(FORTUNE Magazine) – EXPLANATIONS AND FOOTNOTES

REVENUES

All companies on the list must publish financial data and report part or all of their figures to a government agency. In the U.S., private companies and cooperatives that produce a 10-K are included. Revenues are as reported, including revenues from discontinued operations when they are published on a consolidated basis. The revenues for commercial banks and savings institutions are the sum of interest and noninterest revenues. Such figures for insurance companies include premium and annuity income, investment income, and realized capital gains or losses but exclude deposits. Revenue figures include consolidated subsidiaries and exclude excise taxes.

Data shown are for the fiscal year ended on or before March 31, 2004. Revenue figures for non-U.S. companies have been converted to U.S. dollars at the average exchange rate during each company's fiscal year (ended Dec. 31, 2003, unless otherwise noted).

CREDITS

This year's FORTUNE Global 500 Directory was prepared under the direction of senior list editor L. Michael Cacace and senior reporter Richard K. Tucksmith. Reporter Cindy Kano (Tokyo) reviewed and verified figures for Japanese companies. Staff in Britain, France, Germany, Italy, and South Korea gathered data in those countries. Reporter Douglas Elam helped compile and verify the data. Research librarian Doris Burke and FORTUNE index administrator David Haselkorn provided supporting documentation, and database administrator Larry Shine supplied the technical support. Thomson Analytics provided additional data that aided the process.

FOOTNOTES

E Excise taxes have been deducted. G Government owned 50% or more. ¶ Includes sales of discontinued operations of at least 10%.

1-9

1 Figures are for fiscal year ended Jan. 31, 2004.

2 Includes revenues from discontinued operations of Hughes Electronics, spun off Dec. 22, 2003.

3 Figures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

4 Figures are for fiscal year ended March 31, 2004.

5 Figures prepared in accordance with International Financial Reporting Standards.

6 Spun off Travelers Property Casualty (2003 rank: 354), Aug. 20, 2002.

7 Figures are for fiscal year ended Sept. 30, 2003.

8 Figures are for fiscal year ended Oct. 31, 2003.

9 Figures are for fiscal year ended June 30, 2003.

10-19

10 Figures are for fiscal year ended Feb. 29, 2004.

11 Acquired FleetBoston Financial (2003 rank: 376), March 31, 2004.

12 Figures are preliminary.

13 Acquired Credit Lyonnais (2002 rank: 251), June 19, 2003.

14 Acquired Bank One Corp. (2003 rank: 233), June 30, 2004.

15 Aquired Yasuda Mutual Life Insurance (2002 rank: 295) and changed name from Meiji Mutual Life, Jan. 1, 2004.

16 Changed name from AOL Time Warner, Oct. 16, 2003.

17 Figures are for fiscal year ended Aug. 31, 2003.

18 Changed name from Dell Computer, July 21, 2003.

19 Company is incorporated in Bermuda. Executive offices are in U.S.

20-29

20 Changed name from Olivetti, Aug. 4, 2003.

21 Figures are for fiscal year ended Nov. 30, 2003.

22 Spun off from Merck (2003 rank: 222), Aug. 19, 2003.

23 Figures are for fiscal year ended Feb. 20, 2004.

24 Figures prepared in accordance with Russian Accounting Standards.

25 Changed name from WorldCom (2001 rank: 109) after emerging from bankruptcy, April 20, 2004.

26 A cooperative.

27 Figures are for fiscal year ended May 31, 2003.

28 Spun off Medco Health Solutions (2003 rank: 117), Aug. 19, 2003.

29 Acquired by J.P. Morgan Chase & Co. (2003 rank: 81), June 30, 2004.

30-39

30 Figures are for fiscal year ended July 31, 2003.

31 Changed fiscal year-end from July 31. Comparisons are with year ended May 31, 2002.

32 Changed name from Sun Life Financial Services of Canada, July 2, 2003.

33 Acquired by St. Paul Cos., now St. Paul Travelers, April 1, 2004.

34 Spun off from Citigroup (2003 rank: 18), Aug. 20, 2002.

35 Figures are for four quarters ended Sept. 30, 2003.

36 Acquired by Bank of America (2003 rank: 71), March 31, 2004.

37 Company is incorporated in Netherlands Antilles. Executive offices are in U.S.

38 Changed name from Kreditanstalt fur Wiedenaufbau, Aug. 22, 2003.

39 Figures are for fiscal year ended Feb. 28, 2003.

40-46

40 Acquired Pechiney (2002 rank: 445), Dec. 15, 2003.

41 Changed name from Nordea, Jan. 30, 2004.

42 A partnership.

43 Changed name from Mitsui Mutual Life Insurance, April 1, 2004.

44 Changed name from Reliant Resources, April 26, 2004.

45 Changed name from Kinki Nippon Railway, June 28, 2003.

46 Changed name from Taiyo Mutual Life, April 1, 2003, and merged with Daido Life Insurance to form T&D Holdings, April 1, 2004.

BIGGEST EMPLOYERS 2003 number of RANK GLOBAL 500 RANK employees

1 WAL-MART STORES 1 1,500,000 2 CHINA NATIONAL PETROLEUM 73 1,024,371 3 SINOPEC 53 854,700 4 U.S. POSTAL SERVICE 27 826,955 5 AGRICULTURAL BANK OF CHINA 412 511,425 6 CARREFOUR 22 419,040 7 MCDONALD'S 305 418,000 8 SIEMENS 21 417,000 9 COMPASS GROUP 286 412,574 10 INDL. & COMM. BANK OF CHINA 243 389,045 11 DEUTSCHE POST 75 383,173 12 CHINA TELECOMMUNICATIONS 257 371,139 13 DAIMLERCHRYSLER 7 362,063 14 UNITED PARCEL SERVICE 121 355,000 15 VOLKSWAGEN 15 336,843 16 TARGET 70 328,000 17 FORD MOTOR 6 327,531 18 HITACHI 23 326,344 19 GENERAL MOTORS 5 326,000 20 INTL. BUSINESS MACHINES 19 319,273 21 LA POSTE 244 315,364 22 VEOLIA ENVIRONNEMENT 128 309,563 23 SODEXHO ALLIANCE 434 308,385 24 GENERAL ELECTRIC 9 305,000 25 HOME DEPOT 34 300,000 26 GAZPROM 167 299,717 27 MATSUSHITA ELECTRIC INDL. 31 290,493 28 KROGER 55 289,000 29 CHINA CONSTRUCTION BANK 331 275,029 30 TOYOTA MOTOR 8 264,410 31 TYCO INTERNATIONAL 105 258,600 32 ROYAL AHOLD 37 257,140 33 CITIGROUP 18 256,000 34 NESTLE 33 253,000 35 SEARS ROEBUCK 95 249,000 36 DEUTSCHE TELEKOM 38 248,519 37 SNCF 187 243,944 38 DEUTSCHE BAHN 133 242,759 39 UNILEVER 69 234,000 40 ROBERT BOSCH 94 231,600 41 TESCO 59 223,335 42 FRANCE TELECOM 58 218,523 43 HSBC HOLDINGS 47 218,000 44 J.C. PENNEY 123 216,000 45 ROYAL MAIL HOLDINGS 368 212,310 46 NIPPON TEL. & TEL. 16 205,228 47 UNITED TECHNOLOGIES 141 203,300 48 VERIZON COMMUNICATIONS 28 203,065 49 ALBERTSON'S 111 200,000 50 PEUGEOT 39 199,900 GLOBAL 500 MEDIAN 60,689