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40 Kao

2008 Annual Sales (millions): $13,247

Sales CAGR (2004-2008): 11.16%
Value CAGR (2004-2008): 4.04%

The Japanese manufacturer of personal care and cleaning products and specialty chemicals
has succeeded by focusing on premium cosmetics and personal/household care
products.Kao, with 30% of its revenue from international sales, has operations in Asia,
Australia, North America, Europe, and South Africa.

No. 39 Fresenius

2008 Annual Sales (millions): $17,148

Sales CAGR (2004-2008): 14.8%
Value CAGR (2004-2008): 1.4%

Fresenius is the world's largest provider of kidney dialysis products and services. The
German company is seeing demand grow for its dialysis products in emerging markets as
more people are able to afford the treatments.

No. 38 ExxonMobil

2008 Annual Sales (millions): $425,071

Sales CAGR (2004-2008): 12.6%
Value CAGR (2004-2008): 4.1%

ExxonMobil is the largest global integrated energy company. The U.S. company's key to
success is its global presence, disciplined investment decisions, and a focus on the long

No. 37 Bidvest

2008 Annual Sales (millions): $14,113

Sales CAGR (2004-2008): 14.4%
Value CAGR (2004-2008): 4.0%

Bidvest is a conglomerate with emphasis on food service. The South African company, which
has grown thanks to an entrepreneurial spirit and decentralized structure, also has holdings
in logistics and retailing. Bidvest has made acquisitions around the world, including Australia
and Central Europe, to become a global player.

No. 36 Praxair

2008 Annual Sales (millions): $10,796

Sales CAGR (2004-2008): 13.1%
Value CAGR (2004-2008): 5.6%

A global provider of industrial gases such as oxygen, nitrogen, helium, and hydrogen—the
largest in North and South America—U.S.-based Praxair has thrived thanks to superior
distribution and strong M&A activity.

No. 35 ConocoPhillips

2008 Annual Sales (millions): $225,424

Sales CAGR (2004-2008): 17.4%
Value CAGR (2004-2008): 1.5%

ConocoPhillips is an integrated energy company, with units in exploration and refining, as

well as petrochemical and platics production and even emerging energy technologies. The
Houston company has been active in M&A to build reserves and increase production.

No. 34 Anheuser-Busch InBev

2008 Annual Sales (millions): $22,383

Sales CAGR (2004-2008): 17.7%
Value CAGR (2004-2008): 2.0%

Anheuser-Busch InBev, based in Leuven, Belgium, is the world's largest brewer, with a
portfolio of approximately 300 brands that include Budweiser, Stella Artois, Beck's, Michelob,
and Corona. The acquisition of Anheuser-Busch by Belgian brewer InBev established this
global colossus, but an intense focus on brand marketing is a key to its continued success.

No. 33 Bilfinger & Berger

2008 Annual Sales (millions): $13,563

Sales CAGR (2004-2008): 16.4%
Value CAGR (2004-2008): 3.5%

Bilfinger & Berger long ago escaped the anemic German construction market to build and
manage large projects all over the world. The company has lately benefited from stimulus
spending by governments.

No. 32 Telefónica

2008 Annual Sales (millions): $80,550

Sales CAGR (2004-2008): 18.2%
Value CAGR (2004-2008): 2.8%

Telefónica is the leading telecommunications operator in the Spanish- and Portuguese-

speaking world. The Madrid company has grown thanks to an exceptionally broad
diversification of products and services.

No. 31 Oracle

2008 Annual Sales (millions): $22,430

Sales CAGR (2004-2008): 22.0%
Value CAGR (2004-2008): 1.2%

Thanks to a string of acquisitions and an integrated suite of software applications, Silicon

Valley-based Oracle is world's largest business software company.

No. 30 Apache

2008 Annual Sales (millions): $12,390

Sales CAGR (2004-2008): 23.4%
Value CAGR (2004-2008): 0.1%

Apache's business is the exploration, development, and production of natural gas, crude oil,
and natural gas liquids. One key to the U.S. company's success has been a diversified
energy portfolio. The picture above is Apache's Hatton natural gas field in southwestern

No. 29 Saipem

2008 Annual Sales (millions): $13,423

Sales CAGR (2004-2008): 23.5%
Value CAGR (2004-2008): 0.1%

Saipem provides engineering and project management services to design oil and gas
pipelines around the world. The Italian contractor can credit its success to focusing on
technologically challenging projects and activities in remote areas. Above is a photo of
Saipem's Scarabeo 7 semi-submersible drilling rig docked in Cape Town, South Africa.

No. 28 Schlumberger

2008 Annual Sales (millions): $27,163

Sales CAGR (2004-2008): 24.0%
Value CAGR (2004-2008): 0.5%

Schlumberger is a global oilfield and information services company. The U.S. company has
succeeded by entering new markets and transferring leading-edge technology and
knowledge, while maintaining the local culture.

No. 27 Li & Fung

2008 Annual Sales (millions): $14,286

Sales CAGR (2004-2008): 23.9%
Value CAGR (2004-2008): 1.2%

Li & Fung is a global export trading company. The Hong Kong-based company operates one
of the most agile and efficient supply chains in the world.

No. 26 Tenaris

2008 Annual Sales (millions): $11,476

Sales CAGR (2004-2008): 26.4%
Value CAGR (2004-2008): 0.6%

Tenaris supplies pipes and services to companies around the world in the oil and gas sector.
The Luxembourg company also serves engineering companies constructing oil and gas
gathering, transportation, and processing facilities.
No. 25 Komatsu

2008 Annual Sales (millions): $22,535

Sales CAGR (2004-2008): 18.3%
Value CAGR (2004-2008): 4.6%

Komatsu is the second largest construction equipment manufacturer. Despite the challenges
the construction industry has faced recently, the Japanese company has continued to grow
thanks to emerging markets such as China.

No. 24 Sasol

2008 Annual Sales (millions): $16,599

Sales CAGR (2004-2008): 14.4%
Value CAGR (2004-2008): 10.8%

Sasol is South Africa's largest chemical company, specializing in coal-to-liquid and gas-to-
liquid technologies. The company has been able to commercialize these technologies and
has built plants in growth markets such as Qatar, Nigeria, and Uzbekistan.

No. 23 Kühne & Nagel

2008 Annual Sales (millions): $16.904

Sales CAGR (2004-2008): 20.5%
Value CAGR (2004-2008): 7.7%

Swiss logistics company Kühne & Nagel benefited from the boom in international trade
during the past decade. It was hit by the recent slump when trade volumes plummeted, but
profit has been pretty stable because of cost-cutting. The company has used the downturn to
build market share. Pictured above is a sea freight vessel.

No. 22 Petrobras

2008 Annual Sales (millions): $92,246

Sales CAGR (2004-2008): 22.7%
Value CAGR (2004-2008): 5.5%

Petrobras is the largest company headquartered in the Southern Hemisphere, with

operations involved in the exploration and production of oil and gas properties. It also has
refining and distribution operations, as well as electricity generation, transmission, and
distribution units, among other energy activities. The company's growth has been fueled by
booming domestic demand, technology exports, and M&A activities. Pictured above is the
view of the Petrobras P-51 semi-submersible offshore oil platform under construction at the
Brasfelf shipyard south of Rio de Janeiro.

No. 21 Mapfre

2008 Annual Sales (millions): $19,827

Sales CAGR (2004-2008): 24.3%
Value CAGR (2004-2008): 4.2%

Mapfre has a broad array of offerings covering nearly all forms of commercial and personal
insurance. The Spanish company's growth has been fueled by international expansion.

No. 20 Teva Pharmaceutical

2008 Annual Sales (millions): $10,458

Sales CAGR (2004-2008): 20.4%
Value CAGR (2004-2008): 8.6%

Based in Israel, Teva is the largest generic pharmaceuticals manufacturer. The company
produces generic drugs faster and in greater quantities than its competition, and it's also the
only generic drugmaker with its own branded drug, Copaxone, for treatment of multiple
sclerosis. More than 80% of its sales (over $11 billion in 2008) come from the U.S. and
Europe. The generics market worldwide is growing much faster than the prescription
business as governments and insurers push for the use of less expensive generics. Pictured
above is Teva Chairman Eli Hurvitz.

No. 19 Occidental Petroleum

2008 Annual Sales (millions): $24,217

Sales CAGR (2004-2008): 20.8%
Value CAGR (2004-2008): 8.6%

Occidental Petroleum is the fourth largest U.S. oil and gas company. A pipeline of projects
has helped to fuel organic growth. The Dolphin Gas Project pipeline (pictured above) runs
from Al Ain to Fujairah on the eastern coast of the United Arab Emirates.
No. 18 America Movil

2008 Annual Sales (millions): $24,960

Sales CAGR (2004-2008): 19.9%
Value CAGR (2004-2008): 10.3%

Mexico's America Movil is the fourth largest mobile network operator. It has thrived thanks to
its expansion across Latin America.

No. 17

2008 Annual Sales (millions): $19,166

Sales CAGR (2004-2008): 29.0%
Value CAGR (2004-2008): 1.2%

Based in Seattle, is a global e-commerce leader. One key to the company's
growth has been its commitment to process improvements. More recently, however, Amazon
has also found success with its e-book reader, the Kindle.

No. 16 CNOOC

2008 Annual Sales (millions): $18,273

Sales CAGR (2004-2008): 28.6%
Value CAGR (2004-2008): 3.2%

China's CNOOC deals in the exploration, development, production, and sale of crude oil,
natural gas, and other petroleum products. It has experienced strong growth and has been
active in mergers and acquisitions. CNOOC Chairman Fu Chengyu is pictured during a
speech to the 10th Asian-Europe Business Forum in Helsinki.

No. 15 ABB

2008 Annual Sales (millions): $35,262

Sales CAGR (2004-2008): 11.8%
Value CAGR (2004-2008): 21.1%

Switzerland's ABB provides power and automation technologies to utility and industry
customers worldwide.
No. 14 Fluor

2008 Annual Sales (millions): $22,326

Sales CAGR (2004-2008): 24.2%
Value CAGR (2004-2008): 10.3%

Giant engineering contractor Fluor offers engineering, procurement, construction

management, and project management services worldwide. The U.S. company's broad
service portfolio and global reach have helped fuel its growth. Pictured above: Fluor's
corporate headquarters.

No. 13 World Fuel Services

2008 Annual Sales (millions): $18,509

Sales CAGR (2004-2008): 34.5%
Value CAGR (2004-2008): 4.0%

World Fuel Services markets fuel products and services for the aviation industry. The U.S.
company also sells marine and land fuel products and related services.

No. 12 Jacobs Engineering

2008 Annual Sales (millions): $11,252

Sales CAGR (2004-2008): 25.1%
Value CAGR (2004-2008): 14.6%

U.S. contractor Jacobs Engineering provides engineering and technical services for
government and commercial clients around the world.

No. 11 Reliance Industries

2008 Annual Sales (millions): $34,055

Sales CAGR (2004-2008): 30.3%
Value CAGR (2004-2008): 10.3%

Indian chemicals manufacturer Reliance Industries has found success by vertically

integrating its supply chain and diversifying its portfolio. Reliance Chairman Mukesh D.
Ambani (pictured above) also is relying on petrochemicals and gas production to help drive
future growth.
No. 10 BHP Billiton

2008 Annual Sales (millions): $63,140

Sales CAGR (2004-2008): 29.5%
Value CAGR (2004-2008): 13.5%

BHP Billiton is the world's largest diversified mining company, with exploration and
production projects spanning the globe. The Australian company's focus on quality, low cost,
and sustainable development has helped it weather the global economic crisis. In the photo
above, coal trucks pass each other at BHP Billiton's Mt. Arthur coal mine in Muswellbrook,

No. 9 Inditex

2008 Annual Sales (millions): $13,969

Sales CAGR (2004-2008): 25.0%
Value CAGR (2004-2008): 18.6%

Inditex is a multinational clothing retailer with eight brands to serve multiple customer
segments. The company has outperformed its peers by having a continuous cycle of textile
design and marketing, as well as efficient distribution of new clothing lines via a tightly
integrated supply chain. The Spanish retailer has 4,430 stores across a variety of outlets, the
biggest of which is Zara. It continues to expand—most recently in Asia—while other retailers

No. 8 Monsanto

2008 Annual Sales (millions): $11,365

Sales CAGR (2004-2008): 20.1%
Value CAGR (2004-2008): 23.7%

Monsanto is a leader in the development of genetically engineered seeds and growth

hormones. The U.S. company uses continuous R&D to keep successful products in its
pipeline. Pictured are Monsanto's "low-lin" soybeans, which produce a soy oil that could help
reduce trans fats in many foods.

No. 7 MTN

2008 Annual Sales (millions): $11,090

Sales CAGR (2004-2008): 30.8%
Value CAGR (2004-2008): 17.6%

South African mobile service provider MTN took a chance on the continent and proved that
bringing mobile service to emerging markets such as Nigeria, Syria, Iran, Ghana, and
Cameroon, among other countries, could have dramatic economic effects.

No. 6 GDF Suez

2008 Annual Sales (millions): $94,420

Sales CAGR (2004-2008): 39.9%
Value CAGR (2004-2008): 16.7%

Created by the 2008 tieup of Gaz de France and French utility group Suez, GDF Suez is now
one of Europe's biggest energy groups. The company has spun off non-core water and
waste-management activities. Excluding effects of the merger, sales growth over the past
five years has ranged from 4% to 15% annually.

No. 5 Hyundai Heavy Industries

2008 Annual Sales (millions): $21,820

Sales CAGR (2004-2008): 17.4%
Value CAGR (2004-2008): 42.6%

Hyundai Heavy Industries is the world's largest shipbuilding company. Its sales soared in
recent years thanks to a shipbuilding boom, which lasted until the global economy sank into
crisis last year. Hyundai Heavy, the biggest beneficiary of the shipbuilding boom, has
diversified its business to offshore structures, marine engines, large-scale transformers and
generators, construction equipment, and power plants.

No. 4 Doosan Heavy Industries

2008 Annual Sales (millions): $15,269

Sales CAGR (2004-2008): 34.2%
Value CAGR (2004-2008): 25.8%

Doosan Heavy Industries & Construction is a flagship company of Doosan Group, one of the
major family-controlled conglomerates in Korea called chaebol. Its primary focus has been
the construction of power plants, but recently it has expanded to nuclear power plants and
desalination plants, which has served Doosan particularly well during the economic crisis. Its
growth has been fueled by the 2005 purchase of a controlling stake in Daewoo Heavy
Industries & Machinery, a construction equipment maker that was renamed Doosan
Infracore. The company is feeling a financial pinch because it relied heavily on borrowing for
the $4.9 billion takeover of Bobcat in 2007, the largest acquisition of a foreign company in
Korea's corporate history. Pictured above: Kyle Busch of the Doosan Infracore Toyota Team
celebrates after winning the Nascar Nationwide Series race at the Hermanos Rodriguez
speedway in Mexico City in 2008.

No. 3 Apple

2008 Annual Sales (millions): $32,479

Sales CAGR (2004-2008): 40.7%
Value CAGR (2004-2008): 24.2%

In the world of computers and consumer electronics, there is no company more synonymous
with innovation than Apple. Credit the stewardship of CEO Steve Jobs for reviving the
company's Mac computer line, creating the now iconic line of iPod digital music players, and
pushing into the crowded cell-phone market with the popular iPhone. Now rivals are
scrambling to catch another Apple innovation, the iPhone App Store.

No. 2 Google

2008 Annual Sales (millions): $21,796

Sales CAGR (2004-2008): 61.7%
Value CAGR (2004-2008): 8.6%

Google first found success with its search engine. Now the towering leader in search, the
Mountain View (Calif.) company has aggressively expanded its offerings to e-mail and
instant messaging, Web browsing, social networking, and most recently an operating

No. 1 Nintendo

2008 Annual Sales (millions): $16,802

Sales CAGR (2004-2008): 35.7%
Value CAGR (2004-2008): 38.1%

The leader in the video game industry, Nintendo has sold millions of gaming systems around
the world, including the popular Wii system, which has proven to be a true disrupter of the
entertainment industry. With visionary leadership and a three-tiered product development
process that brings together top management, development staff, and marketing and
administrative teams, the Japanese game maker been able to create new hardware without
sticking to conventional notions in the video game industry.