Global Top 100 Companies by market capitalisation

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1 Companies by market capitalisation 31 March 2014 update IPO Centre An IPO Centre publication

2 Market Cap ($) No. of companies Market Cap ($) Introduction In this brief report we have ranked the global top 100 companies by market capitalisation. The results are a definite eye opener and we have been able to identify some interesting trends and developments on an individual company level, a country level and by sector. Key highlights - Apple is 1. Having almost quadrupled its market cap in the past five years, its has jumped from rank 33 to pole position. - Industrials (+153%), Technology (+149%) and Financials (+136%) are the leading sectors to have grown market cap in the Top growth is driven by innovation and recovery from the financial crisis. - The US is king - there are 47 companies from the US in the top 100, up from 42 in China has yet to achieve the same levels as the west. And Europe has remained stable. China and the rest of the BRICs have not kept pace and have slipped down the rankings. - There are 68 survivors in the top 100 list since companies went straight into the top 100 through IPOs or spin-offs $16,000bn $14,000bn $12,000bn $10,000bn $8,000bn $6,000bn $4,000bn $2,000bn $0bn $600bn $400bn $200bn Total top 100 companies by market cap as at 31 March $bn $8,402bn <$50bn $50bn - $75bn Market Caps of top and bottom in the top 100 companies as at 31 March $337bn Exxon Mobil $40bn $469bn $81bn Number 1 Number 100 $15,020bn $75bn - $100bn PetroChina $100bn - $150bn Exxon Mobil $150bn - $200bn $200bn - $250bn Apple Number of Top 100 companies in 2014 Number of Top 100 companies in 2009 $250bn - $300bn Apple >$300bn Apple Source: Bloomberg and analysis Slide 2

3 The ranking The list ranks companies by their market capitalisation in US$ as of 31 March 2014 and compares this with the Top 100 list as of 31 March 2009 Data source is Bloomberg, with analysis Industry classification based on ICB ETFs and closed end funds are excluded from the analysis The ranking do not compensate for changes in currency exchange rates Key highlights The US dominates. 8 out of the top 10 are US companies, 13 out of the top 20 and 47 out of the top 100. Companies from the emerging markets (BRIC) have proved to be the biggest fallers in this analysis, with only 11 companies now in the top 100 compared with 17 in Change is the norm no company has maintained it 2009 position in This is particularly true from rank 20 onwards where it seems companies find it increasingly difficult to keep their rank over time Climbing the ranks is no easy task. The difference between rank 100 and rank 80 is just $13bn. It would need $270bn to climb from 20 to rank one. NB: In order to meet market perception we allocated dual listed companies as follows: BHP Billiton (AUS), Rio Tinto (UK), Royal Dutch Shell (UK) and Unilever (NL) Slide 3

4 Number of companies Spread of market capitalisations in the Global Top 100 as at 31 March Number of Top 100 companies in 2014 Number of Top 100 companies in <$50bn $50bn - $75bn $75bn - $100bn $100bn - $150bn $150bn - $200bn $200bn - $250bn $250bn - $300bn >$300bn 73 companies of the global Top 100 had a market capitalisation less than $100bn as at 31 March companies of the global Top 100 had a market capitalisation less than $100bn as at 31 March 2014 The average market capitalisation as at 31 March 2009 was $84bn, while the average market capitalisation as at 31 March 2014 was $150bn June 2013 Slide 4 Source: Bloomberg and analysis

5 The movements Risers, fallers, countries, numbers Slide 5

6 The movements Key highlights 68 companies from 2009 survived to be in the list today. 2 companies, Facebook (#29) and Agricultural Bank of China (#48), entered the by IPO. And AbbVie (#100) entered the though a spin-off. Tech (Apple, Google and Microsoft) and Financials (Wells Fargo and Berkshire Hathaway) companies are the top risers since Here again the US dominates. Companies from the Utilities industry (4 companies in 2009) haven all fallen out of the global top 100 as at 31 March The threshold to enter the has doubled. In 2014 it took more than $81bn in market cap to even be part of the list, in 2009 a little more than $40bn was sufficient. The market cap of the most valuable company at 31 March 2014, being Apple with a market cap of $469bn, is still below the peak of $559bn achieved by Apple as at 31 March But well above the top ranked company at 31 March 2009 Exxon Mobil with a market cap of $337bn. As expected, the US has the highest combined market capitalisation of national companies ($8.1trn). In 2014 there are 47 US companies in the after 42 in China/Hong Kong has lost 3 (from 11 to 8) and the other BRIC nations fell from 6 to 3 The Eurozone has been stable (18 companies). Source: Bloomberg and analysis Slide 6

7 Market Cap ($) Market Cap ($) Total top 100 companies by market capitalisation as at 31 March $16,000bn $14,000bn $12,000bn $10,000bn $8,000bn $6,000bn $4,000bn $2,000bn $0bn $15,020bn $12,974bn $12,917bn $13,597bn $12,047bn $8,403bn $600bn Market Caps of top and bottom in the top 100 companies $500bn $400bn $337 $329 $417 Exxon Mobil $559 Apple $416 Apple $469 Apple $300bn Exxon Mobil PetroChina. $200bn $100bn $40 $61 $69 $64 $70 $81 $bn Number 1 Number 100 Source: Bloomberg and analysis Slide 7

8 Number of companies Between 2009 and 2014 there were 32 changes to the (3) (29) as at 31 March 2009 Acquired, merged or seperated Dropped from the IPOs and demergers* New entries by growth and M&A as at 31 March 2014 *IPOs: Agricultural Bank of China in 2010 and Facebook in 2013 de-merger: AbbVie in 2013 Source: Bloomberg and analysis Slide 8

9 Total market cap ($bn) Between 2009 and 2014 the total market cap of the global top 100 increased by $6,617bn $16,000 $5,000bn $14,000 $12,000 $10,000 $3,069bn $8,000 ($201bn) $381bn $6,000 ($1,631bn) $4,000 $2,000 $0 as at 31 March acquired, merged or seperated 29 dropped from the Global Top IPOs and demergers* 29 new entries by growth and M&A 68 survivors growth as at 31 March 2014 Source: Bloomberg and analysis Slide 9

10 companies per country absolute market capitalisation change Country Market cap Change $bn Rank Market cap ($bn) No. Rank Market cap ($bn) No. Market cap ($bn) of current top 100 in 2009 United States 4, , , ,629 United Kingdom , China , , Switzerland Germany France Australia Japan South Korea Brazil Spain Hong Kong Canada Belgium Netherlands Denmark Ireland Taiwan Russia Saudi Arabia Italy Norway Colombia Slide 10 Source: Bloomberg and analysis

11 companies per country relative market capitalisation change Country % market cap change % index change * Market cap of current top 100 ($bn) Market cap of current top 100 ($bn) United States 122% 135% 8,052 3,629 United Kingdom 82% 68% 1, China 29% 14% 1, Switzerland 111% 72% Germany 135% 134% France 97% 56% Australia 114% 83% Japan 136% 51% South Korea 241% 23% Brazil 34% 32% Spain 143% 63% Hong Kong 9% 64% Canada 152% 64% Belgium 283% 79% Netherlands 105% 77% Denmark 320% 86% Ireland 14,775% 208% Taiwan 138% 128% Russia 4% 70% Saudi Arabia 174% 101% Italy 13% 37% Norway 50% 152% Colombia 148% 72% * Price change of the local main index per country Source: Bloomberg and analysis Slide 11

12 Number of companies per country of domicile United States United Kingdom China/HK Germany France Slide 12 Source: Bloomberg and analysis

13 Number of companies per country of domicile (2) Australia Switzerland Japan Brazil Canada Spain Slide 13 Source: Bloomberg and analysis

14 The risers The 20 companies with the largest absolute increase in market cap Company name Nationality Industry Change ($bn) Market Cap 2014 ($bn) Market Cap 2009 ($bn) 1 Apple Inc United States Technology 376 (401%) Google Inc United States Technology 299 (272%) Wells Fargo & Co United States Financials 184 (305%) Microsoft Corp United States Technology 155 (95%) Berkshire Hathaway Inc United States Financials 152 (114%) General Electric Co United States Industrials 149 (139%) Samsung Electronics Co Ltd South Korea Consumer Goods 148 (241%) Roche Holding AG Switzerland Health Care 147 (124%) Tencent Holdings Ltd China Technology 136 (1,047%) Amazon.com Inc United States Consumer Services 135 (428%) Citigroup Inc United States Financials 133 (956%) Bank of America Corp United States Financials 131 (300%) Anheuser-Busch InBev SA Belgium Consumer Goods 125 (283%) Novartis AG Switzerland Health Care 124 (125%) HSBC Holdings PLC United Kingdom Financials 120 (152%) JPMorgan Chase & Co United States Financials 115 (115%) Johnson & Johnson United States Health Care 115 (79%) Nestle SA Switzerland Consumer Goods 115 (89%) Pfizer Inc United States Health Care 113 (123%) Merck & Co Inc United States Health Care 111 (197%) Slide 14 Source: Bloomberg and analysis

15 The risers The 20 companies with the largest relative increase in market cap Company name Nationality Industry Change ($bn) Market Cap 2014 ($bn) Market Cap 2009 ($bn) 1 Allied Irish Banks PLC Ireland Financials 14,775% Tencent Holdings Ltd China Technology 1,047% Citigroup Inc United States Financials 956% Softbank Corp Japan Telecommunications 557% American Express Co United States Financials 514% Lloyds Banking Group PLC United Kingdom Financials 496% Amazon.com Inc United States Consumer Services 428% Apple Inc United States Technology 401% MasterCard Inc United States Technology 326% Ambev SA Brazil Consumer Goods 325% Walt Disney Co United States Consumer Services 320% NovoNordisk A/S Denmark Health Care 320% Daimler AG Germany Consumer Goods 309% Wells Fargo & Co United States Financials 305% Bank of America Corp United States Financials 300% Union Pacific Corp United States Industrials 296% Anheuser-Busch InBev SA Belgium Consumer Goods 283% BASF SE Germany Basic Materials 277% Google Inc United States Technology 272% Boeing Co United States Industrials 271% Slide 15 Source: Bloomberg and analysis

16 The fallers The companies with a decrease in market capitalisation Company name Nationality Industry Change ($bn) Market Cap 2009 ($bn) Market Cap 2014 ($bn) 1 PetroChina Co Ltd China Oil & Gas -62 (-22%) Petrobras SA Brazil Oil & Gas -35 (-29%) China Life Insurance Co Ltd China Financials -29 (-30%) Nintendo Co Ltd Japan Consumer Goods -24 (-59%) Telefonica SA Spain Telecommunications -22 (-23%) Orange SA France Telecommunications -20 (-34%) Nokia Oyj Finland Technology -16 (-37%) Abbott Laboratories United States Health Care -16 (-22%) Hewlett-Packard Co United States Technology -16 (-20%) E.ON SE Germany Utilities -14 (-26%) China Shenhua Energy Co Ltd China Basic Materials -11 (-19%) GDF Suez SA France Utilities -9 (-12%) Bank of China Ltd China Financials 0 (0%) Slide 16 Source: Bloomberg and analysis

17 The industries The list sorted by sectors Slide 17

18 The industries Key highlights Three industries show significant upward trends: Industrials (+153%), Technology (+149%) and Financials (+136%) Among all these industries are largely dominated by US companies. The value of industrial companies (7) in the has increased the most, with 3 new entries in the in 2014 and one new entry in the top 10 (General Electric). However, the industrial sector remains relatively small compared to the Financial and Technology industries. Technology has 2 very impressive risers with Apple, Google. 15 years ago Apple was valued at a few billion USD and Google was just founded. The technology sector predominantly consists of US domiciled companies. The number of Consumer Services in the Global top 100 grew to 7 by, with 4 new entries. Again the US dominates, all 7 companies are domiciled in the United States. Increasing consumption and the rise of the middle class throughout large parts of the world are key trends that enable companies in this sector to grow. Despite the financial crisis Financial Services is the sector with the most companies in our study. The Financial sector has grown with 128% in 2014 compared to 2009, a sign of recovery post crisis. Slide 18

19 Industry comparison Industry Total top 100 Market cap ($bn) 2014 Number of companies 2014" Market cap growth current top 100 (2014) Market cap growth previous top 100 (2009) Industry index performance since 2009 Index outperformance 1 Financials 2, % 75% 105% 2 Technology 2, % 112% 131% 3 Consumer Goods 2, % 85% 145% 4 Oil & Gas 2, % 24% 54% 5 Health Care 1, % 76% 128% 6 Consumer Services % 38% 160% 7 Industrials % 128% 134% 8 Telecommunications % 20% 54% 9 Basic Materials % 37% 66% 10 Utilities % - Note: Industry index performance is based on the MSCI International ACWI Industry Price Index USD June 2013 Slide 19 Source: Bloomberg and analysis

20 Financials Top 100 Financials Nationality Rank +/- Rank 2014 Rank 2009 companies Berkshire Hathaway Inc United States Wells Fargo & Co United States JPMorgan Chase & Co United States ICBC Ltd China (19) HSBC Holdings PLC United Kingdom Bank of America Corp United States China Construction Bank Corp China (17) Citigroup Inc United States Visa Inc United States Agricultural Bank of China Ltd China IPO n/a Bank of China Ltd China (36) Commonwealth Bank Australia Banco Santander SA Spain (1) Allied Irish Banks PLC Ireland Westpac Banking Corp Australia BNP Paribas SA France American Express Co United States Royal Bank of Canada Canada Lloyds Banking Group PLC United Kingdom Toronto-Dominion Bank Canada ANZ Banking Group Ltd Australia Current Top 100 MSCI Financials index 136% 105% Total 2,854* Total 1,209 * Excluding market cap of Agricultural Bank of China Slide 20 Source: Bloomberg and analysis

21 Financials (2) Top 100 Financials Nationality Rank +/- Rank 2009 Rank 2014 companies ICBC Ltd China (19) Berkshire Hathaway Inc United States China Construction Bank Corp China (17) Bank of China Ltd Canada (36) JPMorgan Chase & Co China China Life Insurance Co Ltd United States HSBC Holdings PLC China Wells Fargo & Co United Kingdom Banco Santander SA Japan (1) Mitsubishi UFJ Financial Group United States Goldman Sachs Group Inc Spain Visa Inc United States Bank of America Corp United States Ping An Insurance Group United States Itau Unibanco Holding SA China Royal Bank of Canada Brazil Bank of Communications Co Ltd China Old Top 100 MSCI Financials index 75% 105% Total 1,326 Total 2,327 Slide 21 Source: Bloomberg and analysis

22 Technology Top 100 Technology Nationality Rank +/- Rank 2014 Rank 2009 companies Apple Inc United States Google Inc United States Microsoft Corp United States IBM Corp United States (10) Oracle Corp United States Facebook Inc United States n/a Tencent Holdings Ltd China Qualcomm Inc United States Intel Corp United States (9) Cisco Systems Inc United States (29) SAP AG Germany TSMC Ltd Taiwan MasterCard Inc United States Current Top 100 MSCI Technology index 149% 131% Total 2,360* Total 949 Top 100 Technology Nationality Rank +/- Rank 2009 Rank 2014 companies Microsoft Corp United States IBM Corp United States (10) Google Inc United States Cisco Systems Inc United States (29) Apple Inc United States Oracle Corp United States Intel Corp United States (9) Hewlett-Packard Co United States n/a Qualcomm Inc United States Nokia Oyj Finland n/a SAP AG Germany Old Top 100 MSCI Technology index 112% 131% Total 997 Total 2,116 * Excluding market cap of Facebook Slide 22 Source: Bloomberg and analysis

23 Consumer Goods Top 100 Consumer Goods Nationality Rank +/- Rank 2014 Rank 2009 companies Nestle SA Switzerland Procter & Gamble Co United States (7) Samsung Electronics Co Ltd South Korea Toyota Motor Corp Japan Anheuser-Busch InBev SA Belgium The Coca-Cola Co United States (6) Philip Morris International Inc United States PepsiCo Inc United States (8) Unilever NV Netherlands Volkswagen AG Germany (22) Ambev SA Brazil British American Tobacco PLC United Kingdom L'Oreal SA France Daimler AG Germany LVMH SA France Inditex S.A. Spain Current Top 100 MSCI Consumer index 112% 145% Total 2,293 Total 1,080 Slide 23 Source: Bloomberg and analysis

24 Consumer Goods (2) Top 100 Consumer Goods Nationality Rank +/- Rank 2009 Rank 2014 companies Procter & Gamble Co United States (7) Nestle SA Switzerland Toyota Motor Corp Japan The Coca-Cola Co United States (6) Volkswagen AG Germany (22) PepsiCo Inc United States (8) Philip Morris International Inc United States Samsung Electronics Co Ltd South Korea Unilever NV Netherlands British American Tobacco PLC United Kingdom Monsanto Co United States Anheuser-Busch InBev SA Belgium Honda Motor Co Ltd Japan L'Oreal SA France Nintendo Co Ltd Japan Old Top 100 MSCI Consumer index 85% 145% Total 1,103 Total 2,036 Slide 24 Source: Bloomberg and analysis

25 Oil & Gas Top 100 Oil & Gas Nationality Rank +/- Rank 2014 Rank 2009 companies Exxon Mobil Corp United States (1) Royal Dutch Shell PLC United Kingdom (3) PetroChina Co Ltd China (11) Chevron Corp United States (4) BP PLC United Kingdom (20) Total SA France (17) Schlumberger NV United States Sinopec Corp China (45) Gazprom OAO Russia (46) Petrobras SA Brazil (74) Eni SpA Italy (48) Statoil ASA Norway (30) Ecopetrol SA Colombia ConocoPhillips United States (43) Current Top 100 MSCI Oil & Gas index 24% 54% Total 2,150 Total 1,730 Slide 25 Source: Bloomberg and analysis

26 Oil & Gas (2) Top 100 Oil & Gas Nationality Rank +/- Rank 2009 Rank 2014 companies Exxon Mobil Corp United States (1) PetroChina Co Ltd China (11) Royal Dutch Shell PLC United Kingdom (3) Chevron Corp United States (4) BP PLC United Kingdom (20) Petrobras SA Brazil (74) Total SA India (17) Sinopec Corp France (45) Gazprom OAO China (46) Eni SpA Italy (48) ConocoPhillips United States (43) Statoil ASA Norway (30) BG GROUP PLC United Kingdom Schlumberger NV United States Reliance Industries Ltd Russia NK Rosneft' OAO Russia Occidental Petroleum Corp United States CNOOC Ltd Hong Kong Old Top 100 MSCI Oil & Gas index 24% 54% Total 1,929 Total 2,392 Slide 26 Source: Bloomberg and analysis

27 Health Care Top 100 Healthcare Nationality Rank +/- Rank 2014 Rank 2009 companies Roche Holding AG Switzerland Johnson & Johnson United States Novartis AG Switzerland Pfizer Inc United States Merck & Co Inc United States Sanofi SA France GlaxoSmithklinePLC United Kingdom (2) Gilead Sciences Inc United States NovoNordisk A/S Denmark Amgen Inc United States (6) Bristol-Myers Squibb Co United States AbbVie Inc United States n/a Current Top 100 MSCI Healthcare index 110% 128% Total 1,812* Total 865 Top 100 Healthcare Market Cap $bn Market Cap $bn Nationality Rank +/- Rank 2009 Rank 2014 companies Johnson & Johnson United States Roche Holding AG Switzerland Genentech Inc United States Novartis AG Switzerland Pfizer Inc United States GlaxoSmithklinePLC United Kingdom (2) Sanofi SA France Abbott Laboratories United States * - 58 Wyeth United States Merck & Co Inc United States AstraZeneca PLC United Kingdom Amgen Inc United States (6) Bristol-Myers Squibb Co United States Gilead Sciences Inc United States Old Top 100 MSCI Healthcare index 76% 128% Total 1,048 Total 1,845 * Excluding market cap of AbbVie Slide 27 Source: Bloomberg and analysis

28 Consumer Services Top 100 Consumer Nationality Rank +/- Rank 2014 Rank 2009 Services companies Wal-Mart Stores Inc United States (8) Amazon.com Inc United States Walt Disney Co United States Comcast Corp United States Home Depot Inc United States McDonald's Corp United States (24) CVS Caremark Corp United States Current Top 100 MSCI Consumer Services index 118% 160% Total 980 Total 449 Top 100 Consumer Nationality Rank +/- Rank 2009 Rank 2014 Services companies Wal-Mart Stores Inc United States (8) McDonald's Corp United States (24) CVS Caremark Corp United States Old Top 100 MSCI Consumer Services index 38% 160% Total 305 Total 422 Slide 28 Source: Bloomberg and analysis

29 Industrials Top 100 Industrials Nationality Rank +/- Rank 2014 Rank 2009 companies General Electric Co United States Siemens AG Germany United Technologies Corp United States Boeing Co United States M Co United States United Parcel Service Inc United States (15) Union Pacific Corp United States Current Top 100 MSCI Industrials index 153% 134% Total 836 Total 330 Top 100 Industrials Market Cap $($bn) Nationality Rank +/- Rank 2009 Rank 2014 companies bn 2014 General Electric Co United States Siemens AG Germany United Parcel Service Inc United States (15) United Technologies Corp United States Old Top 100 MSCI Industrials index 128% 134% Total 249 Total 569 Slide 29 Source: Bloomberg and analysis

30 Telecommunications Top 100 Telecommunications Rank Nationality Rank 2014 Rank 2009 companies / Verizon Communications Inc United States China Mobile Ltd Hong Kong (20) AT&T Inc United States (28) Vodafone Group PLC United Kingdom (25) Softbank Corp Japan Current Top 100 MSCI Telecom. index 46% 54% Total 754 Total 515 Top 100 Telecommunications Rank Nationality Rank 2009 Rank 2014 companies / China Mobile Ltd Hong Kong (20) AT&T Inc United States (28) Telefonica SA Japan Vodafone Group PLC Spain (25) Verizon Communications Inc United Kingdom Orange SA Japan NTT Docomo Inc United States Nippon Telegraph And Telephone Corp France Deutsche Telekom AG Mexico America Movil SAB de CV Germany Old Top 100 MSCI Telecom. index 20% 54% Total 871 Total 1,047 Slide 30 Source: Bloomberg and analysis

31 Basic Materials Top 100 Basic Materials Nationality Rank +/- Rank 2014 Rank 2009 companies BHP Billiton Ltd Australia (7) Bayer AG Germany Rio Tinto PLC United Kingdom BASF SE Germany SABIC SJSC Saudi Arabia Current Top 100 MSCI Materials index 124% 66% Total 601 Total 268 Top 100 Basic Materials Nationality Rank +/- Rank 2009 Rank 2014 companies BHP Billiton Ltd Australia (7) Vale SA Brazil China Shenhua Energy Co Ltd China Rio Tinto PLC United Kingdom Old Top 100 MSCI Materials index 37% 66% Total 295 Total 403 Slide 31 Source: Bloomberg and analysis

32 Country/region comparison Slide 32

33 UK companies in the 2009 and companies (9 in 2009) 2014 UK companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) Royal Dutch Shell PLC (3) HSBC Holdings PLC BP PLC (20) GlaxoSmithklinePLC (2) Vodafone Group PLC (25) Rio Tinto PLC British American Tobacco PLC Companies coming in: Lloyds Banking Group PLC Companies dropping out: AstraZeneca PLC BG GROUP PLC Slide 33 Source: Bloomberg and analysis

34 Eurozone companies in the 2009 and companies (18 in 2009) 2014 Eurozone companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) Anheuser-Busch InBev SA Total SA (17) Sanofi SA Unilever NV Volkswagen AG (22) Siemens AG Banco Santander SA (1) L'Oreal SA SAP AG Eni SpA (48) Companies coming in: Bayer AG BASF SE NovoNordisk A/S Allied Irish Banks PLC BNP Paribas SA Daimler AG LVMH SA Inditex S.A Companies dropping out: Telefonica SA GDF Suez SA Electricite de France SA Orange SA Deutsche Telekom AG E.ON SE Nokia Oyj Suez SA - Merged Slide 34 Source: Bloomberg and analysis

35 China/HK companies in the 2009 and companies (11 in 2008) 2014 China/Hong Kong companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) PetroChina Co Ltd (11) ICBC Ltd (19) China Mobile Ltd (20) China Construction Bank Corp (17) Bank of China Ltd (36) Sinopec Corp (45) Companies coming in: Tencent Holdings Ltd Agricultural Bank of China Ltd Companies dropping out: China Life Insurance Co Ltd China Shenhua Energy Co Ltd CNOOC Ltd Ping An Insurance Group Co of China Ltd Bank of Communications Co Ltd Slide 35 Source: Bloomberg and analysis

36 US companies in the 2009 and companies (42 in 2009) 2014 US companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) Apple Inc Exxon Mobil Corp (1) Google Inc Microsoft Corp Berkshire Hathaway Inc Johnson & Johnson General Electric Co Wells Fargo & Co Wal-Mart Stores Inc (8) Chevron Corp (4) JPMorgan Chase & Co Procter & Gamble Co (7) Pfizer Inc Verizon Communications Inc IBM Corp (10) Oracle Corp Bank of America Corp The Coca-Cola Co (6) Merck & Co Inc AT&T Inc (28) Visa Inc Philip Morris International Inc Gilead Sciences Inc Qualcomm Inc Intel Corp (9) PepsiCo Inc (8) Schlumberger NV Cisco Systems Inc (29) United Technologies Corp McDonald's Corp (24) Slide 36 Source: Bloomberg and analysis

37 US companies in the 2009 and companies (42 in 2009) 2014 US companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) Amgen Inc (6) Bristol-Myers Squibb Co United Parcel Service Inc (15) CVS Caremark Corp ConocoPhillips (43) Companies coming in: Facebook Inc Amazon.com Inc Citigroup Inc Walt Disney Co Comcast Corp Home Depot Inc American Express Co Boeing Co MasterCard Inc M Co Union Pacific Corp AbbVie Inc Companies dropping out: Genentech Inc - - Acquired Hewlett-Packard Co Abbott Laboratories Wyeth - - Acquired Goldman Sachs Group Inc Monsanto Co Occidental Petroleum Corp Slide 37 Source: Bloomberg and analysis

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