(FORTUNE Magazine) – BIGGEST High oil prices drove record profits for the petroleum-refining industry.

HIGHEST PROFITS 2003 PROFITS RANK GLOBAL 500 RANK $ millions

1 MCI 168 22,211.0 2 EXXON MOBIL 3 21,510.0 3 CITIGROUP 18 17,853.0 4 GENERAL ELECTRIC 9 15,002.0 5 ROYAL DUTCH/SHELL GROUP 4 12,496.0 6 BANK OF AMERICA CORP. 71 10,810.0 7 TOYOTA MOTOR 8 10,288.1 8 BP 2 10,267.0 9 MICROSOFT 130 9,993.0 10 AMERICAN INTERNATIONAL GROUP 20 9,274.0 11 ALTRIA GROUP 40 9,204.0 12 WAL-MART STORES 1 9,054.0 13 HSBC HOLDINGS 47 8,774.0 14 SBC COMMUNICATIONS 96 8,505.0 15 BERKSHIRE HATHAWAY 35 8,151.0 16 TOTAL 10 7,950.6 17 FANNIE MAE 56 7,904.9 18 INTL. BUSINESS MACHINES 19 7,583.0 19 GLAXOSMITHKLINE 114 7,349.9 20 CHEVRONTEXACO 12 7,230.0 THE GLOBAL 500 MEDIAN 729.5

BIGGEST LOSSES 2003 LOSS RANK GLOBAL 500 RANK $ millions

1 VODAFONE 49 15,270.2* 2 PEMEX 65 3,766.4* 3 AMP 405 3,615.6* 4 UFJ HOLDINGS 211 3,566.1* 5 EL PASO 429 3,464.0* 6 SOLECTRON 464 3,462.0* 7 SUN MICROSYSTEMS 478 3,429.0* 8 HVB GROUP 161 2,986.7* 9 UAL 398 2,808.0* 10 COMMERZBANK 300 2,522.7* 11 SUEZ 80 2,450.5* 12 VEOLIA ENVIRONNEMENT 128 2,325.4 13 ALCATEL 385 2,200.1* 14 ALSTOM 255 2,159.4* 15 FIAT 57 2,150.4* 16 MITSUBISHI MOTORS 224 1,907.2 17 ELECTRONIC DATA SYSTEMS 232 1,698.0 18 BAYER 129 1,540.3 19 TENET HEALTHCARE 316 1,477.0 20 L.M. ERICSSON 370 1,342.5* THE GLOBAL 500 MEDIAN 1,020.9+

*Also lost money in 2002. +For the 56 companies with 2003 losses.

FASTEST A recovering economy boosted results for many companies.

% INCREASE IN REVENUES change from RANK GLOBAL 500 RANK 2002

1 HANWHA 323 170.9 2 AMP 405 150.0 3 WILLIAMS 261 105.2 4 DEUTSCHE BAHN 133 80.8 5 AXA 13 80.4 6 HILTON GROUP 369 77.3 7 COMCAST 235 70.7 8 CONOCOPHILLIPS 14 70.4 9 MEIJI YASUDA LIFE 82 68.0 10 LG ELECTRONICS 147 67.5 11 NORTHROP GRUMMAN 155 60.8 12 BUNGE 223 58.8 13 SHANGHAI BAOSTEEL GROUP 372 54.9 14 COUNTRYWIDE FINANCIAL 401 53.9 15 BERKSHIRE HATHAWAY 35 50.8 16 PLAINS ALL AMERICAN PIPELINE 431 50.2 17 DUKE ENERGY 204 49.9 18 LUKOIL 259 43.8 19 CNP ASSURANCES 143 43.6 20 GAZPROM 167 40.8 THE GLOBAL 500 MEDIAN 10.5

% INCREASE IN PROFITS* change from RANK GLOBAL 500 RANK 2002

1 SUMITOMO LIFE 103 4,503.3 2 LEAR 336 2,826.9 3 NORTHROP GRUMMAN 155 1,253.1 4 TUI 210 928.7 5 EMERSON ELECTRIC 392 792.6 6 OBAYASHI 455 631.8 7 BANCA INTESA 291 626.6 8 JFE HOLDINGS 227 622.8 9 BEST BUY 192 612.1 10 LA POSTE 244 611.2 11 VALERO ENERGY 99 579.2 12 PRUDENTIAL FINANCIAL 162 551.5 13 DZ BANK 156 539.9 14 CHEVRONTEXACO 12 538.7 15 FORTIS 51 394.8 16 PUBLIC SVC. ENTERPRISE GROUP 481 373.5 17 MEIJI YASUDA LIFE 82 359.3 18 NIPPON MINING HOLDINGS 342 338.8 19 NORTHWESTERN MUTUAL 307 338.3 20 DEUTSCHE BANK 67 311.6 THE GLOBAL 500 MEDIAN 27.0

*Excludes companies that lost money in 2002.

LEANEST Drug and financial companies posted exceptional profit margins.

2003 RETURN ON REVENUES PROFITS as % of RANK GLOBAL 500 RANK revenues

1 MCI 168 81.3 2 MICROSOFT 130 31.0 3 MERCK 222 30.4 4 YUKOS 359 30.3 5 U.S. BANCORP 350 24.3 6 PETRONAS 186 24.3 7 BANK OF AMERICA CORP. 71 22.5 8 MITSUBISHI TOKYO FINANCIAL 217 21.9 9 ROYAL KPN 377 21.4 10 PETROBRAS 144 21.3 11 GLAXOSMITHKLINE 114 21.0 12 LLOYDS TSB GROUP 188 21.0 13 WASHINGTON MUTUAL 276 20.8 14 SBC COMMUNICATIONS 96 20.8 15 COCA-COLA 237 20.7 16 ELI LILLY 433 20.4 17 GAZPROM 167 20.2 18 NOVARTIS 193 20.2 19 MBNA 465 20.0 20 WELLS FARGO 135 19.5 THE GLOBAL 500 MEDIAN 3.5

2003 RETURN ON ASSETS PROFITS as % of RANK GLOBAL 500 RANK assets

1 MCI 168 81.2 2 YUKOS 359 24.5 3 GLAXOSMITHKLINE 114 17.1 4 MERCK 222 16.8 5 COCA-COLA 237 15.9 6 TJX 410 15.0 7 JOHNSON & JOHNSON 92 14.9 8 U.S. POSTAL SERVICE 27 14.2 9 ANHEUSER-BUSCH 387 14.1 10 PEPSICO 173 14.1 11 LUKOIL 259 13.9 12 DELL 93 13.7 13 3M 281 13.7 14 NOKIA 122 13.5 15 ASTRAZENECA 269 12.9 16 PUBLIX 312 12.8 17 MICROSOFT 130 12.6 18 HOME DEPOT 34 12.5 19 EXXON MOBIL 3 12.3 20 SEARS ROEBUCK 95 12.3 THE GLOBAL 500 MEDIAN 1.9