(FORTUNE Magazine) – [For the complete FORTUNE 500 list please visit www.fortune500.com]

Fastest-growing industries

Securities firms profited as though it were 1999, while accelerating gains by insurers (plus record earnings at AIG and Berkshire Hathaway) helped that category zoom.

GROWTH IN REVENUES

RANK 2003 %

1 PIPELINES 53.3 2 MINING, CRUDE-OIL PRODUCTION 29.1 3 PETROLEUM REFINING 28.5 4 HOMEBUILDERS 19.7 5 INSURANCE: P&C (STOCK) 17.8 6 SEMICONDUCTORS, OTHER 17.3 7 MEDICAL PRODUCTS AND EQUIPMENT 16.9 8 PHARMACEUTICALS 13.6 9 WHOLESALERS: FOOD AND GROCERY 11.9 10 METALS 11.3 11 FOOD SERVICES 11.3 12 WHOLESALERS: HEALTH CARE 11.1 13 HEALTH CARE 10.2 14 UTILITIES: GAS AND ELECTRIC 10.1 15 CHEMICALS 10.0 16 INDUSTRIAL AND FARM EQUIPMENT 9.9 17 DIVERSIFIED FINANCIALS 8.6 18 AEROSPACE AND DEFENSE 8.4 19 SPECIALTY RETAILERS 8.1 20 HOUSEHOLD AND PERSONAL PRODUCTS 7.8 21 INSURANCE: LIFE, HEALTH (STOCK) 7.3 22 AUTOMOTIVE RETAILING, SERVICES 6.5 23 ENTERTAINMENT 6.4 24 MOTOR VEHICLES AND PARTS 5.8 25 COMPUTER AND DATA SERVICES 5.5 26 BEVERAGES 5.1 27 FOOD CONSUMER PRODUCTS 4.9 28 APPAREL 4.5 29 TELECOMMUNICATIONS 4.1 30 PUBLISHING, PRINTING 3.9 31 COMPUTERS, OFFICE EQUIPMENT 3.8 32 PACKAGING, CONTAINERS 3.6 33 ELECTRONICS, ELECTRICAL EQUIP. 3.3 34 SECURITIES 3.2 35 FOOD AND DRUG STORES 3.1 36 RAILROADS 2.8 37 WHOLESALERS: ELECTRON., OFF. EQUIP. 2.7 38 GENERAL MERCHANDISERS 2.4 39 FOOD PRODUCTION 2.4 40 WHOLESALERS: DIVERSIFIED 2.3 41 ENGINEERING, CONSTRUCTION 1.3 42 ENERGY 1.3 43 FOREST AND PAPER PRODUCTS 0.9 44 COMMERCIAL BANKS 0.4 45 HOTELS, CASINOS, RESORTS 0.3 46 AIRLINES 0.2 47 NETWORK, OTHER COMMUN. EQUIPMENT (0.2) THE 500 MEDIAN 7.3

GROWTH IN PROFITS 1 YEAR

RANK 2003 % growth in profits

1 PETROLEUM REFINING 163.8 2 MINING, CRUDE-OIL PRODUCTION 102.4 3 INSURANCE: P&C (STOCK) 90.2 4 ELECTRONICS, ELECTRICAL EQUIP. 85.1 5 INSURANCE: LIFE, HEALTH (STOCK) 61.4 6 SECURITIES 50.4 7 TELECOMMUNICATIONS 43.9 8 AEROSPACE AND DEFENSE 41.9 9 HOMEBUILDERS 37.7 10 HEALTH CARE 35.0 11 DIVERSIFIED FINANCIALS 30.5 12 WHOLESALERS: HEALTH CARE 27.9 13 INDUSTRIAL AND FARM EQUIPMENT 27.6 14 MOTOR VEHICLES AND PARTS 27.1 15 COMPUTERS, OFFICE EQUIPMENT 24.6 16 COMPUTER AND DATA SERVICES 22.0 17 MEDICAL PRODUCTS AND EQUIPMENT 20.3 18 PUBLISHING, PRINTING 19.2 19 HOUSEHOLD AND PERSONAL PRODUCTS 19.2 20 WHOLESALERS: DIVERSIFIED 18.5 21 CHEMICALS 18.2 22 FOOD AND DRUG STORES 15.0 23 BEVERAGES 14.8 24 WHOLESALERS: FOOD AND GROCERY 14.5 25 AUTOMOTIVE RETAILING, SERVICES 13.5 26 GENERAL MERCHANDISERS 12.6 27 RAILROADS 11.8 28 COMMERCIAL BANKS 11.7 29 SPECIALTY RETAILERS 11.6 30 UTILITIES: GAS AND ELECTRIC 10.7 31 FOOD SERVICES 10.4 32 FOOD CONSUMER PRODUCTS 7.7 33 APPAREL 3.2 34 PIPELINES 2.5 35 PHARMACEUTICALS (4.9) 36 WHOLESALERS: ELECTRON., OFF. EQUIP. (7.2) 37 HOTELS, CASINOS, RESORTS (13.0) 38 ENGINEERING, CONSTRUCTION (18.7) 39 ENERGY (30.3) THE 500 MEDIAN 17.0

GROWTH IN PROFITS 5 YEARS

RANK '98-'03 % annual growth in profits

1 HOMEBUILDERS 43.1 2 WHOLESALERS: HEALTH CARE 41.6 3 MINING, CRUDE-OIL PRODUCTION 35.9 4 PETROLEUM REFINING 27.6 5 MEDICAL PRODUCTS AND EQUIPMENT 25.7 6 BEVERAGES 20.8 7 HEALTH CARE 20.2 8 FOOD SERVICES 18.0 9 INSURANCE: P&C (STOCK) 15.6 10 DIVERSIFIED FINANCIALS 14.2 11 SECURITIES 11.9 12 WHOLESALERS: FOOD AND GROCERY 11.7 13 COMPUTER AND DATA SERVICES 11.1 14 COMMERCIAL BANKS 10.9 15 APPAREL 10.6 16 SPECIALTY RETAILERS 9.4 17 PACKAGING, CONTAINERS 8.3 18 HOUSEHOLD AND PERSONAL PRODUCTS 7.8 19 GENERAL MERCHANDISERS 7.1 20 FOOD CONSUMER PRODUCTS 5.9 21 HOTELS, CASINOS, RESORTS 5.2 22 UTILITIES: GAS AND ELECTRIC 4.2 23 INSURANCE: LIFE, HEALTH (STOCK) 3.9 24 PUBLISHING, PRINTING 3.9 25 FOOD AND DRUG STORES 3.8 26 PHARMACEUTICALS 3.4 27 FOREST AND PAPER PRODUCTS 3.2 28 TELECOMMUNICATIONS 2.1 29 AEROSPACE AND DEFENSE 0.5 30 ELECTRONICS, ELECTRICAL EQUIP. (0.2) 31 MOTOR VEHICLES AND PARTS (1.6) 32 COMPUTERS, OFFICE EQUIPMENT (2.9) 33 WHOLESALERS: ELECTRON., OFF. EQUIP. (5.5) 34 CHEMICALS (6.2) 35 INDUSTRIAL AND FARM EQUIPMENT (7.5) 36 SEMICONDUCTORS, OTHER (8.0) 37 AIRLINES (13.1) 38 METALS (19.0) 39 ENERGY (27.2) THE 500 MEDIAN 17.0

Most profitable industries

Household and personal-care products outshone pharmaceuticals on this year's list, proving that making the most of your assets can be more than a cosmetic strategy.

RETURN ON REVENUES

RANK 2002 profits as % of revenues

1 MINING, CRUDE-OIL PRODUCTION 20.1 2 COMMERCIAL BANKS 18.6 3 PHARMACEUTICALS 14.3 4 PUBLISHING, PRINTING 14.2 5 MEDICAL PRODUCTS AND EQUIPMENT 12.3 6 DIVERSIFIED FINANCIALS 12.1 7 HOUSEHOLD AND PERSONAL PRODUCTS 11.8 8 SECURITIES 11.8 9 RAILROADS 8.5 10 INSURANCE: LIFE, HEALTH (STOCK) 8.0 11 INSURANCE: P&C (STOCK) 7.9 12 HOMEBUILDERS 7.0 13 FOOD SERVICES 6.6 14 FOOD CONSUMER PRODUCTS 6.1 15 UTILITIES: GAS AND ELECTRIC 5.9 16 HOTELS, CASINOS, RESORTS 5.7 17 ENTERTAINMENT 5.7 18 APPAREL 5.6 19 CHEMICALS 5.3 20 COMPUTER AND DATA SERVICES 4.9 21 ELECTRONICS, ELECTRICAL EQUIP. 4.7 22 BEVERAGES 4.6 23 TELECOMMUNICATIONS 4.5 24 INDUSTRIAL AND FARM EQUIPMENT 4.1 25 PETROLEUM REFINING 4.0 26 GENERAL MERCHANDISERS 3.7 27 HEALTH CARE 3.6 28 SPECIALTY RETAILERS 3.5 29 NETWORK, OTHER COMMUN. EQUIPMENT 3.3 30 AEROSPACE AND DEFENSE 3.2 31 COMPUTERS, OFFICE EQUIPMENT 2.3 32 WHOLESALERS: DIVERSIFIED 2.2 33 ENGINEERING, CONSTRUCTION 1.8 34 MOTOR VEHICLES AND PARTS 1.7 35 FOOD PRODUCTION 1.4 36 WHOLESALERS: FOOD AND GROCERY 1.3 37 AUTOMOTIVE RETAILING, SERVICES 1.3 38 WHOLESALERS: HEALTH CARE 1.3 39 PIPELINES 1.2 40 FOREST AND PAPER PRODUCTS 1.2 41 FOOD AND DRUG STORES 1.1 42 PACKAGING, CONTAINERS 0.8 43 WHOLESALERS: ELECTRON., OFF. EQUIP. 0.6 44 AIRLINES 0.4 45 METALS 0.2 46 SEMICONDUCTORS, OTHER (1.3) 47 ENERGY (2.6) THE 500 MEDIAN 4.6

RETURN ON ASSETS

RANK 2003 profits as % of assets

1 HOUSEHOLD AND PERSONAL PRODUCTS 13.5 2 PHARMACEUTICALS 10.3 3 MEDICAL PRODUCTS AND EQUIPMENT 9.0 4 HOMEBUILDERS 8.8 5 FOOD SERVICES 8.7 6 PUBLISHING, PRINTING 8.0 7 APPAREL 7.9 8 MINING, CRUDE-OIL PRODUCTION 6.4 9 SPECIALTY RETAILERS 6.3 10 FOOD CONSUMER PRODUCTS 6.1 11 HEALTH CARE 6.0 12 GENERAL MERCHANDISERS 5.6 13 PETROLEUM REFINING 5.2 14 ELECTRONICS, ELECTRICAL EQUIP. 5.2 15 WHOLESALERS: HEALTH CARE 5.1 16 COMPUTER AND DATA SERVICES 5.1 17 ENGINEERING, CONSTRUCTION 4.5 18 BEVERAGES 4.1 19 CHEMICALS 4.1 20 WHOLESALERS: FOOD AND GROCERY 4.0 21 AUTOMOTIVE RETAILING, SERVICES 3.9 22 AEROSPACE AND DEFENSE 3.3 23 WHOLESALERS: DIVERSIFIED 3.1 24 INDUSTRIAL AND FARM EQUIPMENT 3.0 25 FOOD PRODUCTION 2.9 26 FOOD AND DRUG STORES 2.8 27 RAILROADS 2.8 28 NETWORK, OTHER COMMUN. EQUIPMENT 2.8 29 UTILITIES: GAS AND ELECTRIC 2.7 30 PIPELINES 2.5 31 HOTELS, CASINOS, RESORTS 2.4 32 ENTERTAINMENT 2.4 33 DIVERSIFIED FINANCIALS 2.3 34 WHOLESALERS: ELECTRON., OFF. EQUIP. 2.1 35 INSURANCE: P&C (STOCK) 2.1 36 TELECOMMUNICATIONS 1.9 37 COMPUTERS, OFFICE EQUIPMENT 1.5 38 COMMERCIAL BANKS 1.3 39 MOTOR VEHICLES AND PARTS 1.0 40 FOREST AND PAPER PRODUCTS 0.9 41 SECURITIES 0.7 42 INSURANCE: LIFE, HEALTH (STOCK) 0.7 43 AIRLINES 0.4 44 METALS 0.2 45 PACKAGING, CONTAINERS 0.0 46 SEMICONDUCTOR, OTHER (1.4) 47 ENERGY (1.7) THE 500 MEDIAN 3.1

RETURN ON SHAREHOLDERS' EQUITY

RANK 2003 profits as % of equity

1 HOUSEHOLD AND PERSONAL PRODUCTS 40.6 2 FOOD CONSUMER PRODUCTS 23.7 3 HOMEBUILDERS 23.0 4 PHARMACEUTICALS 22.1 5 MEDICAL PRODUCTS AND EQUIPMENT 19.6 6 DIVERSIFIED FINANCIALS 19.5 7 BEVERAGES 18.8 8 PUBLISHING, PRINTING 18.0 9 ELECTRONICS, ELECTRICAL EQUIP. 17.4 10 HEALTH CARE 16.0 11 MINING, CRUDE-OIL PRODUCTION 15.9 12 APPAREL 15.2 13 COMMERCIAL BANKS 14.9 14 FOOD SERVICES 14.8 15 COMPUTER AND DATA SERVICES 14.4 16 PETROLEUM REFINING 14.4 17 ENGINEERING, CONSTRUCTION 14.2 18 SECURITIES 14.2 19 GENERAL MERCHANDISERS 14.1 20 WHOLESALERS: DIVERSIFIED 13.6 21 SPECIALTY RETAILERS 13.5 22 WHOLESALERS: HEALTH CARE 13.1 23 INSURANCE: P&C (STOCK) 13.0 24 WHOLESALERS: FOOD AND GROCERY 12.8 25 AUTOMOTIVE RETAILING, SERVICES 11.2 26 MOTOR VEHICLES AND PARTS 11.0 27 INDUSTRIAL AND FARM EQUIPMENT 10.7 28 UTILITIES: GAS AND ELECTRIC 10.5 29 CHEMICALS 10.5 30 FOOD AND DRUG STORES 10.3 31 INSURANCE: LIFE, HEALTH (STOCK) 9.9 32 AEROSPACE AND DEFENSE 9.7 33 TELECOMMUNICATIONS 9.1 34 NETWORK, OTHER COMMUN. EQUIPMENT 9.0 35 RAILROADS 8.6 36 HOTELS, CASINOS, RESORTS 8.6 37 FOOD PRODUCTION 7.5 38 PIPELINES 7.1 39 AIRLINES 6.8 40 COMPUTERS, OFFICE EQUIPMENT 6.7 41 WHOLESALERS: ELECTRON., OFF. EQUIP. 6.7 42 ENTERTAINMENT 5.0 43 FOREST AND PAPER PRODUCTS 3.7 44 METALS 2.7 45 ENERGY 1.4 46 SEMICONDUCTORS, OTHER (1.8) 47 PACKAGING, CONTAINERS (1.9) THE 500 MEDIAN 12.6

Best investments by industry

Buying into the American dream: Homebuilders continue to provide a safe haven for investors. Only medical products have held up better over the past ten years.

TOTAL RETURN TO SHAREHOLDERS*

1 YEAR

RANK 2003 %

1 HOMEBUILDERS 105.3 2 SEMICONDUCTORS, OTHER 96.6 3 NETWORK, OTHER COMMUN. EQUIPMENT 85.0 4 WHOLESALERS: FOOD AND GROCERY 78.0 5 METALS 70.8 6 AUTOMOTIVE RETAILING, SERVICES 63.8 7 MOTOR VEHICLES AND PARTS 54.8 8 WHOLESALERS: ELECTRON., OFF. EQUIP. 47.2 9 SECURITIES 46.1 10 AIRLINES 44.2 11 COMPUTERS, OFFICE EQUIPMENT 43.7 12 FOOD SERVICES 42.0 13 ELECTRONICS, ELECTRICAL EQUIP. 41.8 14 PIPELINES 41.3 15 HEALTH CARE 39.4 16 INDUSTRIAL AND FARM EQUIPMENT 38.8 17 SPECIALTY RETAILERS 37.8 18 WHOLESALERS: DIVERSIFIED 37.5 19 PETROLEUM REFINING 37.4 20 CHEMICALS 34.1 21 FOREST AND PAPER PRODUCTS 33.5 22 INSURANCE: P&C (STOCK) 33.0 23 HOTELS, CASINOS, RESORTS 32.2 24 ENTERTAINMENT 31.6 25 MEDICAL PRODUCTS AND EQUIPMENT 31.2 26 DIVERSIFIED FINANCIALS 30.9 27 COMMERCIAL BANKS 30.6 28 ENERGY 30.1 29 INSURANCE: LIFE, HEALTH (STOCK) 29.1 30 GENERAL MERCHANDISERS 28.5 31 COMPUTER AND DATA SERVICES 28.4 32 MINING, CRUDE-OIL PRODUCTION 28.3 33 RAILROADS 23.4 34 HOUSEHOLD AND PERSONAL PRODUCTS 23.4 35 AEROSPACE AND DEFENSE 23.1 36 APPAREL 23.1 37 FOOD AND DRUG STORES 22.9 38 UTILITIES: GAS AND ELECTRIC 21.3 39 TELECOMMUNICATIONS 21.3 40 WHOLESALERS: HEALTH CARE 19.9 41 PACKAGING, CONTAINERS 19.0 42 PUBLISHING, PRINTING 17.8 43 PHARMACEUTICALS 16.1 44 FOOD CONSUMER PRODUCTS 12.0 45 ENGINEERING, CONSTRUCTION 8.8 46 BEVERAGES 6.1 THE 500 MEDIAN 32.2

5 YEARS

RANK '98-'03 annual rate %

1 HOMEBUILDERS 29.1 2 PIPELINES 27.1 3 WHOLESALERS: FOOD AND GROCERY 16.7 4 HEALTH CARE 16.6 5 SECURITIES 13.4 6 MINING, CRUDE-OIL PRODUCTION 12.5 7 APPAREL 12.2 8 HOTELS, CASINOS, RESORTS 11.7 9 FOOD SERVICES 11.5 10 INDUSTRIAL AND FARM EQUIPMENT 10.2 11 ELECTRONICS, ELECTRICAL EQUIP. 10.0 12 DIVERSIFIED FINANCIALS 9.0 13 METALS 8.6 14 WHOLESALERS: HEALTH CARE 8.6 15 WHOLESALERS: DIVERSIFIED 8.5 16 PUBLISHING, PRINTING 8.1 17 AUTOMOTIVE RETAILING, SERVICES 6.6 18 CHEMICALS 6.2 19 AEROSPACE AND DEFENSE 6.2 20 UTILITIES: GAS AND ELECTRIC 5.6 21 PETROLEUM REFINING 5.3 22 FOOD CONSUMER PRODUCTS 4.1 23 MEDICAL PRODUCTS AND EQUIPMENT 4.0 24 INSURANCE: P&C (STOCK) 3.6 25 FOREST AND PAPER PRODUCTS 3.2 26 GENERAL MERCHANDISERS 2.8 27 HOUSEHOLD AND PERSONAL PRODUCTS 2.8 28 INSURANCE: LIFE, HEALTH (STOCK) 2.7 29 COMMERCIAL BANKS 2.5 30 PACKAGING, CONTAINERS 2.2 31 MOTOR VEHICLES AND PARTS 1.9 32 SEMICONDUCTOR, OTHER 1.8 33 SPECIALTY RETAILERS 0.2 34 RAILROADS 0.2 35 WHOLESALERS: ELECTRON., OFF. EQUIP. (0.3) 36 COMPUTERS, OFFICE EQUIPMENT (2.6) 37 NETWORK, OTHER COMMUN. EQUIPMENT (2.7) 38 PHARMACEUTICALS (3.0) 39 ENTERTAINMENT (3.6) 40 BEVERAGES (4.0) 41 ENERGY (4.7) 42 TELECOMMUNICATIONS (5.2) 43 COMPUTER AND DATA SERVICES (7.2) 44 FOOD AND DRUG STORES (12.9) 45 AIRLINES (13.8) THE 500 MEDIAN 4.1

10 YEARS

RANK '93-'03 annual rate %

1 MEDICAL PRODUCTS AND EQUIPMENT 25.9 2 HOMEBUILDERS 23.6 3 SEMICONDUCTORS, OTHER 22.9 4 SECURITIES 21.6 5 ENTERTAINMENT 16.6 6 DIVERSIFIED FINANCIALS 16.5 7 COMMERCIAL BANKS 15.7 8 BEVERAGES 15.3 9 HOUSEHOLD AND PERSONAL PRODUCTS 14.9 10 PUBLISHING, PRINTING 14.6 11 SPECIALTY RETAILERS 14.5 12 PHARMACEUTICALS 14.3 13 INSURANCE: P&C (STOCK) 13.9 14 APPAREL 13.5 15 INSURANCE: LIFE, HEALTH (STOCK) 13.3 16 HEALTH CARE 13.0 17 INDUSTRIAL AND FARM EQUIPMENT 12.1 18 WHOLESALERS: FOOD AND GROCERY 11.9 19 ELECTRONICS, ELECTRICAL EQUIP. 11.3 20 COMPUTERS, OFFICE EQUIPMENT 11.2 21 PETROLEUM REFINING 10.7 22 AEROSPACE AND DEFENSE 9.5 23 CHEMICALS 9.3 24 FOOD CONSUMER PRODUCTS 9.0 25 UTILITIES: GAS AND ELECTRIC 8.9 26 GENERAL MERCHANDISERS 8.8 27 FOOD AND DRUG STORES 7.8 28 MINING, CRUDE-OIL PRODUCTION 7.2 29 HOTELS, CASINOS, RESORTS 6.4 30 FOREST AND PAPER PRODUCTS 5.4 31 WHOLESALERS: ELECTRON., OFF. EQUIP. 5.2 32 TELECOMMUNICATIONS 5.2 33 RAILROADS 4.9 34 PACKAGING, CONTAINERS 4.7 35 ENERGY 4.2 36 MOTOR VEHICLES AND PARTS 3.0 37 AIRLINES (1.9) THE 500 MEDIAN 10.5

*Including capital gains or losses plus reinvested dividends.