Global Top 100 companies - by market capitalisation April 2024

Global Top 100 companies - by market capitalisation April 2024

• 1. Global Top 100 companies - by market capitalisation April 2024

• 2. PwC | Global Top 100 companies - by market capitalisation Contents 2 Highlights Supplementary analysis Methodology Complete ranking 03 10 14 16 2

• 3. PwC | Global Top 100 companies - by market capitalisation The Top 100 Companies hit a new high of $39,871bn as the global macroeconomic picture stabilises and equity markets rebound. • The market capitalisation of the Top 100 companies increased by 27% ($8,438bn) compared to 31 March 2023, more than recouping prior period losses ($3,603bn). • This new high of $39,871bn means that the Top 100 companies have almost doubled in the past five years, producing a CAGR of 14% over that period. 3 Performance amongst the Magnificent Seven begins to diverge - will seven become five as the AI boom gathers pace? • The Magnificent Seven accounted for 54% of the growth in the Top 100 this year. However, a stellar performance wasn’t the case across all of the seven. • GRANOLAS, a more diverse, cyclical collection of European listed stocks, outperformed the Magnificent Seven in the prior year. However, the AI weighting of the Magnificent Seven trumped the GRANOLAS in the past year. Technology firms dominate top five with Microsoft regaining the top spot after five years and NVIDIA breaking into the top five for the first time. • The valuations of Microsoft (+46%) and NVIDIA (+225%) skyrocketed in the period, propelled by their exposure to AI, accounting for 28% of growth in the Top 100 this year. • Apple dropped into second place, one of only a few tech stocks to experience limited growth as its core product offerings come under competitive pressure and its AI story has not yet landed with investors. US continues to dominate with 62 firms in the Top 100 and a 36% increase in market capitalisation. • Eight out of the top ten firms and 62 firms overall are from the US, with NVIDIA, Meta, Eli Lilly and Broadcom more than doubling their valuation YoY. • The Health Care and Consumer sectors helped Europe achieve YoY growth of 14%, largely due to Novo Nordisk which grew significantly by 60% YoY. The largest four sectors (Tech, Consumer Discretionary, Communication Services and Financials), all grew in excess of 25% in the year, outperforming their benchmarks. • The AI story drove Top 100 companies within the Technology sector to a 50% increase, outperforming the wider Technology Index by 10ppts. • The best performing sector against its relevant benchmark was Consumer Discretionary, which outperformed the benchmark index by almost 100% (35% v 18%) – albeit this was also heavily linked to the AI theme given it was largely attributable to Amazon and its AWS business. Best of the rest: Whilst AI drove the majority of the growth in valuations this year, other sectors presented interesting stories also. • Despite a modest year for most Health Care stocks, Eli Lilly and Novo Nordisk benefitted from soaring demand for a weight loss drug, up 126% and 60%, respectively. • Consumer sentiment appears to be moving in favour of hybrid cars over pure electric, resulting in Toyota (+76%) and Tesla (-15%) coming out at opposite ends of the spectrum. Highlights This publication analyses the Global Top 100 companies by market capitalisation as at 31 March 2024, highlighting the changes in the composition of the list at 31 March 2023. As a point of reference, the MSCI World Index increased by 23% in the year to 31 March 2024.

• 4. PwC | Global Top 100 companies - by market capitalisation 15,082 16,131 15,415 17,298 19,949 21,016 21,385 31,705 35,036 31,433 39,871 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Market Capitalisation ($bn) 4 Source: S&P Global Market Intelligence LLC with PwC analysis • The threshold to enter the Top 100 increased 16% to $141bn as at 31 March 2024. • Before the COVID pandemic the aggregate value of the Top 100 stood at $21.4bn at March 2020. It now stands at $39.9bn at March 2024, an increase of 86% - this is despite the pandemic, tightening monetary policy and rising geopolitical tensions. • The growth this year has been supercharged by the surge in interest for AI, and how it may transform how companies operate. 54% of the increase was attributable to just 5 companies: Microsoft, NVIDIA, Alphabet, Amazon and Meta. NVIDIA alone accounted for almost 20% of the growth. • Health Care stocks within the Top 100 had contrasting fortunes in the year. Eli Lilley (+126%) and Novo Nordisk (+60%) accounted for 87% of gains for the sector, with the former entering the top 10 for the first time. Both entities soared thanks to the strength of their new weight loss drugs. On the other hand, Pfizer (-11%) and AstraZeneca (-6%) struggled due to patent cliffs and drug pricing headwinds. • The were 13 new entrants into the Top 100. Uber was the largest climber, rising 150 places to enter the top 100 for the first time after it posted its first annual profit since becoming a public company. CAGR 10% CAGR 14% 24 v 23 27% The Top 100 reach new highs, driven by a surge in interest for AI and restored investor appetite for equities. As the macroeconomic picture stabilised and investor appetite for equities returned, the market capitalisation of the Top 100 companies surged 27% in the year, more than recouping prior period losses. This was combined with a surge in interest towards the potential impact of AI, propelling a number of stocks to all time valuation highs.

• 5. PwC | Global Top 100 companies - by market capitalisation - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2020 2021 2022 2023 2024 Remaining Top 100 Magnificent 7 GRANOLAS (in the Top100) 23% 69% 8% 67% 62% 63% 59% 27% 6% 32% 6% 8% 29% 34% 7% 5 Source: S&P Global Market Intelligence LLC with PwC analysis Note: Included within the chart above is only the market capitalisation of the Top 100 companies, in certain years equities dubbed as one of the GRANALOS are not within the Top 100 and therefore are excluded from the analysis above, please refer to the basis of preparation for more details. Market Capitalisation ($bn) | Composition of the Top 100 (%) The growth of the Magnificent Seven has resulted in the aggregate value of the Top 100 becoming even more concentrated. Magnificent Seven | Here to stay? • The performance of seven particular stocks, dubbed the “Magnificent Seven”, over the last five years has resulted in increased concentration of the Top 100 aggregate value, with these seven companies now comprising 34% of the Top 100. This is similar to the proportion these seven stocks now comprise of the S&P 500 (29%). • Over the last five years, the Magnificent Seven accounted for 47% of growth in the Top 100, achieving a 23% CAGR. • The Magnificent Seven have however experienced mixed fortunes this year. Apple (+1%) and Tesla (-15%) lagged behind as neither are yet considered to be major beneficiaries of AI. • The remaining five, buoyed by the bullish sentiment for AI, all recorded significant double, or triple, digit gains. With the AI boom expected to continue and Apple and Tesla trailing, will seven become five? Are the GRANOLAS Europe's answer to the Magnificent Seven? • The GRANOLAS (9 of which are in the Top 100) are more diverse than the tech-centric Magnificent Seven, consisting of Health Care, Consumer and Technology businesses, grew 13.4% in the year. • In 2023, GRANOLAS outperformed the Magnificent Seven, proving more resilient in times of significant macroeconomic uncertainty. However, only six recorded a YoY increase. • Novo Nordisk, continued to be Europe’s showstopper, up 60% YoY driven by the success of its weight-loss supplement, significantly outperforming other Health Care GRANOLAS. Magnificent 7 CAGR | 23% GRANOLAS CAGR | 9% Rest of Top 100 CAGR | 10% The tech-centric Magnificent Seven strengthened their hold on the Top 100 again this year, contributing to 54% of the YoY growth. These seven stocks now comprise 34% of the Top 100 as of 31 March 2024. The GRANOLAS, a much more sector diverse collection of European equities, slightly exceeded the performance of the wider STOXX 600 in the year but trailed behind the YoY growth of the Magnificent Seven and their performance against the S&P 500 (50% vs 28%). 31,705 35,036 31,433 39,871 Aggregate market capitalisation ($bn) 21,385

• 6. PwC | Global Top 100 companies - by market capitalisation - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2014 2019 2023 2024 Market Capitalisation ($bn) Rest of the world China and its regions Europe United States 6 8 10 20 62 8 12 20 60 11 15 20 54 14 9 29 48 # number of companies The US remains dominant with an ever-growing proportion of the Top 100. • US equities, up 36%, were buoyed by the AI boom, however there were notable increases in the Health Care (+7%) and Financials Sectors (+11%). The US is the only region where its constituents have delivered a double digit 10-year CAGR. • Europe saw a 14% increase in valuation, with Novo Nordisk contributing significantly with growth of 60% YoY. Health Care and Consumer were the dominant sectors, each of which represent approximately a quarter of Europe’s aggregate market capitalisation. • China and its regions saw the only decline in valuation, at -5% YoY, as the region’s economic headwinds negatively impacted investor sentiment. The region lost two spots, leaving it with an overall composition of ten companies. Taiwan Semiconductor Manufacturing Company was a shining light for the region, entering the top 10 for the first time with growth of 39% YoY. • The Rest of the World’s valuation was spurred on by significant increases for the three largest stocks, Saudi Arabian Oil Company (Aramco), Samsung and Toyota, which increased 5% ($99bn), 25% ($81bn) and 76% ($146bn) YoY, respectively. The latter was buoyed by strong Source: S&P Global Market Intelligence LLC with PwC analysis demand for hybrid vehicles in the last year. 2014 2019 2023 2024 CAGR (10Yrs) CAGR (5Yrs) % Change 23 to 24 United States 8,346 13,311 21,199 28,785 13.2% 16.7% 35.8% Europe 3,803 3,118 4,182 4,770 2.3% 8.9% 14.1% China and its regions 1,353 3,195 2,788 2,657 7.0% -3.6% -4.7% Rest of the World 1,580 1,393 3,264 3,659 8.8% 21.3% 12.1% Total 15,082 21,016 31,433 39,871 10.2% 13.7% 26.8% The US increased its proportion of market capitalisation in the Top 100 to 72% ($28.8tn) at 31 March 2024, up 5ppts to 31 March 2023 (67%). The US also dominates the top ten, comprising eight of the ten spots (down from nine in 2023) and 62 spots overall. Apart from China and its regions, which has struggled with investor sentiment, all regions experienced growth in the year as regional equity markets rebounded from the declines experienced in 2023.

• 7. PwC | Global Top 100 companies - by market capitalisation - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Market Capitalisation ($bn) 2014 2019 2023 2024 The largest four sectors all grew in excess of 25% in the year, outperforming their relevant industry benchmarks. 7 Financials Communication Services Consumer Discretionary Technology 2014 3,035 20% 1,671 11% 945 6% 1,962 13% 2019 3,945 19% 3,048 15% 2,288 11% 3,994 19% 2023 3,580 11% 3,493 11% 3,696 12% 8,793 28% 2024 4,508 11% 4,702 12% 5,004 13% 13,220 33% 21 19 15 15 10 10 10 9 8 8 10 13 # number of companies in sector 10 16 19 22 All of the largest four sectors (by market capitalisation) within the Top 100 saw YoY growth in market capitalisation in excess of 25%. The Technology sector continues to dominate with an ever-increasing share of the Top 100 (FY24: 33%, FY23: 28%). Consumer discretionary was the best performing sector, outperforming its benchmark by almost 100% (35% v 18%). % represents proportion of total Global Top 100 • The Technology sector saw a significant $4.3tn (50%) increase in valuation in the year, 58% of which was attributable to Microsoft and NVIDIA, outperforming the technology benchmark by 10ppts. • Amazon’s $0.8tn increase in valuation in the year, fueled by stronger than expected Q4 results, accounted for 62% of the total YoY growth in the Consumer Discretionary sector. The sector outperformed its relative index by 17ppts. • Alphabet (+42%) and Meta (+125%) saw a recovery of their share price in the year. Between them, the two comprise 66% of the value of the companies in the Communication Services sector and contributed 92% of the year-on-year growth. The sector finished 35% up, outperforming its relative benchmark by 5ppts. • Financials saw a 26% increase in market capitalisation, outperforming its index by 3ppts. JPMorgan Chase and Mastercard contributed 32% of this growth, beneficiaries of a higher interest rate environment. Berkshire Hathaway, a top ten company, also outperformed the benchmark up 35%. China Construction Bank Corporation was the only bank to experience a decline, with its valuation falling by 6%. Despite there being almost a third fewer Financials companies in the Top 100 than ten years ago, the total market capitalisation is up 49%. Source: S&P Global Market Intelligence LLC with PwC analysis

• 8. PwC | Global Top 100 companies - by market capitalisation 479 725 604 754 851 905 1,601 2,051 2,850 2,609 3,126 82 82 71 85 97 99 84 131 133 122 141 - 1,000 2,000 3,000 4,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Market Capitalisation ($bn) Rank1 Rank 100 Apple, Apple, Apple, Apple, Microsoft, Saudi Aramco, Microsoft, Apple, Apple, Apple, Apple, - 1,000 2,000 3,000 4,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Market Capitalisation ($bn) Microsoft Apple NVIDIA Saudi Aramco Alphabet Apple loses top spot to Microsoft; NVIDIA replaces Amazon in Top 5. After three consecutive years at the top, Apple lost the number one spot to Microsoft, which regained the top spot thanks to advances in its AI and cloud-based services capabilities which drove a 46% increase in market capitalisation. NVIDIA, a key beneficiary of the AI boom achieved the largest growth of any Top 100 company (225%), breaking into the top five for the first time. Amazon dropped out of the top five for the first time since 2017 despite its market capitalisation growing by 77%. Source: S&P Global Market Intelligence LLC with PwC analysis • Microsoft knocks Apple off the top spot with a market capitalisation of $3.1tn, experiencing growth of 46% from March 2023. • With Apple yet to convince investors it will be a beneficiary of AI, its share price lagged behind the wider technology index with only a modest 1% increase, in turn losing its top spot to Microsoft. • Chip developer NVIDIA broke into the top five for the first time, with YoY growth of 225%. The company’s revenue grew by 126% in the fiscal year 2024, helping its valuation to increase to $2.2tn and moving the company into third spot. • Amazon dropped out of the top five for the first time since 2017, despite its market capitalisation growing significantly by 77%. • Saudi Aramco held its position of being the only non-tech oriented company within the top five, growing 5% YoY. The Company has however fallen to fourth over the last four years, having been number one following its IPO in 2020. • Alphabet Inc. achieved a notable 42% increase in value, despite dropping down a position to fifth. 8

• 9. PwC | Global Top 100 companies - by market capitalisation 9 (1) Market capitalisation of the Top 100 companies as at 31 March 2024 and 31 March 2023 on a like-for-like basis Country performance • The top three countries remain unchanged. However, a marginal increase for Aramco resulted in Saudi Arabia claiming second position from China after it saw two companies fall out of the Top 100. • The dominance of the United States continues to grow. Outside of the valuation growth of the AI-thematic companies, notable movers were Eli Lilley and Uber, increasing in value by 126% and 151% respectively and significantly outperforming their respective industry benchmark. • Strong performances by PDD Holdings (up 61%) and Airbus (up 37%) earned them a place in the Top 100, boosting Ireland and the Netherlands positions, respectively. In addition to strong likefor-like growth, this resulted in each country gaining three places. • Spain entered the Top 100 this year, after Inditex’s, the retail fashion company that owns Zara, shares hit an all-time high, up 50% in the year. Source: S&P Global Market Intelligence LLC with PwC analysis Rank Location Change in market capitalisation of the current Global Top 100 Mar-2023 to Mar-2024 (% change) Market capitalisation Mar-2024 ($bn) #Companies 2024 Like-for-like market capitalisation Mar-2023 ⁽1⁾($bn) #Companies 2023 Market capitalisation Mar-2023 ($bn) Rank by market capitalisation 2023 1 United States 36% 28,785 62 21,124 60 21,199 1 2 Saudi Arabia 5% 1,991 1 1,892 1 1,892 3 3 China -15% 1,837 8 1,887 10 2,157 2 4 France -5% 1,286 5 1,217 6 1,353 4 5 United Kingdom -7% 792 4 720 5 851 5 6 Switzerland -9% 695 3 765 3 765 6 7 Taiwan 39% 632 1 453 1 453 7 8 Denmark 60% 569 1 356 1 356 8 9 Netherlands 95% 523 2 374 1 268 12 10 South Korea 25% 408 1 327 1 327 9 11 India 22% 395 2 323 2 323 10 12 Ireland 106% 372 2 276 1 180 15 13 Germany 36% 376 2 276 2 276 11 14 Japan 76% 338 1 192 1 192 14 15 United Arab Emirates 1% 239 1 237 1 237 13 16 Hong Kong 6% 188 1 178 1 178 16 17 Spain n.a. 157 1 104 n.a. - n.a 18 Australia -9% 146 1 160 1 160 17 19 Canada 7% 143 1 133 1 133 18 20 Belgium n.a n.a. n.a - 1 132 19 The US continues to dominate the Top 100, comprising 62 out of 100 companies and accounting for 72% of the aggregate value of the Top 100. China lost two companies from the Top 100 and recorded the largest YoY decline (-15%), being replaced by Saudi Arabia (Saudi Aramco) in second spot.

• 10. PwC | Global Top 100 companies - by market capitalisation Supplementary analysis 10

• 11. PwC | Global Top 100 companies - by market capitalisation 11 1. Change in market capitalisation of the Top 100 companies as at 31 March 2024 and 31 March 2023, on a like-for-like basis. 2. Industry index performance is based on the MSCI International ACWI Industry Price Index USD 3. Market capitalisation ($bn) and the number of companies shown relates to the top 100 list at the relevant date (therefore not on a like-for-like basis) Sector Change in market capitalisation of current Global Top 100 Mar-2023 to Mar-2024 ⁽¹⁾ Change in industry index performance Mar-2023 to Mar-2024 ⁽²⁾ Global Top 100 performance vs industry index Market capitalisation Mar2024 ($bn)(3) Number of companies Mar-2024(3) Market capitalisation Mar-2023 ($bn)(3) Number of companies Mar-2023(3) Technology 50% 40% ⇧ Outperformed 13,220 22 8,793 19 Consumer Discretionary 35% 18% ⇧ Outperformed 5,004 13 3,696 10 Communication Services 35% 30% ⇧ Outperformed 4,702 9 3,493 10 Financials 26% 23% ⇧ Outperformed 4,508 15 3,580 15 Health Care 13% 10% ⇧ Outperformed 4,444 15 3,941 16 Energy 13% 13% ⇩ Underperformed 3,740 8 3,323 7 Consumer Staples -5% -1% ⇩ Underperformed 2,666 9 2,800 11 Industrials -8% 22% ⇩ Underperformed 1,219 7 1,319 9 Materials 10% 5% ⇩ Underperformed 370 2 335 2 Utilities n.a n.a n.a 0 0 153 1 Sector comparison Source: S&P Global Market Intelligence LLC with PwC analysis

• 12. PwC | Global Top 100 companies - by market capitalisation 12 Market Capitalisation spread (Mar-24 vs Mar-23) 11 30 18 10 5 5 3 3 15 26 26 13 9 6 4 3 4 9 - 5 10 15 20 25 30 35 $100bn - $150bn $150bn - $200bn $200bn - $250bn $250bn - $300bn $300bn - $350bn $350bn - $400bn $400bn - $450bn $450bn - $500bn >$500bn No. of companies No. of Global Top 100 companies in Mar-2024 No. of Global Top 100 companies in Mar-2023 Spread of market capitalisation in the Global Top 100 Source: S&P Global Market Intelligence LLC with PwC analysis The spread of market capitalisation shifted significantly in the year, with 15 companies now having a valuation over $500bn, compared with nine companies in 2023.

• 13. PwC | Global Top 100 companies - by market capitalisation 13 Company name Location Sector Change in market capitalisation Mar-2023 to Mar-2024 (%) Market capitalisation Mar-2024 ($bn) Market capitalisation Mar-2023 ($bn) Top ten risers NVIDIA Corporation United States Technology 225% 2,250 685 Uber Technologies, Inc. United States Industrials 151% 160 64 Broadcom Inc. United States Technology 130% 614 267 Eli Lilly and Company United States Health Care 126% 701 310 Meta Platforms, Inc. United States Communication Services 125% 1,238 549 Advanced Micro Devices, Inc. United States Technology 85% 292 158 General Electric Company United States Industrials 84% 192 104 Amazon.com, Inc. United States Consumer Discretionary 77% 1,874 1,058 Toyota Motor Corporation Japan Consumer Discretionary 76% 338 192 Netflix, Inc. United States Communication Services 71% 263 154 Bottom ten Pfizer Inc. United States Health Care -32% 157 230 Alibaba Group Holding Limited China Consumer Discretionary -31% 181 262 NIKE, Inc. United States Consumer Discretionary -25% 142 190 Tencent Holdings Limited China Communication Services -22% 361 462 Tesla, Inc. United States Consumer Discretionary -15% 560 656 Nestlé S.A. Switzerland Consumer Staples -15% 278 326 Roche Holding AG Switzerland Health Care -11% 205 230 Kweichow Moutai Co., Ltd. China Communication Staples -11% 296 333 BHP Group Limited Australia Materials -9% 146 160 Christian Dior SE France Consumer Discretionary -9% 151 161 The Global Top 100 companies with the largest relative increases and decreases in market capitalisation Source: S&P Global Market Intelligence LLC with PwC analysis

• 14. PwC | Global Top 100 companies - by market capitalisation Methodology 14

• 15. PwC | Global Top 100 companies - by market capitalisation • This Global Top 100 report ranks the largest public companies by their market capitalisation in US dollars as at 31 March 2024 and as at the respective dates of those prior years. • Data sources: S&P Global Market Intelligence LLC with PwC analysis • Industry classification is per S&P Capital IQ primary sectors. • Exchange Traded Funds (ETFs) and closed end funds are excluded from the analysis. • A company’s location is the country or region where its headquarters are located. • The ranking does not compensate for changes in currency exchange rates. • China and its regions includes: Mainland China, Hong Kong SAR and Taiwan. • The Magnificent Seven are comprised of: Microsoft, Apple, NVIDIA, Alphabet, Meta, Amazon and Tesla • GRANOLAS are comprised of: GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L’Oreal, LVMH, Astrazeneca, SAP and Sanofi. Note: The following companies were not included in the Top 100 in the years noted below. Therefore where performance/market capitalisation of GRANOLAS is referenced, these entities are excluded. • GSK: Not included from 2021 onwards • SAP: Not included in 2022 • Sanofi: Not included in 2021, 2022 and 2024 15 Methodology

• 16. PwC | Global Top 100 companies - by market capitalisation Complete ranking 16

• 17. PwC | Global Top 100 companies - by market capitalisation 17 31 March 2024 31 March 2023 Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation 1 Microsoft Corporation United States Information Technology 1 3,126 2 2,146 2 Apple Inc. United States Information Technology -1 2,648 1 2,609 3 NVIDIA Corporation United States Information Technology 3 2,224 6 685 4 Saudi Arabian Oil Company Saudi Arabia Energy -1 1,991 3 1,892 5 Alphabet Inc. United States Communication Services -1 1,884 4 1,330 6 Amazon.com, Inc. United States Consumer Discretionary -1 1,874 5 1,058 7 Meta Platforms, Inc. United States Communication Services 2 1,238 9 549 8 Berkshire Hathaway Inc. United States Financials -1 909 7 676 9 Eli Lilly and Company United States Health Care 17 701 26 310 10 Taiwan Semiconductor Manufacturing Company Limited Taiwan Information Technology 3 632 13 453 11 Broadcom Inc. United States Information Technology 21 614 32 267 12 JPMorgan Chase & Co. United States Financials 6 577 18 384 13 Novo Nordisk A/S Denmark Health Care 6 569 19 356 14 Visa Inc. United States Financials -4 561 10 463 15 Tesla, Inc. United States Consumer Discretionary -7 560 8 656 16 Walmart Inc. United States Consumer Staples 1 485 17 397 17 Exxon Mobil Corporation United States Energy -3 461 14 446 18 United Health Group Incorporated United States Health Care -3 456 15 441 19 LVMH Moët Hennessy - Louis Vuitton, Société Européenne France Consumer Discretionary -7 449 12 460 20 Mastercard Incorporated United States Financials 1 449 21 346 Top 100 global companies 1-20 (by market capitalisation)

• 18. PwC | Global Top 100 companies - by market capitalisation 18 31 March 2024 31 March 2023 Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation 21 Samsung Electronics Co., Ltd. South Korea Information Technology 2 408 23 327 22 The Procter & Gamble Company United States Consumer Staples -2 382 20 351 23 Johnson & Johnson United States Health Care -7 381 16 405 24 The Home Depot, Inc. United States Consumer Discretionary 3 380 27 300 25 ASML Holding N.V. Netherlands Information Technology 6 378 31 268 26 Tencent Holdings Limited China Communication Services -15 361 11 462 27 Oracle Corporation United States Information Technology 8 345 35 251 28 Toyota Motor Corporation Japan Consumer Discretionary 23 338 51 192 29 Merck & Co., Inc. United States Health Care 0 334 29 270 30 Costco Wholesale Corporation United States Consumer Staples 13 325 43 220 31 AbbVie Inc. United States Health Care -3 322 28 281 32 Bank of America Corporation United States Financials 8 299 40 229 33 Kweichow Moutai Co., Ltd. China Consumer Staples -11 296 22 333 34 Chevron Corporation United States Energy -9 293 25 311 35 Salesforce, Inc. United States Information Technology 14 292 49 196 36 Advanced Micro Devices, Inc. United States Information Technology 33 292 69 158 37 Nestlé S.A. Switzerland Consumer Staples -13 278 24 326 38 Hermès International Société en commandite par actions France Consumer Discretionary 8 267 46 212 39 The Coca-Cola Company United States Consumer Staples -9 264 30 268 40 Netflix, Inc. United States Communication Services 31 263 71 154 Top 100 global companies 21-40 (by market capitalisation)

• 19. PwC | Global Top 100 companies - by market capitalisation 19 31 March 2024 31 March 2023 Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation 41 L'Oréal S.A. France Consumer Staples -5 253 36 239 42 Industrial and Commercial Bank of China Limited China Financials 0 241 42 221 43 PepsiCo, Inc. United States Consumer Staples -9 241 34 251 44 PetroChina Company Limited China Energy 29 240 73 152 45 International Holding Company PJSC United Arab Emirates Industrials -8 239 37 237 46 Reliance Industries Limited India Energy 10 226 56 180 47 SAP SE Germany Information Technology 29 226 76 147 48 Adobe Inc. United States Information Technology 10 226 58 177 49 The Walt Disney Company United States Communication Services 5 224 54 183 50 Linde plc United Kingdom Materials 11 224 61 175 51 Thermo Fisher Scientific Inc. United States Health Care -10 222 41 222 52 Accenture plc Ireland Information Technology 3 218 55 180 53 Shell plc United Kingdom Energy -3 214 50 196 54 Novartis AG Switzerland Health Care -7 212 47 209 55 AstraZeneca PLC United Kingdom Health Care -11 209 44 215 56 Wells Fargo & Company United States Financials 27 205 83 141 57 Roche Holding AG Switzerland Health Care -18 205 39 230 58 McDonald's Corporation United States Consumer Discretionary -10 204 48 205 59 Cisco Systems, Inc. United States Information Technology -14 202 45 214 60 Agricultural Bank of China Limited China Financials 10 200 70 156 Top 100 global companies 41-60 (by market capitalisation)

• 20. PwC | Global Top 100 companies - by market capitalisation 20 31 March 2024 31 March 2023 Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation 61 Abbott Laboratories United States Health Care -1 197 60 176 62 T-Mobile US, Inc. United States Communication Services -3 194 59 177 63 General Electric Company United States Industrials 67 192 130 104 64 QUALCOMM Incorporated United States Information Technology 18 189 82 142 65 China Mobile Limited Hong Kong Communication Services -8 188 57 178 66 Intel Corporation United States Information Technology 21 188 87 135 67 Danaher Corporation United States Health Care -14 185 53 184 68 Caterpillar Inc. United States Industrials 41 183 109 118 69 Intuit Inc. United States Information Technology 28 182 97 125 70 Alibaba Group Holding Limited China Consumer Discretionary -37 181 33 262 71 Verizon Communications Inc. United States Communication Services -6 177 65 163 72 International Business Machines Corporation United States Information Technology 36 175 108 119 73 Comcast Corporation United States Communication Services -5 172 68 160 74 Applied Materials, Inc. United States Information Technology 57 171 131 104 75 Tata Consultancy Services Limited India Information Technology 6 168 81 143 76 TotalEnergies SE France Energy 2 165 78 145 77 American Express Company United States Financials 22 164 99 123 78 Bank of China Limited China Financials 8 163 86 136 79 Uber Technologies, Inc. United States Industrials 150 160 229 64 80 Texas Instruments Incorporated United States Information Technology -18 159 62 169 Top 100 global companies 61-80 (by market capitalisation)

• 21. PwC | Global Top 100 companies - by market capitalisation 21 31 March 2024 31 March 2023 Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation 81 Pfizer Inc. United States Health Care -43 157 38 230 82 Industria de Diseño Textil, S.A. Spain Consumer Discretionary 47 157 129 104 83 ServiceNow, Inc. United States Information Technology 60 156 143 94 84 PDD Holdings Inc. Ireland Consumer Discretionary 55 154 139 96 85 China Construction Bank Corporation China Financials -21 154 64 164 86 Morgan Stanley United States Financials -11 154 75 148 87 Amgen Inc. United States Health Care 5 152 92 129 88 Christian Dior SE France Consumer Discretionary -22 151 66 161 89 Union Pacific Corporation United States Industrials 9 150 98 123 90 ConocoPhillips United States Energy 12 150 102 121 91 Siemens Aktiengesellschaft Germany Industrials 2 150 93 129 92 BHP Group Limited Australia Materials -25 146 67 160 93 HSBC Holdings plc United Kingdom Financials -5 146 88 134 94 Lowe's Companies, Inc. United States Consumer Discretionary 12 146 106 119 95 Airbus SE Netherlands Industrials 32 145 127 105 96 The Goldman Sachs Group, Inc. United States Financials 16 143 112 115 97 Royal Bank of Canada Canada Financials -8 143 89 133 98 NIKE, Inc. United States Consumer Discretionary -46 142 52 190 99 Philip Morris International Inc. United States Consumer Staples -25 142 74 151 100 Intuitive Surgical, Inc. United States Health Care 52 141 152 89 Top 100 global companies 81-100 (by market capitalisation)

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