp
Advantest
Next
Old Mutual
Xcel Energy
IGM Financial
Tostem Inax Holding
CINergy
Seiko Epson
AmerisourceBergen
D.R. Horton
NIDEC
L-3 Communications
CNA Financial
Westeld Trust

Japan
Japan
U.S.
Italy
Italy
Japan
Netherlands
France
Denmark
Canada
U.S.
Japan
U.S.
U.S.
U.S.
Britain
Netherlands
Japan
Japan
Germany
Japan
Japan
France
Britain
Japan
U.S.
Greece
U.S.
Britain
Mexico
Austria
U.S.
Britain
U.S.
Britain
Japan
Australia/Brit.
Japan
Japan
U.S.
Hong Kong
Britain
Belgium
Belgium
Taiwan
U.S.
U.S.
Germany
Canada
U.S.
Japan
Britain
South Africa
U.S.
Canada
Japan
U.S.
Japan
U.S.
U.S.
Japan
U.S.
U.S.
Australia

7.40
7.36
7.36
7.34
7.32
7.32
7.31
7.30
7.30
7.26
7.23
7.21
7.20
7.19
7.18
7.16
7.16
7.15
7.11
7.11
7.10
7.09
7.07
7.06
7.05
7.04
7.03
7.01
6.99
6.99
6.98
6.97
6.97
6.94
6.94
6.91
6.90
6.89
6.88
6.88
6.88
6.87
6.84
6.84
6.81
6.81
6.80
6.79
6.79
6.79
6.78
6.78
6.78
6.78
6.77
6.77
6.73
6.73
6.73
6.72
6.72
6.71
6.71
6.70

RANK
2004 2003

809 609
810 519
811 893
812 NR
813 617
814 850
815 NR
816 NR
817 673
818 713
819 789
820 840
821 773
822 720
823 670
824 786
825 702
826 874
827 NR
828 672
829 625
830 733
831 687
832 785
833 797
834 827
835 NR
836 958
837 506
838 965
839 NR
840 NR
841 842
842 694
843 634
844 955
845 NR
846 NR
847 598
848 NR
849 685
850 669
851 828
852 NR
853 844
854 830
855 662
856 917
857 NR
858 919
859 NR
860 929
861 NR
862 843
863 852
864 985
865 866
866 903
867 664
868 774
869 NR
870 915
871 747
872 867

MARKET VALUE
Billions of U.S. Dollars

BJ Services
U.S.
Qwest Communications
U.S.
Pulte Homes
U.S.
Telkom
South Africa
TF1 Tlvision Francaise 1
France
Sovereign Bancorp
U.S.
ITOCHU
Japan
Hindustan Lever
India
Fosters Group
Australia
Hellenic Telecommunications
Greece
National Commerce Financial
U.S.
Fresenius Medical Care
Germany
Parker Hannin
U.S.
Hilton Hotels
U.S.
Telecom Corp. of New Zealand
New Zealand
Microchip Technology
U.S.
North Fork Bancorporation
U.S.
Essilor International
France
R.R. Donnelley & Sons
U.S.
Genuine Parts
U.S.
Dollar General
U.S.
PeopleSoft
U.S.
Avery Dennison
U.S.
Vornado Realty Trust
U.S.
Unin Fenosa
Spain
Placer Dome
Canada
Chi Mei Optoelectronics
Taiwan
Capitalia
Italy
Newell Rubbermaid
U.S.
XTO Energy
U.S.
Kubota
Japan
Advanced Info Service (AIS)
Thailand
Fiat Group
Italy
Constellation Energy Group
U.S.
Affiliated Computer Services
U.S.
General Growth Properties
U.S.
Formosa Chemicals & Fibre
Taiwan
Siam Cement Group
Thailand
Osaka Gas
Japan
Phelps Dodge
U.S.
Tele2
Sweden
Finmeccanica
Italy
Amerada Hess
U.S.
Grupo Televisa
Mexico
MGM Mirage
U.S.
Rockwell Automation
U.S.
Enbridge
Canada
Bank of Yokohama
Japan
Chinatrust Financial Holdings
Taiwan
New York Community Bancorp
U.S.
Toray Industries
Japan
Jardine Matheson Holdings
Hong Kong
China Petroleum & Chemical (Sinopec)
China
Cablevision Systems
U.S.
Public Storage
U.S.
Banco Sabadell
Spain
Oracle Corp. Japan
Japan
Linde
Germany
Chugoku Electric Power
Japan
Scania
Sweden
Quanta Computer
Taiwan
Fidelity National Financial
U.S.
EOG Resources
U.S.
Oriental Land
Japan

6.70
6.69
6.69
6.69
6.67
6.66
6.65
6.64
6.64
6.64
6.64
6.63
6.62
6.62
6.61
6.60
6.59
6.59
6.57
6.57
6.53
6.52
6.52
6.52
6.50
6.49
6.49
6.48
6.48
6.46
6.45
6.45
6.43
6.43
6.41
6.40
6.39
6.39
6.37
6.35
6.35
6.34
6.34
6.34
6.33
6.33
6.33
6.33
6.32
6.32
6.30
6.30
6.30
6.29
6.29
6.23
6.23
6.22
6.22
6.22
6.22
6.21
6.21
6.21

RANK
2004 2003

873 857
874 924
875 883
876 820
877 651
878 783
879 873
880 885
881 765
882 605
883 NR
884 NR
885 595
886 NR
887 NR
888 991
889 802
890 NR
891 734
892 819
893 941
894 NR
895 781
896 758
897 712
898 807
899 837
900 961
901 892
902 660
903 711
904 448
905 653
906 NR
907 NR
908 989
909 682
910 NR
911 981
912 810
913 927
914 NR
915 661
916 756
917 832
918 NR
919 722
920 NR
921 895
922 698
923 744
924 966
925 NR
926 NR
927 NR
928 766
929 NR
930 952
931 916
932 NR
933 655
934 NR
935 NR
936 717

74 | BusinessWeek | July 26, 2004

CREDITS:
v02

MARKET VALUE
Billions of U.S. Dollars

Cathay Pacic Airways


Hong Kong
Marvell Technology
U.S.
Williams
U.S.
Daikin Industries
Japan
UST
U.S.
Laboratory Corp. of America
U.S.
Kintetsu
Japan
Matsushita Electric Works
Japan
Shizuoka Bank
Japan
Electrolux
Sweden
Alpha Bank
Greece
OPAP
Greece
Nabors Industries
U.S.
Continental
Germany
Banco Bradesco
Brazil
Daiwa House Industry
Japan
Torchmark
U.S.
NOK
Japan
Express Scripts
U.S.
T. Rowe Price
U.S.
Inco
Canada
Banco Popolare di Verona e Novara
Italy
Centex
U.S.
Bombardier
Canada
Interpublic Group
U.S.
Murphy Oil
U.S.
Legg Mason
U.S.
Komatsu
Japan
The British Land Company
Britain
Knight-Ridder
U.S.
Mylan Laboratories
U.S.
MedImmune
U.S.
Deutsche Brse
Germany
MediaTek
Taiwan
Freeport-McMoRan Copper & Gold
U.S.
QBE Insurance
Australia
Westeld Holdings
Australia
Check Point Software Technologies
Israel
Coca-Cola HBC
Greece
AES
U.S.
Nippon Express
Japan
CDW
U.S.
GlobalSantaFe
U.S.
Thales
France
IMS Health
U.S.
OTP Bank
Hungary
TELUS
Canada
Grupo ACS
Spain
Publishing & Broadcasting
Australia
Brown-Forman
U.S.
Safeco
U.S.
C.R. Bard
U.S.
Malaysia International Shipping
Malaysia
China Development Financial Holding
Taiwan
Gold Fields
South Africa
ProLogis
U.S.
SK Networks
Korea
Public Power
Greece
Japan Airlines
Japan
UnitedGlobalCom
U.S.
First Horizon National
U.S.
Mitsui O.S.K. Lines
Japan
Fuji Television Network
Japan
Popular
U.S.

6.20
6.19
6.18
6.18
6.18
6.17
6.16
6.16
6.15
6.15
6.15
6.13
6.13
6.12
6.11
6.09
6.09
6.09
6.07
6.06
6.04
6.04
6.03
6.02
6.01
6.00
6.00
6.00
6.00
5.99
5.98
5.97
5.97
5.97
5.95
5.94
5.93
5.92
5.92
5.91
5.91
5.91
5.89
5.87
5.85
5.84
5.84
5.84
5.83
5.83
5.83
5.83
5.82
5.82
5.81
5.81
5.80
5.80
5.79
5.78
5.78
5.75
5.74
5.74

RANK
2004 2003

937
938
939
940
941
942
943
944
945
946
947
948
949
950
951
952
953
954
955
956
957
958
959
960
961
962
963
964
965
966
967
968
969
970
971
972
973
974
975
976
977
978
979
980
981
982
983
984
985
986
987
988
989
990
991
992
993
994
995
996
997
998
999
1000

761
853
818
746
748
732
607
841
863
930
691
NR
794
861
878
848
594
703
771
NR
707
NR
NR
923
NR
NR
971
NR
742
486
750
899
982
NR
NR
987
NR
693
793
990
934
NR
831
800
957
649
768
900
NR
909
NR
876
NR
NR
896
621
NR
NR
NR
763
882
854
790
NR

MARKET VALUE
Billions of U.S. Dollars

Plum Creek Timber


Banca Antonveneta
Harrahs Entertainment
Shionogi & Co.
Delphi
Publicis
Union Planters
Archstone-Smith Trust
Jabil Circuit
Varian Medical Systems
KeySpan
Bharti Tele-Ventures
National Bank of Canada
Banknorth Group
Sherwin-Williams
Hanson
Seagate Technology
Banca Fideuram
Willis Group Holdings
Tokyu
Northern Rock
ImClone Systems
Asustek Computer
Grupo Ferrovial
Sanmina-SCI
Nordstrom
Insurance Australia
Remgro
MeadWestvaco
Tenet Healthcare
Nationwide Financial
Dean Foods
COSMOTE
Maxis Communications
Mitsubishi Securities
Omron
Mitsui Trust Holdings
Weatherford International
Zions Bancorp.
Waters
Nippon Unipac Holding
Advanced Micro Devices
Sampo
Siebel Systems
Dixons Group
Seibu Railway
Amvescap
adidas-Salomon
Bank Pekao
Orkla
Telekomunikacja Polska
Deutsche Lufthansa
MAN
Asahi Breweries
Cable & Wireless
Family Dollar Stores
State Bank of India
Sumitomo Metal Industries
SK Corp.
Thomson SA
Rockwell Collins
Natexis Banques Populaires
Cheung Kong Infrastructure
CITIC Pacic

U.S.
Italy
U.S.
Japan
U.S.
France
U.S.
U.S.
U.S.
U.S.
U.S.
India
Canada
U.S.
U.S.
Britain
U.S.
Italy
U.S.
Japan
Britain
U.S.
Taiwan
Spain
U.S.
U.S.
Australia
South Africa
U.S.
U.S.
U.S.
U.S.
Greece
Malaysia
Japan
Japan
Japan
U.S.
U.S.
U.S.
Japan
U.S.
Finland
U.S.
Britain
Japan
Britain
Germany
Poland
Norway
Poland
Germany
Germany
Japan
Britain
U.S.
India
Japan
Korea
France
U.S.
France
Hong Kong
China

5.74
5.72
5.72
5.72
5.71
5.69
5.69
5.69
5.68
5.68
5.66
5.65
5.65
5.63
5.63
5.63
5.62
5.61
5.60
5.60
5.59
5.58
5.58
5.58
5.57
5.57
5.56
5.56
5.55
5.55
5.55
5.54
5.53
5.53
5.53
5.52
5.50
5.50
5.50
5.50
5.49
5.48
5.45
5.44
5.44
5.43
5.43
5.42
5.42
5.42
5.42
5.41
5.40
5.40
5.40
5.40
5.39
5.39
5.37
5.37
5.36
5.35
5.35
5.34

July 26, 2004 | BusinessWeek | 75

Distribution: Power; Serrill; Dawson; Jespersen


Large: Morrison, Jespersen (3x)

CREDITS:

Distribution: Power; Serrill; Dawson; Jespersen


Large: Morrison, Jespersen (3x)
v02

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