R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %2,107.29 18.4 32.1 56,231 10.4 18.0 202,207 0.5 2.4 3.7 3.5 27.4 27.8 10.1 8.5 161,017 1.0

Australia number of companies for calculation 10 10 10 10 10 10 9 9 8 10 10 10 10 9 9 10 9

1 Telstra 66 Fixed line telecommunications (653) 6420 883.80 -6.5 31.2 15,988 2.7 3.9 43,181 -7.4 -4.4 5.5 6.1 25.8 24.9 20.5 20.3 22,686 -13.8

2 Australia & New Zealand Banking 198 Banks (835) 6511 257.62 43.7 44.9 8,239 11.4 9.7 37,687 2.1 3.1 2.4 33.3 38.3 6.8 4.9 35,444

3 Commonwealth Bank of Australia 228 Banks (835) 6511 220.64 168.7 1,479.4 10,326 13.1 1,002.7 44,218 11.6 6.4 2.1 0.9 39.1 42.9 5.0 2.1 49,784 18.7

4 National Australia Bank 231 Banks (835) 6511 214.37 59.8 10.6 10,516 27.8 18.4 38,953 -2.0 0.4 2.0 1.6 29.7 24.0 5.5 3.4 31,795 -5.3

5 CSL 243 Biotechnology (4573) 7310 195.32 38.4 24.6 2,897 30.0 17.5 10,340 11.5 10.9 6.7 6.3 26.0 26.9 18.9 15.2 11,254 -3.9

6 OneSteel 359 Industrial metals & mining (175) 2710 115.58 22.7 49.9 4,539 -2.6 21.8 11,104 -4.9 13.8 2.5 2.0 5.9 6.9 10.4 8.1 2,586 5.8

7 Aristocrat Leisure 517 Travel & leisure (575) 9271 71.11 -3.2 6.0 570 -15.9 -5.4 12.5 10.8 -22.6 13.2 1,149 -21.3

8 Cochlear 594 Health care equipment & services (453) 3310 60.49 23.1 19.4 435 15.5 15.4 1,888 5.5 19.7 13.9 13.0 25.0 26.9 32.0 27.5 2,458 21.8

9 Computershare 764 Other financials (877) 6720 44.34 -1.8 9.3 1,042 -4.4 1.2 11,681 -6.4 4.4 4.3 4.1 25.3 26.9 3.8 3.6 3,202 -3.5

10 Nufarm 772 Chemicals (135) 2466 44.02 20.5 46.4 1,678 7.4 15.3 3,155 1.4 10.9 2.6 2.3 6.7 10.8 14.0 11.7 659 -56.0

683.03 -9.6 7.9 8,160 -11.6 4.0 36,365 1.2 3.9 8.4 8.2 4.3 2.2 18.8 21.0 7,776 14.2

Bermuda number of companies for calculation 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

1 Marvell Technology 98 Semiconductors (9576) 3210 577.20 -10.9 8.0 1,957 -4.8 7.9 5,241 -5.6 -0.1 29.5 31.5 11.9 5.6 110.1 116.7 6,518 10.3

2 TPV Technology 630 Electronic equipment (2737) 3210 55.86 19.0 16.0 5,598 -13.1 3.8 29,479 3.4 4.8 1.0 0.7 2.3 1.7 1.9 1.6 1,039 34.4

3 Xyratex 696 Computer hardware (9572) 3002 49.97 -17.9 0.1 605 -17.3 -4.1 1,645 -12.5 1.8 8.3 8.3 -1.4 -2.9 30.4 32.4 219 68.8

1,500.42 -14.9 12.5 104,745 -24.6 8.1 207,454 -5.4 5.5 1.4 1.3 20.5 23.6 6.8 7.7 238,425 5.1

Brazil number of companies for calculation 8 8 6 8 8 7 6 6 5 8 8 8 8 6 6 8 5

1 Vale 78 Mining (177) 1450 683.71 -9.6 26.8 16,247 -37.7 5.9 60,036 -3.9 4.5 4.2 2.9 26.0 40.4 11.4 12.1 98,089 32.4

2 Petroleo Brasiliero 117 Oil & gas producers (53) 1110 474.62 -27.6 -2.2 64,028 -22.3 8.3 76,919 3.6 7.3 0.7 0.8 23.5 20.8 6.2 8.8 103,646 -13.6

3 EMBRAER 404 Aerospace & defence (271) 3530 100.36 -26.9 8.5 3,810 -13.7 12.8 18,628 -20.8 -1.1 2.6 3.1 6.3 8.5 5.4 5.8 3,236 14.0

4 CPFL Energia 583 Gas, water & multiutilities (757) 4013 62.37 97.5 33.4 6,274 9.2 8.7 7,450 4.6 8.5 1.0 0.5 14.0 16.3 8.4 4.4 7,784 24.0

5 Gerdau 684 Industrial metals & mining (175) 2710 50.98 -31.6 10,611 -36.7 8.7 38,161 -17.4 6.5 0.5 0.4 3.1 19.4 1.3 1.6 12,684

6 Totvs 688 Software (9537) 7221 50.58 70.0 63.6 395 30.1 36.2 12.8 9.8 18.1 6.9 1,513

7 Natura Cosmeticos 757 Personal goods (376) 2451 44.70 7.9 1,696 18.6 6,260 9.9 2.6 2.9 21.8 21.6 7.1 7.3 7,061

8 WEG 921 Industrial machinery (2757) 2924 33.11 -6.8 4.3 1,684 -6.5 6.1 2.0 2.0 19.1 8.1 4,413 26.4

2,395.80 -13.4 -4.0 65,319 -1.6 9.5 377,732 -6.7 8.8 3.7 4.2 14.0 9.1 4.7 6.3 55,290 -15.2

Canada number of companies for calculation 15 15 14 15 15 15 12 11 10 15 15 15 15 12 13 13 12

1 Research In Motion 80 Telecommunications equipment (9578) 3220 672.44 40.9 59.9 10,422 35.1 70.1 13,873 15.6 30.4 6.5 6.2 21.7 24.6 48.5 39.8 20,192 -30.2

2 Nortel Networks 105 Telecommunications equipment (9578) 3220 527.59 -51.9 -26.9 3,800 -47.7 -21.8 13.9 15.1 10.9 -21.3 36.5 4 -87.8

3 Thomson Reuters 136 Media (555) 2222 403.53 13.5 9,058 11.0 13.8 55,000 19.8 4.5 4.4 9.2 15.6 7.3 20,582

4 Onex 255 General industrials (272) 7487 184.81 -29.3 -11.1 16,508 -7.6 9.0 210,000 -9.9 7.9 1.1 1.5 1.6 -2.4 0.9 1.1 2,218 21.4

5 Bombardier 409 Aerospace & defence (271) 3530 98.27 -17.5 -6.6 13,497 -1.8 9.2 62,900 -5.7 3.8 0.7 0.9 5.4 6.8 1.6 1.8 5,416 13.1

6 Open Text 467 Software (9537) 7221 80.96 9.7 25.2 548 8.3 24.3 3,411 17.0 21.7 14.8 14.6 12.3 13.8 23.7 25.3 1,510 -2.8

7 Biovail 501 Pharmaceuticals (4577) 2441 74.32 55.7 12.4 572 8.4 -8.4 1,291 -7.1 -7.0 13.0 9.0 21.4 16.2 57.6 34.4 2,491 62.8

8 Hydro-Quebec 550 Electricity (753) 4011 66.48 0.0 0.7 8,200 1.4 2.6 19,536 1.2 0.7 0.8 0.8 51.6 44.9 3.4 3.4

9 Sierra Wireless 621 Telecommunications equipment (9578) 3220 57.25 70.1 34.1 367 -7.2 33.5 947 74.7 15.6 8.5 -7.2 7.9 60.4 62.1 184 8.2

10 Aastra Technologies 645 Telecommunications equipment (9578) 3220 54.39 -16.5 11.1 554 0.1 11.0 2,150 -2.3 10.4 9.8 11.8 7.1 2.1 25.3 29.6 213 16.0

11 Constellation Software 747 Software (9537) 7221 45.74 36.1 26.0 305 32.5 27.6 15.0 14.6 5.2 5.5 17.8 509 36.6

12 CAE 844 Industrial machinery (2757) 2924 38.23 18.8 -6.8 1,105 16.8 14.5 7,000 16.7 11.9 3.5 3.4 14.7 13.3 5.5 5.4 1,748 28.6

13 Corel (now part of Corel Holdings LP, Cayman Islands) 952 Software (9537) 7221 31.02 -0.4 23.7 187 7.1 17.8 1,040 -6.3 16.6 17.9 8.1 2.8 29.8 28.1

14 AEterna Zentaris 957 Biotechnology (4573) 7310 30.82 -23.0 17.7 44 64.3 -39.2 69.9 149.3 -37.9 -162.1 62 -46.4

15 Zarlink Semiconductor 975 Semiconductors (9576) 3210 29.95 -6.6 9.5 153 -3.1 15.6 584 -3.6 -4.8 19.5 20.2 8.7 -20.4 51.3 52.9 162 197.4

1,006.37 0.1 13.0 10,661 -17.3 8.6 81,498 -3.1 1.0 9.4 7.8 -8.5 21.4 12.3 12.0 36,942 61.8

Cayman Islands number of companies for calculation 6 6 5 6 6 5 6 6 5 6 6 6 6 6 6 6 5

1 Seagate Technology 82 Computer hardware (9572) 3002 664.19 -7.3 5.8 6,834 -22.8 2.1 47,000 -13.0 -7.8 9.7 8.1 -27.1 11.0 14.1 13.3 3,798 -9.1

2 Garmin 276 Leisure goods (374) 3230 166.14 15.7 28.1 2,054 -15.7 18.4 8,437 -5.4 21.1 8.1 5.9 26.8 24.7 19.7 16.1 3,669 -8.6

3 Himax Technologies 697 Semiconductors (9576) 3210 49.74 -18.5 235.1 483 -16.9 209.8 1,229 1.2 10.0 10.3 10.5 6.3 7.3 40.5 50.3 302 -34.9

4 Mindray Medical International 777 Health care equipment & services (453) 3310 43.93 21.3 42.4 442 15.8 41.9 5,763 3.8 28.1 9.9 9.5 24.4 22.0 7.6 6.5 2,070 25.0

5 Baidu 784 Internet (9535) 7260 43.15 47.6 454 39.1 7,353 15.1 9.5 9.0 37.1 291.1 5.9 4.6 20,062 145.6

6 Alibaba.com 830 Internet (9535) 7260 39.24 106.1 53.9 396 29.1 41.6 11,716 46.6 48.6 9.9 6.2 23.6 34.4 3.3 2.4 7,041

5,371.26 39.9 28.6 437,934 6.7 13.8 2,427,844 7.7 7.6 1.2 0.9 7.0 5.2 2.1 1.2 407,674 -20.2

China number of companies for calculation 21 20 14 21 21 15 19 16 11 21 20 21 21 19 16 20 15

1 Huawei Technologies 45 Telecommunications equipment (9578) 3220 1,334.01 27.8 15,217 19.0 95,000 8.8 8.2 13.8 12.6 14.0

2 PetroChina 54 Oil & gas producers (53) 1110 1,009.36 27.4 32.4 104,058 -4.8 13.9 539,168 12.8 6.5 1.0 0.7 14.2 13.5 1.9 1.7 187,960 -24.0

3 ZTE 90 Telecommunications equipment (9578) 3220 624.56 45.6 29.3 6,153 36.1 37.8 70,345 14.7 21.5 10.2 9.5 6.4 7.6 8.9 7.0 6,339 0.5

4 China Railway Construction 106 Construction & materials (235) 4521 527.02 194.0 35,219 57.2 209,103 9.7 1.5 0.8 2.4 2.0 2.5 0.9 9,646 -22.2

5 China Petroleum & Chemicals 143 Oil & gas producers (53) 1110 389.58 11.4 9.6 137,316 -7.4 8.9 371,333 3.6 2.9 0.3 0.2 2.7 -0.9 1.0 1.0 68,861 -32.8

6 China Communications Construction 263 Construction & materials (235) 4521 177.33 59.8 113.3 23,166 26.8 25.5 100,461 8.0 8.6 0.8 0.6 5.5 6.4 1.8 1.2 9,415 -28.2

7 China South Locomotive 269 Commercial vehicles & trucks (2753) 3550 173.18 68.8 4,657 30.0 3.7 2.9 5.0 5.6 6,392 13.1

8 Metallurgical Corporation of China 289 General industrials (272) 7487 148.03 42.0 16,847 4.5 120,385 0.9 0.6 4.9 3.4 1.2 7,949

9 SAIC Motor 293 Automobiles & parts (335) 3410 145.78 14,255 31.9 4,373 1.0 6.4 0.3 33.3 13,157

10 China Coal Energy 322 Mining (177) 1450 129.65 15.5 5,430 4.3 20.7 55,614 9.5 2.2 2.4 2.2 18.7 19.3 2.3 2.2 12,894

11 BYD 361 Electronic equipment (2737) 3210 115.41 12.1 59.0 4,029 47.3 45.0 160,000 23.1 21.1 2.9 3.8 11.3 6.4 0.7 0.8 10,072 21.5

12 Semiconductor Manufacturing 369 Semiconductors (9576) 3210 112.04 57.2 19.5 746 -20.9 -9.9 10,307 -2.7 0.9 15.0 7.6 -97.1 -4.6 10.9 6.7 1,272 62.2

13 Tencent 406 Internet (9535) 7260 99.64 73.5 56.0 1,270 73.9 64.4 7,515 21.3 35.6 7.8 7.9 47.3 43.1 13.3 9.3 23,737 23.2

14 China Railway 551 Construction & materials (235) 4521 66.36 105.7 25.4 34,046 48.2 29.5 276,150 3.4 0.2 0.1 2.4 3.1 0.2 0.1 7,726 -30.1

15 Dongfang Electric 561 Industrial machinery (2757) 2924 65.03 29.3 27.3 3,344 20.5 13.4 19,461 5.4 1.9 1.8 4.9 0.9 3.3 2.7 5,228 46.9

16 China Telecom 634 Fixed line telecommunications (653) 6420 55.64 11.2 23.1 21,375 12.1 6.1 312,520 -0.6 8.7 0.3 0.3 11.2 2.8 0.2 0.2 27,224 -8.5

17 Harbin Power Equipment 722 Industrial machinery (2757) 2924 47.33 -1.8 0.8 2,923 -4.3 -0.5 18,895 3.5 1.1 1.6 1.6 2.2 4.8 2.5 2.6 864 -16.6

18 China National Materials 738 Construction & materials (235) 2682 46.47 258.3 3,100 20.3 38,787 10.8 1.5 0.5 8.2 9.1 1.2 0.4 1,878

19 Weichai Power 742 Automobiles & parts (335) 3430 45.96 18.6 38.6 3,600 8.3 74.5 1.3 1.2 13.5 8.9 5,420 62.0

20 TravelSky Technology 976 Telecommunications equipment (9578) 3220 29.83 -1.2 7.7 267 30.6 16.5 4,097 39.4 19.7 11.2 14.7 31.3 27.2 7.3 10.3 1,216 27.5

21 First Tractor 996 Commercial vehicles & trucks (2753) 3550 29.05 82.6 63.1 916 13.1 13.6 14,330 -4.5 3.2 2.0 3.5 1.5 2.0 1.1 425

727.47 14.8 18.0 43,488 5.7 11.2 231,046 1.5 -0.2 1.7 1.5 13.4 15.8 3.1 2.8 78,181 13.7

Hong Kong number of companies for calculation 8 8 7 8 8 8 8 8 7 8 8 8 8 8 8 8 6

1 Dongfeng Motor 232 Automobiles & parts (335) 3410 213.06 43.9 32.1 9,368 30.0 23.9 94,066 1.4 2.0 2.3 2.1 8.7 6.4 2.3 1.6 7,945 20.1

2 Lenovo 287 Computer hardware (9572) 3002 149.39 -2.6 -1.9 11,573 11.4 4.4 22,205 -1.4 -4.0 1.3 1.5 1.3 -1.4 6.7 6.8 4,131 34.8

3 Shanghai Electric 372 Industrial machinery (2757) 2924 110.70 11.8 61.2 5,883 -2.2 10.5 29,168 -6.9 -3.0 1.9 1.6 4.4 5.5 3.8 3.2 8,817 -18.4

4 Techtronic Industries 459 Electrical components & equipment (2733) 3162 82.99 3.0 14.1 2,156 -9.9 3.2 16,772 -13.3 -6.7 3.8 3.4 4.2 2.5 4.9 4.2 880 -9.8

5 CNOOC 636 Oil & gas producers (53) 1110 55.05 6.3 12.7 10,739 -16.5 7.1 4,019 12.1 11.1 0.5 0.4 38.5 43.2 13.7 14.4 51,368 19.1

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %6 Geely Automobile 794 Automobiles & parts (335) 3410 42.48 24.9 1,436 228.0 401.1 12,282 23.5 8.9 3.0 7.8 9.9 16.7 3.5 3.4 1,760

7 VTech 827 Telecommunications equipment (9578) 3220 39.59 -0.2 7.9 1,068 5.8 1.5 27,100 -4.2 -1.3 3.7 3.9 14.6 12.6 1.5 1.4 1,813 34.8

8 Great Wall Motor 904 Automobiles & parts (335) 3410 34.22 25.0 35.6 1,266 51.0 42.0 25,434 28.6 2.7 3.3 6.9 5.9 1.3 1.4 1,468

47.30 27.7 49.8 532 -1.6 36.6 3,590 -3.0 8.9 6.9 3.1 3.9 13.2 10.0 388 111.4

Iceland number of companies for calculation 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1

1 Marel Food Systems (now Marel) 723 Industrial machinery (2757) 2924 47.30 27.7 49.8 532 -1.6 36.6 3,590 -3.0 8.9 6.9 3.1 3.9 13.2 10.0 388 111.4

1,366.81 16.6 30.7 67,861 15.3 22.0 249,398 -2.7 -33.0 2.0 2.0 15.3 17.0 3.4 3.1 159,807 23.3

India number of companies for calculation 17 17 16 17 17 16 11 10 10 17 17 17 17 11 11 17 13

1 Prithvi Information Solutions 218 Computer services (9533) 7260 228.72 92.2 66.8 296 76.0 63.4 2,680 -2.6 30.9 77.3 70.8 -0.1 6.8 85.3 43.3 15 -12.5

2 Tata Motors 265 Automobiles & parts (335) 3410 175.38 -20.7 13.7 13,857 30.4 41.8 1.3 2.1 2.5 -0.4 9.4 8,378 174.8

3 Polaris Software Lab 320 Software (9537) 7221 130.32 -1.7 9.7 203 -1.8 9.5 9,512 3.0 3.8 64.3 64.3 14.0 13.4 13.7 14.4 259 36.3

4 Mindtree 349 Software (9537) 7221 119.56 14.6 56.9 194 4.7 30.0 61.6 56.3 14.1 5.3 312 19.2

5 Bharat Heavy Electricals 393 Industrial machinery (2757) 2924 103.34 48.8 65.7 3,968 37.2 25.6 45,666 4.7 2.3 2.6 2.4 15.3 18.4 2.3 1.6 18,201 16.4

6 Mahindra & Mahindra 407 Automobiles & parts (335) 3430 99.58 28.9 52.3 3,475 22.2 21.6 2.9 2.7 21.3 15.2 5,415 69.6

7 Infosys Technologies 585 Software (9537) 7221 62.16 67.3 39.2 3,406 4.8 17.9 92,688 -11.6 8.7 1.8 1.1 30.6 29.7 0.7 0.4 23,661 39.4

8 Kpit Cummins Infosystems 591 Computer services (9533) 7260 61.27 -8.4 12.4 110 -7.8 16.4 4,918 7.5 14.7 55.9 56.3 18.2 17.7 12.5 14.6 211 240.5

9 Dr Reddy's Laboratories 602 Pharmaceuticals (4577) 2441 59.68 -2.6 17.7 1,026 0.9 2.1 13,000 15.8 13.0 5.8 6.0 9.0 -8.1 4.6 5.5 3,368 71.7

10 Core Projects & Technologies 603 Support services (279) 7487 59.65 48.9 101 51.9 58.8 60.0 29.0 22.8 413

11 Reliance Industries 689 Oil & gas producers (53) 1110 50.43 9.2 93.0 22,649 10.3 22.1 24,679 -3.2 -66.1 0.2 0.2 11.7 17.0 2.0 1.8 47,729 2.7

12 Sun Pharmaceutical Industries 700 Pharmaceuticals (4577) 2441 49.73 16.1 18.1 640 27.3 37.7 8,000 0.0 17.0 7.8 8.5 42.2 43.9 6.2 5.4 5,402 46.9

13 Cipla 869 Pharmaceuticals (4577) 2441 35.96 3.2 11.0 803 8.0 15.9 4.5 4.7 25.8 23.0 3,775 18.5

14 Matrix Laboratoires 883 Pharmaceuticals (4577) 2441 35.53 98.2 58.2 341 31.6 25.2 10.4 6.9 11.3 -19.2 488

15 Ashok Leyland 892 Commercial vehicles & trucks (2753) 3550 35.06 -11.8 14.4 1,085 21.1 0.4 13,662 14.4 4.1 3.2 4.4 7.7 4.8 2.6 3.3 1,424

16 Oil and Natural Gas 951 Oil equipment, services & distribution (57) 1120 31.08 12.4 18.2 15,665 8.1 14.0 33,035 0.1 -1.6 0.2 0.2 26.7 29.2 0.9 0.8 40,698

17 Nucleus Software Exports 989 Software (9537) 7221 29.38 -11.9 16.2 44 -11.2 9.7 1,558 67.2 67.8 15.4 27.8 18.9 60 14.7

1,022.14 0.4 18.7 28,423 -2.8 18.5 51,247 -5.2 9.5 3.6 3.5 10.7 9.5 17.3 16.0 45,243 0.4

Israel number of companies for calculation 9 9 8 9 9 8 6 6 6 9 9 9 9 6 6 9 8

1 Teva Pharmaceutical Industries 101 Pharmaceuticals (4577) 2441 558.95 2.0 17.5 9,687 25.4 18.2 35,089 -8.4 9.6 5.8 7.1 17.3 7.8 15.9 14.3 32,013 -2.4

2 Elbit Systems 286 Aerospace & defence (271) 7522 151.07 17.2 33.0 1,974 7.4 23.0 11,238 3.3 11.9 7.7 7.0 8.2 8.0 13.4 11.9 1,562 -19.5

3 Check Point Software Technologies 580 Software (9537) 7221 62.55 -2.1 13.0 644 14.3 17.1 2,112 12.1 10.4 9.7 11.3 44.8 42.7 29.6 33.9 4,910 17.1

4 Nice-Systems 638 Software (9537) 7221 54.85 -1.3 19.5 406 -6.6 12.5 13.5 12.8 6.5 6.0 1,199 7.4

5 Israel 660 General industrials (272) 7487 52.97 -14.6 22.7 8,710 -36.9 19.3 0.6 0.4 2.8 8.9 4,141 16.9

6 Orbotech 723 Electronic equipment (2737) 3210 47.30 -11.4 3.9 263 -12.1 -3.2 1,602 -5.4 0.1 18.0 17.8 -3.0 -33.5 29.5 31.5 252 3.7

7 Alvarion 885 Telecommunications equipment (9578) 3220 35.40 -14.9 9.4 171 -12.8 10.5 877 -10.1 -2.3 20.7 21.2 -5.2 -7.1 40.4 42.6 79 -52.5

8 IDB 980 General industrials (272) 7487 29.62 -21.5 6,486 50.8 0.5 0.9 9.9 14.4 743

9 Mellanox Technologies 985 Semiconductors (9576) 3210 29.44 6.9 40.4 81 7.7 33.7 329 8.6 22.3 36.4 36.7 16.0 19.9 89.5 90.9 345 7.1

88,638.64 0.0 3.6 2,318,901 -10.0 1.4 7,183,507 -0.4 3.0 3.8 3.4 0.9 6.8 12.3 12.3 1,254,791 -4.3

Japan number of companies for calculation 259 259 255 259 259 257 254 248 228 259 259 259 259 254 252 254 246

1 Toyota Motor 1 Automobiles & parts (335) 3410 6,768.46 -5.7 3.6 153,697 -21.9 -0.8 320,808 1.5 3.9 4.4 3.6 -3.2 9.7 21.1 22.7 84,736 -18.4

2 Honda Motor 9 Automobiles & parts (335) 3410 4,216.44 -4.2 3.3 74,950 -16.6 0.3 181,876 1.6 7.9 5.6 4.9 1.4 7.2 23.2 24.6 40,976 -2.0

3 Panasonic 12 Leisure goods (374) 3230 3,877.41 -6.6 -2.8 58,137 -14.4 -4.4 292,250 -4.4 -4.4 6.7 6.1 -5.0 4.7 13.3 13.6 21,607 -17.6

4 Sony 13 Leisure goods (374) 3230 3,723.07 -4.5 -2.2 57,148 -12.8 3.2 171,300 -5.1 2.6 6.5 5.9 -3.0 4.9 21.7 21.6 21,290 6.8

5 Nissan Motor 17 Automobiles & parts (335) 3410 3,410.02 -0.4 0.6 63,164 -22.1 -3.6 175,766 -2.6 -1.4 5.4 4.2 -3.1 6.9 19.4 19.0 23,686 -1.6

6 Takeda Pharmaceutical 18 Pharmaceuticals (4577) 2441 3,391.78 64.3 38.7 11,517 11.9 8.3 19,362 23.2 8.7 29.5 20.1 20.3 34.5 175.2 131.4 25,459 15.5

7 Hitachi 19 Computer hardware (9572) 3002 3,118.30 -2.7 0.9 74,869 -10.9 1.9 400,129 2.7 4.0 4.2 3.8 -1.8 2.5 7.8 8.2 12,936 60.2

8 Toshiba 21 General industrials (272) 7487 2,831.89 -3.8 0.5 49,820 -13.2 1.6 199,000 0.5 5.0 5.7 5.1 -5.0 1.5 14.2 14.9 14,435 -1.6

9 NEC 22 Computer hardware (9572) 3002 2,594.33 -1.6 6.4 31,561 -8.7 -5.1 143,327 -6.3 8.2 7.6 -6.3 2.5 18.1 17.2 4,626 -6.0

10 Canon 26 Electronic office equipment (9574) 3001 2,280.42 -18.6 -0.4 24,026 -21.6 -8.3 168,879 1.1 12.5 9.5 9.1 7.0 11.3 13.5 16.8 38,727 16.5

11 Denso 28 Automobiles & parts (335) 3430 2,224.63 -4.6 5.0 23,528 -21.9 -0.5 119,919 0.9 4.3 9.5 7.7 -2.5 8.8 18.6 19.6 17,130 -9.0

12 NTT 30 Fixed line telecommunications (653) 6420 2,007.89 -1.1 -4.6 77,983 -2.5 -1.0 196,296 1.3 -0.5 2.6 2.5 10.9 13.0 10.2 10.5 96,997 -29.0

13 Fujitsu 35 Computer services (9533) 7260 1,870.92 -3.4 1.1 35,135 -12.0 -0.7 165,612 -1.1 1.5 5.3 4.9 -2.3 2.2 11.3 11.6 9,704 2.2

14 Sharp 38 Electronic equipment (2737) 3210 1,463.82 -0.3 8.2 21,316 -16.7 0.6 54,144 0.8 4.9 6.9 5.7 -7.5 4.5 27.0 27.3 7,846 -10.5

15 FUJIFILM 39 Electronic equipment (2737) 3210 1,430.51 1.9 1.6 18,225 -14.5 -3.0 76,252 -2.6 0.2 7.8 6.6 1.2 7.3 18.8 17.9 11,215 5.6

16 Daiichi Sankyo 41 Pharmaceuticals (4577) 2441 1,381.57 12.9 5.1 6,305 -4.3 -3.1 28,895 88.3 16.2 21.9 18.6 -32.9 16.2 47.8 79.7 9,529 -5.3

17 Astellas Pharma 47 Pharmaceuticals (4577) 2441 1,190.81 18.3 3.8 7,230 -0.7 3.2 14,261 4.4 -1.6 16.5 13.8 25.0 27.6 83.5 73.7 10,927 -12.2

18 Eisai 48 Pharmaceuticals (4577) 2441 1,168.71 13.1 18.7 5,853 6.5 9.1 10,977 2.7 6.5 20.0 18.8 9.9 2.1 106.5 96.7 7,252 -0.7

19 Mitsubishi Electric 55 Electrical components & equipment (2733) 3162 997.35 -3.0 3.2 27,439 -9.5 0.6 106,931 1.2 2.4 3.6 3.4 3.4 5.9 9.3 9.7 12,469 7.8

20 Sumitomo Chemical 58 Chemicals (135) 2466 981.67 24.4 12.6 13,388 -5.7 4.7 26,902 5.1 3.6 7.3 5.6 -1.9 5.2 36.5 30.8 4,968 -15.1

21 Mitsubishi Chemical 61 Chemicals (135) 2466 956.80 14.0 12.6 21,779 -0.7 6.5 41,480 64.6 8.0 4.4 3.8 -1.5 3.8 23.1 33.3 5,217 3.0

22 Ricoh 62 Electronic office equipment (9574) 3001 931.38 -1.3 4.1 15,660 -5.8 3.0 108,500 30.1 12.5 5.9 5.7 2.3 8.3 8.6 11.3 6,839 -0.8

23 Aisin Seiki 67 Automobiles & parts (335) 3430 868.40 0.6 6.8 16,579 -18.0 1.5 73,201 -0.4 7.1 5.2 4.3 -0.5 7.1 11.9 11.7 5,471 2.0

24 Suzuki Motor 68 Automobiles & parts (335) 3410 860.67 5.7 8.5 22,496 -14.2 3.0 30,613 -39.1 -9.1 3.8 3.1 2.2 4.2 28.1 16.2 7,749 -15.2

25 Mitsubishi Heavy 72 General industrials (272) 7487 758.63 -6.1 0.2 25,272 5.4 6.5 67,416 5.2 2.7 3.0 3.4 1.7 3.2 11.3 12.6 8,592 -8.5

26 Mazda Motor 76 Automobiles & parts (335) 3410 718.47 -16.1 0.1 18,985 -27.0 -4.6 39,852 1.2 2.9 3.8 3.3 -2.6 4.8 18.0 21.8 2,888 1.7

27 Bridgestone 85 Automobiles & parts (335) 2511 642.10 -8.0 -0.4 19,443 -19.7 -4.6 137,135 -0.6 2.8 3.3 2.9 2.3 2.9 4.7 5.1 10,334 -1.4

28 Seiko Epson 92 Electronic office equipment (9574) 3001 614.34 -1.0 -4.1 8,404 -16.7 -10.2 72,326 -18.7 -7.3 7.3 6.1 -8.1 3.7 8.5 7.0 2,023 -4.3

29 Konica Minolta 93 Electronic office equipment (9574) 3001 613.18 0.7 6.8 7,096 -11.5 -3.9 36,875 16.3 5.2 8.6 7.6 4.2 10.4 16.6 19.2 3,385 2.3

30 Sanyo Electric 100 Electronic equipment (2737) 3210 564.75 5.1 -15.9 13,830 -11.3 -9.0 86,016 -13.9 -6.8 4.1 3.4 -3.4 3.0 6.6 5.4 6,843 116.5

31 Sumitomo Electric 103 Electrical components & equipment (2733) 3162 546.43 1.0 4.2 15,886 -16.5 1.9 152,547 -0.8 7.0 3.4 2.8 2.1 6.4 3.6 3.5 6,150 -14.6

32 Olympus 108 Health care equipment & services (453) 3310 524.14 6.2 15.1 7,343 -13.1 0.1 36,503 2.0 3.4 7.1 5.8 -6.9 9.2 14.4 13.8 4,893 -7.7

33 Isuzu Motors 111 Commercial vehicles & trucks (2753) 3550 506.84 12.3 7.1 10,666 -26.0 -3.4 24,257 2.3 4.8 3.1 1.0 6.0 20.9 19.0 3,716 62.9

34 Kyocera 113 Electrical components & equipment (2733) 3162 493.61 7.0 4.7 8,449 -12.5 -1.5 59,514 -10.5 -1.1 5.8 4.8 4.0 12.4 8.3 6.9 11,886 8.7

35 Yamaha Motor 119 Automobiles & parts (335) 3410 464.66 -27.1 -7.0 8,637 -28.1 -10.0 49,994 0.5 6.0 5.4 5.3 -14.6 2.5 9.3 12.8 3,404 47.3

36 Nikon 121 Leisure goods (374) 3230 460.34 5.3 18.3 6,586 -8.0 6.4 23,759 -6.2 8.3 7.0 6.1 4.5 12.0 19.4 17.2 4,884 -1.2

37 Kirin 122 Beverages (353) 1596 458.18 14.5 29.3 14,365 -0.2 14.9 35,150 -3.8 14.6 3.2 2.8 3.8 7.7 13.0 10.9 9,375 -4.7

38 Asahi Kasei 123 Chemicals (135) 2466 455.55 8.3 5.7 11,628 -8.5 1.2 24,244 1.6 1.7 3.9 3.3 1.7 6.7 18.8 17.6 4,994 0.7

39 Sega Sammy 125 Travel & leisure (575) 9271 446.77 -8.7 18.0 3,213 -6.5 -8.1 6,856 -10.6 2.2 13.9 14.2 -4.7 -9.5 65.2 63.9 3,083 23.0

40 Tokyo Electron 128 Semiconductors (9576) 3210 436.37 -8.8 5.8 3,804 -43.9 -9.0 10,391 -0.4 5.3 11.5 7.1 1.1 18.1 42.0 45.9 6,233 -10.9

41 TDK 130 Electronic equipment (2737) 3210 431.57 0.4 8.2 5,446 -16.0 -2.9 66,429 10.3 7.2 7.9 6.6 -9.8 8.5 6.5 7.1 4,935 -4.0

42 Pioneer 135 Electronic equipment (2737) 3210 410.19 -7.8 -4.8 4,184 -27.8 -10.7 32,115 -24.9 -6.1 9.8 7.7 -17.7 -1.7 12.8 10.4 730 66.7

43 Komatsu 137 Commercial vehicles & trucks (2753) 3550 402.30 8.2 2.3 15,136 -9.9 5.9 39,855 1.5 4.8 2.7 2.2 7.7 15.2 10.1 9.5 14,427 15.2

44 Shionogi 138 Pharmaceuticals (4577) 2441 395.46 31.1 17.9 1,703 6.2 5.0 6,010 20.6 6.3 23.2 18.8 12.9 17.9 65.8 60.5 4,420 -20.1

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %45 Dainippon Sumitomo Pharma 139 Pharmaceuticals (4577) 2441 395.44 11.7 21.2 1,977 0.0 2.4 4,787 -0.2 -2.4 20.0 17.9 11.6 13.7 82.6 73.8 2,256 -15.3

46 Toray Industries 144 Chemicals (135) 2466 373.98 9.0 9.4 11,017 -10.8 1.0 37,924 -1.7 3.0 3.4 2.8 -0.4 5.4 9.9 8.9 6,259 8.5

47 OMRON 147 Electronic equipment (2737) 3210 366.09 -5.1 -4.0 4,696 -17.8 0.0 32,583 -8.0 5.9 7.8 6.8 -6.3 8.3 11.2 10.9 3,609 36.3

48 Japan Tobacco 152 Tobacco (378) 1600 354.09 4.7 8.0 51,151 6.6 13.8 47,977 1.1 15.1 0.7 0.7 4.2 5.9 7.4 7.1 22,077 7.4

49 Murata Manufacturing 153 Semiconductors (9576) 3210 350.61 10.8 10.5 3,923 -17.1 2.2 33,431 -1.9 7.4 8.9 6.7 -2.9 18.6 10.5 9.3 7,418 -0.5

50 Kyowa Hakko Kirin 154 Biotechnology (4573) 7310 349.18 -3.6 11.8 3,086 -10.4 5.2 7,436 2.5 8.9 11.3 10.5 6.8 5.1 47.0 49.9 3,984 -15.2

51 Kao 156 Personal goods (376) 2451 345.33 2.3 4.6 9,555 -3.2 9.5 33,745 2.6 4.1 3.6 3.4 7.7 8.8 10.2 10.3 9,196 7.1

52 Nippon Steel 157 Industrial metals & mining (175) 2710 342.86 1.0 6.5 35,710 -1.2 6.9 50,077 1.0 0.9 6.3 12.2 6.8 15,679 -18.8

53 Asahi Glass 158 Construction & materials (235) 2682 336.58 19.3 13.5 8,596 -20.5 -10.9 47,618 -0.3 -4.2 3.9 2.6 3.7 7.6 7.1 5.9 8,200 11.9

54 Fuji Heavy Industries 163 Automobiles & parts (335) 3410 320.66 -17.7 -2.2 10,824 -8.0 -0.7 27,659 4.8 1.9 3.0 3.3 -1.9 2.4 11.6 14.7 3,054 23.6

55 Nintendo 167 Leisure goods (374) 3650 316.34 14.2 11.4 13,765 9.9 53.5 4,130 9.6 9.4 2.3 2.2 30.1 28.6 76.6 73.5 25,968 -1.3

56 Tokyo Electric Power 168 Electricity (753) 4011 315.12 8.5 5.4 44,078 7.4 3.9 52,506 0.4 0.6 0.7 0.7 0.2 -1.7 6.0 5.6 26,345 10.8

57 JFE 170 Industrial metals & mining (175) 2710 313.97 6.2 3.2 29,260 10.4 8.0 56,547 -0.2 2.1 1.1 1.1 8.8 12.8 5.6 5.2 13,131 -20.3

58 Mitsui Chemicals 173 Chemicals (135) 2466 304.17 -3.6 3.0 11,137 -16.7 0.3 12,964 1.2 1.3 2.7 2.4 -3.4 3.4 23.5 24.6 1,915 -13.4

59 Alps Electric 175 Electrical components & equipment (2733) 3162 301.74 -4.6 -2.0 4,035 -22.2 -8.8 37,656 -8.7 2.8 7.5 6.1 -11.2 -0.3 8.0 7.7 969 22.7

60 Rohm 176 Semiconductors (9576) 3210 301.64 21.9 6.0 2,374 -15.1 -6.5 22,034 7.3 2.8 12.7 8.9 -10.5 16.9 13.7 12.1 4,779 -13.4

61 Ono Pharmaceutical 180 Pharmaceuticals (4577) 2441 287.49 -1.5 4.1 1,022 -6.4 -2.8 2,646 -1.0 0.7 28.1 26.7 26.1 35.0 108.6 109.2 3,524 -11.1

62 Kawasaki Heavy Industries 181 General industrials (272) 7487 286.41 5.6 12.3 10,022 -10.8 0.4 32,266 5.6 3.7 2.9 2.4 0.7 4.8 8.9 8.9 2,925 -8.1

63 Teijin 184 Chemicals (135) 2466 281.72 3.7 6.4 7,063 -9.0 0.2 19,453 1.7 1.1 4.0 3.5 -2.6 1.6 14.5 14.2 2,181 -9.5

64 Shin-Etsu Chemical 185 Chemicals (135) 2466 280.52 -21.8 5.4 8,990 -12.8 2.1 19,170 -5.3 0.5 3.1 3.5 19.9 21.5 14.6 17.7 14,071 -13.3

65 Yokogawa Electric 187 Electronic equipment (2737) 3210 278.72 -8.9 6.4 2,819 -13.9 -1.1 20,247 -0.1 4.3 9.9 9.3 -1.6 3.8 13.8 15.1 1,172 -26.6

66 Brother Industries 189 Computer hardware (9572) 3002 275.95 8.0 13.4 3,610 -14.9 -5.9 22,668 -4.8 0.8 7.6 6.0 2.3 8.8 12.2 10.7 2,120 8.9

67 Mitsubishi Motors 193 Automobiles & parts (335) 3410 268.08 3.5 -16.0 14,775 -26.4 -2.4 31,905 -3.9 -3.0 1.8 1.3 -1.9 2.7 8.4 7.8 5,031 -26.4

68 Dai Nippon Printing 199 Media (555) 2222 255.38 -4.1 5.9 11,865 -1.9 1.7 40,317 4.3 4.2 2.2 2.2 -1.4 5.0 6.3 6.9 5,806 -17.0

69 Ajinomoto 201 Food producers (357) 1589 252.79 2.7 3.4 8,912 -2.2 2.5 26,869 3.8 1.0 2.8 2.7 1.5 4.4 9.4 9.5 4,747 0.8

70 Toyota Industries 203 Automobiles & parts (335) 3410 251.90 -8.4 2.6 11,861 -20.8 1.7 39,916 1.0 6.6 2.1 1.8 -3.2 5.1 6.3 7.0 5,970 -3.9

71 Elpida Memory 209 Electrical components & equipment (2733) 3162 241.38 7.7 9.7 2,478 -18.4 11.1 5,863 68.6 32.5 9.7 7.4 -53.6 -8.3 41.2 64.5 1,873 30.0

72 Kobe Steel 216 Industrial metals & mining (175) 2710 232.30 3.0 8.8 16,301 2.1 9.3 33,526 -0.4 4.9 1.4 1.4 2.4 8.2 6.9 6.7 4,522 7.4

73 Daikin Industries 219 Construction & materials (235) 2682 228.60 -4.8 4.6 9,002 -6.9 14.9 39,896 9.9 22.0 2.5 2.5 4.6 9.7 5.7 6.6 7,204 -6.3

74 Fuji Electric 221 Electrical components & equipment (2733) 3162 227.55 -2.8 1.6 5,740 -16.9 -5.1 22,799 -11.1 -3.5 4.0 3.4 -5.7 3.5 10.0 9.1 1,307 33.1

75 Toyota Boshoku 229 Automobiles & parts (335) 3430 216.87 -8.7 5.3 7,335 -20.6 3.7 27,078 0.5 8.6 3.0 2.6 1.6 5.6 8.0 8.8 1,979 -19.9

76 Toppan Printing 230 Media (555) 2222 215.56 -3.2 1.4 12,108 -3.2 1.5 47,522 23.2 9.7 1.8 1.8 1.1 4.4 4.5 5.8 3,789 -20.0

77 Calsonic Kansei 234 Automobiles & parts (335) 3430 206.47 -1.3 -1.2 5,012 -19.7 -2.2 15,155 1.8 0.4 4.1 3.4 -3.2 0.0 13.6 14.1 541 14.3

78 Taisho Pharmaceutical 235 Pharmaceuticals (4577) 2441 206.06 11.2 6.1 1,918 2.6 -1.9 5,409 1.5 1.4 10.7 9.9 7.4 14.3 38.1 34.8 4,106 3.2

79 NIDEC 236 Electrical components & equipment (2733) 3162 201.87 -10.4 -2.7 4,650 -16.3 5.0 76,574 -21.0 -0.9 4.3 4.1 9.0 10.2 2.6 2.3 8,590 17.1

80 KDDI 237 Mobile telecommunications (657) 6420 201.86 37.8 20.7 26,184 -2.7 4.5 16,967 6.9 6.6 0.8 0.5 11.6 10.8 11.9 9.2 15,259 -11.8

81 Kubota 241 General industrials (272) 7487 196.82 6.1 5.0 8,291 -4.1 1.8 25,140 2.8 2.9 2.4 2.1 8.4 11.1 7.8 7.6 7,520 -0.6

82 Sekisui Chemical 247 Household goods & home construction (372) 4521 190.31 -1.2 3.3 6,994 -2.6 1.8 19,742 4.4 3.2 2.7 2.7 1.7 2.7 9.6 10.2 2,376 3.4

83 IHI 249 Industrial machinery (2757) 2924 188.14 4.2 5.2 10,392 2.8 7.2 24,348 2.6 1.4 1.8 1.8 0.0 -2.4 7.7 7.6 1,832 -4.0

84 Toyoda Gosei 253 Automobiles & parts (335) 3430 185.95 -4.4 -0.6 4,091 -17.5 3.1 25,792 -4.6 11.0 4.5 3.9 1.9 8.2 7.2 7.2 1,967 -27.2

85 Advantest 262 Semiconductors (9576) 3210 177.53 -22.3 -4.1 574 -58.1 -32.9 3,187 -13.1 -3.9 30.9 16.7 -68.6 11.8 55.7 62.3 2,852 -20.3

86 Yamaha 268 Leisure goods (374) 3663 173.82 -6.6 -1.2 3,438 -16.3 -4.9 26,803 1.1 11.0 5.1 4.5 -2.2 6.0 6.5 7.0 1,528 -14.9

87 Sumitomo Metal Industries 277 Industrial metals & mining (175) 2710 165.61 10.0 10.4 13,808 5.7 5.9 24,245 -2.7 -1.7 1.2 1.2 11.6 16.8 6.8 6.0 8,108 -8.7

88 Nitto Denko 279 Chemicals (135) 2466 162.58 -1.7 2.0 4,327 -22.5 -2.6 28,640 -14.9 1.3 3.8 3.0 1.2 10.5 5.7 4.9 4,105 8.5

89 JSR 281 Chemicals (135) 2466 157.68 10.2 10.0 2,639 -13.4 1.4 5,256 2.6 4.7 6.0 4.7 5.8 14.0 30.0 27.9 2,787 -13.8

90 Showa Denko 282 Chemicals (135) 2466 155.30 3.3 2.0 5,077 -32.4 -9.5 11,564 -1.6 1.1 3.1 2.0 -6.5 0.6 13.4 12.8 1,919 14.3

91 Furukawa Electric 288 General industrials (272) 7487 148.95 0.5 3.4 7,732 -12.0 5.8 37,427 -0.6 2.3 1.9 1.7 -0.9 3.4 4.0 3.9 1,931 -16.0

92 Kansai Electric Power 296 Electricity (753) 4011 142.54 -2.9 -3.1 20,884 3.7 2.6 30,490 1.5 -0.2 0.7 0.7 1.2 7.2 4.7 4.9 16,118 11.1

93 Koito Manufacturing 299 Automobiles & parts (335) 3430 140.75 -9.6 -2.7 2,996 -15.0 0.2 14,562 -4.9 1.6 4.7 4.4 2.0 6.4 9.7 10.2 1,539 1.5

94 Takata 300 Automobiles & parts (335) 3430 140.61 -17.1 -2.7 2,886 -25.3 -6.1 28,406 -18.8 -6.7 4.9 4.4 -1.8 7.1 4.9 4.8 1,137 -1.6

95 Santen Pharmaceutical 304 Pharmaceuticals (4577) 2441 138.19 42.6 9.7 761 -1.7 1.1 2,690 8.3 5.2 18.2 12.5 14.9 19.8 51.4 39.0 2,069 11.0

96 Sumitomo Rubber Industries 309 Automobiles & parts (335) 2511 134.63 -7.1 1.3 3,927 -13.3 -0.6 20,832 2.3 -4.4 3.4 3.2 4.1 3.6 6.5 7.1 1,777 4.7

97 Tokai Rika 310 Automobiles & parts (335) 3430 134.06 -2.3 0.2 2,526 -23.3 -2.4 14,838 0.4 4.8 5.3 4.2 0.4 7.3 9.0 9.3 1,043 -17.2

98 Hoya 316 Electronic equipment (2737) 3210 131.99 1.2 7.6 3,400 -5.7 9.7 34,592 -2.7 11.2 3.9 3.6 5.6 20.2 3.8 3.7 6,682 -0.6

99 NGK Spark Plug 317 Automobiles & parts (335) 3430 131.59 0.8 6.2 2,187 -15.5 0.8 11,979 3.3 6.9 6.0 5.0 -14.0 10.2 11.0 11.3 2,048 7.5

100 Namco Bandai 319 Leisure goods (374) 3650 131.11 -0.4 -4.7 3,192 -7.4 -1.8 4.1 3.8 4.2 5.9 1,639 -8.3

101 NTN 321 Industrial machinery (2757) 2924 130.28 16.0 5.6 3,946 -1.3 6.6 20,679 9.1 12.2 3.3 2.8 -1.0 9.2 6.3 5.9 1,507 -7.7

102 Kaneka 325 Chemicals (135) 2466 128.79 3.6 0.7 3,366 -10.6 -1.1 7,321 -2.4 0.1 3.8 3.3 0.0 6.6 17.6 16.6 1,482 -17.3

103 Terumo 327 Health care equipment & services (453) 3310 128.46 8.9 -1.6 2,267 -1.2 7.0 13,439 9.1 7.5 5.7 5.1 17.6 22.1 9.6 9.6 7,482 2.9

104 Hitachi Kokusai Electric 328 Electronic equipment (2737) 3210 127.77 -4.2 10.0 963 -35.1 -6.8 4,894 0.0 13.3 9.0 -9.0 8.6 26.1 27.3 569 2.3

105 OKI Electric 333 Telecommunications equipment (9578) 3220 125.96 -7.7 -5.0 4,085 -24.2 -7.1 17,415 -23.1 -6.3 3.1 2.5 -5.6 0.5 7.2 6.0 385 -25.9

106 Idemitsu Kosan 337 Oil & gas producers (53) 1110 124.38 7.2 5.9 28,438 -1.7 4.5 7,826 4.3 1.3 0.4 0.4 2.0 1.2 15.9 15.5 2,323 -1.7

107 East Japan Railway 342 Travel & leisure (575) 6330 122.80 4.8 -1.0 20,191 -0.2 1.3 72,550 0.5 -0.1 0.6 0.6 15.8 16.4 1.7 1.6 17,941 9.2

108 Kuraray 345 Chemicals (135) 2466 122.47 7.3 5.2 2,821 -9.8 0.2 6,861 1.3 0.1 4.3 3.7 4.6 9.1 17.8 16.9 3,140 6.9

109 Dainippon Screen Mfg 347 Semiconductors (9576) 3210 120.33 -1.1 6.6 1,640 -21.7 -3.9 4,992 -1.0 2.2 7.3 5.8 -11.2 3.7 24.1 24.1 896 45.0

110 JS 348 Construction & materials (235) 2682 119.62 2.1 -0.4 7,837 -5.2 -0.3 32,700 2.7 2.5 1.5 1.4 1.2 3.0 3.7 3.7 4,235 17.1

111 SMC 363 Industrial machinery (2757) 2924 114.57 -8.1 0.1 2,122 -20.8 -2.7 15,388 4.3 5.9 5.4 4.7 15.4 24.8 7.4 8.4 6,115 9.9

112 Yokohama Rubber 364 Automobiles & parts (335) 2511 114.37 -0.1 1.6 3,873 -6.2 4.6 16,772 4.2 4.7 3.0 2.8 -0.3 4.1 6.8 7.1 1,178 -4.7

113 Shiseido 365 Personal goods (376) 2451 114.12 4.6 -2.5 5,168 -4.6 0.9 28,810 0.1 3.8 2.2 2.0 5.6 8.7 4.0 3.8 6,125 29.7

114 Nippon Mining (now part of JX) 367 Oil & gas producers (53) 1110 113.03 28.4 16.1 30,434 -6.3 10.3 10,729 4.0 0.4 0.3 -1.7 4.4 10.5 8.5

115 Fujikura 368 Electrical components & equipment (2733) 3162 112.22 7.1 7.0 4,295 -13.0 4.5 46,466 -6.0 11.3 2.6 2.1 -1.9 2.3 2.4 2.1 1,121 -20.4

116 Mitsubishi Rayon (now part of Mitsubishi Chemical) 371 Chemicals (135) 2466 110.97 18.5 10.6 2,583 -17.6 -0.4 7,696 0.0 -0.1 4.3 3.0 -11.4 7.7 14.4 12.2

117 DIC 373 Chemicals (135) 2466 110.27 -5.5 -0.3 6,980 -13.5 -2.5 23,613 -6.2 -2.7 1.6 1.4 1.9 4.0 4.7 4.6 1,133 22.3

118 Mitsubishi Gas Chemical 374 Chemicals (135) 2466 110.11 8.4 11.2 3,351 -13.8 0.6 4,902 4.6 3.3 3.3 2.6 1.8 11.8 22.5 21.7 1,780 -8.4

119 Meiji Seika Kaisha (now part of Meiji) 377 Food producers (357) 1589 109.25 -1.2 -4.2 3,100 2.3 2.7 6,922 6.8 3.2 3.5 3.6 2.0 2.9 15.8 17.1

120 Tosoh 383 Chemicals (135) 2466 107.81 5.9 9.1 5,491 -11.3 4.2 11,166 0.7 6.0 2.0 1.6 -2.4 7.2 9.7 9.2 1,077 -14.5

121 UBE Industries 388 Chemicals (135) 2466 105.74 3.9 4.2 5,126 -2.8 4.8 11,264 1.9 1.8 2.1 1.9 3.3 7.0 9.4 9.2 1,678 -11.4

122 Chubu Electric Power 389 Electricity (753) 4011 105.18 0.0 -5.5 18,791 3.2 5.3 16,266 1.7 0.0 0.6 0.6 2.2 6.9 6.5 6.6 13,429 7.2

123 Sanken Electric 401 Semiconductors (9576) 3210 100.83 -1.5 6.2 1,101 -20.2 -5.4 10,063 -3.0 1.1 9.2 7.4 -6.2 3.2 10.0 9.9 296 -10.3

124 TOTO 413 Construction & materials (235) 2682 97.99 9.1 3.7 3,478 -7.3 -2.1 23,935 13.9 7.5 2.8 2.4 -3.4 3.6 4.1 4.3 1,661 -6.5

125 Sumitomo Bakelite 414 Chemicals (135) 2466 97.92 1.3 4.7 1,590 -5.7 -4.1 8,071 -8.6 -2.9 6.2 5.7 -5.3 0.5 12.1 10.9 915 -5.1

126 Funai Electric 415 Electronic equipment (2737) 3210 97.75 -11.7 -2.5 2,267 9.2 -5.7 2,590 -1.4 -13.7 4.3 5.3 -0.9 -1.6 37.7 42.1 781 -17.1

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %127 Casio Computer 423 Leisure goods (374) 3230 94.56 -14.4 -11.5 3,878 -16.9 -3.7 12,358 -6.4 -0.8 2.4 2.4 -5.3 5.3 7.7 8.4 1,408 -8.7

128 Nippon Oil (now part of JX) 426 Oil & gas producers (53) 1110 92.17 -3.0 6.8 55,320 -1.8 6.5 14,144 11.4 1.2 0.2 0.2 -5.1 3.6 6.5 7.5

129 Nippon Shokubai 429 Chemicals (135) 2466 90.45 8.1 6.1 2,164 -4.5 7.5 3,415 3.8 6.8 4.2 3.7 -1.0 6.4 26.5 25.4 1,310 16.8

130 Daicel Chemical Industries 430 Chemicals (135) 2466 90.18 0.4 2.4 2,830 -9.4 4.1 7,803 1.5 7.7 3.2 2.9 2.5 7.3 11.6 11.7 1,595 -2.9

131 NGK Insulators 433 General industrials (272) 7487 89.01 -2.3 7.4 2,045 -25.1 -1.3 11,205 -3.0 2.7 4.4 3.3 9.1 19.3 7.9 7.9 3,798 -31.3

132 Tokuyama 434 Chemicals (135) 2466 88.88 6.4 8.1 2,253 -2.1 4.6 5,295 4.7 4.6 3.9 3.6 -0.8 10.5 16.8 16.5 1,299 -13.5

133 Mitsubishi Materials 436 Industrial metals & mining (175) 2745 88.73 1.5 3.0 10,662 -14.2 7.6 21,224 9.0 3.7 0.8 0.7 1.3 7.7 4.2 4.5 2,645 2.2

134 Anritsu 438 Electronic equipment (2737) 3210 87.62 -17.1 -2.2 628 -16.5 -2.7 3,697 -6.7 -3.0 13.9 14.0 -1.7 -2.2 23.7 26.7 549 51.2

135 TOPCON 442 Health care equipment & services (453) 3310 86.76 13.9 14.5 843 1.7 3.1 4,964 56.5 10.3 9.2 -9.4 10.3 17.5 24.0 286 -15.8

136 Ibiden 444 Electrical components & equipment (2733) 3162 86.53 7.2 19.3 2,316 -25.2 -1.0 11,346 -10.6 3.9 3.7 2.6 0.2 16.5 7.6 6.4 2,753 -21.0

137 Kissei Pharmaceutical 445 Pharmaceuticals (4577) 2441 86.52 1.7 3.0 483 5.0 0.3 1,870 1.4 2.1 17.9 18.5 4.1 6.4 46.3 46.1 758 -21.3

138 Zeon 451 Chemicals (135) 2466 84.75 -7.8 7.4 2,013 -11.2 0.7 2,882 -9.0 -0.1 4.2 4.1 0.5 7.0 29.4 29.0 1,165 45.7

139 Sysmex 468 Health care equipment & services (453) 3310 80.64 16.8 9.6 837 1.0 8.4 4,148 5.9 14.8 9.6 8.3 13.2 13.3 19.4 17.6 2,273 56.0

140 NSK 470 Support services (279) 5190 80.04 4.4 3.2 4,848 -16.1 1.0 24,050 -4.1 2.0 1.7 1.3 2.3 8.5 3.3 3.1 2,419 -2.2

141 Sumitomo Heavy Industries 471 Industrial machinery (2757) 2924 80.02 8.4 12.8 4,813 -2.7 5.3 14,984 4.0 9.8 1.7 1.5 5.6 11.0 5.3 5.1 2,147 -1.4

142 Toyobo 472 Chemicals (135) 2466 79.88 -1.9 1.9 2,750 -14.9 -3.0 11,181 -3.6 -1.5 2.9 2.5 -5.0 0.6 7.1 7.0 882 -6.6

143 NHK Spring 478 Industrial machinery (2757) 2924 78.92 18.9 60.2 3,301 -9.1 4.8 15,869 -8.4 15.5 2.4 1.8 2.4 6.9 5.0 3.8 1,433 12.0

144 Kyorin 479 Pharmaceuticals (4577) 2441 78.84 -2.7 1.4 680 12.1 7.1 11.6 13.4 5.1 6.7 40.5 702 -18.0

145 Citizen 480 Electronic equipment (2737) 3210 78.81 -2.5 -1.7 2,222 -11.8 -4.0 17,359 -21.5 -2.1 3.5 3.2 -10.8 6.0 4.5 3.7 1,319 -10.3

146 Nippon Sheet Glass 481 Construction & materials (235) 2682 78.80 -32.2 11.4 5,535 -14.6 40.6 31,436 -3.5 35.1 1.4 1.8 -5.3 3.8 2.5 3.6 1,255 -30.1

147 Nippon Kayaku 485 Chemicals (135) 2466 78.45 -2.7 0.2 1,006 -7.3 -1.4 4,040 -4.3 -2.1 7.8 7.4 5.1 8.8 19.4 19.1 1,140 5.9

148 Oji Paper 489 Forestry & paper (173) 2125 77.45 -10.8 -5.6 9,487 -3.9 1.4 20,415 1.8 0.3 0.8 0.9 0.8 2.5 3.8 4.3 3,582 9.7

149 Kyushu Electric Power 491 Electricity (753) 4011 77.05 5.1 1.7 11,411 2.8 2.8 19,129 1.4 1.1 0.7 0.7 5.7 7.4 4.0 3.9 7,465 5.6

150 Denki Kagaku Kogyo 492 Chemicals (135) 2466 77.00 6.0 5.3 2,502 -8.2 2.8 4,783 2.8 0.3 3.1 2.7 0.6 4.7 16.1 15.6 1,510 25.3

151 Kajima 500 Construction & materials (235) 4521 74.82 3.7 1.7 14,588 2.9 3.2 15,608 4.5 -0.7 0.5 0.5 0.0 1.8 4.8 4.8 1,758 -20.2

152 HORIBA 503 Electronic equipment (2737) 3210 73.60 -7.8 6.3 783 -22.1 -12.3 5,133 -0.3 3.0 9.4 7.9 4.5 8.1 14.3 15.5 698 3.7

153 Yaskawa Electric 506 Electronic equipment (2737) 3210 72.66 -0.3 6.3 2,622 -8.4 2.7 8,463 1.4 3.0 2.8 2.5 4.9 9.7 8.6 8.7 1,252 -1.1

154 Yamatake 509 Electronic equipment (2737) 3210 72.14 -2.1 4.8 1,768 -5.0 7.8 8,377 0.7 0.0 4.1 4.0 7.1 6.8 8.6 8.9 1,333 25.1

155 Hisamitsu Pharmaceutical 510 Pharmaceuticals (4577) 2441 71.98 -14.4 933 4.7 1,890 7.9 7.7 9.4 26.8 25.6 38.1 48.0 2,651 15.2

156 Osaka Gas 511 Gas, water & multiutilities (757) 4022 71.89 -5.7 -5.3 9,933 7.2 7.6 19,009 13.9 5.7 0.7 0.8 5.6 6.1 3.8 4.6 5,567 11.0

157 Tohoku Electric Power 515 Electricity (753) 4011 71.27 3.6 0.2 13,800 2.3 3.6 22,662 1.8 0.4 0.5 0.5 0.2 4.5 3.1 3.1 7,742 7.5

158 Hamamatsu Photonics 515 Electronic equipment (2737) 3210 71.27 -6.3 1.2 539 -27.2 -6.1 3,793 0.8 3.0 13.2 10.3 4.2 20.6 18.8 20.2 1,657 43.1

159 Taisei 519 Construction & materials (235) 4521 70.87 1.8 0.3 12,287 -4.1 -2.0 15,260 -1.3 -2.7 0.6 0.5 -2.2 2.2 4.6 4.5 1,627 -4.5

160 Minebea 520 Industrial machinery (2757) 2924 70.81 -4.9 1.5 1,918 -23.4 -7.0 48,443 -4.2 0.6 3.7 3.0 3.7 9.3 1.5 1.5 1,379 0.8

161 Asahi Breweries 521 Beverages (353) 1596 69.94 2.9 3.3 11,024 0.7 0.6 17,316 5.9 4.3 0.6 0.6 5.5 6.3 4.0 4.2 6,142 14.2

162 Yakult Honsha 529 Food producers (357) 1589 69.24 3.3 9.9 2,197 -7.5 3.1 17,361 9.7 6.0 3.2 2.8 2.6 9.5 4.0 4.2 3,566 31.8

163 Glory 534 Industrial machinery (2757) 2924 68.91 -4.3 -1.0 1,093 -21.2 1.1 5,510 3.1 4.2 6.3 5.2 6.4 11.1 12.5 13.5 1,019 -0.4

164 Tokyo Gas 537 Gas, water & multiutilities (757) 4022 68.61 -7.9 -0.8 12,429 11.6 9.4 15,510 -2.5 -2.4 0.6 0.7 4.5 4.6 4.4 4.7 8,469 20.1

165 Shimadzu 540 Electronic equipment (2737) 3210 68.40 3.9 4.4 2,043 -5.9 4.0 9,670 4.3 3.3 3.0 6.0 8.8 7.1 1,410 -7.3

166 Lion 542 Personal goods (376) 2451 67.81 6.3 4.6 2,410 -4.8 -0.9 5,750 -0.4 -0.1 2.8 2.5 3.3 2.1 11.8 11.0 1,075

167 Keyence 549 Electronic equipment (2737) 3210 66.50 8.6 14.2 1,238 -17.6 1.5 3,067 4.9 5.4 4.1 39.3 51.4 21.7 20.9 8,316 17.5

168 Ebara 553 Industrial machinery (2757) 2924 66.10 -18.3 -6.7 3,752 -11.6 -0.9 16,102 0.2 1.0 1.8 1.9 -1.1 -6.3 4.1 5.0 1,241 5.2

169 Toyo Tire 557 Automobiles & parts (335) 2511 65.61 -8.9 -4.5 2,458 -8.1 3.0 6,972 -3.8 1.8 2.7 2.7 -2.0 2.5 9.4 9.9 382 1.3

170 Mochida Pharmaceutical 558 Pharmaceuticals (4577) 2441 65.58 2.0 563 0.8 2.1 1,702 0.6 -1.1 11.7 11.5 18.0 18.4 38.5 38.0 837 -2.4

171 Tokyo Ohka Kogyo 567 Chemicals (135) 2466 63.95 5.5 14.6 627 -18.2 -5.3 1,848 -0.1 10.2 7.9 -6.3 8.0 34.6 32.8 516 -32.1

172 Disco 568 Semiconductors (9576) 3210 63.88 2.4 10.3 398 -42.0 -8.3 2,438 7.9 12.3 16.1 9.1 1.5 21.3 26.2 27.6 1,387 0.6

173 Taiyo Yuden 572 Semiconductors (9576) 3210 63.37 -4.8 6.1 1,388 -22.2 -0.2 17,478 -13.1 -3.8 4.6 3.7 -11.4 8.1 3.6 3.3 947 -12.2

174 Tokai Rubber Industries 578 Chemicals (135) 2466 62.67 5.8 5.4 2,054 -12.1 2.8 12,533 5.9 9.1 3.1 2.5 1.7 8.2 5.0 5.0 813 -10.9

175 Shimano 578 Leisure goods (374) 3663 62.67 -10.5 6.0 1,398 -20.6 3.1 4.5 4.0 8.4 15.9 7.3 3,287 14.0

176 ULVAC 582 Electronic equipment (2737) 3210 62.47 -2.8 5.7 1,676 -7.2 1.8 6,987 1.7 10.7 3.7 3.6 1.1 3.4 8.9 9.4 583 -32.9

177 Electric Power Development 587 Electricity (753) 4011 61.88 3.1 6.7 5,278 21.4 4.7 6,581 0.9 3.9 1.2 1.4 7.8 11.4 9.4 9.2 3,577 4.8

178 Daifuku 596 Industrial machinery (2757) 2924 60.03 15.1 1.7 1,813 4.6 6.8 5,660 -0.1 11.3 3.3 3.0 6.2 9.0 10.6 9.2 402 -27.0

179 Mitsui Mining & Smelting 598 Industrial metals & mining (175) 2745 59.98 -3.6 10.0 3,198 -28.3 -5.3 11,189 -1.6 3.9 1.9 1.4 -12.3 3.6 5.4 5.5 1,120 -11.4

180 NOK 604 Automobiles & parts (335) 3430 59.53 -13.1 3,494 -11.3 1.2 34,969 4.1 1.7 1.7 1.2 9.0 1.7 2.0 1,871 19.1

181 Shimizu 609 Construction & materials (235) 4521 58.91 -7.8 0.3 14,132 12.0 8.0 12,115 1.0 -0.2 0.4 0.5 0.6 2.4 4.9 5.3 2,040 -10.4

182 Nippon Shinyaku 610 Pharmaceuticals (4577) 2441 58.79 -0.6 -8.0 472 6.1 5.3 1,734 0.8 -0.8 12.5 13.3 11.5 10.9 33.9 34.4 614 -5.0

183 Japan Radio 612 Electronic equipment (2737) 3210 58.42 -7.4 -15.9 920 -6.8 -11.8 3,770 0.5 0.0 6.4 6.4 0.8 3.2 15.5 16.8 223 -8.3

184 Japan Aviation Electronics Industry 613 Aerospace & defence (271) 3530 58.22 -8.4 -1.1 921 -21.2 -0.9 5,707 0.6 6.3 5.4 -1.4 7.3 10.2 11.2 382 -9.7

185 Daiwa House Industry 616 Household goods & home construction (372) 4521 58.04 -1.5 7.8 12,660 -1.1 3.4 23,985 2.4 4.5 0.5 0.5 1.0 2.0 2.4 2.5 3,971 -12.1

186 Kaken Pharmaceutical 618 Pharmaceuticals (4577) 2441 57.62 13.0 8.4 621 3.7 3.2 1,713 -0.4 0.1 9.3 8.5 11.8 10.3 33.6 29.6 735 16.7

187 Sumco 622 Semiconductors (9576) 3210 57.21 -22.8 3.4 1,634 -44.3 -11.9 3.5 2.5 -57.8 10.1 7.7 3,234 -7.9

188 Adeka 628 Chemicals (135) 2466 56.20 1.3 4.1 1,319 -8.2 2.2 2,697 5.5 4.3 3.9 2.4 8.1 20.8 21.7 714 8.5

189 Juki 635 Industrial machinery (2757) 2924 55.48 -5.8 10.5 583 -40.3 -14.6 5,764 -20.6 -6.1 9.5 6.0 -11.2 7.1 9.6 8.1 152 29.8

190 West Japan Railway 637 Travel & leisure (575) 6330 55.02 9.4 2.8 9,548 -1.2 0.9 45,240 2.8 15.3 0.6 0.5 10.1 10.6 1.2 1.1 5,182 15.9

191 Obayashi 644 Construction & materials (235) 4521 54.42 4.6 0.3 12,596 -0.5 4.5 15,150 0.4 16.9 0.4 0.4 1.1 1.3 3.6 3.4 1,995 -14.4

192 Toyo Ink Manufacturing 657 Chemicals (135) 2466 53.41 -5.5 0.4 1,795 -6.8 0.5 6,860 1.7 3.0 2.9 0.1 3.4 7.8 8.4 838 12.6

193 Sanden 663 Automobiles & parts (335) 3430 52.56 2.2 4.4 1,622 -17.8 -2.2 8,064 -5.1 0.8 3.2 2.6 -7.5 4.3 6.5 6.1 336 14.5

194 Meiji Dairies (now part of Meiji) 667 Food producers (357) 1589 52.00 -2.5 -2.1 5,326 0.6 0.0 7,205 1.0 0.1 1.0 1.0 1.8 2.3 7.2 7.5

195 Rinnai 668 Household goods & home construction (372) 3663 51.99 6.1 0.8 1,772 0.8 3.6 7,772 143.0 2.9 2.8 6.1 4.2 6.7 15.3 2,170 28.0

196 Meidensha 670 General industrials (272) 7487 51.95 6.3 8.1 1,488 -2.3 2.7 7,133 4.5 2.8 3.5 3.2 -0.3 2.5 7.3 7.2 487 -49.9

197 Nissin Kogyo 674 Automobiles & parts (335) 3430 51.54 -5.9 2.6 1,395 -8.0 3.8 8,389 13.1 15.0 3.7 3.6 6.6 10.8 6.1 7.4 654 3.0

198 Makita 675 Household goods & home construction (372) 3663 51.53 16.2 12.6 2,201 -14.2 8.7 10,412 -0.2 6.5 2.3 1.7 17.0 19.5 4.9 4.2 2,874 1.6

199 Roland 687 Leisure goods (374) 3663 50.71 0.5 2.5 752 -7.4 4.0 2,708 7.1 6.7 6.2 6.1 12.4 18.7 20.0 186 -11.9

200 Ishihara Sangyo Kaisha 715 Chemicals (135) 2466 48.68 0.7 3.3 784 -10.8 0.1 1,851 -0.1 -0.6 6.2 5.5 4.9 5.8 26.3 26.1 213 -29.4

201 Nippon Paper 716 Forestry & paper (173) 2125 48.66 0.2 -2.7 8,895 -1.9 1.0 13,088 -4.2 0.7 0.5 0.5 -0.9 1.9 3.7 3.6 2,153 1.1

202 NOF 718 Food producers (357) 1589 47.56 7.6 5.0 1,125 -5.5 1.6 3,811 1.5 2.9 4.2 3.7 1.9 5.4 12.5 11.8 544 -22.1

203 LINTEC 731 Chemicals (135) 2466 47.03 0.3 8.6 1,459 -3.7 2.6 3,987 4.9 4.1 3.2 3.1 3.8 7.0 11.8 12.3 1,023

204 Chugoku Electric Power 733 Electricity (753) 4011 46.93 1.5 -1.9 8,787 5.9 4.1 14,170 -0.6 -0.6 0.5 0.6 -0.4 6.3 3.3 3.2 5,423 0.4

205 Tokyo Seimitsu 748 Semiconductors (9576) 3210 45.61 -20.5 -8.4 342 -50.2 -21.0 1,221 -7.4 1.5 13.3 8.3 -20.2 11.0 37.4 43.5 360 -12.4

206 Kureha 749 Chemicals (135) 2466 45.56 -7.0 -6.3 1,076 -4.0 2.0 3,972 2.3 2.0 4.2 4.4 4.6 7.2 11.5 12.6 641 -19.8

207 Central Glass 752 Construction & materials (235) 2682 45.32 -4.4 -0.4 1,367 -5.5 -2.4 4,342 -5.6 -1.7 3.3 3.3 -0.6 4.1 10.4 10.3 570 -13.5

208 Amada 755 Industrial machinery (2757) 2924 44.79 -13.5 4.1 1,690 -20.6 0.6 6,005 4.5 5.8 2.6 2.4 9.1 16.3 7.5 9.0 1,708 -11.6

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %209 Nippon Light Metal 756 Industrial metals & mining (175) 2742 44.71 1.9 5.2 4,148 -14.5 -1.3 13,678 -2.9 0.5 1.1 0.9 -5.0 0.3 3.3 3.1 570 35.0

210 Seikagaku 758 Pharmaceuticals (4577) 2441 44.66 5.5 19.6 204 -1.5 5.5 609 2.5 3.8 21.9 20.5 16.8 24.1 73.3 71.3 413 -12.4

211 Secom 762 Support services (279) 7487 44.49 2.6 13.5 5,157 -2.5 5.9 34,078 5.8 6.5 0.9 0.8 9.7 16.2 1.3 1.3 7,408 5.0

212 Sumitomo Metal Mining 767 Mining (177) 1450 44.14 -3.5 3.6 5,943 -29.9 8.3 9,312 -4.8 0.9 0.7 0.5 4.2 19.9 4.7 4.7 5,100 -20.5

213 USHIO 773 Electronic equipment (2737) 3210 44.00 13.2 8.2 905 -18.4 -2.2 4,620 -1.3 1.7 4.9 3.5 3.4 13.4 9.5 8.3 1,675 -3.5

214 Ichikoh Industries 781 Automobiles & parts (335) 3430 43.36 -2.6 1.7 764 -15.8 -5.6 3,432 -1.4 -1.2 5.7 4.9 -8.9 5.4 12.6 12.8 112 7.3

215 Komori 783 Industrial machinery (2757) 2924 43.18 -4.0 6.1 834 -28.1 -4.2 2,471 -1.4 2.1 5.2 3.9 1.7 10.8 17.5 17.9 479 -11.8

216 Mori Seiki 795 Industrial machinery (2757) 2924 42.47 24.7 6.8 1,177 -22.3 2.6 4,150 7.4 11.7 3.6 2.2 2.7 15.3 10.2 8.8 721 -8.5

217 Noritz 799 Household goods & home construction (372) 3663 42.32 -6.9 3.3 1,357 0.7 1.0 5,273 -0.3 3.4 3.1 3.4 0.4 -0.3 8.0 8.6 668 64.8

218 JEOL 801 Electronic equipment (2737) 3210 42.25 -13.0 2.6 628 -10.7 -3.5 3,103 1.8 0.9 6.7 6.9 -3.8 2.2 13.6 15.9 183 -23.8

219 Kansai Paint 803 Chemicals (135) 2466 41.57 -3.5 1.7 1,722 -10.4 2.9 7,758 0.4 6.3 2.4 2.2 5.7 9.7 5.4 5.6 1,517 -1.9

220 Nippon Soda 805 Chemicals (135) 2466 41.30 -2.5 -0.4 1,131 -4.2 1.6 2,388 0.0 -2.0 3.7 3.6 7.2 6.6 17.3 17.7 381 -29.7

221 Nisshin Seifun 812 Food producers (357) 1589 40.79 6.1 1.0 3,494 8.1 3.5 5,200 0.7 0.6 1.2 1.2 4.6 4.0 7.8 7.4 2,205 4.1

222 GS Yuasa 814 Electrical components & equipment (2733) 3162 40.40 13.2 7.4 2,122 -9.2 5.2 11,795 -5.4 0.2 1.9 1.5 3.7 3.8 3.4 2.9 1,781 -33.8

223 Suzuken 815 Food & drug retailers (533) 5231 40.36 -0.9 -4.7 12,288 3.4 5.7 13,702 8.5 9.2 0.3 0.3 0.8 2.2 2.9 3.2 2,248 10.8

224 Nipro 818 Health care equipment & services (453) 3310 40.07 -13.6 12.5 1,317 2.2 -5.2 9,354 3.7 1.1 3.0 3.6 8.1 7.5 4.3 5.1 868 -6.4

225 Eizo Nanao 822 Computer hardware (9572) 3002 39.72 -15.0 11.7 558 -16.6 -4.3 1,460 5.1 5.4 7.1 7.0 2.4 9.5 27.2 33.7 323 -10.3

226 Nichias 824 General industrials (272) 7487 39.67 -0.9 1.6 1,117 -12.0 2.3 4,494 -1.0 3.2 3.6 3.2 2.8 -10.7 8.8 8.8 381 22.1

227 Aloka 826 Health care equipment & services (453) 3310 39.63 9.8 3.7 367 -12.7 0.4 1,675 -0.4 10.8 8.6 5.2 9.3 23.7 21.5 135 -25.2

228 Nisshin Steel 835 Industrial metals & mining (175) 2710 39.10 -4.5 8.3 4,622 -4.9 3.5 6,216 0.1 0.8 0.8 -2.9 8.5 6.3 6.6 1,178 -25.0

229 Fuji Machine Manufacturing 839 Electronic equipment (2737) 3210 38.71 19.1 520 -34.9 2,010 7.4 4.1 5.8 20.2 19.3 484

230 Shikoku Electric Power 841 Electricity (753) 4011 38.55 2.7 -0.3 4,755 2.8 3.8 8,097 0.0 -0.2 0.8 0.8 9.1 9.6 4.8 4.6 4,810 -3.2

231 Sekisui House 846 Household goods & home construction (372) 4521 38.08 -17.8 -5.9 10,131 -10.6 -5.4 0.4 0.4 -3.4 1.8 2.9 4,244 -6.3

232 Taiheiyo Cement 847 Construction & materials (235) 2682 38.00 -1.6 -3.7 6,527 -6.0 -1.3 18,534 3.6 2.6 0.6 0.6 -2.2 4.5 2.1 2.2 879 -21.9

233 Nippon Electric Glass 848 Electronic equipment (2737) 3210 37.82 -1.1 24.1 2,513 -8.9 4.2 4,947 -21.2 1.5 1.4 20.5 25.3 7.6 6.1 4,169 8.7

234 EXEDY 857 Automobiles & parts (335) 3430 37.04 8.8 10.0 1,248 -11.0 2.9 7,549 1.7 68.8 3.0 2.4 6.2 11.1 4.9 4.6 936 29.9

235 Sanyo Chemical Industries 858 Chemicals (135) 2466 37.00 5.6 4.6 970 -4.2 6.1 1,742 4.0 5.1 3.8 3.5 -1.0 3.7 21.2 20.9 553 16.8

236 Ezaki Glico 884 Food producers (357) 1589 35.46 0.7 0.3 2,164 3.7 3.5 4,882 59.9 1.6 1.7 0.6 1.3 7.3 1,228

237 Nihon Kohden 895 Health care equipment & services (453) 3310 34.87 -0.1 -1.1 817 4.1 6.5 3,552 5.5 6.0 4.3 4.4 7.4 9.5 9.8 10.4 637 34.0

238 Shinko Electric Industries 898 Semiconductors (9576) 3210 34.82 5.8 10.2 1,052 -34.6 -3.8 4,848 -1.9 -0.7 3.3 2.0 -6.9 9.4 7.2 6.7 1,073 -35.2

239 Shindengen Electric Manufacturing 909 Electrical components & equipment (2733) 3162 34.02 4.1 2.7 638 -15.5 -4.8 5,940 -7.0 5.3 4.3 -8.6 -0.1 5.7 5.1 277 94.6

240 Hitachi Zosen 912 Industrial machinery (2757) 2924 33.71 46.0 13.7 2,236 1.0 -3.7 7,989 2.2 4.8 1.5 1.0 1.5 -0.8 4.2 3.0 762

241 Nihon Unisys 915 Computer services (9533) 7260 33.65 -10.1 -9.7 2,322 -8.2 -0.8 9,639 1.3 4.2 1.4 1.5 -4.0 3.3 3.5 3.9 512 -19.1

242 Toagosei 918 Chemicals (135) 2466 33.48 -5.9 -3.7 1,048 -13.9 -3.5 2,561 -2.1 -0.2 3.2 2.9 5.8 5.1 13.1 13.6 755 24.3

243 Unicharm 919 Personal goods (376) 2451 33.38 -1.0 3.5 2,604 3.3 8.8 6,904 6.9 1.3 1.3 8.5 10.1 4.8 5.2 5,684 48.6

244 Dowa 922 Mining (177) 1450 33.10 -39.5 5.7 2,597 -27.1 3.1 4,739 13.8 1.3 1.5 -7.8 9.0 7.0 13.1 1,184 7.3

245 Kurita Water Industries 928 Gas, water & multiutilities (757) 4100 32.66 -4.1 1.2 1,495 -2.5 4.8 4,404 3.6 6.3 2.2 2.2 12.8 14.9 7.4 8.0 2,591 -14.2

246 Kose 930 Personal goods (376) 2451 32.44 1.2 1.7 1,334 -1.2 0.1 5,370 5.7 2.4 2.4 6.8 8.4 6.0 6.3 979 12.9

247 Daido Steel 942 Industrial metals & mining (175) 2710 31.77 -4.6 5.9 3,988 -9.9 3.5 10,212 -8.3 -1.3 0.8 0.8 0.4 6.5 3.1 3.0 1,399 7.2

248 Japan Steel Works 947 Industrial metals & mining (175) 2710 31.28 22.8 11.4 1,700 2.8 9.4 4,752 4.7 3.5 1.8 1.5 13.0 13.5 6.6 5.6 2,335 -31.9

249 Nabtesco 958 Industrial machinery (2757) 2924 30.76 0.7 4.2 1,184 -9.2 2.4 3,989 2.7 -0.6 2.6 2.3 5.4 11.1 7.7 7.9 1,319 30.0

250 ISEKI 959 Commercial vehicles & trucks (2753) 3550 30.75 5.5 -0.8 1,120 3.4 -2.6 6,514 0.0 -0.8 2.7 2.7 0.6 -0.6 4.7 4.5 459 -39.9

251 Nomura Research Institute 960 Computer services (9533) 7260 30.73 -16.5 17.9 2,555 -0.3 6.1 6,118 7.1 1.2 1.4 13.4 12.7 5.0 6.4 3,025 -18.8

252 Stanley Electric 964 Automobiles & parts (335) 3430 30.60 -13.6 -2.4 2,121 -20.1 -3.1 12,382 1.4 1.3 7.2 13.0 2.5 2,007

253 Kikkoman 973 Food producers (357) 1589 30.06 7.0 5.3 3,089 -0.3 4.7 5,226 -28.9 -6.6 1.0 0.9 3.7 4.3 5.8 3.8 1,529 -12.5

254 Tsumura 979 Pharmaceuticals (4577) 2441 29.63 -9.4 -6.6 674 -5.0 -0.1 2,631 -5.1 -1.6 4.4 4.6 16.8 15.1 11.3 11.8 1,484 -9.2

255 Taiyo Nippon Sanso 983 Oil & gas producers (53) 1110 29.47 35.6 21.0 3,711 -2.4 7.7 9,074 0.8 0.6 5.9 8.0 3.2 2,301

256 Miraca 984 Pharmaceuticals (4577) 2441 29.45 -11.7 -3.7 1,088 1.4 1.7 4,443 2.1 -1.3 2.7 3.1 10.4 9.9 6.6 7.7 1,317

257 Aruze (now Universal Entertainment) 990 Travel & leisure (575) 9271 29.33 -35.8 -15.4 150 -72.3 -25.6 1,167 -11.9 -1.3 19.6 8.5 -48.9 19.5 25.1 34.5 1,059 62.7

258 Cosmo Oil 997 Oil & gas producers (53) 1110 28.92 0.6 3.5 25,666 -2.7 8.7 6,335 0.6 2.5 0.1 0.1 -3.1 2.6 4.6 4.6 1,430 -22.8

259 Tsubakimoto Chain 999 Industrial machinery (2757) 2924 28.80 4.5 4.0 1,059 -15.4 -1.4 5,339 -0.6 4.5 2.7 2.2 6.2 12.1 5.4 5.1 520 -10.2

174.56 1.4 6.2 2,592 -18.2 -2.3 19,709 -3.6 4.5 6.7 5.4 4.1 9.6 8.9 8.4 0

Liechtenstein number of companies for calculation 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0

1 Hilti 267 Construction & materials (235) 2682 174.56 1.4 6.2 2,592 -18.2 -2.3 19,709 -3.6 4.5 6.7 5.4 4.1 9.6 8.9 8.4

47.12 73.3 -5.2 1,320 15.4 -5.9 11,500 -4.2 1.5 3.6 2.4 -6.9 2.0 4.1 2.3 553 71.1

Malaysia number of companies for calculation 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 Proton 728 Automobiles & parts (335) 3410 47.12 73.3 -5.2 1,320 15.4 -5.9 11,500 -4.2 1.5 3.6 2.4 -6.9 2.0 4.1 2.3 553 71.1

46.15 2.1 -2.8 8,132 -4.1 7.9 15,600 -1.9 -3.6 0.6 0.5 6.0 2.9 3.0 2.8 0

New Zealand number of companies for calculation 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0

1 Fonterra Co-operative 741 Food producers (357) 1589 46.15 2.1 -2.8 8,132 -4.1 7.9 15,600 -1.9 -3.6 0.6 0.5 6.0 2.9 3.0 2.8

859.03 6.3 10.8 91,929 -22.2 -5.7 159,218 0.1 2.2 0.9 0.7 19.4 24.4 5.4 5.1 89,579 7.5

Norway number of companies for calculation 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 9 9

1 Statoil 204 Oil & gas producers (53) 1110 250.11 -7.6 8.7 55,775 -29.1 -3.8 28,739 2.6 2.2 0.4 0.3 26.3 30.3 8.7 9.7 43,929 -9.2

2 Telenor 437 Mobile telecommunications (657) 6420 88.07 -27.3 -11.3 11,815 0.8 5.9 40,300 3.9 4.2 0.7 1.0 17.8 21.2 2.2 3.1 17,279 56.0

3 DnB NOR 447 Banks (835) 6511 85.78 19.7 30.6 4,528 9.3 9.6 14,159 -0.4 5.7 1.9 1.7 29.3 35.3 6.1 5.0 13,193 57.8

4 Norsk Hydro 455 Industrial metals & mining (175) 2742 83.25 13.9 -1.7 8,133 -24.4 -30.4 20,757 -10.0 -14.8 1.0 0.7 -1.1 0.9 4.0 3.2 5,613 9.5

5 Kongsberg Gruppen 528 Aerospace & defence (271) 7522 69.25 10.6 19.4 1,667 25.0 27.2 5,236 9.7 14.5 4.2 4.7 9.1 7.8 13.2 13.1 1,643 62.4

6 Orkla 619 General industrials (272) 7487 57.43 -5.9 -6.0 6,614 -17.7 -1.7 30,167 -4.4 1.7 0.9 0.8 -3.6 5.4 1.9 1.9 5,737 1.2

7 Eltek 659 Telecommunications equipment (9578) 3220 52.98 38.3 35.7 697 -3.0 22.8 3,393 0.7 29.2 7.6 5.3 -0.2 -10.3 15.6 11.4 118 -27.5

8 Tandberg (now part of Cisco Systems, USA) 730 Telecommunications equipment (9578) 3220 47.04 33.4 33.8 564 28.3 32.8 1,451 34.2 28.9 8.3 8.0 21.8 23.2 32.4 32.6

9 Renewable Energy 761 Alternative energy (58) 2956 44.52 43.8 51.2 1,105 11.8 28.3 2,660 22.5 25.5 4.0 3.1 -21.6 30.7 16.7 14.3 1,906 -45.2

10 Kongsberg Automotive 766 Automobiles & parts (335) 3430 44.20 6.5 32.1 623 -31.3 21.7 8,868 -0.2 48.8 7.1 4.6 -7.4 -0.1 5.0 4.7 162 176.2

11 Visma 866 Software (9537) 7221 36.40 1,996.5 228.3 408 11.0 13.6 3,488 12.8 11.9 8.9 0.5 15.6 13.8 10.4 0.6

768.90 -3.8 28.9 118,551 -26.1 5.4 633,252 -14.3 -6.0 0.6 0.5 22.8 23.5 1.2 1.1 119,601 6.8

Russia number of companies for calculation 3 3 2 3 3 3 3 3 2 3 3 3 3 3 3 3 3

1 Gazprom 83 Oil & gas producers (53) 1110 655.82 43.0 29.5 68,768 -15.0 11.6 386,000 -15.4 -4.3 1.0 0.6 30.7 35.3 1.7 1.0 87,107 4.1

2 AvtoVAZ 620 Automobiles & parts (335) 3410 57.32 -79.1 22.7 2,373 -46.3 -17.5 103,852 -20.5 -11.6 2.4 6.2 -46.8 -12.6 0.6 2.1 470 30.1

3 Lukoil 632 Oil & gas producers (53) 1110 55.76 -15.8 47,410 -36.8 0.0 143,400 -6.0 0.1 0.1 14.9 12.9 0.4 0.4 32,024 14.3

98.42 -7.3 18.8 19,151 -31.7 6.1 0 0.5 0.4 11.4 25.5 47,809 17.5

Saudi Arabia number of companies for calculation 1 1 1 1 1 1 0 0 0 1 1 1 1 0 0 1 1

1 Saudi Basic Industries 408 Chemicals (135) 2466 98.42 -7.3 18.8 19,151 -31.7 6.1 0.5 0.4 11.4 25.5 47,809 17.5

511.47 1.4 10.1 8,628 -1.2 6.6 31,710 10.6 6.8 5.9 5.8 3.3 6.6 12.6 5.4 10,966 25.9

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %Singapore number of companies for calculation 7 7 5 7 7 5 4 2 1 7 7 7 7 4 2 6 4

1 Avago Technologies 272 Semiconductors (9576) 3210 170.75 -7.5 1,034 -12.9 3,200 16.5 15.6 3.2 8.9 53.4 3,334

2 Chartered Semiconductor 339 Semiconductors (9576) 3210 123.96 11.3 13.4 1,158 22.5 17.2 6,004 10.7 11.8 -2.7 3.2 20.6

3 Verigy 566 Semiconductors (9576) 3210 64.12 -10.7 225 -53.3 1,500 -9.1 28.5 14.9 -39.3 2.6 42.7 43.5 339 -33.1

4 Creative Technology 785 Computer hardware (9572) 3002 43.03 -3.3 -7.2 325 -36.7 -25.5 13.2 8.7 -25.3 -5.7 153 -31.7

5 Singapore Technologies Engineering 811 Aerospace & defence (271) 7522 40.83 9.4 12.1 2,754 3.8 7.3 21,006 12.3 6.8 1.5 1.4 9.9 10.6 1.9 2.0 4,981 28.5

6 Hong Leong Asia 840 Construction & materials (235) 2682 38.57 35.8 28.2 2,208 23.0 21.5 1.7 1.6 6.7 7.1 727 129.2

7 Stats ChipPAC 970 Semiconductors (9576) 3210 30.22 14.6 12.5 924 -20.1 -6.4 3.3 2.3 3.8 4.5 1,432

87.27 21.2 65.1 13,046 6.1 29.2 33,544 -1.1 2.2 0.7 0.6 18.8 25.6 2.6 2.1 17,663 11.9

South Africa number of companies for calculation 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 Sasol 439 Oil & gas producers (53) 1110 87.27 21.2 65.1 13,046 6.1 29.2 33,544 -1.1 2.2 0.7 0.6 18.8 25.6 2.6 2.1 17,663 11.9

10,293.78 9.1 10.1 385,723 -1.6 14.5 112,529 -4.1 -0.7 2.7 2.4 7.2 5.4 10.1 9.3 239,404 18.0

South Korea number of companies for calculation 26 26 21 26 26 22 6 4 5 26 26 26 26 6 4 26 21

1 Samsung Electronics 7 Electronic equipment (2737) 3210 4,510.01 8.0 9.7 83,191 14.6 17.6 5.4 5.8 9.3 5.5 74,881 12.3

2 LG 42 Electronic equipment (2737) 3210 1,366.47 21.3 2.2 54,001 18.3 13.3 2.5 2.5 5.5 6.2 8,363 14.1

3 Hyundai Motor 44 Automobiles & parts (335) 3410 1,337.60 2.0 15.5 54,743 14.7 12.8 2.4 2.7 7.2 3.8 19,700 53.3

4 Hynix Semiconductor 116 Semiconductors (9576) 3210 478.05 4.1 20.1 4,732 16.0 0.7 10.1 11.2 -4.4 -51.4 7,513 17.9

5 Korea Electric Power 150 Electricity (753) 4011 360.76 -2.5 2.9 20,346 7.7 7.4 37,827 -2.0 0.3 1.8 2.0 4.8 -8.0 9.5 9.6 11,636 1.4

6 POSCO 178 Industrial metals & mining (175) 2710 293.04 -1.3 14.2 22,059 -11.7 12.6 29,811 0.3 1.0 1.3 1.2 9.5 16.8 9.8 10.0 25,347 7.0

7 KT 208 Fixed line telecommunications (653) 6420 241.46 5.3 5.2 11,761 0.0 3.4 30,841 -12.0 -6.3 2.1 2.0 4.7 9.5 7.8 6.5 6,463 10.9

8 SK 223 Oil equipment, services & distribution (57) 1120 226.49 -13.4 5,322 -86.5 4.3 0.7 48.0 7.3 2,616 -13.1

9 Doosan 256 General industrials (272) 7487 183.23 24.5 20.2 12,274 -2.1 16.3 1.5 1.2 0.6 0.8 2,069

10 SK Telecom 284 Mobile telecommunications (657) 6420 151.92 4.4 5.9 8,725 3.1 9.7 9,298 3.7 14.6 1.7 1.7 11.4 7.4 16.3 16.2 7,832 -1.2

11 Ssangyong Motor 295 Automobiles & parts (335) 3410 142.83 52.2 11.2 1,493 -20.0 -9.8 9.6 5.0 -28.0 1.1 236 -25.6

12 Hyundai Mobis 351 Automobiles & parts (335) 3430 119.14 64.1 34.7 10,313 24.4 17.1 1.2 0.9 12.1 9.0 12,020 69.6

13 Hyundai Heavy Industries 390 Commercial vehicles & trucks (2753) 3550 104.29 -1.1 10.6 17,510 6.4 21.0 0.6 0.6 8.8 11.1 12,443 38.8

14 Samsung Techwin 411 Leisure goods (374) 3663 98.08 41.3 2,166 5.5 4.5 3.4 0.1 7.2 3,529 54.9

15 Samsung Heavy Industries 465 Construction & materials (235) 4521 81.61 24.0 61.6 7,838 22.8 27.3 1.0 1.0 6.4 5.6 3,524

16 KB Financial 466 Banks (835) 6511 81.33 91.4 4,682 72.7 1.7 1.6 7.0 11.2 11,073

17 Hanjin Heavy Industries 560 Construction & materials (235) 4521 65.07 15.3 1,932 -16.1 3.4 2.5 10.3 11.4 880 0.6

18 Cheil Industries 586 Chemicals (135) 2466 61.95 14.4 22.0 2,550 14.3 14.4 3,299 2.4 2.4 4.5 5.4 18.8 2,631

19 Hyosung 592 General industrials (272) 7487 61.06 2.5 17.9 5,991 4.3 19.6 1.0 1.0 6.0 5.1 1,765 -7.0

20 Hankook Tire 608 Automobiles & parts (335) 2511 59.17 4.3 9.6 3,080 15.3 17.5 1.9 2.1 12.0 4.2 2,299 36.6

21 Samsung C&T 617 Electronic equipment (2737) 3210 57.88 3.9 18.0 11,072 -9.7 4.9 0.5 0.5 5.0 2.1 5,515 25.4

22 NCsoft 656 Internet (9535) 7260 53.70 7.7 25.4 208 5.2 0.8 25.9 25.3 8.0 14.4 2,614 71.6

23 SK Energy 680 Oil & gas producers (53) 1110 51.24 7.9 3.0 26,256 -16.6 22.9 0.2 0.2 1.9 3.8 6,911 27.9

24 Daewoo Shipbuilding & Marine 836 Commercial vehicles & trucks (2753) 3550 38.94 22.1 22.6 7,447 12.4 32.1 0.5 0.5 4.3 19.6 2,481 2.1

25 Hyundai Engineering & Construction 837 Construction & materials (235) 4521 38.85 34.9 6.8 5,553 27.6 22.2 0.7 0.7 6.5 4.7 4,349 10.8

26 Dong-A Pharmaceutical 978 Pharmaceuticals (4577) 2441 29.64 14.9 479 14.1 11.9 1,453 1.8 6.2 6.1 12.4 13.7 20.4 714

17,883.43 2.5 10.8 259,951 -5.5 1.3 1,155,178 -2.7 3.0 6.9 6.3 12.5 15.4 15.4 14.6 456,402 9.3

Switzerland number of companies for calculation 38 38 37 38 38 37 37 37 35 38 38 38 38 37 37 34 34

1 Roche 2 Pharmaceuticals (4577) 2441 6,401.86 9.1 13.0 33,072 7.5 5.3 81,507 1.8 3.1 19.4 19.1 25.0 30.6 78.5 73.3 82,173 -12.4

2 Novartis 5 Pharmaceuticals (4577) 2441 5,156.02 2.5 11.8 30,852 6.8 6.1 99,834 3.2 -0.3 16.7 17.4 23.2 22.9 51.6 52.0 92,727 12.4

3 Nestle 37 Food producers (357) 1589 1,497.48 -5.0 8.6 72,560 -2.1 2.4 278,000 -1.8 1.6 2.1 2.1 14.6 13.4 5.4 5.6 120,666 20.5

4 ABB 71 Electrical components & equipment (2733) 3162 763.85 -5.3 10.4 22,161 -9.0 8.5 116,000 -3.3 2.4 3.4 3.3 13.0 12.8 6.6 6.7 30,963 4.3

5 Syngenta 81 Chemicals (135) 2466 669.07 -0.9 6.4 7,661 -5.4 11.0 25,925 7.4 9.9 8.7 8.3 16.0 16.0 25.8 28.0 15,468 2.8

6 Tyco Electronics 145 Electrical components & equipment (2733) 3162 373.56 1.1 7,330 -29.1 78,000 -18.8 5.1 3.6 -33.5 15.6 4.8 3.8 8,326 14.5

7 Actelion 171 Pharmaceuticals (4577) 2441 312.94 23.9 29.9 1,195 20.3 23.3 2,260 18.9 21.8 26.2 25.4 19.1 25.2 138.5 132.9 3,881 -19.2

8 Liebherr-International 182 Commercial vehicles & trucks (2753) 3550 284.70 -13.7 1.4 6,961 -17.2 2.5 32,091 -1.6 6.8 4.1 3.9 6.2 10.9 8.9 10.1

9 Givaudan 195 Personal goods (376) 2451 262.28 -6.7 12.9 2,669 -3.1 10.8 8,501 -3.1 12.0 9.8 10.2 11.7 9.3 30.9 32.1 5,813 45.3

10 Kudelski 280 Electronic equipment (2737) 3210 159.59 6.8 6.6 710 2.4 14.9 2,954 11.4 20.4 22.5 21.6 6.5 2.2 54.0 56.3 924 40.6

11 OC Oerlikon 297 General industrials (272) 7487 141.59 -38.1 9.0 1,999 -40.2 9.0 16,369 -14.5 -5.3 7.1 6.8 -20.1 -5.0 8.6 11.9 909 44.7

12 Swisscom 305 Fixed line telecommunications (653) 6420 137.54 119.4 63.1 8,091 -1.6 7.5 19,813 0.1 5.8 1.7 0.8 22.6 22.0 6.9 3.2 13,332 8.7

13 Weatherford International 306 Oil equipment, services & distribution (57) 1120 135.66 1.0 9.2 6,152 -8.1 10.3 52,000 4.0 16.4 2.2 2.0 7.5 19.9 2.6 2.7 7,938 -19.9

14 Swatch 378 Personal goods (376) 1824 109.23 -5.3 3.1 3,467 -9.4 2.2 23,727 -2.2 4.9 3.2 3.0 17.7 20.5 4.6 4.8 12,028 41.4

15 Clariant 398 Chemicals (135) 2466 101.14 -18.5 -10.2 4,459 -18.1 -7.8 17,536 -12.8 -6.9 2.3 2.3 -0.4 2.6 5.8 6.2 2,102 67.0

16 RUAG 403 Aerospace & defence (271) 7522 100.39 20.7 25.0 1,143 10.3 10.8 7,253 14.9 8.5 8.8 8.0 -6.6 3.9 13.8 13.2

17 Logitech International 422 Computer hardware (9572) 3002 94.65 5.5 7.9 1,371 -11.0 -1.6 9,944 56.6 10.2 6.9 5.8 4.0 4.9 9.5 14.1 2,043 -10.6

18 Endress & Hauser 424 Electronic equipment (2737) 3210 94.11 6.0 6.0 1,096 -9.5 3.6 8,419 -0.2 6.1 8.6 7.3 7.7 13.0 11.2 10.5

19 Lonza 425 Chemicals (135) 2466 93.04 -9.2 8.5 1,814 -8.4 -2.6 8,424 4.2 11.6 5.1 5.2 8.9 15.0 11.0 12.7 3,058 -16.1

20 Tyco International 462 General industrials (272) 7487 82.24 -7.1 1.8 12,015 -19.5 -25.8 106,000 -6.2 0.7 0.6 -8.7 9.6 0.8 0.8 12,654 23.1

21 Galenica 469 Pharmaceuticals (4577) 2441 80.27 34.8 36.7 1,963 7.7 10.6 5,255 24.0 26.2 4.1 3.3 9.1 9.5 15.3 14.0 1,806 19.7

22 Georg Fischer 487 Industrial machinery (2757) 2924 78.21 -18.9 -4.0 1,959 -34.9 -10.5 12,481 -12.9 0.3 4.0 3.2 -7.0 2.2 6.3 6.7 1,071 74.9

23 Schindler 504 Industrial machinery (2757) 2924 73.49 9.0 -0.6 8,557 -9.5 4.5 44,086 -2.5 1.0 0.9 0.7 7.6 6.3 1.7 1.5 7,659 38.9

24 Rieter 548 Industrial machinery (2757) 2924 66.55 -19.3 -12.0 1,319 -37.7 -18.2 12,761 -10.0 -4.9 5.0 3.9 -9.5 -9.9 5.2 5.8 928 71.7

25 Sonova 611 Health care equipment & services (453) 3663 58.68 12.5 8.8 1,012 20.1 11.8 5,933 16.2 15.9 5.8 6.2 27.1 25.9 9.9 10.2 5,673 40.2

26 Buhler 658 Industrial machinery (2757) 2924 53.06 -4.4 6.5 1,161 -9.1 2.2 7,562 -1.3 4.5 4.6 4.3 7.1 7.7 7.0 7.2

27 Basilea Pharmaceutica 677 Biotechnology (4573) 7310 51.48 -20.3 -2.7 18 125.2 53.1 287.8 812.8 -456.8 -1,294.5 396 -27.4

28 Bucher Industries 681 Commercial vehicles & trucks (2753) 3550 51.17 -2.8 5.1 1,444 -23.2 0.9 7,618 -6.8 4.0 3.5 2.8 1.1 8.5 6.7 6.4 923 7.5

29 Sika 691 Chemicals (135) 2466 50.37 0.8 12.8 2,801 -10.2 2.2 12,635 -2.1 3.8 1.8 1.6 8.4 9.3 4.0 3.9 2,899 44.7

30 Bobst 707 Industrial machinery (2757) 2924 49.22 -24.4 -7.3 712 -35.4 -13.0 5,488 -7.6 1.4 6.9 5.9 -16.7 5.3 9.0 11.0 473 2.3

31 Richemont 773 General retailers (537) 5248 44.00 4.8 5.9 5,177 -4.6 2.3 19,137 -2.2 5.4 0.8 0.8 16.2 24.2 2.3 2.1 13,823 42.6

32 Sulzer 791 Industrial machinery (2757) 2924 42.75 6.4 16.6 2,259 -9.8 6.1 12,183 -4.3 5.4 1.9 1.6 9.4 12.5 3.5 3.2 2,336 33.8

33 Advanced Digital Broadcast 806 Electronic equipment (2737) 3210 41.23 -14.4 7.8 266 5.5 13.0 721 -1.2 0.5 15.5 19.1 5.1 4.4 57.2 66.0 123 -35.9

34 Metall Zug 820 Household goods & home construction (372) 3663 39.91 -0.4 17.1 519 -2.2 10.2 3,016 1.7 14.3 7.7 7.5 7.5 11.5 13.2 13.5 499 25.8

35 Micronas Semiconductor 872 Semiconductors (9576) 3210 35.82 -56.6 -33.0 163 -59.6 -33.3 1,235 -34.3 -17.6 22.0 20.5 -74.3 -8.4 29.0 43.9 106 24.6

36 Barry Callebaut 913 Food producers (357) 1589 33.70 24.5 8.7 3,290 0.1 4.6 7,525 3.4 -3.0 1.0 0.8 6.8 6.4 4.5 3.7 2,276 9.5

37 Ascom 944 Telecommunications equipment (9578) 3220 31.69 37.4 14.4 362 -1.0 -7.1 2,162 18.6 1.3 8.7 6.3 5.4 8.1 14.7 12.6 239 -23.3

38 Siegfried 955 Pharmaceuticals (4577) 2441 30.89 -13.7 10.7 191 -2.0 -7.7 823 -0.2 -5.2 16.2 18.4 -12.1 -33.6 37.5 43.4 169 -1.2

5,433.30 3.1 12.3 207,353 0.0 7.7 532,423 4.2 9.0 2.6 2.5 3.2 2.5 3.6 3.7 160,994 17.4

Taiwan number of companies for calculation 45 44 41 44 44 42 10 10 7 44 44 44 44 10 14 41 37

1 Hon Hai Precision Industry 99 Electronic equipment (2737) 3210 568.34 10.2 34.8 42,692 0.4 14.1 1.3 1.2 4.4 3.7 24,429 25.1

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %2 MediaTek 107 Semiconductors (9576) 3210 527.00 13.7 60.0 2,517 27.8 27.0 4,319 102.4 44.6 20.9 23.5 31.9 21.3 122.0 217.2 11,040 -1.2

3 Taiwan Semiconductor Manufacturing 118 Semiconductors (9576) 3210 470.53 0.5 10.3 6,444 -11.2 -2.9 26,390 15.5 9.3 7.3 6.4 31.7 31.6 17.8 20.5 33,972 5.1

4 ASUSTeK Computer 162 Computer hardware (9572) 3002 323.97 3.3 24.4 13,295 -8.6 2.9 2.4 2.2 3.0 3.3 3,267 -32.0

5 Pegatron 244 Computer hardware (9572) 3002 195.31 38.3 11,725 4.8 1.7 1.3 2.3 1.7 1,990

6 Compal Electronics 245 Electronic equipment (2737) 3210 194.38 18.6 22.3 14,715 41.1 20.9 1.3 1.6 3.0 3.1 6,875 156.1

7 Quanta Computer 252 Computer hardware (9572) 3002 186.95 17.3 19.8 18,299 2.6 16.0 1.0 0.9 3.0 2.5 4,441 -8.8

8 HTC 257 Electronic equipment (2737) 3210 182.44 -10.5 41.2 3,149 -5.2 11.4 8,249 -11.8 5.8 6.1 16.9 19.8 22.1 21.8 11,016 92.4

9 Wistron 259 Computer hardware (9572) 3002 180.57 28.9 40.4 11,912 22.8 35.2 1.5 1.4 2.1 2.1 3.9 2,119 -9.7

10 United Microelectronics 266 Semiconductors (9576) 3210 175.29 -2.8 -5.1 1,991 -5.6 -6.6 13,051 4.8 -0.5 8.8 8.5 -0.5 -29.4 13.4 14.5 3,996 4.4

11 Chi Mei Optoelectronics (now part of Chimei Innolux) 285 Electrical components & equipment (2733) 3162 151.19 -2.0 17.3 6,932 5.2 25.3 37,623 117.1 34.6 2.2 2.3 0.5 14.9 4.0 8.9

12 Delta Electronics 292 Electronic equipment (2737) 3210 146.93 4.6 13.1 2,717 -11.8 5.8 5.4 4.6 9.9 9.0 5,727 33.2

13 AU Optronics 308 Electronic equipment (2737) 3210 134.79 15.9 9.1 7,830 -15.2 7.0 51,378 18.7 7.8 1.7 1.3 -7.0 7.1 2.6 2.7 5,711 -13.6

14 Inventec 360 Computer hardware (9572) 3002 115.53 1.4 15.5 9,697 17.4 20.1 1.2 1.4 1.3 0.8 1,093 -4.1

15 Tatung 375 Electrical components & equipment (2733) 3162 109.86 -14.3 -3.2 2,587 -36.6 -14.5 4.2 3.1 -33.5 -7.9 2,093 168.6

16 Pou Chen 386 Personal goods (376) 1930 106.72 -6.2 3.4 4,498 -1.0 3.2 332,653 -3.6 2.4 2.5 8.6 6.9 0.3 0.3 1,604 18.0

17 Lite-On Technology 431 Computer hardware (9572) 3002 89.52 -17.5 3.0 4,053 -19.3 -5.7 2.2 2.2 5.7 1.9 1,885 8.2

18 Sunplus Technology 440 Semiconductors (9576) 3210 87.23 -13.6 2.7 389 10.3 -13.4 22.4 28.6 2.6 -4.2 321 36.0

19 Realtek Semiconductor 442 Semiconductors (9576) 3210 86.76 -32.9 19.7 442 20.8 17.2 19.6 35.3 11.3 2.6 770 4.7

20 Advanced Semiconductor Engineering 482 Semiconductors (9576) 3210 78.71 -6.8 11.1 1,869 -9.2 -5.1 29,538 9.5 3.1 4.2 4.1 11.3 11.8 2.7 3.1 3,181 13.7

21 Chunghwa Picture Tubes 488 Electronic equipment (2737) 3210 77.68 -18.1 -3.3 1,262 -51.1 -22.9 6.2 3.7 -64.4 -10.7 777 -3.4

22 Qisda 496 Computer hardware (9572) 3002 75.82 -4.9 -38.6 3,272 -11.4 -12.9 2.3 2.2 -0.1 -0.6 781 19.3

23 Nanya Technology 498 Semiconductors (9576) 3210 74.93 -46.2 -18.4 930 16.0 -17.0 8.1 17.4 -46.4 -95.5 1,801 86.0

24 Novatek Microelectronics 523 Electronic equipment (2737) 3210 69.90 12.4 33.1 589 3.2 -4.9 11.9 10.9 14.7 13.8 1,070 0.5

25 Winbond Electronics 524 Semiconductors (9576) 3210 69.77 -10.3 -12.1 582 4.1 -9.0 12.0 13.9 -22.2 -30.0 712 35.1

26 Chunghwa Telecom 530 Fixed line telecommunications (653) 6420 69.14 0.9 4.0 4,322 -1.6 2.1 24,668 -9.2 -1.6 1.6 1.6 28.7 29.0 2.8 2.5 13,542 6.0

27 TPO Displays (now part of Chimei Innolux) 532 Electrical components & equipment (2733) 3162 69.09 19.3 30.7 725 -10.6 14.8 9.5 7.1 -5.8 -12.9

28 Powerchip Semiconductor (now Powerchip Technology) 546 Semiconductors (9576) 3210 67.35 -6.0 6.6 782 -34.4 -27.0 8.6 6.0 -55.6 -96.0 928 57.0

29 VIA Technologies 571 Semiconductors (9576) 3210 63.60 121 -32.4 -36.8 52.6 0.0 -52.1 -49.2 604

30 MiTAC International 576 Electronic equipment (2737) 3210 62.81 13.7 8.0 1,378 -1.8 -11.5 4.6 3.9 0.3 0.4 439 -9.0

31 Macronix International 589 Semiconductors (9576) 3210 61.63 -12.4 -1.8 585 9.5 5.6 10.5 13.2 22.0 14.8 1,393 26.2

32 Innolux Display (now Chimei Innolux) 682 Electronic equipment (2737) 3210 51.12 15.5 12.0 3,589 2.5 15.9 1.4 1.3 -1.8 3.2 5,967 113.4

33 Inventec Appliances 685 Leisure goods (374) 3230 50.94 -2.1 3.9 1,512 -25.1 -16.7 3.4 2.6 3.1 3.9 2.8 301 -15.6

34 Micro-Star International 686 Computer hardware (9572) 3002 50.88 -4.3 9.9 1,791 -19.3 0.6 2.8 2.4 0.3 2.5 395 -19.6

35 Coretronic 691 Leisure goods (374) 3230 50.37 15.2 15.2 1,687 -3.1 1.4 3.0 2.5 3.8 3.4 742 21.2

36 Taiwan Power 727 Electricity (753) 4011 47.16 6.1 0.8 10,182 8.6 6.9 0.5 0.5 2.2 -20.2

37 Nuvoton Technology 832 Electrical components & equipment (2733) 3162 39.23 72.3 258

38 Hannstar Display 842 Leisure goods (374) 3230 38.53 20.3 -2.8 1,108 -15.9 -8.0 3.5 2.4 -27.4 -3.8 712 -16.3

39 Gigabyte Technology 861 Computer hardware (9572) 3002 36.83 19.7 9.2 1,035 -3.2 0.6 3.6 2.9 4.4 3.8 427 20.7

40 Universal Scientific Industrial 907 Computer hardware (9572) 3002 34.09 -10.3 4.2 1,121 -20.6 -1.1 3.0 2.7 4.0 0.9 3.7

41 ProMOS Technologies 910 Semiconductors (9576) 3210 33.91 -49.0 -14.0 220 -67.2 -44.8 15.4 9.9 -242.4 -104.1 9.8 268 25.4

42 Alpha Networks 927 Telecommunications equipment (9578) 3220 32.67 5.6 377 -28.8 8.7 5.8 5.4 5.4 251

43 ZyXEL Communications 935 Telecommunications equipment (9578) 3220 32.32 -2.0 15.5 251 -23.6 -9.4 12.9 10.0 -0.9 2.5 219 -2.5

44 Cheng Shin Rubber Industry 950 Automobiles & parts (335) 2511 31.16 -4.7 18.2 1,841 11.0 20.8 1.7 2.0 20.6 8.0 3,080 50.9

45 Advantech 967 Computer hardware (9572) 3002 30.38 16.3 19.5 334 -11.7 2.0 4,554 5.2 9.1 6.9 12.4 16.0 6.7 6.0 799 42.1

32.31 -7.3 564 -17.8 -14.7 0 5.7 5.1 8.0 8.3 790 92.2

Thailand number of companies for calculation 1 1 0 1 1 1 0 0 0 1 1 1 1 0 0 1 1

1 Delta Electronics (Tahiland) 936 Computer hardware (9572) 3002 32.31 -7.3 564 -17.8 -14.7 5.7 5.1 8.0 8.3 790 92.2

272.52 -16.4 69.0 24,265 -17.8 -3.3 87,219 -10.9 -6.0 1.1 1.1 7.7 6.0 3.1 3.3 8,026 60.3

Turkey number of companies for calculation 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1

1 Koc 355 General industrials (272) 7487 118.38 -19.4 29.7 19,733 -21.4 -4.9 68,057 -7.6 -8.3 0.6 0.6 8.1 6.2 1.7 2.0 6,379 60.3

2 TOFAS 370 Automobiles & parts (335) 3410 111.22 -19.0 273.6 2,372 6.3 18.7 7,014 -19.3 11.3 4.7 6.1 4.8 4.9 15.9 15.8 1,287

3 Vestel Elektronik Sanayi Ticaret 786 Leisure goods (374) 3230 42.92 2.5 1,826.7 2,160 -1.0 -3.9 12,148 -21.6 1.3 2.0 1.9 7.8 5.1 3.5 2.7 360

137,948.12 -5.1 3.7 2,881,780 -13.3 -0.3 9,454,739 -4.2 -0.7 4.8 4.4 11.4 10.0 14.5 14.3 4,123,727 10.9

USA number of companies for calculation 504 504 487 504 502 489 502 494 475 503 502 503 502 502 496 480 463

1 Microsoft 3 Software (9537) 7221 6,073.20 -3.3 7.0 43,548 6.9 6.9 89,000 -4.3 4.1 13.9 15.4 38.6 34.8 68.2 67.5 147,158 0.0

2 Pfizer 4 Pharmaceuticals (4577) 2441 5,404.13 -2.4 0.7 34,854 3.5 -1.6 116,500 42.4 5.9 15.5 16.5 21.3 18.4 46.4 67.7 90,085 21.4

3 Johnson & Johnson 6 Pharmaceuticals (4577) 2441 4,868.87 -7.8 -0.7 43,139 -2.9 5.1 115,500 -2.7 -1.9 11.3 11.9 26.0 26.7 42.2 44.5 111,631 -3.3

4 General Motors 8 Automobiles & parts (335) 3410 4,229.08 -24.1 -2.8 80,113 -22.8 -17.9 217,000 -10.7 -8.1 5.3 5.4 -7.7 -19.6 19.5 22.9

5 Merck 10 Pharmaceuticals (4577) 2441 4,073.66 21.6 38.8 19,116 15.0 37.3 100,000 44.0 21.3 20.1 56.6 40.7 40.7 74,975 142.8

6 Intel 11 Semiconductors (9576) 3210 3,939.84 -1.2 -1.3 24,482 -6.5 -0.2 79,800 -4.9 -5.3 16.1 15.2 15.6 18.7 49.4 47.5 74,313 1.5

7 Cisco Systems 14 Telecommunications equipment (9578) 3220 3,629.70 1.1 8.6 25,172 -8.7 8.2 65,550 -0.9 9.5 14.4 13.0 19.9 23.9 55.4 54.3 85,021 -0.8

8 IBM 15 Computer services (9533) 7260 3,445.71 -9.9 -2.3 66,738 -7.6 1.6 399,409 0.2 3.9 5.2 5.3 19.1 16.7 8.6 9.6 112,404 3.8

9 Ford Motor 16 Automobiles & parts (335) 3410 3,415.04 -32.9 -12.0 82,454 -19.1 -9.6 198,000 -7.0 -11.2 4.1 5.0 2.6 -2.7 17.2 23.9 28,524 62.3

10 Eli Lilly 20 Pharmaceuticals (4577) 2441 3,015.34 12.6 11.4 15,219 7.2 11.6 40,360 -0.3 -0.9 19.8 18.8 25.3 -6.3 74.7 66.1 28,691 9.0

11 Bristol-Myers Squibb 23 Pharmaceuticals (4577) 2441 2,541.77 1.7 5.9 15,078 1.3 6.5 28,000 -20.0 -13.3 16.9 16.8 29.8 21.7 90.8 71.4 31,457 4.5

12 Boeing 24 Aerospace & defence (271) 3530 2,418.41 0.9 4.6 47,588 12.1 3.5 157,100 -3.1 0.7 5.1 5.6 3.1 6.9 15.4 14.8 33,065 45.5

13 General Electric 25 General industrials (272) 7487 2,316.65 10.1 3.8 107,979 -13.8 -2.7 304,000 -5.9 -1.6 2.1 1.7 18.0 24.1 7.6 6.5 114,600 11.2

14 Oracle 27 Software (9537) 7221 2,267.87 17.6 14.0 18,692 15.3 14.2 105,000 22.1 12.0 12.1 11.9 33.6 35.4 21.6 22.4 79,379 3.6

15 Motorola 29 Telecommunications equipment (9578) 3220 2,218.38 -22.5 -8.1 15,377 -26.8 -20.4 53,000 -17.2 -7.1 14.4 13.6 -0.2 -9.2 41.9 44.7 12,427 7.0

16 Amgen 31 Biotechnology (4573) 7310 1,996.06 -5.5 -5.2 10,205 -2.4 0.9 17,200 1.8 -5.1 19.6 20.2 37.6 34.8 116.0 125.0 36,754 -14.7

17 Google 32 Internet (9535) 7260 1,981.44 1.8 32.3 16,483 8.5 30.7 19,835 -1.9 22.9 12.0 12.8 35.2 25.4 99.9 96.3 108,029 6.4

18 Hewlett-Packard 33 Computer hardware (9572) 3002 1,964.69 -20.4 -7.8 79,837 -3.2 7.7 304,000 -5.3 24.9 2.5 3.0 8.8 8.8 6.5 7.7 65,813 -10.2

19 Abbott Laboratories 34 Pharmaceuticals (4577) 2441 1,912.24 2.0 6.8 21,441 4.2 11.0 73,000 5.8 3.1 8.9 9.1 24.7 21.1 26.2 27.2 53,870 12.7

20 Qualcomm 36 Telecommunications equipment (9578) 3220 1,700.55 7.0 16.6 7,259 -6.5 11.4 16,100 4.5 12.9 23.4 20.5 21.2 33.5 105.6 103.2 42,456 -20.6

21 Procter & Gamble 40 Household goods & home construction (372) 3663 1,424.56 -8.2 -0.5 55,545 -4.6 5.3 135,000 -2.2 -0.7 2.6 2.7 21.2 21.0 10.6 11.2 118,340 11.1

22 EMC 43 Computer hardware (9572) 3002 1,363.65 -4.5 10.0 9,775 -5.7 7.9 43,200 2.6 11.6 13.9 13.8 10.1 10.3 31.6 33.9 26,849 25.6

23 Advanced Micro Devices 46 Semiconductors (9576) 3210 1,199.45 -6.9 12.6 3,766 -8.1 -1.5 13,400 -8.8 -6.7 31.9 31.4 12.2 -38.2 89.5 87.6 3,051 77.7

24 United Technologies 49 Aerospace & defence (271) 3530 1,085.84 -12.0 0.6 36,537 -9.7 3.1 206,700 -7.4 -1.2 3.0 3.1 12.3 13.1 5.3 5.5 45,779 22.0

25 Broadcom 50 Semiconductors (9576) 3210 1,069.76 2.5 11.2 3,130 -3.6 7.0 7,407 0.1 12.3 34.2 32.2 1.3 3.7 144.4 141.0 11,130 20.6

26 Dow Chemical 51 Chemicals (135) 2466 1,039.85 13.9 8.6 31,324 -21.9 -2.9 52,195 13.2 7.0 3.3 2.3 4.8 3.3 19.9 19.8 20,338 15.3

27 Texas Instruments 52 Semiconductors (9576) 3210 1,028.69 -23.9 -12.4 7,267 -16.6 -10.7 26,584 -10.0 -5.0 14.2 15.5 19.1 19.2 38.7 45.8 20,225 -4.0

28 Medtronic 53 Health care equipment & services (453) 3310 1,017.54 7.7 5.6 11,024 8.3 8.7 43,000 4.9 4.2 9.2 9.3 26.6 18.0 23.7 23.0 26,847 -6.2

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %29 Amazon.com 56 General retailers (537) 5212 994.54 17.0 22.0 17,081 27.9 31.8 24,300 17.4 20.5 5.8 6.4 4.7 4.2 40.9 41.1 38,917 54.7

30 Caterpillar 57 Commercial vehicles & trucks (2753) 3550 990.36 -17.8 1.8 22,578 -35.4 -7.2 93,813 -16.9 -0.3 4.4 3.4 2.1 9.1 10.6 10.7 29,884 50.0

31 Apple 59 Computer hardware (9572) 3002 978.51 25.4 25.4 25,464 12.5 23.7 34,300 7.2 24.5 3.8 3.4 20.7 19.2 28.5 24.4 158,604 52.3

32 DuPont 60 Chemicals (135) 2466 960.39 -1.1 1.9 18,197 -14.5 -1.6 58,000 -3.3 -0.6 5.3 4.6 10.2 9.2 16.6 16.2 25,474 25.0

33 Honeywell 63 General industrials (272) 7487 926.94 -13.8 -2.0 21,541 -15.5 -0.5 122,000 -4.7 1.1 4.3 4.2 10.9 9.8 7.6 8.4 22,238 18.3

34 Yahoo! 64 Internet (9535) 7260 906.15 -5.2 15.1 4,502 -10.4 0.2 13,900 2.2 6.8 20.1 19.0 5.9 -0.2 65.2 70.2 12,996 -11.7

35 Biogen Idec 65 Biotechnology (4573) 7310 894.23 19.7 21.3 3,051 6.8 17.7 4,750 1.1 8.2 29.3 26.2 29.4 29.3 188.3 159.0 9,432 -4.0

36 Electronic Arts 69 Leisure goods (374) 3650 856.55 -9.6 5.7 2,547 -13.2 5.7 7,800 -14.3 -0.4 33.6 32.3 -19.3 -21.1 109.8 104.1 3,607 -24.9

37 Monsanto 70 Food producers (357) 501 765.25 12.0 14.8 8,182 1.4 16.9 22,900 5.5 9.4 9.4 8.5 25.9 25.3 33.4 31.5 21,579 -30.2

38 Forest Laboratories 73 Pharmaceuticals (4577) 2441 734.28 59.3 3.8 2,866 6.9 8.9 5,200 -0.5 0.5 25.6 17.2 22.3 23.3 141.2 88.2 5,548 -4.2

39 Exxon Mobil 74 Oil & gas producers (53) 1110 731.80 24.0 12.7 210,130 -29.1 -3.5 102,700 -1.9 -1.2 0.3 0.2 11.7 19.4 7.1 5.6 212,604 -6.9

40 Boston Scientific 75 Health care equipment & services (453) 3310 721.34 2.9 0.9 5,707 1.7 1.5 26,000 4.8 -3.1 12.6 12.5 -11.1 -22.0 27.7 28.3 5,794 -50.5

41 AT&T 77 Fixed line telecommunications (653) 6420 687.19 18.5 64.1 85,737 -0.8 25.0 281,000 -6.6 -2.4 0.8 0.7 18.2 18.7 2.4 1.9 110,040 5.2

42 Deere 79 Commercial vehicles & trucks (2753) 3550 680.92 3.6 10.4 16,108 -10.4 5.1 51,300 -9.5 3.3 4.2 3.7 10.3 8.4 13.3 11.6 19,202 46.4

43 Applied Materials 84 Semiconductors (9576) 3210 651.03 -15.4 -6.8 3,494 -38.3 -18.2 12,619 -14.9 -3.6 18.6 13.6 -10.2 16.0 51.6 51.9 10,455 -17.0

44 Baxter International 86 Health care equipment & services (453) 3663 639.10 5.6 14.3 8,755 1.7 6.6 49,700 2.5 1.2 7.3 7.0 23.0 20.1 12.9 12.5 18,617 -19.8

45 Nvidia 87 Semiconductors (9576) 3210 633.42 6.2 18.0 2,318 -2.9 2.7 5,706 5.3 11.8 27.3 25.0 -3.1 -2.6 111.0 110.1 3,745 -26.7

46 eBay 88 General retailers (537) 9305 633.16 8.4 16.5 6,083 2.2 13.5 16,400 1.2 7.5 10.4 9.8 16.7 24.3 38.6 36.1 19,662 1.0

47 Delphi Automotive 89 Automobiles & parts (335) 3430 627.25 -52.6 -24.6 7,153 -49.6 -27.0 8.8 9.3 -0.9 17.6 9.0

48 Gilead Sciences 91 Biotechnology (4573) 7310 620.05 29.1 34.9 4,887 31.4 32.3 3,852 11.9 15.3 12.7 12.9 50.3 52.0 161.0 139.6 20,053 -29.2

49 Symantec 94 Software (9537) 7221 597.28 -2.6 -0.4 4,171 -2.7 4.8 17,400 0.0 0.6 14.3 14.3 16.5 -105.1 34.3 35.2 6,788 -21.6

50 Genzyme 95 Biotechnology (4573) 7310 588.86 -33.3 10.1 3,147 -1.9 12.3 12,000 9.1 10.1 18.7 27.5 10.8 12.6 49.1 80.2 11,776 23.6

51 3M 96 General industrials (272) 7487 584.04 -1.5 -0.4 16,116 -8.5 0.3 74,835 -5.5 -0.2 3.6 3.4 20.8 20.7 7.8 7.5 41,754 20.3

52 Freescale Semiconductor 97 Semiconductors (9576) 3210 580.56 -26.9 -11.6 2,445 -32.9 -17.8 18,000 -21.4 23.7 21.8 -35.1 -149.9 32.3 34.7

53 Schlumberger 101 Oil equipment, services & distribution (57) 1120 558.95 -2.1 9.0 15,822 -16.4 5.7 77,000 -11.5 3.2 3.5 3.0 18.0 25.7 7.3 6.6 48,866 9.7

54 Celgene 104 Biotechnology (4573) 7310 544.39 -14.8 48.1 1,875 19.3 44.1 2,813 15.2 29.8 29.0 40.6 33.5 -64.3 193.5 261.6 17,827 5.7

55 Lockheed Martin 109 Aerospace & defence (271) 3530 522.71 -38.5 -13.0 31,494 5.8 4.5 140,000 -4.1 0.0 1.7 2.9 10.2 11.8 3.7 5.8 18,372 -8.1

56 Juniper Networks 110 Telecommunications equipment (9578) 3220 516.93 1.4 15.6 2,311 -7.2 12.9 7,231 3.1 14.4 22.4 20.5 9.4 19.4 71.5 72.7 9,288 3.3

57 Xerox 112 Electronic office equipment (9574) 3001 496.92 -4.9 -2.1 10,579 -13.8 -0.9 53,600 -6.1 -0.1 4.7 4.3 5.7 1.4 9.3 9.2 8,685 69.3

58 Allergan 114 Pharmaceuticals (4577) 2441 492.05 -11.5 -12.5 3,139 2.3 13.7 8,300 -5.0 7.0 15.7 18.1 20.1 18.1 59.3 63.6 13,462 15.5

59 Micron Technology 115 Semiconductors (9576) 3210 491.92 3.8 2.5 3,652 -10.3 -0.2 18,200 -20.2 -8.2 13.5 11.6 -32.6 -28.2 27.0 20.8 5,045 27.2

60 CA 120 Software (9537) 7221 462.77 6.9 1.8 3,034 1.9 3.4 13,800 4.5 -1.6 15.3 14.5 28.8 26.1 33.5 32.8 6,588 -20.0

61 Agilent Technologies 124 Electronic equipment (2737) 3210 447.44 -8.8 -0.7 3,123 -22.4 -4.3 16,800 -14.3 -3.5 14.3 12.2 1.5 14.3 26.6 25.0 6,635 15.3

62 Danaher 126 Electronic equipment (2737) 3210 440.92 -12.8 12.4 7,795 -11.9 5.2 46,600 -7.4 1.2 5.7 5.7 13.8 14.7 9.5 10.1 16,838 25.7

63 Activision Blizzard 127 Leisure goods (374) 3650 436.99 -20.6 67.6 2,982 6.1 41.4 7,000 0.0 48.8 14.7 19.6 -0.5 5.0 62.4 78.6 9,276 -17.5

64 Dell 129 Computer hardware (9572) 3002 434.90 -5.9 7.8 36,870 -13.4 -2.7 94,300 23.3 4.7 1.2 1.1 4.1 5.1 4.6 6.0 16,392 -15.2

65 Intuit 131 Software (9537) 7221 430.60 -5.0 12.3 2,218 3.6 10.3 7,800 -4.9 1.3 19.4 21.2 21.4 21.1 55.2 55.2 8,441 23.4

66 Northrop Grumman 132 Aerospace & defence (271) 7522 425.14 5.9 2.0 24,596 4.0 5.2 120,700 -2.3 -0.4 1.7 1.7 7.6 -0.2 3.5 3.2 11,600 10.5

67 LSI 133 Semiconductors (9576) 3210 423.96 -9.5 13.7 1,547 -17.1 3.8 5,397 -1.7 10.4 27.4 25.1 -5.8 -22.6 78.6 85.4 1,879 -18.6

68 Chevron 134 Oil & gas producers (53) 1110 420.26 -27.8 8.8 116,670 -36.8 -6.5 64,000 -4.5 0.8 0.4 0.3 10.6 15.9 6.6 8.7 108,459 13.1

69 Adobe Systems 140 Software (9537) 7221 393.87 -14.6 1.5 2,053 -17.7 4.6 8,660 18.1 12.5 19.2 18.5 22.9 29.3 45.5 62.9 10,253 -13.2

70 Raytheon 141 Aerospace & defence (271) 7522 393.78 9.3 6.8 17,341 7.4 2.3 75,000 2.7 -2.1 2.3 2.2 12.2 11.1 5.3 4.9 11,666 -9.6

71 St Jude Medical 142 Health care equipment & services (453) 3310 390.13 5.3 9.1 3,263 7.3 12.3 14,000 0.0 8.4 12.0 12.2 23.5 14.6 27.9 26.5 8,495 -8.0

72 NetApp 146 Computer hardware (9572) 3002 373.36 7.5 11.6 2,740 15.4 11.9 8,333 4.5 7.9 13.6 14.6 12.5 1.4 44.8 43.6 9,450 71.3

73 Maxim Integrated Products 148 Semiconductors (9576) 3210 363.55 -9.7 0.5 1,147 -19.8 -3.9 8,765 -10.7 -3.7 31.7 28.1 1.1 20.8 41.5 41.0 3,529 -11.2

74 General Dynamics 149 Aerospace & defence (271) 7522 362.41 9.7 11.3 22,289 9.1 9.7 91,700 -0.7 4.2 1.6 1.6 11.5 12.5 4.0 3.6 16,083 6.6

75 Western Digital 151 Computer hardware (9572) 3002 354.75 9.7 19.6 5,194 -7.7 19.7 45,991 -8.2 22.9 6.8 5.7 7.0 12.5 7.7 6.5 3,909 -20.0

76 Automatic Data Processing 155 Support services (279) 7412 348.27 -5.0 1.9 6,180 1.0 -1.4 45,000 -4.3 -0.7 5.6 6.0 20.5 19.7 7.7 7.8 13,949 3.7

77 Kraft Foods 159 Food producers (357) 1589 332.44 -4.4 28,147 -5.8 97,000 -1.0 1.2 1.2 13.7 9.6 3.4 3.5 35,858 24.1

78 Vertex Pharmaceuticals 160 Biotechnology (4573) 7310 332.24 26.0 34.4 71 -41.9 -22.2 1,432 7.4 14.2 467.9 215.5 -602.6 -263.6 232.0 197.8 5,116 18.4

79 Corning 161 Telecommunications equipment (9578) 3220 324.08 -8.8 4.4 3,760 -9.3 1.4 23,500 -13.0 -1.4 8.6 8.6 38.0 27.3 13.8 13.2 18,361 6.8

80 Emerson Electric 164 Electrical components & equipment (2733) 3162 320.60 0.4 8.9 14,577 -15.7 1.3 129,000 -8.3 0.3 2.2 1.8 12.5 15.0 2.5 2.3 25,292 37.2

81 Autodesk 165 Software (9537) 7221 318.85 -20.6 4.0 1,194 -26.0 -2.3 6,800 -12.8 9.6 26.7 24.9 4.1 10.6 46.9 51.5 4,493 11.2

82 Whirlpool 166 Household goods & home construction (372) 3663 317.11 4.4 2.1 11,917 -9.6 -2.6 67,000 -4.3 -2.8 2.7 2.3 3.0 2.4 4.7 4.3 4,065 36.2

83 McKesson 169 Food & drug retailers (533) 5231 314.32 3.0 7.8 75,760 1.9 5.3 32,500 0.0 0.7 0.4 0.4 1.9 1.1 9.7 9.4 11,051 8.3

84 Analog Devices 172 Semiconductors (9576) 3210 311.55 -18.1 -5.9 1,411 -25.0 -7.7 8,300 -7.8 -5.4 22.1 20.2 14.1 23.4 37.5 42.3 5,829 4.8

85 Navistar International 174 Commercial vehicles & trucks (2753) 3550 301.78 13.9 -1.5 8,063 -21.4 -6.6 17,900 0.6 -0.6 3.7 2.6 5.0 4.6 16.9 14.9 2,253 4.1

86 Synopsys 177 Software (9537) 7221 294.75 6.3 4.2 948 1.7 7.5 5,928 4.2 4.9 31.1 29.8 15.8 14.3 49.7 48.7 2,256 11.7

87 PepsiCo 179 Beverages (353) 1598 288.54 6.7 6.4 30,130 0.0 7.2 203,000 2.5 6.5 1.0 0.9 19.5 16.9 1.4 1.4 72,693 18.4

88 Becton Dickinson 183 Health care equipment & services (453) 3663 284.44 3.0 4.3 5,030 0.8 7.3 29,116 3.0 2.6 5.7 5.5 23.3 21.8 9.8 9.8 11,481 3.6

89 Textron 186 Aerospace & defence (271) 3530 279.48 -15.8 4.5 7,351 -28.8 -5.7 32,000 -25.6 -7.2 3.8 3.2 1.0 7.6 8.7 7.7 3,471 27.9

90 Baker Hughes 188 Oil equipment, services & distribution (57) 1120 276.69 -6.8 5.4 6,735 -18.5 2.3 34,400 -13.6 -0.2 4.1 3.6 7.6 20.0 8.0 7.5 11,955 49.7

91 Cephalon 190 Pharmaceuticals (4577) 2441 275.60 9.2 -0.7 1,528 11.0 7.5 3,026 8.8 1.5 18.0 18.3 15.7 10.2 91.1 90.8 3,057 5.7

92 Eaton 191 General industrials (272) 7487 275.29 -5.3 7.2 8,275 -22.8 -1.4 70,000 -6.7 5.3 3.3 2.7 3.8 8.4 3.9 3.9 8,802 40.9

93 PPG Industries 192 Chemicals (135) 2466 270.42 -14.0 5.1 8,530 -22.8 3.5 39,900 -11.1 7.4 3.2 2.8 6.1 7.1 6.8 7.0 7,632 21.7

94 SanDisk 194 Semiconductors (9576) 3210 267.74 -10.7 7.8 2,486 6.4 3.1 3,267 -8.4 8.1 10.8 12.8 16.8 -63.3 82.0 84.1 6,748 152.6

95 Lexmark 196 Computer hardware (9572) 3002 261.56 -11.3 0.4 2,704 -14.3 -8.8 11,900 -15.0 -7.2 9.7 9.3 5.4 6.0 22.0 21.1 1,966 102.9

96 KLA-Tencor 197 Semiconductors (9576) 3210 258.89 -9.4 -1.0 1,060 -39.7 -9.8 4,900 -18.3 -6.0 24.4 16.3 -38.1 19.9 52.8 47.6 3,404 -6.6

97 Cadence Design Systems 200 Software (9537) 7221 254.53 -22.9 -9.0 594 -17.9 -16.9 4,400 -10.2 -5.4 42.8 45.6 -15.2 -153.0 57.8 67.3 1,184 9.0

98 Cummins 202 Commercial vehicles & trucks (2753) 3550 252.30 -14.2 4.1 7,527 -24.7 -1.7 34,900 -12.3 0.3 3.4 2.9 6.4 8.8 7.2 7.4 10,772 63.5

99 Eastman Kodak 205 Leisure goods (374) 3663 248.11 -28.9 -20.6 5,301 -19.2 -16.9 20,250 -17.0 -20.9 4.7 5.3 -1.4 -9.2 12.3 14.3 693 -15.0

100 Rockwell Collins 206 Aerospace & defence (271) 3530 247.42 -10.1 8.4 3,115 -6.3 5.0 19,300 -4.9 1.2 7.9 8.3 19.7 20.3 12.8 13.6 6,076 26.4

101 Brocade Communications 207 Telecommunications equipment (9578) 3220 247.28 38.8 29.1 1,361 33.1 37.5 4,070 43.6 41.4 18.2 17.4 1.1 1.2 60.8 62.9 1,520 -32.5

102 Xilinx 210 Semiconductors (9576) 3210 237.70 -4.0 -4.2 1,180 -7.3 -2.8 2,948 -6.3 -4.2 20.2 19.5 23.4 20.2 80.6 78.8 4,517 9.3

103 Life Technologies 211 Biotechnology (4573) 7310 234.94 136.6 46.3 2,286 102.4 37.4 9,000 -7.2 23.0 10.3 8.8 12.0 10.2 26.1 10.2 5,641 0.1

104 Goodyear 212 Automobiles & parts (335) 2511 234.87 -7.9 -2.1 11,361 -16.4 -7.0 69,000 -7.6 -3.6 2.1 1.9 -0.2 2.3 3.4 3.4 1,689 -43.7

105 Stryker 213 Health care equipment & services (453) 3310 234.31 -8.6 1.2 4,686 0.1 7.5 18,582 5.6 -0.4 5.0 5.5 23.7 22.5 12.6 14.6 12,884 15.8

106 Johnson Controls 214 Automobiles & parts (335) 3430 234.17 -20.8 -7.2 19,861 -25.1 -4.2 130,000 -7.1 -1.5 1.2 1.1 0.1 3.9 1.8 2.1 12,844 22.3

107 Philip Morris International 215 Tobacco (378) 1600 233.48 0.3 17,448 -2.6 77,300 2.2 1.3 1.3 40.1 39.9 3.0 3.1 66,413 5.7

108 Harman International Industries 217 Leisure goods (374) 3230 231.18 -16.2 3.2 2,015 -29.7 -3.8 9,482 -18.9 -5.5 11.5 9.6 -17.7 3.2 24.4 23.6 1,435 12.0

109 Visteon 219 Automobiles & parts (335) 3430 228.60 -24.4 -18.0 4,659 -30.0 -16.3 29,500 -11.9 -13.1 4.9 4.5 4.1 -3.8 7.7 9.0 53 -69.6

110 Halliburton 222 Oil equipment, services & distribution (57) 1120 226.51 -0.3 5.5 10,228 -19.7 -13.4 51,000 -10.5 -21.1 2.2 1.8 13.4 21.6 4.4 4.0 17,771 20.3

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %111 McAfee 224 Software (9537) 7221 226.07 28.7 18.8 1,343 20.5 18.9 6,100 8.9 18.1 16.8 15.8 11.7 11.4 37.1 31.4 3,170 -32.5

112 Citrix Systems 225 Software (9537) 7221 225.45 -1.7 23.0 1,125 1.9 12.5 4,816 -4.4 8.8 20.0 20.8 10.9 10.9 46.8 45.5 7,395 62.8

113 Autoliv 226 Automobiles & parts (335) 3430 224.70 -12.2 -6.7 3,569 -20.9 -6.1 37,900 11.5 -3.2 6.3 5.7 1.3 4.8 5.9 7.5 3,260 64.8

114 SunGard Data Systems 227 Computer services (9533) 7260 221.63 -2.2 4.8 3,839 -1.6 8.4 20,700 3.5 7.6 5.8 5.8 -10.2 6.7 10.7 11.3

115 Kimberly-Clark 233 Personal goods (376) 2451 209.78 1.3 0.0 13,322 -1.5 4.5 56,000 5.7 0.6 1.6 1.5 14.8 13.1 3.7 3.9 18,489 8.6

116 Lam Research 238 Semiconductors (9576) 3210 200.91 -11.0 8.0 778 -54.9 -12.1 2,711 -28.7 3.7 25.8 13.1 -25.3 20.5 74.1 59.4 3,321 29.2

117 Parker Hannifin 239 Industrial machinery (2757) 2924 200.84 12.9 20.1 7,185 -15.1 3.1 51,639 -16.3 -3.3 2.8 2.1 7.7 11.7 3.9 2.9 7,129 30.4

118 Cerner 240 Software (9537) 7221 198.76 -2.1 -2.5 1,165 -0.2 6.7 7,600 1.3 0.8 17.1 17.4 17.2 16.0 26.2 27.1 4,373 21.5

119 BMC Software 242 Software (9537) 7221 196.19 -2.7 2.1 1,332 2.1 6.5 6,100 5.2 0.6 14.7 15.5 26.5 19.6 32.2 34.8 4,342 -2.9

120 Mylan 246 Pharmaceuticals (4577) 2441 191.84 -13.2 38.5 3,549 -0.9 46.7 12,500 4.2 25.0 5.4 6.2 10.7 4.3 15.3 18.4 3,764 26.4

121 National Semiconductor 248 Semiconductors (9576) 3210 190.06 -10.9 -9.2 989 -2.8 -9.7 5,800 0.0 -8.6 19.2 21.0 22.8 12.5 32.8 36.8 2,142 -13.5

122 Colgate-Palmolive 250 Personal goods (376) 2451 187.48 6.3 3.7 10,682 0.0 7.8 38,100 4.1 3.2 1.8 1.7 23.7 19.7 4.9 4.8 25,874 3.8

123 Tellabs 251 Telecommunications equipment (9578) 3220 187.27 -12.0 -9.0 1,063 -11.8 -9.2 3,295 2.1 -3.9 17.6 17.7 6.2 -57.1 56.8 65.9 1,813 -1.0

124 Beckman Coulter 254 Health care equipment & services (453) 3310 185.67 -4.9 0.2 2,272 5.2 8.8 11,800 7.3 4.5 8.2 9.0 7.1 9.7 15.7 17.7 2,198 -31.6

125 Altera 258 Semiconductors (9576) 3210 181.35 1.0 1.5 833 -12.6 -2.4 2,551 -7.6 -1.3 21.8 18.8 25.5 29.6 71.1 65.1 5,340 38.6

126 ITT 260 General industrials (272) 7487 179.88 5.6 17.1 7,600 -6.8 11.8 40,200 -1.5 2.3 2.4 2.1 8.3 10.3 4.5 4.2 5,689 -9.1

127 Mentor Graphics 261 Software (9537) 7221 178.10 -1.8 4.0 559 1.7 0.5 4,400 -2.2 1.3 31.8 33.0 -0.3 -9.0 40.5 40.3 660 31.0

128 Expedia 264 Travel & leisure (575) 6330 175.63 5.0 21.5 2,060 0.6 9.7 7,960 -1.1 6.4 8.5 8.2 17.1 -82.8 22.1 20.8 4,695 5.6

129 Sepracor (now part of Sumitomo Chemical, Japan) 270 Pharmaceuticals (4577) 2441 172.02 -6.4 19.5 901 5.5 16.3 2,400 5.4 5.2 19.1 21.5 3.3 1.7 71.7 80.7

130 Thermo Fisher Scientific 271 Health care equipment & services (453) 3310 171.52 -1.2 13.1 7,046 -3.7 38.7 35,400 2.6 5.1 2.4 2.4 10.4 11.7 4.8 5.0 12,579 -1.9

131 Harris 273 Telecommunications equipment (9578) 3220 169.71 -11.5 9.0 3,903 5.4 17.2 15,400 -6.7 3.5 4.3 5.2 3.5 12.9 11.0 11.6 3,965 28.7

132 Hospira 274 Pharmaceuticals (4577) 2441 167.62 12.6 14.2 2,704 6.9 13.0 13,500 -6.9 1.3 6.2 5.9 12.5 14.1 12.4 10.3 6,118 35.9

133 Goodrich 275 Aerospace & defence (271) 3530 166.57 -15.8 -12.8 4,660 -5.3 4.4 24,000 -4.0 0.8 3.6 4.0 13.5 15.2 6.9 7.9 6,271 31.7

134 Exelixis 278 Pharmaceuticals (4577) 2441 163.58 -8.8 8.2 106 28.8 15.4 676 0.0 1.3 154.7 218.4 -80.3 -152.1 242.0 265.4 218 -48.0

135 General Mills 283 Food producers (357) 1589 151.93 4.8 4.5 10,312 0.7 5.9 33,000 10.0 5.0 1.5 1.4 17.6 15.2 4.6 4.8 15,821 20.8

136 Atmel 290 Semiconductors (9576) 3210 147.78 -18.5 -9.8 848 -22.3 -11.4 5,600 -12.5 -11.2 17.4 16.6 -10.3 -0.9 26.4 28.3 1,850 48.6

137 International Game Technology 291 Travel & leisure (575) 9271 147.61 -5.0 4.0 1,473 -16.4 -5.6 5,100 -12.1 -0.6 10.0 8.8 14.4 24.7 28.9 26.8 3,162 -19.7

138 Zimmer 294 Health care equipment & services (453) 3310 143.15 5.9 2.9 2,854 -0.6 5.4 8,200 -3.5 5.9 5.0 4.7 24.9 26.4 17.5 15.9 7,204 6.4

139 NCR 298 Computer hardware (9572) 3002 140.78 -4.3 -14.9 3,214 -13.2 -9.1 21,500 -4.0 -9.4 4.4 4.0 -1.8 5.3 6.5 6.6 1,386 -8.5

140 PACCAR 301 Commercial vehicles & trucks (2753) 3550 138.83 -41.7 9.8 5,636 -46.0 -21.1 15,200 -18.7 -10.2 2.5 2.3 1.9 9.2 9.1 12.7 10,688 20.0

141 ON Semiconductor 302 Semiconductors (9576) 3210 138.55 -15.0 25.2 1,233 -13.9 4.9 12,887 -9.1 3.3 11.2 11.4 7.8 -17.9 10.8 11.5 1,911 -17.1

142 Illinois Tool Works 303 Industrial machinery (2757) 2924 138.37 -5.8 11.1 9,690 -19.2 -0.4 59,000 -9.2 2.4 1.4 1.2 9.7 13.2 2.3 2.3 15,097 4.9

143 International Flavors & Fragrances 307 Personal goods (376) 2451 135.10 -8.9 1.4 1,621 -2.6 3.5 5,400 1.9 2.0 8.3 8.9 14.5 14.8 25.0 28.0 2,579 27.7

144 AGCO 311 Commercial vehicles & trucks (2753) 3550 133.74 -1.3 14.5 4,621 -21.3 6.9 14,500 -7.1 4.2 2.9 2.3 3.0 6.5 9.2 8.7 2,197 11.2

145 Pitney Bowes 312 Electronic office equipment (9574) 3001 133.39 -10.0 2.0 3,881 -11.1 -1.4 33,004 -6.1 -1.4 3.4 3.4 16.5 14.8 4.0 4.2 2,816 -9.7

146 Watson Pharmaceuticals 313 Pharmaceuticals (4577) 2441 132.77 16.0 15.2 1,947 10.2 12.2 5,830 15.0 0.0 6.8 6.5 14.1 14.6 22.8 22.6 3,632 43.4

147 Ciena 314 Telecommunications equipment (9578) 3220 132.64 8.7 19.7 455 -27.7 5.0 2,163 -1.8 13.4 29.2 19.4 -89.6 2.4 61.3 55.4 791 -0.5

148 ConocoPhillips 315 Oil & gas producers (53) 1110 132.42 -9.1 17.5 104,083 -32.2 -3.4 30,000 -11.2 -7.9 0.1 0.1 6.6 -1.2 4.4 4.3 56,881 25.7

149 Parametric Technology 318 Software (9537) 7221 131.38 3.6 8.6 654 -12.3 3.1 5,165 1.5 6.2 20.1 17.0 1.7 10.3 25.4 24.9 1,400 25.9

150 Linear Technology 323 Semiconductors (9576) 3210 129.52 -5.7 4.9 675 -17.6 -4.0 3,821 -8.4 0.6 19.2 16.8 42.5 48.4 33.9 32.9 4,569 10.7

151 Endo Pharmaceuticals 324 Pharmaceuticals (4577) 2441 129.16 68.1 30.8 1,018 15.9 17.1 1,487 22.3 13.2 12.7 8.7 27.5 30.6 86.9 63.2 1,995 14.9

152 Sybase (now part of SAP, Germany) 326 Software (9537) 7221 128.48 -6.7 -0.5 816 3.4 10.1 3,819 -4.4 -2.1 15.7 17.5 24.2 18.6 33.6 34.5

153 Novell 329 Software (9537) 7221 126.41 -8.5 0.2 601 -10.5 -6.4 3,600 -10.0 -7.5 21.0 20.6 -24.8 -2.2 35.1 34.5 1,385 25.7

154 Hasbro 330 Leisure goods (374) 3650 126.28 -5.3 1.9 2,835 1.2 8.9 5,800 -1.7 0.0 4.5 4.8 14.5 12.3 21.8 22.6 4,169 60.7

155 Cypress Semiconductor 330 Semiconductors (9576) 3210 126.28 -6.4 -9.5 465 -63.0 -15.1 3,600 -12.2 -14.7 27.1 10.7 -21.9 -20.9 35.1 32.9 1,160 -2.6

156 Kellogg 332 Food producers (357) 1589 126.15 0.0 -1.7 8,764 -1.9 4.9 30,900 -4.6 6.1 1.4 1.4 15.8 14.9 4.1 3.9 13,333 8.5

157 Amylin Pharmaceuticals 334 Biotechnology (4573) 7310 125.89 -17.3 -0.8 529 -9.7 14.1 1,500 -16.7 -1.1 23.8 26.0 -23.0 -35.4 83.9 84.5 1,972 51.4

158 3Com (now part of Hewlett-Packard) 335 Telecommunications equipment (9578) 3220 125.44 -12.9 20.9 918 1.7 18.3 5,868 -3.9 1.7 13.7 16.0 11.4 -16.6 21.4 23.6

159 CR Bard 336 Health care equipment & services (453) 3663 125.17 -9.8 7.2 1,767 3.4 8.5 11,000 0.0 5.4 7.1 8.1 26.5 21.0 11.4 12.6 5,216 4.1

160 Dover 338 Industrial machinery (2757) 2924 124.27 -5.8 4.8 4,064 -23.8 -6.7 29,300 -9.3 -3.9 3.1 2.5 10.1 13.6 4.2 4.1 6,038 35.8

161 Palm (now part of Hewlett-Packard) 340 Computer hardware (9572) 3002 123.51 -12.6 9.2 513 -44.2 -22.5 939 -10.6 -5.2 24.1 15.4 -41.6 -12.4 131.5 134.6

162 Altria 341 Tobacco (378) 1600 123.36 -23.7 -43.9 16,417 -32.2 -30.5 10,000 -3.8 -61.5 0.8 0.7 25.7 22.0 12.3 15.5 32,462 28.1

163 DST Systems 343 Computer services (9533) 7260 122.73 13.5 3.8 1,546 -3.0 -0.3 11,200 2.8 2.2 7.9 6.8 14.8 16.0 11.0 9.9 1,341 -15.3

164 Teradata 344 Computer services (9533) 7260 122.66 10.0 1,191 -3.0 6,600 3.1 10.3 9.1 19.5 19.2 18.6 17.4 3,475 7.1

165 Edwards Lifesciences 346 Health care equipment & services (453) 3663 122.31 26.1 15.4 921 6.8 8.4 6,400 3.2 4.9 13.3 11.2 16.4 12.5 19.1 15.6 4,527 79.2

166 Mattel 350 Leisure goods (374) 3650 119.39 -9.9 -0.4 3,785 -8.2 -1.3 27,000 -6.9 -5.5 3.2 3.2 13.3 9.2 4.4 4.6 5,450 20.7

167 Cubist Pharmaceuticals 352 Biotechnology (4573) 7310 118.88 34.7 43.8 392 29.6 42.4 600 8.3 13.5 30.3 29.2 24.3 10.4 198.1 159.4 898 14.6

168 JDS Uniphase 353 Telecommunications equipment (9578) 3220 118.55 -9.6 3.0 902 -15.4 2.4 4,000 -43.7 -17.4 13.1 12.3 -71.5 -5.1 29.6 18.5 1,576 78.5

169 Rockwell Automation 354 Industrial machinery (2757) 2924 118.48 -11.1 2.0 3,020 -24.0 -8.0 19,000 -9.5 -6.2 3.9 3.4 7.6 14.8 6.2 6.3 5,088 28.6

170 Alcoa 356 Industrial metals & mining (175) 2742 117.78 -31.3 -7.4 13,064 -33.3 -15.3 59,000 -32.2 -21.7 0.9 0.9 -7.8 2.6 2.0 2.0 7,573 -16.0

171 Synthes 357 Health care equipment & services (453) 3310 117.33 -0.9 10.3 2,366 6.3 12.4 10,326 8.6 8.7 5.0 5.3 34.3 33.6 11.4 12.4 9,599 4.4

172 Cardinal Health 358 Food & drug retailers (533) 5231 116.46 9.3 19.3 69,425 9.4 6.7 46,500 -2.3 -5.4 0.2 0.2 1.9 2.2 2.5 2.2 7,914 -4.1

173 Teradyne 362 Semiconductors (9576) 3210 114.88 -23.9 -7.6 571 -26.0 -15.9 2,900 -23.7 -8.6 20.1 19.6 -14.9 -36.0 39.6 39.7 1,215 26.6

174 Bio-Rad Laboratories 366 Health care equipment & services (453) 3310 114.01 2.5 9.9 1,244 1.1 11.9 6,600 0.0 6.9 9.2 9.0 13.0 9.8 17.3 16.8 1,658 3.7

175 Integrated Device Technology 376 Semiconductors (9576) 3210 109.76 -2.3 -1.8 373 -19.2 -12.6 2,004 -5.1 -5.8 29.4 24.3 -7.0 -158.5 54.8 53.2 585 -23.7

176 Red Hat 379 Software (9537) 7221 109.18 11.8 25.6 521 14.7 23.1 3,200 14.3 21.1 20.9 21.5 14.8 12.6 34.1 34.9 4,073 43.8

177 Mannkind 380 Biotechnology (4573) 7310 108.95 -37.6 -6.6 0 -100.0 -100.0 443 -23.6 -6.7 1,246,750.0 -1,522,464.3 245.9 300.9 600 5.3

178 BorgWarner 381 Automobiles & parts (335) 3430 108.17 -24.6 -6.1 2,761 -24.7 -4.8 12,500 -9.4 -10.4 3.9 3.9 1.8 1.1 8.7 10.4 3,600 46.3

179 TRW Automotive 382 Automobiles & parts (335) 3430 108.03 -24.8 -2.6 8,094 -22.5 -4.0 57,500 -11.8 -3.4 1.3 1.4 2.9 -2.8 1.9 2.2 3,071 112.1

180 Abraxis Bioscience 384 Biotechnology (4573) 7310 107.76 49.3 19.5 250 4.0 -22.3 885 20.6 -22.0 43.1 30.0 -30.7 -86.1 121.8 98.4 2,124 156.6

181 Molex 385 Electronic equipment (2737) 3210 107.33 -3.3 -1.1 2,096 16.5 -2.7 35,519 40.7 2.3 5.1 6.2 4.6 -12.9 3.0 4.4 2,101 0.7

182 OSI Pharmaceuticals (now part of Astellas Pharma, Japan) 387 Biotechnology (4573) 7310 105.83 12.2 -4.9 299 1.3 4.6 535 9.0 -4.3 35.4 31.9 35.4 34.6 197.8 192.1

183 PMC-Sierra 391 Semiconductors (9576) 3210 103.97 -5.4 -2.0 346 -5.5 5.3 1,079 1.4 -3.0 30.1 30.0 11.3 9.2 96.4 103.3 1,153 -16.4

184 Novellus Systems 392 Semiconductors (9576) 3210 103.92 -32.1 -15.2 445 -36.8 -27.2 2,544 -16.5 -11.9 23.3 21.7 -11.8 -10.8 40.8 50.2 1,580 34.3

185 Lubrizol 394 Chemicals (135) 2466 102.94 -1.3 3.0 3,196 -8.8 4.3 6,700 -3.9 0.0 3.2 3.0 18.0 1.2 15.4 15.0 4,293 47.7

186 Varian Medical Systems 395 Health care equipment & services (453) 3310 102.71 8.7 13.6 1,550 7.4 11.7 5,100 4.1 9.4 6.6 6.6 20.8 20.2 20.1 19.3 4,690 45.7

187 Salesforce.com 396 Software (9537) 7221 102.45 34.0 48.8 910 21.3 38.0 3,969 11.3 24.2 11.3 10.2 8.7 5.8 25.8 21.4 8,722 115.1

188 National Instruments 397 Electronic equipment (2737) 3210 101.45 -4.6 6.5 472 -17.5 0.8 5,120 -0.7 7.3 21.5 18.6 7.1 11.7 19.8 20.6 1,613 18.8

189 Intersil 399 Semiconductors (9576) 3210 101.10 1.0 4.7 426 -20.6 -6.2 1,503 -1.8 1.8 23.7 18.7 6.8 -140.6 67.3 65.4 893 -24.0

190 Huntsman 400 Chemicals (135) 2466 101.06 -5.8 7.9 5,410 -24.0 -16.1 11,000 -12.7 -9.8 1.9 1.5 -0.9 11.1 9.2 8.5 1,545 31.3

191 Quest Software 402 Software (9537) 7221 100.62 -5.9 9.3 485 -5.5 7.4 3,365 -3.2 5.8 20.8 20.9 12.0 10.7 29.9 30.8 1,215 23.7

192 Harley-Davidson 405 Automobiles & parts (335) 3410 99.73 -12.5 -12.8 3,333 -14.5 -7.3 7,300 -21.5 -6.7 3.0 2.9 4.1 18.4 13.7 12.3 4,197 13.1

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %193 Smith International 409 Oil equipment, services & distribution (57) 1120 98.27 9.0 16.9 5,728 -23.7 3.9 21,931 -14.7 8.1 1.7 1.2 7.3 15.2 4.5 3.5 7,072 72.9

194 Illumina 412 Biotechnology (4573) 7310 98.00 40.7 63.6 464 16.2 53.4 1,781 16.0 44.0 21.1 17.4 19.0 14.0 55.0 45.4 3,964 23.3

195 Icahn Enterprises 416 General industrials (272) 7487 97.57 -1.4 4,269 20.4 42,368 -2.4 2.3 2.8 19.4 -61.2 2.3 2.3 2,159

196 RF Micro Devices 417 Semiconductors (9576) 3210 96.85 -18.6 -9.1 682 10.4 -1.5 3,687 -10.0 4.3 14.2 19.3 10.8 -96.1 26.3 29.1 769 -18.7

197 Eastman Chemical 418 Chemicals (135) 2466 95.48 -13.3 -6.4 3,517 -26.8 -12.2 10,000 -4.8 -3.1 2.7 2.3 6.1 7.3 9.5 10.5 3,028 10.5

198 QLogic 419 Telecommunications equipment (9578) 3220 95.36 2.7 0.4 383 -13.4 -2.2 1,038 0.7 2.2 24.9 21.0 18.5 26.9 91.9 90.1 1,126 -5.2

199 Trimble Navigation 420 Electronic equipment (2737) 3210 95.23 -7.8 9.6 785 -15.3 6.2 3,794 -3.7 10.1 12.1 11.2 7.8 14.3 25.1 26.2 2,308 12.2

200 Spansion 421 Semiconductors (9576) 3210 95.10 -68.4 -26.8 983 -38.2 -18.2 3,400 -60.9 -28.9 9.7 18.9 -35.2 -99.8 28.0 34.6 650 3,956.5

201 Atheros Communications 427 Semiconductors (9576) 3210 91.02 7.4 22.5 378 14.8 21.6 1,302 20.7 25.4 24.1 25.7 3.7 2.2 69.9 78.5 1,267 20.8

202 Emulex 428 Computer hardware (9572) 3002 90.46 0.4 13.1 264 -22.5 -2.1 768 -10.0 7.5 34.3 26.5 0.3 13.6 117.8 105.6 472 -17.2

203 Black & Decker (now part of Stanley Black & Decker) 432 Household goods & home construction (372) 3663 89.07 -12.5 -2.9 3,328 -21.5 -9.5 19,900 -10.0 -7.9 2.7 2.4 5.3 7.0 4.5 4.6

204 Onyx Pharmaceuticals 435 Pharmaceuticals (4577) 2441 88.87 74.5 60.3 175 29.4 902.3 271 37.6 29.4 50.7 37.6 8.0 -5.4 327.9 258.4 1,184 -3.8

205 Arris 441 Telecommunications equipment (9578) 3220 86.81 10.7 23.6 772 -3.2 7.5 1,884 2.5 34.1 11.2 9.8 13.5 -10.2 46.1 42.7 781 -32.7

206 Skyworks Solutions 446 Semiconductors (9576) 3210 86.42 -15.1 -8.9 559 -6.7 1.2 3,300 0.0 -6.2 15.4 17.0 9.2 11.2 26.2 30.8 2,123 59.6

207 Itron 448 Electronic equipment (2737) 3210 85.25 1.3 27.7 1,176 -11.6 37.9 9,000 3.4 55.4 7.2 6.3 2.1 5.6 9.5 9.7 1,604 9.9

208 United Therapeutics 449 Biotechnology (4573) 7310 85.16 -48.9 28.5 258 31.4 32.3 410 13.9 12.9 33.0 85.0 7.2 -29.6 207.7 463.0 1,962 15.9

209 Bruker 450 Health care equipment & services (453) 3310 84.96 -6.9 35.7 777 0.7 36.7 4,500 2.3 33.2 10.9 11.8 11.9 9.8 18.9 20.7 1,495 27.1

210 Avid Technology 452 Media (555) 9220 84.32 -18.6 -5.1 438 -25.6 -11.6 2,142 -8.9 -8.5 19.2 17.6 -11.1 -24.9 39.4 44.1 308 -4.7

211 Microchip Technology 453 Semiconductors (9576) 3210 84.21 4.6 2.0 661 4.9 -3.0 5,418 10.7 5.7 12.7 12.8 26.8 25.3 15.5 16.4 3,728 8.2

212 GSI Commerce 454 Computer services (9533) 7260 83.76 15.6 38.4 700 3.9 18.1 5,500 23.0 28.1 12.0 10.8 1.0 -1.1 15.2 16.2 1,024 73.6

213 RealNetworks 455 Software (9537) 7221 83.25 5.1 15.6 392 -7.0 12.5 1,845 -7.4 3.8 21.2 18.8 -43.5 -40.7 45.1 39.8 257 -0.5

214 Nuance Communications 457 Software (9537) 7221 83.24 3.9 26.2 662 9.4 34.7 5,800 -4.9 51.1 12.6 13.2 6.8 3.6 14.4 13.1 3,111 26.1

215 Seattle Genetics 458 Biotechnology (4573) 7310 83.03 7.4 43.7 36 47.5 73.2 289 10.7 24.2 229.3 314.9 -163.3 -260.5 287.3 296.3 845 8.6

216 Dana 460 Automobiles & parts (335) 3430 82.94 -43.5 -18.6 3,644 -34.7 -18.7 24,000 -17.2 -18.9 2.3 2.6 -7.3 -6.4 3.5 5.1 1,087 248.0

217 Newell Rubbermaid 461 Household goods & home construction (372) 3663 82.52 -0.9 5.1 3,887 -13.8 -6.0 19,500 -4.4 -6.0 2.1 1.8 10.2 3.1 4.2 4.1 3,107 16.9

218 Medicines 463 Pharmaceuticals (4577) 2441 81.97 11.2 22.8 282 16.1 23.6 462 2.0 16.9 29.1 30.4 -6.3 -3.1 177.4 162.7 481 65.9

219 Polycom 464 Telecommunications equipment (9578) 3220 81.94 -13.1 0.9 674 -9.6 12.3 2,693 1.7 16.0 12.2 12.7 7.2 8.6 30.4 35.6 1,597 18.5

220 Millipore (now part of Merck, Germany) 473 Health care equipment & services (453) 3310 79.85 11.7 9.8 1,153 3.3 9.6 6,100 3.4 0.0 6.9 6.4 16.8 14.6 13.1 12.1

221 Netflix 474 General retailers (537) 5248 79.83 27.4 57.2 1,164 22.4 49.4 1,883 14.5 13.1 6.9 6.6 11.3 8.5 42.4 38.1 4,826 160.6

222 Campbell Soup 475 Food producers (357) 1589 79.45 -0.9 4.8 5,287 -9.6 -0.8 18,700 -3.6 -8.0 1.5 1.4 15.5 13.7 4.2 4.1 8,564 14.6

223 Clorox 475 Household goods & home construction (372) 3663 79.45 2.7 4.8 3,798 3.4 5.4 8,300 0.0 2.5 2.1 2.1 18.3 16.3 9.6 9.3 6,313 12.9

224 Incyte 477 Biotechnology (4573) 7310 79.23 -22.0 9.1 6 136.4 -30.5 221 4.2 5.9 1,227.1 3,718.3 -1,940.7 -4,065.0 358.5 479.0 1,104 179.9

225 Inverness Medical Innovations (now Alere) 483 Health care equipment & services (453) 3663 78.65 0.9 28.1 1,409 21.0 52.6 11,300 36.1 64.0 5.6 6.7 7.0 3.4 7.0 9.4 1,663 -15.2

226 Biomarin Pharmaceutical 484 Biotechnology (4573) 7310 78.57 134.9 32.9 226 9.5 56.8 720 10.9 20.6 34.7 16.2 2.5 11.3 109.1 51.5 1,448 33.1

227 VeriSign 486 Software (9537) 7221 78.38 -8.9 -4.6 875 -19.3 -7.3 2,328 -29.4 -24.1 9.0 7.9 27.6 3.0 33.7 26.1 3,462 22.7

228 Electronics For Imaging 490 Computer hardware (9572) 3002 77.24 -21.1 -4.7 280 -28.4 -10.8 1,827 -9.6 -1.1 27.6 25.1 -16.7 -25.9 42.3 48.4 328 -11.8

229 Zoran 493 Semiconductors (9576) 3210 76.80 -2.1 3.6 265 -13.3 -8.5 1,243 -11.9 -2.7 29.0 25.7 -9.7 -49.5 61.8 55.6 290 -30.0

230 Orbital Sciences 494 Aerospace & defence (271) 7522 76.49 113.5 125.0 784 -5.4 11.9 3,100 -8.8 3.5 9.8 4.3 4.4 5.7 24.7 10.5 528 -1.6

231 TriQuint Semiconductor 495 Semiconductors (9576) 3210 76.28 19.6 29.6 456 14.1 17.6 2,393 4.2 10.4 16.7 16.0 2.6 -2.8 31.9 27.8 749 2.9

232 TIBCO Software 497 Software (9537) 7221 75.75 2.0 8.2 433 -3.6 6.3 2,097 1.3 9.5 17.5 16.5 14.3 10.2 36.1 35.9 1,510 31.9

233 CommScope 499 Electrical components & equipment (2733) 3162 74.89 -20.3 48.4 2,108 -24.7 23.0 12,500 -16.7 40.1 3.6 3.4 7.9 -2.4 6.0 6.3 1,380 -21.8

234 Arena Pharmaceuticals 502 Pharmaceuticals (4577) 2441 74.12 -47.4 13.5 7 5.9 -30.2 358 -28.3 -1.2 1,023.9 2,059.4 -1,277.6 -2,439.4 207.0 282.1 560 96.6

235 Silicon Laboratories 505 Semiconductors (9576) 3210 72.76 3.2 -5.0 307 6.1 -1.7 736 1.2 -0.3 23.7 24.3 15.1 10.4 98.9 97.0 1,226 -6.9

236 SEI Investments 507 Other financials (877) 6720 72.41 -11.6 -9.3 739 -15.0 -3.4 2,290 1.3 0.9 9.8 9.4 33.8 17.2 31.6 36.2 2,533 -0.3

237 F5 Networks 508 Telecommunications equipment (9578) 3220 72.25 -1.4 28.2 455 0.4 18.3 1,646 -2.8 15.5 15.9 16.2 18.7 15.5 43.9 43.2 4,704 136.5

238 ArvinMeritor 512 Automobiles & parts (335) 3430 71.79 -24.3 -16.5 3,218 -35.6 -22.2 13,200 -33.3 -21.7 2.2 1.9 -8.3 2.9 5.4 4.8 936 127.2

239 Human Genome Sciences 513 Biotechnology (4573) 7310 71.57 -47.1 -17.6 192 469.5 120.4 850 -3.4 3.3 37.2 401.2 2.2 -539.9 84.2 153.9 3,412 92.5

240 BE Aerospace 514 Aerospace & defence (271) 3530 71.51 -21.9 5.0 1,350 -8.2 19.8 5,500 -15.2 2.8 5.3 6.2 15.3 -1.7 13.0 14.1 1,950 56.9

241 Unisys 518 Computer services (9533) 7260 71.02 -21.0 -32.9 3,204 -12.1 -7.2 25,600 -8.6 -6.7 2.2 2.5 7.2 0.2 2.8 3.2 684 25.6

242 Tekelec 522 Telecommunications equipment (9578) 3220 69.93 -0.3 -12.2 327 1.9 -7.3 1,101 1.5 -7.9 21.4 21.8 14.9 13.8 63.5 64.6 535 -30.6

243 Moog 525 Aerospace & defence (271) 3530 69.71 -8.7 13.2 1,289 -2.8 12.3 10,005 13.1 11.2 5.4 5.8 8.1 10.8 7.0 8.6 1,004 23.9

244 Fairchild Semiconductor 526 Semiconductors (9576) 3210 69.49 -11.7 -2.5 828 -24.6 -10.4 8,563 -12.4 -2.9 8.4 7.2 -3.8 -9.3 8.1 8.1 698 -11.3

245 Intuitive Surgical 527 Health care equipment & services (453) 3310 69.35 25.4 49.5 733 20.3 41.3 1,263 20.4 30.9 9.5 9.1 35.9 35.5 54.9 52.7 8,659 43.5

246 Zymogenetics 531 Biotechnology (4573) 7310 69.13 -21.7 -8.3 95 85.1 75.4 323 -39.1 -13.4 72.4 171.2 -23.4 -160.3 214.0 166.6 288 16.0

247 PerkinElmer 533 Electronic equipment (2737) 3210 69.00 -8.4 -0.2 1,166 -13.7 2.5 8,200 3.8 -1.2 5.9 5.6 8.1 8.6 8.4 9.5 1,762 23.1

248 Crane 535 Industrial machinery (2757) 2924 68.79 -28.4 17.5 1,531 -15.7 -0.9 10,000 -16.7 -5.9 4.5 5.3 9.5 7.6 6.9 8.0 1,436 54.1

249 King Pharmaceuticals 536 Pharmaceuticals (4577) 2441 68.76 -32.0 -11.8 1,238 13.5 -3.7 2,649 -21.9 -1.9 5.6 9.3 13.4 -14.3 26.0 29.8 1,493 -16.5

250 WMS Industries 538 Travel & leisure (575) 9271 68.58 23.2 26.2 492 8.7 16.1 1,712 11.8 9.1 13.9 12.3 19.3 16.1 40.1 36.4 1,525 4.6

251 International Rectifier 539 Semiconductors (9576) 3210 68.45 -7.2 -4.1 516 -24.8 -14.2 3,939 -22.8 -14.5 13.3 10.7 -35.1 -13.8 17.4 14.5 898 6.0

252 Gen-Probe 541 Biotechnology (4573) 7310 68.34 21.8 12.6 347 5.4 12.0 1,250 26.1 10.6 19.7 17.0 24.1 30.3 54.7 56.6 1,610 18.9

253 Infinera 543 Semiconductors (9576) 3210 67.73 20.8 35.6 215 -40.5 74.4 974 3.9 31.4 15.5 -28.9 14.1 69.5 59.8 562 10.1

254 Tenneco 544 Automobiles & parts (335) 3430 67.60 34.7 18.7 3,240 -21.4 -0.3 21,000 0.0 3.4 2.1 1.2 2.0 -0.1 3.2 2.4 1,089 107.2

255 Avocent (now part of Emerson Electric) 545 Computer hardware (9572) 3002 67.41 10.1 19.4 458 9.4 21.1 1,971 9.7 52.1 14.7 14.6 4.8 8.3 34.2 34.1

256 Ashland 547 Chemicals (135) 2466 66.91 84.6 26.0 5,649 -3.3 -6.8 14,700 23.5 7.9 1.2 0.6 4.5 2.6 4.6 3.0 2,694 52.7

257 Nektar Therapeutics 552 Biotechnology (4573) 7310 66.29 -9.8 0.7 50 -20.2 -30.9 335 -0.9 -25.0 132.2 117.0 -131.1 -168.7 197.9 217.5 931 89.5

258 Finisar 554 Telecommunications equipment (9578) 3220 66.05 2.9 13.7 444 17.6 15.0 6,893 37.7 20.8 14.9 17.0 1.7 -47.4 9.6 12.8 749 254.8

259 Rovi 555 Software (9537) 7221 65.95 39.8 21.4 337 -13.5 25.0 1,200 1.2 15.2 19.6 12.1 7.6 -35.6 55.0 39.8 3,005 45.0

260 Hologic 556 Health care equipment & services (453) 3663 65.74 15.9 49.4 1,141 -2.2 52.4 3,959 0.7 34.8 5.8 4.9 -123.4 -11.8 16.6 14.4 2,666 0.4

261 Biomet 559 Health care equipment & services (453) 3310 65.17 13.7 3.3 1,745 17.3 7.3 7,107 -1.6 20.4 3.7 3.9 -14.9 -31.7 9.2 7.9

262 Progress Software 562 Software (9537) 7221 65.00 6.2 6.5 344 -4.2 3.4 1,821 -5.5 3.1 18.9 17.0 10.3 12.5 35.7 31.8 838 32.3

263 FMC 563 Chemicals (135) 2466 64.68 -1.1 -1.4 1,970 -9.3 6.4 4,800 -4.0 -1.4 3.3 3.0 12.2 15.8 13.5 13.1 3,067 17.5

264 Alkermes 564 Pharmaceuticals (4577) 2441 64.29 94.7 29.1 124 -45.5 -9.4 570 0.0 -11.8 51.7 14.5 -24.3 40.8 112.8 57.9 898 43.1

265 Kinetic Concepts 565 Health care equipment & services (453) 3310 64.18 21.4 35.9 1,389 6.1 13.3 6,800 -1.4 2.6 4.6 4.0 22.2 18.6 9.4 7.7 1,750 4.2

266 FLIR Systems 569 Aerospace & defence (271) 7522 63.63 1.5 14.6 799 6.5 25.9 2,079 7.0 13.6 8.0 8.4 30.5 26.3 30.6 32.3 2,971 20.9

267 Valspar 569 Construction & materials (235) 2682 63.63 -5.4 3.4 2,007 -17.3 -1.1 8,800 -6.4 -2.7 3.2 2.8 10.0 8.2 7.2 7.2 2,108 12.9

268 Avery Dennison 573 Chemicals (135) 2466 63.21 -3.5 1.1 4,149 -11.3 2.2 32,000 -10.4 12.1 1.5 1.4 -11.9 6.1 2.0 1.8 2,615 21.3

269 Energizer 574 Electrical components & equipment (2733) 3162 63.07 -1.3 6.8 2,788 -7.6 9.1 15,500 -5.5 1.6 2.3 2.1 15.3 15.5 4.1 3.9 3,038 -7.5

270 Lawson Software 575 Software (9537) 7221 62.91 9.6 1.9 513 -2.8 -0.6 3,900 5.4 0.9 12.3 10.9 7.5 5.8 16.1 15.5 836 17.8

271 Rigel Pharmaceuticals 577 Pharmaceuticals (4577) 2441 62.72 -17.9 56.5 1 -71.8 142 -21.5 -2.2 11,992.4 -14,930.0 441.7 422.3 293 38.2

272 Mettler-Toledo International 581 Industrial machinery (2757) 2924 62.51 -12.3 2.7 1,205 -12.4 2.7 10,400 4.0 4.6 5.2 5.2 14.5 14.8 6.0 7.1 2,644 29.8

273 Salix Pharmaceuticals 584 Pharmaceuticals (4577) 2441 62.35 16.8 23.1 162 30.3 3.8 395 41.1 18.1 38.4 42.9 -17.2 -26.1 157.9 190.7 1,596 268.8

274 Brunswick 588 Leisure goods (374) 3663 61.68 -27.6 -12.5 1,935 -41.0 -22.5 15,003 -24.1 -18.8 3.2 2.6 -21.2 -12.4 4.1 4.3 912 66.5

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %275 Applied Micro Circuits 590 Semiconductors (9576) 3210 61.40 4.0 -3.0 143 -4.0 -11.1 562 2.0 -3.2 42.8 39.5 -15.4 -127.9 109.2 107.1 506 39.6

276 THQ 593 Leisure goods (374) 3650 60.80 -20.1 -3.5 627 8.3 -4.3 1,680 -16.0 -5.6 9.7 13.2 -1.1 -46.7 36.2 38.1 158 -46.4

277 Air Products and Chemicals 595 Chemicals (135) 2466 60.15 -18.4 -17.1 5,841 -23.4 -2.9 18,900 -10.4 -3.0 1.0 1.0 11.5 12.0 3.2 3.5 11,210 3.0

278 NewMarket 597 Chemicals (135) 2466 59.99 5.3 7.0 1,066 -5.4 6.6 1,308 2.2 3.3 5.6 5.1 16.9 7.0 45.9 44.5 1,002 19.0

279 Ecolab 599 Chemicals (135) 2466 59.94 0.0 5.5 4,112 -3.9 6.4 26,000 -1.9 4.0 1.5 1.4 11.5 11.0 2.3 2.3 7,756 11.2

280 Lear 600 Automobiles & parts (335) 3430 59.88 -24.0 -20.3 6,823 -27.9 -18.1 75,000 -6.3 -10.3 0.9 0.8 13.2 -3.1 0.8 1.0 2,690 17,445.3

281 Investment Technology 601 Other financials (877) 6523 59.87 7.0 14.6 441 -17.0 1.8 1,183 -10.6 3.7 13.6 10.5 12.5 26.6 50.6 42.3 427 -41.3

282 Eclipsys 605 Software (9537) 7221 59.31 6.9 5.7 362 0.7 6.7 2,800 0.0 8.0 16.4 15.4 1.8 1.8 21.2 19.8 806 16.8

283 Zebra Technologies 606 Electronic equipment (2737) 3210 59.30 0.0 20.2 560 -17.7 1.9 2,700 -15.6 -1.2 10.6 8.7 8.4 -1.7 22.0 18.5 1,123 9.4

284 Blue Coat Systems 607 Software (9537) 7221 59.19 10.8 28.7 346 11.6 40.8 1,261 -12.1 21.2 17.1 17.2 7.9 0.6 46.9 37.3 535 3.2

285 Roper Industries 614 Electronic equipment (2737) 3210 58.13 -4.6 12.5 1,429 -11.1 6.4 7,650 -3.2 3.5 4.1 3.8 19.5 21.4 7.6 7.7 3,900 31.9

286 ADTRAN 615 Telecommunications equipment (9578) 3220 58.05 1.8 5.6 337 -3.3 0.8 1,624 -1.2 0.5 17.2 16.3 21.6 22.9 35.7 34.7 1,293 27.9

287 Alexion Pharmaceuticals 623 Biotechnology (4573) 7310 57.09 31.1 0.1 270 49.3 528.5 673 33.5 31.5 21.2 24.1 22.5 13.4 84.8 86.4 3,533 35.4

288 Estee Lauder 624 Personal goods (376) 2451 56.87 0.9 4.3 5,104 -7.4 4.3 31,300 -2.2 6.1 1.1 1.0 6.0 10.2 1.8 1.8 8,020 54.8

289 Altus Pharmaceuticals 625 Biotechnology (4573) 7310 56.73 93.4 64.0 2 -92.4 -36.1 145 -9.4 12.4 3,766.7 147.7 -4,589.6 -237.8 391.2 183.3 0 -94.4

290 Sealed Air 626 General industrials (272) 2682 56.59 -5.1 1.3 2,957 -12.4 -0.7 16,200 -4.7 -2.4 1.9 1.8 11.3 7.3 3.5 3.5 2,407 13.7

291 Fiserv 627 Support services (279) 7412 56.45 9.5 10.1 2,841 -16.3 -3.6 20,000 0.0 -4.6 2.0 1.5 23.2 18.2 2.8 2.6 5,146 -0.6

292 ConAgra Foods 629 Food producers (357) 1589 56.17 17.0 14.2 9,047 -6.0 -2.9 25,600 2.4 -8.1 0.6 0.5 13.2 12.0 2.2 1.9 6,625 9.8

293 Varian Semiconductor Equipment 631 Semiconductors (9576) 3210 55.80 -28.0 -4.0 252 -56.6 -20.9 1,243 -19.5 -7.8 22.1 13.3 -11.8 18.3 44.9 50.2 1,341 -13.3

294 ANSYS 633 Software (9537) 7221 55.66 11.5 16.7 360 8.1 25.2 1,600 -8.6 4.6 15.4 15.0 35.5 35.5 34.8 28.5 2,592 13.6

295 Convergys 638 Support services (279) 7487 54.85 23.2 -2.5 1,970 1.5 0.4 70,000 -6.7 -2.3 2.8 2.3 -3.1 -5.1 0.8 0.6 843 -9.0

296 Woodward Governor 640 Industrial machinery (2757) 2924 54.74 7.0 9.5 997 13.7 18.7 5,660 -2.8 15.2 5.5 5.8 10.8 14.6 9.7 8.8 1,330 38.8

297 Informatica 641 Software (9537) 7221 54.61 8.0 12.5 349 9.9 15.5 1,755 8.9 12.9 15.6 15.9 18.1 18.7 31.1 31.4 1,970 70.1

298 First Solar 642 Alternative energy (58) 2956 54.47 133.2 130.8 1,440 65.8 148.3 4,700 33.4 86.6 3.8 2.7 32.7 35.0 11.6 6.6 7,425

299 Cameron International 643 Oil equipment, services & distribution (57) 1120 54.44 13.8 3,640 -10.7 18,100 5.8 1.5 1.2 14.0 15.3 3.0 2.8 6,404 24.6

300 Perrigo 646 Pharmaceuticals (4577) 2441 54.31 7.9 14.2 1,461 15.0 15.3 7,250 16.9 6.7 3.7 4.0 11.0 10.8 7.5 8.1 3,766 119.0

301 Regeneron Pharmaceuticals 647 Biotechnology (4573) 7310 54.27 -9.3 -3.2 264 59.1 81.5 1,029 12.0 21.5 20.5 36.0 -19.5 -37.7 52.7 65.1 1,312 4.3

302 Standard Microsystems 648 Semiconductors (9576) 3210 54.15 4.8 5.3 215 -5.4 -6.0 916 -3.2 2.3 25.2 22.8 -4.5 -17.8 59.1 54.6 307 -14.7

303 Isis Pharmaceuticals 649 Biotechnology (4573) 7310 54.03 26.2 5.0 85 1.5 70.5 250 -16.7 -3.0 63.8 51.3 -22.7 -14.0 216.1 142.7 579

304 ACI Worldwide 650 Software (9537) 7221 54.02 111.1 23.9 283 21.4 5.3 2,114 -1.9 2.6 19.1 11.0 10.3 5.3 25.6 11.9 463 39.5

305 Affymetrix 651 Biotechnology (4573) 7310 53.91 -8.8 -3.6 228 -20.3 -2.7 989 -12.3 -4.3 23.6 20.7 -10.1 -58.6 54.5 52.4 206 -55.8

306 OmniVision Technologies 652 Semiconductors (9576) 3210 53.88 -8.9 4.6 420 18.9 4.5 1,450 9.2 -11.1 12.8 16.7 1.8 -7.5 37.2 44.5 841 85.4

307 Bally Technologies 653 Travel & leisure (575) 9271 53.86 27.0 19.7 616 -1.8 17.3 2,907 3.3 12.9 8.7 6.8 24.0 22.4 18.5 15.1 1,264 -15.1

308 Akamai Technologies 654 Internet (9535) 7260 53.78 7.7 15.6 599 8.7 26.1 1,750 16.7 18.3 9.0 9.1 26.2 26.8 30.7 33.3 5,597 155.9

309 Waters 655 Health care equipment & services (453) 3310 53.77 -5.4 -0.1 1,045 -4.9 5.4 5,200 4.0 3.4 5.1 5.2 26.3 24.7 10.3 11.4 4,002 14.3

310 Alliant Techsystems 661 Aerospace & defence (271) 7522 52.90 -6.9 7.2 3,351 4.9 10.5 18,000 -5.3 4.0 1.6 1.8 10.7 8.4 2.9 3.0 1,606 -9.5

311 United Online 662 Internet (9535) 7260 52.84 19.0 12.7 690 47.9 23.7 1,699 -14.5 19.1 7.7 9.5 15.2 -9.4 31.1 22.4 302 -31.3

312 WABCO 664 Automobiles & parts (335) 3430 52.41 -19.1 1,039 -42.4 8,100 12.5 5.0 3.6 0.9 9.6 6.5 9.0 1,624 83.8

313 Cytec Industries 664 Chemicals (135) 2466 52.41 -7.8 0.6 1,944 -23.4 -5.7 5,800 -13.4 -4.7 2.7 2.2 1.1 -3.2 9.0 8.5 1,657 77.8

314 Celanese 666 Chemicals (135) 2466 52.27 -6.3 2.3 3,542 -25.5 -8.7 7,400 -11.4 -6.0 1.5 1.2 5.9 5.6 7.1 6.7 2,983 9.0

315 Nalco 668 Support services (279) 9001 51.99 0.8 6.6 2,611 -11.1 1.3 11,590 -1.5 1.5 2.0 1.8 10.8 -1.6 4.5 4.4 2,237 30.4

316 Riverbed Technology 671 Telecommunications equipment (9578) 3220 51.90 19.8 53.7 275 18.2 63.5 1,013 18.2 46.1 18.9 18.6 2.6 -1.4 51.2 50.5 1,699 72.9

317 Opnext 672 Semiconductors (9576) 3210 51.68 37.2 27.7 222 0.2 12.7 554 -11.6 10.8 23.2 17.0 -24.2 -41.4 93.3 60.1 98 -28.2

318 Praxair 673 Chemicals (135) 2466 51.57 -23.7 -5.3 6,242 -17.0 2.5 26,164 -2.9 -1.1 0.8 0.9 18.1 17.6 2.0 2.5 18,620 12.1

319 Fair Isaac 676 Software (9537) 7221 51.52 -5.3 -4.5 440 -15.3 -8.6 2,086 -15.9 -8.7 11.7 10.5 19.2 16.6 24.7 21.9 667 -12.5

320 Airvana (now part of 72 Mobile Holdings LLC) 678 Telecommunications equipment (9578) 3220 51.35 -1.5 10.2 45 -53.3 -27.6 600 8.1 114.1 54.2 -80.0 20.2 85.6 94.0

321 Netlogic Microsystems 679 Semiconductors (9576) 3210 51.32 42.7 26.3 122 24.8 21.7 550 115.7 47.9 42.1 36.9 -28.4 0.0 93.3 141.0 1,062 72.4

322 Oshkosh 683 Commercial vehicles & trucks (2753) 3550 51.09 -20.3 20.3 3,787 -23.9 16.6 12,300 -12.1 9.4 1.3 1.3 -18.4 5.5 4.2 4.6 1,702 1.2

323 Array BioPharma 690 Biotechnology (4573) 7310 50.41 5.1 17 -13.3 -17.8 355 -8.0 8.8 289.5 238.9 -481.1 -348.4 142.0 124.3 108 -23.6

324 Diebold 693 Computer hardware (9572) 3002 50.20 -8.9 0.5 1,911 -13.5 -1.9 16,397 -1.6 2.0 2.6 2.5 4.2 5.3 3.1 3.3 1,235 -11.8

325 Lexicon Pharmaceuticals 694 Biotechnology (4573) 7310 50.11 -11.7 23.3 7 -66.9 -47.2 345 -0.6 -16.1 672.0 251.8 -864.6 -247.3 145.3 163.5 341 157.4

326 Medicis Pharmaceutical 695 Pharmaceuticals (4577) 2441 50.02 -28.2 -23.7 399 10.5 17.9 612 5.9 16.1 12.5 19.3 23.1 5.0 81.7 120.5 1,116 53.9

327 Digital River 697 Internet (9535) 7260 49.74 39.4 30.1 281 2.4 9.5 1,239 -7.2 4.5 17.7 13.0 15.8 18.1 40.1 26.7 717 -22.2

328 Cree 697 Semiconductors (9576) 3210 49.74 21.3 9.2 395 15.0 10.3 3,172 0.1 32.5 12.6 11.9 5.4 2.5 15.7 12.9 4,252 98.8

329 ADC Telecommunications 701 Telecommunications equipment (9578) 3220 49.65 -14.7 -0.5 772 -25.8 -5.6 9,050 -14.6 1.7 6.4 5.6 -43.0 4.3 5.5 5.5 852 39.8

330 Talecris Biotherapeutics 702 Biotechnology (4573) 7310 49.64 7.9 1,069 11.6 5,000 4.6 4.8 22.5 14.4 9.9 1,910

331 Pall 703 Industrial machinery (2757) 2924 49.63 -0.6 7.5 1,623 -9.4 4.9 10,200 -3.8 -2.0 3.1 2.8 12.8 13.9 4.9 4.7 2,883 15.3

332 LTX-Credence 704 Semiconductors (9576) 3210 49.60 54.6 9.8 96 1.1 -14.1 608 30.5 13.3 51.8 33.9 -100.6 -3.5 81.6 68.8 220 203.8

333 Vivus 705 Biotechnology (4573) 7310 49.54 -7.7 74.8 35 -51.1 42.6 126 -3.1 3.4 142.0 75.3 -109.3 -13.0 393.1 412.8 302 -12.5

334 Cabot 706 Chemicals (135) 2466 49.48 -4.1 7.0 1,563 -29.7 -4.1 3,950 -8.1 -2.8 3.2 2.3 -2.6 4.7 12.5 12.0 1,311 42.5

335 Aeroflex 708 Electronic equipment (2737) 3210 49.01 -9.3 -2.5 418 -9.3 2.8 2,700 0.3 11.7 11.7 -2.9 -12.1 18.2

336 Enzon Pharmaceuticals 709 Biotechnology (4573) 7310 48.94 20.9 17.3 129 -6.3 -0.2 317 -9.7 -4.1 38.0 29.5 3.0 2.5 154.4 115.3 437 78.6

337 CSG Systems International 710 Software (9537) 7221 48.87 4.2 14.9 349 6.1 9.3 2,061 -0.2 6.9 14.0 14.3 13.3 18.9 23.7 22.7 422 6.3

338 WR Grace 711 Chemicals (135) 2466 48.86 -15.2 3.2 1,969 -14.8 0.0 5,940 -5.7 -3.0 2.5 2.5 3.2 5.7 8.2 9.1 1,304 44.0

339 Quantum 712 Computer hardware (9572) 3002 48.75 -0.8 -15.3 475 -15.8 -12.5 1,800 -3.7 -14.7 10.3 8.7 4.3 -40.5 27.1 26.3 202 26.6

340 K-V Pharmaceutical 713 Biotechnology (4573) 7310 48.70 49.8 34.2 232 -44.7 -3.2 610 -61.6 -18.9 21.0 7.7 -103.2 21.7 79.8 20.4 49 -38.1

341 TerreStar 713 Mobile telecommunications (657) 6420 48.70 -5.0 87.8 2 -46.6 104 16.9 3.8 2,930.4 -6,627.9 468.3 576.0 22 -80.8

342 McCormick 717 Food producers (357) 1589 48.09 9.4 5.4 2,225 0.5 5.5 7,500 0.0 0.0 2.2 2.0 14.7 12.4 6.4 5.9 3,345 28.6

343 Silicon Image 719 Semiconductors (9576) 3210 47.55 -19.6 2.4 105 -45.1 -20.1 526 -13.8 6.0 45.3 30.9 -77.8 -2.4 90.4 96.9 206 45.8

344 Synaptics 720 Software (9537) 7221 47.41 35.8 24.4 330 31.1 36.9 524 24.8 27.3 14.4 13.9 12.7 11.3 90.5 83.1 665 1.5

345 Reynolds American 721 Tobacco (378) 1600 47.39 15.3 5.4 5,868 -4.8 -0.4 6,550 -5.1 -5.7 0.8 0.7 21.0 22.8 7.2 6.0 11,453 25.7

346 Fortune Brands 725 Construction & materials (235) 2682 47.25 -4.8 -2.3 4,666 -12.0 -8.6 24,248 -10.5 -12.5 1.0 0.9 7.5 5.6 1.9 1.8 4,707 13.8

347 FEI 726 Semiconductors (9576) 3210 47.18 -3.8 5.6 402 -3.6 6.0 1,766 -3.5 2.8 11.7 11.7 5.2 4.4 26.7 26.8 494 -16.9

348 Jack Henry & Associates 729 Support services (279) 7412 47.10 0.8 12.1 520 0.1 8.0 3,808 -0.4 4.8 9.1 9.0 21.2 21.9 12.4 12.2 1,438 10.7

349 VeriFone (now VeriFone Systems) 732 Computer hardware (9572) 3002 47.01 -15.8 11.0 589 -8.4 13.3 2,249 -4.8 -0.6 8.0 8.7 -15.2 -34.5 20.9 23.6 1,276 114.4

350 Rambus 734 Semiconductors (9576) 3210 46.87 -11.8 -0.8 79 -20.7 -16.7 350 6.1 -5.5 59.5 53.5 -67.1 -62.3 133.9 161.0 1,461

351 American Axle & Manufacturing 735 Automobiles & parts (335) 3430 46.70 -21.2 -7.0 1,060 -27.9 -21.9 6,500 -10.3 -13.4 4.4 4.0 -13.6 -49.9 7.2 8.2 448 276.0

352 Dolby Laboratories 736 Media (555) 9220 46.49 7.5 23.5 501 12.4 22.5 1,135 -1.6 9.5 9.3 9.7 50.2 44.5 41.0 37.5 4,412 37.7

353 Avon Products 736 Personal goods (376) 2451 46.49 -4.7 0.5 7,236 -1.9 5.8 41,000 -2.4 0.6 0.6 0.7 9.7 12.3 1.1 1.2 8,789 -9.4

354 Esterline Technologies 739 Aerospace & defence (271) 3530 46.19 -23.7 8.0 993 -3.9 13.6 8,901 -8.2 3.0 4.6 5.9 13.1 11.3 5.2 6.2 979 54.5

355 BJ Services (now part of Baker Hughes) 739 Oil equipment, services & distribution (57) 1120 46.19 -8.0 1.2 2,894 -23.5 -1.7 14,400 -20.0 -3.5 1.6 1.3 5.2 16.5 3.2 2.8

356 Tessera Technologies 743 Semiconductors (9576) 3210 45.92 7.0 54.6 209 20.6 12.8 416 -0.2 15.4 22.0 24.8 41.1 7.7 110.4 103.0 549 -40.5

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %357 InterMune 744 Biotechnology (4573) 7310 45.91 -23.7 -14.2 34 0.9 -18.7 121 -6.9 -14.7 135.2 178.9 -193.9 -202.6 379.4 462.7 394 -16.0

358 Cymer 745 Semiconductors (9576) 3210 45.87 -31.8 -3.8 214 -33.0 -17.3 816 -17.9 -5.8 21.4 21.0 5.8 13.1 56.2 67.6 629 -11.4

359 Compuware 746 Software (9537) 7221 45.86 2.3 622 -18.2 -9.7 4,336 -13.4 -16.8 7.4 5.9 22.9 18.5 10.6 9.0 1,181 -4.3

360 Terex 750 Commercial vehicles & trucks (2753) 3550 45.44 -8.4 7.4 3,628 -47.4 -12.0 15,900 -20.5 -4.1 1.3 0.7 -6.1 4.1 2.9 2.5 1,447 20.5

361 IDEXX Laboratories 751 Health care equipment & services (453) 3663 45.39 -7.9 6.7 719 0.7 11.8 4,800 2.1 7.2 6.3 6.9 17.0 16.8 9.5 10.5 2,264 9.3

362 Cray 753 Computer hardware (9572) 3002 45.12 24.1 30.6 198 0.4 8.7 872 5.2 4.3 22.8 18.4 -0.3 -11.5 51.7 43.8 126 -36.3

363 IAC/InterActiveCorp 754 Internet (9535) 7260 44.82 -1.8 959 -70.0 -41.0 3,200 0.0 -45.7 4.7 1.4 -82.5 -11.5 14.0 14.3 1,717 -0.7

364 Interdigital 759 Semiconductors (9576) 3210 44.61 -36.8 -0.7 207 30.2 -14.8 299 -21.1 -4.2 21.5 44.3 38.3 16.0 149.2 186.2 795 -14.3

365 Amphenol 760 Electrical components & equipment (2733) 3162 44.59 -6.0 6.0 1,965 -12.9 4.5 32,200 7.3 7.9 2.3 2.1 17.2 19.1 1.4 1.6 4,943 21.6

366 Take-Two Interactive Software 763 Software (9537) 7221 44.43 -0.3 -39.0 675 -37.0 -2.3 2,263 7.8 3.9 6.6 4.2 -13.4 7.6 19.6 21.2 490 -14.0

367 ARIAD Pharmaceuticals 765 Biotechnology (4573) 7310 44.22 24.8 13.6 6 17.2 110.1 149 -0.7 13.1 764.2 717.8 -961.7 -1,014.5 296.8 236.2 247 67.5

368 JohnsonDiversey (now Diversey) 767 Household goods & home construction (372) 3663 44.14 -5.6 -2.5 2,168 -8.2 -0.3 10,400 -3.7 -1.9 2.0 2.0 4.3 4.1 4.2 4.3

369 Osiris Therapeutics 769 Biotechnology (4573) 7310 44.09 -9.5 20.2 35 46.4 75.1 57 -65.0 -20.4 124.5 201.4 -51.8 -181.2 773.6 298.9 150 -44.7

370 UTStarcom 770 Telecommunications equipment (9578) 3220 44.08 -55.9 -29.9 269 -76.4 -46.0 2,400 -45.5 -26.3 16.4 8.7 -57.8 -10.4 18.4 22.7 185 22.7

371 AOL 771 Internet (9535) 7260 44.05 -8.1 2,270 -21.8 6,700 1.9 1.7 14.1 -27.9 6.6 1,630

372 ResMed 775 Health care equipment & services (453) 3310 43.95 4.2 19.2 642 10.2 14.9 2,900 7.4 5.1 6.8 7.2 20.5 16.8 15.2 15.6 4,982 109.3

373 TiVo 776 Leisure goods (374) 3230 43.94 1.5 7.5 166 -4.8 -2.8 509 9.9 4.1 26.5 24.9 -11.0 34.8 86.3 93.5 670 -15.8

374 Sigma-Aldrich 778 Chemicals (135) 2466 43.91 -2.3 6.0 1,497 -2.4 6.1 7,740 -2.3 2.0 2.9 2.9 23.3 22.9 5.7 5.7 4,552 2.1

375 Polaris Industries 778 Leisure goods (374) 3663 43.91 -18.7 -5.2 1,091 -19.6 -1.9 3,000 -9.1 -4.1 4.0 4.0 9.9 9.6 14.6 16.4 1,262 41.2

376 Theravance 780 Pharmaceuticals (4577) 2441 43.53 -10.4 -26.0 17 5.5 7.6 194 1.6 -12.0 256.2 301.9 -333.8 -403.5 224.4 254.4 784 44.0

377 L-3 Communications 782 Aerospace & defence (271) 7522 43.21 -27.9 -10.4 10,883 4.8 7.8 67,000 3.1 1.7 0.4 0.6 10.6 11.2 0.6 0.9 5,665 -7.1

378 Dendreon 786 Biotechnology (4573) 7310 42.92 23.0 -6.0 0 -9.1 -28.3 484 144.4 27.8 61,317.1 45,333.8 -99,604.3 -63,790.9 88.7 176.3 3,660 101.9

379 Harmonic 788 Telecommunications equipment (9578) 3220 42.82 12.8 15.9 223 -12.4 8.9 840 20.3 9.5 19.2 14.9 -4.0 10.3 51.0 54.4 415 -5.2

380 Sauer-Danfoss 789 Industrial machinery (2757) 2924 42.81 -25.9 -0.2 808 -44.6 -12.7 6,100 -36.5 -12.8 5.3 4.0 -16.4 0.9 7.0 6.0 511 159.9

381 Coherent 790 Electronic equipment (2737) 3210 42.80 -17.3 -5.6 304 -27.3 -9.3 1,712 -20.3 -10.0 14.1 12.4 -7.5 4.1 25.0 24.1 613 65.8

382 Hexion Specialty Chemicals 792 Chemicals (135) 2466 42.51 -16.4 -4.0 2,809 -33.9 -8.3 6,200 -8.8 -3.5 1.5 1.2 7.9 -14.7 6.9 7.5

383 Owens Corning 792 Construction & materials (235) 2682 42.51 -11.6 0.6 3,347 -17.9 -10.3 16,000 -11.1 -5.6 1.3 1.2 4.0 2.8 2.7 2.7 2,302 23.3

384 Albemarle 796 Chemicals (135) 2466 42.46 -9.5 9.6 1,398 -18.7 -5.4 3,950 -4.4 3.5 3.0 2.7 10.0 11.4 10.7 11.4 2,655 29.1

385 Belden 797 Electrical components & equipment (2733) 3162 42.42 21.5 82.0 986 -29.4 -2.4 6,200 -17.3 10.1 4.3 2.5 1.7 -16.6 6.8 4.7 755 15.0

386 Teledyne Technologies 798 Aerospace & defence (271) 3530 42.37 -7.3 5.0 1,230 -6.8 7.2 8,100 -8.0 1.7 3.4 3.5 9.4 9.9 5.2 5.2 971 18.4

387 Actel 799 Semiconductors (9576) 3210 42.32 -7.5 2.2 133 -12.7 -0.2 31.9 30.1 -12.9 -1.5 83.2 247 19.2

388 Sonus Networks 802 Telecommunications equipment (9578) 3220 41.72 -17.1 2.6 159 -27.6 -6.6 879 -11.3 1.1 26.3 23.0 -4.3 -16.5 47.5 50.8 579 63.3

389 Intermec 804 Computer hardware (9572) 3002 41.51 -7.7 -6.3 459 -26.1 -8.2 1,734 -16.2 -10.4 9.0 7.2 -3.0 5.3 23.9 21.7 430 -27.0

390 Manitowoc 807 Commercial vehicles & trucks (2753) 3550 41.12 47.5 23.7 2,636 -22.6 8.8 13,100 -28.8 11.3 1.6 0.8 -14.7 -0.5 3.1 1.5 875 40.7

391 Powerwave Technologies 808 Electrical components & equipment (2733) 3162 41.06 -24.1 -6.1 396 -36.3 -9.0 2,256 -3.8 -18.9 10.4 8.7 0.1 -38.9 18.2 23.1 147 25.6

392 Owens-Illinois 809 General industrials (272) 2682 40.98 -11.7 22.2 4,925 -10.4 -1.6 22,000 -4.3 -7.7 0.8 0.8 7.7 9.8 1.9 2.0 2,882 -29.7

393 SPX 810 Electrical components & equipment (2733) 3162 40.91 -12.6 -2.1 3,440 -19.7 1.5 15,000 -15.7 1.6 1.2 1.1 3.0 8.4 2.7 2.6 2,055 3.5

394 Extreme Networks 813 Telecommunications equipment (9578) 3220 40.55 -9.6 -2.1 234 -7.3 -2.2 786 -8.7 -2.5 17.3 17.8 0.3 0.4 51.6 52.1 167 1.3

395 Pentair 816 Industrial machinery (2757) 2924 40.34 -7.3 -0.1 1,877 -20.7 -5.1 13,150 -10.5 -3.9 2.1 1.8 8.1 9.2 3.1 3.0 2,175 14.7

396 FormFactor 817 Semiconductors (9576) 3210 40.08 -12.2 7.3 94 -35.6 -28.4 808 -14.0 -4.8 42.5 31.2 -108.4 -66.0 49.6 48.6 302 -59.8

397 Veeco Instruments 819 Electronic equipment (2737) 3210 40.03 -4.8 -2.5 265 -14.2 -4.8 1,005 -15.9 -7.7 15.1 13.6 -2.0 -15.9 39.8 35.2 891 92.9

398 Geron 821 Biotechnology (4573) 7310 39.84 9.6 12.1 1 -38.4 -19.2 172 8.2 18.6 3,311.9 1,860.6 -4,137.3 -2,406.5 231.6 228.7 364 -23.1

399 Emergent BioSolutions 823 Biotechnology (4573) 7310 39.71 13.9 11.8 164 31.5 15.4 652 11.1 9.7 24.3 28.0 17.1 17.2 60.9 59.4 380 3.0

400 Modine Manufacturing 825 Automobiles & parts (335) 3430 39.66 -29.4 -11.6 906 -17.8 -9.6 5,984 -13.9 -8.1 4.4 5.1 0.0 -6.0 6.6 8.1 339 83.1

401 Clinical Data 828 Health care equipment & services (453) 3310 39.58 28.7 60.8 9 -63.7 -46.5 177 0.6 -27.2 418.0 117.8 -625.2 -349.4 223.6 174.8 281

402 Varian (now part of Agilent Technologies) 829 Health care equipment & services (453) 3310 39.33 -21.4 -1.9 562 -20.3 -1.1 3,500 -10.3 -1.8 7.0 7.1 7.3 9.7 11.2 12.8

403 Scotts Miracle-Gro 830 Household goods & home construction (372) 3663 39.24 61.3 27.9 2,189 5.4 5.2 6,851 7.4 6.2 1.8 1.2 8.5 3.3 5.7 3.8 2,268

404 DSP 833 Semiconductors (9576) 3210 39.13 -24.0 5.7 148 -30.6 -0.7 409 -8.3 8.6 26.5 24.2 -10.8 -67.6 95.7 115.4 106 -24.0

405 Lattice Semiconductor 834 Semiconductors (9576) 3210 39.12 -18.2 -11.9 136 -12.5 -7.5 708 -6.0 -9.7 28.9 30.9 -3.9 -18.4 55.3 63.5 356 95.0

406 Hill-Rom 838 Health care equipment & services (453) 3310 38.82 -5.8 9.8 967 -25.5 -10.9 6,500 -4.4 -11.3 4.0 3.2 -27.6 9.5 6.0 6.1 1,488 72.0

407 Church & Dwight 843 Household goods & home construction (372) 3663 38.40 7.6 7.2 1,757 4.1 9.0 3,700 5.7 0.0 2.2 2.1 17.0 14.7 10.4 10.2 3,065 9.6

408 Curtiss-Wright 845 Aerospace & defence (271) 7522 38.09 10.1 12.1 1,261 -1.1 12.2 7,600 -5.0 6.8 3.0 2.7 9.7 10.0 5.0 4.3 911 -10.2

409 Thoratec 849 Health care equipment & services (453) 3310 37.79 2.4 10.8 261 19.3 20.4 1,258 4.1 10.4 14.5 16.9 12.6 8.2 30.0 30.5 1,491 41.4

410 McDermott International 850 Construction & materials (235) 4521 37.78 35.2 42.6 4,316 -5.8 14.5 29,000 9.8 1.4 0.9 0.6 8.6 8.7 1.3 1.1 2,104 -44.1

411 Halozyme Therapeutics 851 Biotechnology (4573) 7310 37.65 36.6 82.4 10 56.0 140.6 139 7.8 51.5 395.1 451.1 -427.6 -575.5 270.8 213.6 434 -4.2

412 Ixia 852 Computer services (9533) 7260 37.62 9.7 7.5 124 1.2 -0.4 1,073 39.5 12.7 30.3 28.0 -16.8 -12.8 35.1 44.6 472 66.3

413 Dentsply International 853 Health care equipment & services (453) 3663 37.36 2.5 6.5 1,505 -1.5 6.1 9,300 -1.1 3.0 2.5 2.4 17.6 17.3 4.0 3.9 3,010 -11.1

414 MKS Instruments 854 Semiconductors (9576) 3210 37.32 -31.8 -8.4 287 -36.4 -19.3 2,178 -17.2 -9.7 13.0 12.1 -58.5 5.4 17.1 20.8 654 2.3

415 Kulicke & Soffa 855 Semiconductors (9576) 3210 37.28 -10.7 12.4 157 -70.0 -32.7 2,132 -14.6 -4.6 23.7 8.0 -22.6 0.1 17.5 16.7 279 5.8

416 Plantronics 856 Telecommunications equipment (9578) 3220 37.17 -26.0 -9.5 437 -18.2 -7.8 3,200 -11.1 -18.9 8.5 9.4 9.9 -10.6 11.6 14.0 918 5.9

417 Trident Microsystems 859 Semiconductors (9576) 3210 36.95 0.8 16.2 53 -70.6 -23.8 690 10.6 18.3 70.0 20.4 -77.5 4.8 53.5 58.8 188 154.7

418 MSCI 860 Other financials (877) 6523 36.94 -6.2 -1.5 309 2.8 11.1 878 -1.0 12.0 13.1 29.7 29.8 42.1 44.4 2,564 28.9

419 American Medical Systems 862 Health care equipment & services (453) 3310 36.77 14.1 15.9 362 3.5 11.7 1,221 1.3 3.7 10.2 9.2 27.7 17.9 30.1 26.7 1,101 45.2

420 Sigma Designs 863 Semiconductors (9576) 3210 36.69 20.9 32.7 144 -1.5 31.2 499 53.1 40.5 25.5 20.8 1.8 12.2 73.5 93.1 212 -29.5

421 Websense 863 Software (9537) 7221 36.69 -0.9 32.4 219 6.0 20.6 1,452 11.4 25.9 16.8 17.9 1.1 -8.4 25.3 28.4 525 9.9

422 AO Smith 865 Construction & materials (235) 2682 36.66 8.5 7.5 1,388 -13.6 -2.7 16,000 4.2 -3.9 2.6 2.1 6.6 5.6 2.3 2.2 1,082 27.2

423 ViroPharma 867 Biotechnology (4573) 7310 36.30 -21.4 39.6 216 33.6 22.9 188 -6.5 41.0 16.8 28.5 10.3 33.9 193.1 229.8 717 88.8

424 Savient Pharmaceuticals 868 Biotechnology (4573) 7310 36.05 -6.8 30.3 2 -6.9 -65.4 43 -41.1 -13.7 1,747.5 1,744.3 -3,149.1 -2,820.8 838.4 529.8 677 20.2

425 Impax Laboratories 869 Biotechnology (4573) 7310 35.96 -12.5 20.3 250 70.6 38.4 801 4.3 14.4 28.1 19.7 13.4 44.9 53.5 705 112.4

426 Starent Networks (now part of Cisco Systems) 871 Telecommunications equipment (9578) 3220 35.93 32.6 41.7 177 74.3 62.1 774 26.9 20.3 26.7 20.5 4.7 46.4 44.4

427 Auxilium Pharmaceuticals 872 Pharmaceuticals (4577) 2441 35.82 -5.7 10.7 114 30.8 33.8 540 58.8 24.8 31.3 43.5 -32.7 -38.4 66.3 111.7 807 -5.9

428 Conexant Systems 874 Semiconductors (9576) 3210 35.79 -59.0 -42.5 145 -58.5 -40.1 605 -52.7 -42.1 24.6 24.9 -10.2 -56.5 59.2 68.2 94 10.7

429 Advent Software 875 Software (9537) 7221 35.78 -6.4 12.2 194 5.1 14.8 998 -6.6 6.6 18.4 20.7 11.1 7.8 35.8 35.8 853 27.2

430 JDA Software 876 Software (9537) 7221 35.77 -4.7 -3.0 269 -1.2 11.6 1,847 7.5 2.8 13.3 13.8 10.3 5.2 19.4 21.9 659 51.4

431 FMC Technologies 877 Oil equipment, services & distribution (57) 1120 35.75 13.2 0.9 3,070 -14.7 4.0 10,400 6.1 -1.9 1.2 0.9 12.0 10.5 3.4 3.2 5,183 36.2

432 Blackboard 878 Software (9537) 7221 35.66 13.3 23.5 263 20.8 27.2 1,183 8.8 15.6 13.6 14.5 5.4 1.4 30.1 29.0 829 5.1

433 Inspire Pharmaceuticals 879 Biotechnology (4573) 7310 35.64 17.9 7.4 64 30.7 35.5 240 -4.0 12.2 55.5 61.5 -40.8 -70.4 148.5 121.0 276 8.2

434 MSC Software (now part of Symphony Technology) 880 Software (9537) 7221 35.59 -0.1 2.6 177 3.1 -5.8 1,006 -9.9 -9.2 20.1 20.7 -2.1 0.4 35.4 31.9

435 Synta Pharmaceuticals 881 Pharmaceuticals (4577) 2441 35.58 -37.4 0.4 101 5,414.6 127 -1.6 -4.5 35.4 3,118.9 55.0 -3,582.6 280.2 440.8 85 8.9

436 Weyerhaeuser 882 Construction & materials (235) 2682 35.54 -20.3 -9.6 3,853 -51.5 -37.1 14,900 -24.9 -31.7 0.9 0.6 -12.1 -30.6 2.4 2.2 6,154 12.4

437 Vishay Intertechnology 886 Electrical components & equipment (2733) 3162 35.37 -19.7 -0.9 1,423 -27.9 -7.5 22,300 -10.1 -6.2 2.5 2.2 -1.9 -59.7 1.6 1.8 1,108 11.5

438 SeaChange International 887 Software (9537) 7221 35.31 17.7 3.2 141 -0.1 7.7 1,223 16.9 14.7 25.1 21.3 1.1 5.1 28.9 28.7 169 -13.8

R&D Investment Net Sales Employees R&D/Net Sales Ratio Operating Profit R&D per Employee Market Capitalisation2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 Change 09/08 CAGR 3yrs 2009 2008 2009 2008 2009 2008 2009 Change 09/08

No Company Rank ICB Sector NACE Sector Code €m % % €m % % # % % % % % of Net Sales % of Net Sales €K €K €m %439 Mindspeed Technologies 888 Semiconductors (9576) 3210 35.30 -9.9 -7.6 88 -21.2 -2.4 486 0.4 -1.7 40.0 35.0 -15.6 6.4 72.6 81.0 141 250.0

440 Ironwood Pharmaceuticals 889 Pharmaceuticals (4577) 2441 35.25 22.1 25 62.5 165 140.1 186.5 -203.3 -255.8 213.6 1

441 AMETEK 890 Electronic equipment (2737) 3210 35.20 -12.2 6.3 1,462 -17.1 4.9 10,100 -13.7 -1.0 2.4 2.3 17.3 17.0 3.5 3.4 3,211 37.4

442 NACCO Industries 891 Industrial machinery (2757) 2924 35.13 -19.4 -5.5 1,610 -37.2 -11.6 4,500 -51.6 -25.1 2.2 1.7 2.1 -10.5 7.8 4.7 494 54.1

443 AptarGroup 893 General industrials (272) 2682 34.99 -17.5 1.4 1,284 -11.1 4.8 8,700 0.0 2.0 2.7 2.9 10.7 11.1 4.0 4.9 1,967 15.9

444 Sycamore Networks 894 Telecommunications equipment (9578) 3220 34.94 5.8 16.9 47 -41.7 -8.3 405 -17.7 18.1 74.4 41.0 -106.6 -33.2 86.3 67.1 443 -27.7

445 Archer Daniels Midland 896 Food producers (357) 1589 34.85 2.0 3.6 48,234 -0.9 23.7 28,200 2.2 1.7 0.1 0.1 4.0 4.0 1.2 1.2 13,468 8.0

446 Comtech Telecommunications 896 Telecommunications equipment (9578) 3220 34.85 23.6 24.6 409 10.3 14.4 1,607 19.0 9.4 8.5 7.6 13.1 20.1 21.7 20.9 427 -34.7

447 Shutterfly 899 Internet (9535) 7260 34.77 13.5 37.8 172 15.4 25.9 519 1.0 23.6 20.2 20.6 3.5 1.7 67.0 59.6 429 57.3

448 Cirrus Logic 900 Semiconductors (9576) 3210 34.71 12.4 4.2 154 26.5 6.6 505 5.4 3.5 22.5 25.4 11.5 1.9 68.7 64.5 882 291.6

449 Ikanos Communications 900 Telecommunications equipment (9578) 3220 34.71 15.2 -2.5 91 22.7 -1.0 588 102.8 28.2 38.1 40.6 -28.8 -40.4 59.0 103.9 41 7.3

450 Epicor Software 902 Software (9537) 7221 34.30 -6.3 13.0 285 -16.0 2.2 2,539 -4.0 5.2 12.0 10.8 4.2 3.7 13.5 13.8 283 1.8

451 Myrexis 903 Pharmaceuticals (4577) 2441 34.26 -57.2 4 -95.1 181 900.8 103.6 -1,065.4 -31.0 189.3 65

452 ev3 (now part of Covidien, Ireland) 905 Health care equipment & services (453) 3310 34.19 0.6 22.4 313 6.4 30.4 1,350 8.0 11.5 10.9 11.6 5.6 -78.6 25.3 27.2

453 SAIC 906 Computer services (9533) 7260 34.15 6.5 13.0 7,560 7.6 9.3 46,200 1.8 1.6 0.5 0.5 8.0 7.5 0.7 0.7 4,253 69.9

454 Lennox International 908 Construction & materials (235) 2682 34.08 5.2 5.0 2,003 -17.7 -7.8 11,600 -14.1 -10.2 1.7 1.3 3.2 6.0 2.9 2.4 1,629 20.5

455 EXAR 911 Semiconductors (9576) 3210 33.81 52.4 23.4 94 17.2 25.3 572 55.4 34.7 36.0 27.6 -25.4 -71.2 59.1 60.3 193

456 Timken 914 Industrial machinery (2757) 2924 33.66 -14.5 -6.9 2,473 -37.3 -10.6 16,667 -35.1 -13.1 1.4 1.0 -3.9 8.0 2.0 1.5 2,321 68.4

457 A123 Systems 915 Electrical components & equipment (2733) 3162 33.65 30.7 63 32.9 1,627 53.0 53.9 -94.4 -116.6 20.7 557

458 Cabot Microelectronics 917 Semiconductors (9576) 3210 33.56 -2.0 0.1 203 -22.3 -3.2 882 7.8 5.9 16.5 13.1 5.5 13.3 38.0 41.9 507 -4.7

459 3par 920 Computer hardware (9572) 3002 33.14 2.6 24.7 135 5.2 43.2 657 11.2 24.5 25.1 -1.7 -1.6 50.4 54.7 421

460 Orexigen Therapeutics 923 Biotechnology (4573) 7310 33.06 -40.1 28.1 0 0.0 0.0 62 47.6 54,203.3 90,559.0 -74,870.5 -108,339.3 533.3 1,315.3 166 -36.4

461 Gentex 924 Automobiles & parts (335) 3430 32.85 -9.2 4.1 380 -12.7 -1.6 2,371 4.0 -0.9 8.7 8.3 17.1 12.6 13.9 15.9 1,757 28.9

462 Magma Design Automation 925 Software (9537) 7221 32.77 -31.6 -9.6 86 -16.2 -11.6 677 -7.5 -7.0 38.2 46.8 -4.8 -84.9 48.4 65.5 101 81.2

463 Analogic 926 Electronic equipment (2737) 3210 32.72 -4.1 -3.9 276 -4.2 3.0 1,450 -14.7 -1.1 11.9 11.8 -1.0 5.9 22.6 20.1 367 16.6

464 Dyax 929 Biotechnology (4573) 7310 32.47 -31.6 7.5 15 -50.2 19.2 121 -26.2 -9.1 215.3 156.8 -249.8 -120.4 268.3 289.3 148 -21.5

465 Micrel 931 Semiconductors (9576) 3210 32.42 -15.3 -3.7 153 -15.6 -7.5 755 -11.4 -6.8 21.3 21.2 11.0 15.6 42.9 44.9 399 17.0

466 BigBand Networks 932 Telecommunications equipment (9578) 3220 32.36 -14.1 7.7 97 -24.7 -7.6 484 -0.2 33.3 29.2 -7.4 2.8 66.9 77.7 128 -29.3

467 Openwave Systems 933 Software (9537) 7221 32.35 -8.5 -19.2 134 -26.1 -22.5 590 -10.2 -25.9 24.2 19.6 -43.8 -22.2 54.8 53.8 95 -44.5

468 Rockwood 934 Chemicals (135) 2466 32.34 -10.3 3.8 2,065 -13.7 -3.8 9,500 -6.9 0.0 1.6 1.5 7.4 -14.1 3.4 3.5 1,470 40.2

469 Hanesbrands 937 Personal goods (376) 1824 32.27 -0.3 2,712 -8.4 47,400 4.9 1.2 1.1 5.7 7.5 0.7 0.7 1,758

470 MicroStrategy 938 Software (9537) 7221 32.06 4.1 10.1 265 5.4 6.6 1,816 -5.2 12.5 12.1 12.3 22.7 18.8 17.7 16.1 591 15.5

471 Anadigics 939 Semiconductors (9576) 3210 32.04 -15.6 8.9 98 -45.6 -6.1 564 -14.2 3.5 32.7 21.1 -40.3 -17.3 56.8 57.8 169 2.5

472 Vitesse Semiconductor 940 Semiconductors (9576) 3210 31.84 -8.6 -11.7 117 -27.3 -8.6 476 -5.2 -2.5 27.2 21.6 -106.3 4.0 66.9 69.4 46 8.2

473 Blackbaud 941 Software (9537) 7221 31.82 18.0 25.5 216 2.3 17.2 1,956 -1.1 18.9 14.8 12.8 14.8 15.6 16.3 13.6 681 19.1

474 Hypercom 942 Computer hardware (9572) 3002 31.77 -1.3 16.9 284 -7.9 17.3 1,365 -15.0 0.2 11.2 10.5 0.9 -17.3 23.3 20.1 121 27.9

475 Entropic Communications 945 Semiconductors (9576) 3210 31.48 -19.0 57.3 81 -20.4 41.0 262 -11.8 38.8 38.2 -11.6 -93.6 120.1 130.9 357 129.6

476 Novatel Wireless 946 Telecommunications equipment (9578) 3220 31.29 29.2 14.6 235 5.1 15.7 352 14.7 14.4 13.3 10.8 1.0 -2.1 88.9 78.9 127

477 ION Geophysical 948 Oil equipment, services & distribution (57) 1120 31.26 -9.5 11.1 293 -38.2 -5.9 1,128 -20.2 3.6 10.7 7.3 -22.9 -31.3 27.7 24.4 434 87.9

478 Semtech 948 Semiconductors (9576) 3210 31.26 8.3 2.8 200 -2.8 4.3 915 10.6 9.9 15.7 14.0 11.0 14.1 34.2 34.9 699 -4.8

479 Snap-on 953 Household goods & home construction (372) 3663 31.01 -16.0 -0.9 1,659 -16.6 -1.3 11,000 -4.3 -3.9 1.9 1.9 10.5 13.5 2.8 3.2 1,691 13.1

480 Amkor Technology 954 Semiconductors (9576) 3210 30.98 -20.9 4.7 1,519 -18.0 -7.2 18,200 -11.2 -7.1 2.0 2.1 10.5 -15.7 1.7 1.9 691 -5.1

481 Integra Lifesciences 956 Health care equipment & services (453) 3663 30.86 -26.8 19.8 476 4.3 17.6 3,000 7.1 19.7 6.5 9.2 14.0 7.1 10.3 15.1 733 8.1

482 MeadWestvaco 961 General industrials (272) 2682 30.67 -27.9 -12.2 4,216 -12.2 -2.5 20,000 -9.1 -5.9 0.7 0.9 9.3 4.0 1.5 1.9 2,616 -0.6

483 EchoStar 961 Telecommunications equipment (9578) 3220 30.67 9.3 1,327 -11.5 2,400 14.3 2.3 1.9 16.1 -30.2 12.8 13.4 1,098 118.3

484 Valeant Pharmaceuticals 963 Pharmaceuticals (4577) 2441 30.65 -54.7 -26.2 579 4.2 -2.9 3,100 33.0 -3.4 5.3 12.2 29.0 -17.9 9.9 29.0 3,055 100.8

485 Aspen Technology 965 Software (9537) 7221 30.56 -4.6 -13.8 217 0.0 -2.1 1,311 -0.7 0.5 14.1 14.7 14.2 7.0 23.3 24.3 643 1.1

486 Deltek 966 Software (9537) 7221 30.41 -5.5 4.6 185 -8.1 5.2 1,140 -8.1 16.4 16.0 14.8 16.1 26.7 25.9 335 20.0

487 Ariba 968 Computer services (9533) 7260 30.31 -16.8 -4.6 236 3.3 4.6 1,632 -6.2 -0.9 12.8 15.9 4.6 -14.8 18.6 20.9 951 28.6

488 RiskMetrics (now part of MSCI) 969 Support services (279) 7487 30.29 4.5 27.0 211 2.4 44.2 1,140 3.4 14.3 14.0 22.1 -34.6 26.6 26.3

489 Advanced Energy Industries 971 Electrical components & equipment (2733) 3162 30.15 -21.3 -1.2 130 -43.3 -23.2 1,316 -21.6 -6.0 23.2 16.7 -52.6 3.5 22.9 22.8 464 51.4

490 Silicon Storage Technology (now part of Microchip Technology) 972 Semiconductors (9576) 3210 30.08 -26.8 -6.6 176 -20.0 -17.7 571 -7.0 -3.4 17.1 18.7 -3.7 -15.4 52.7 66.9

491 MICROS Systems 974 Computer hardware (9572) 3002 30.04 2.5 12.0 636 -4.4 10.3 4,757 3.0 7.8 4.7 4.4 15.6 14.6 6.3 6.3 1,980 23.4

492 Cavium Networks 977 Semiconductors (9576) 3210 29.75 57.0 31.8 71 16.9 43.6 467 34.6 42.2 31.4 -21.1 0.4 63.7 54.6 739

493 Westinghouse Air Brake Technologies 981 Commercial vehicles & trucks (2753) 3550 29.55 8.7 9.0 977 -11.0 8.7 5,812 -20.3 3.0 3.0 2.5 12.9 13.5 5.1 3.7 1,390 17.0

494 Mercury Computer Systems 982 Computer hardware (9572) 3002 29.53 -22.7 -11.5 132 -10.0 -7.2 517 -22.8 -14.8 22.4 26.1 4.5 -17.6 57.1 57.0 177 11.4

495 Affymax 985 Biotechnology (4573) 7310 29.44 -23.7 -0.3 80 38.7 114.0 143 -2.7 10.8 36.8 66.8 -68.6 -108.8 205.9 262.3 114 -55.1

496 XOMA 987 Biotechnology (4573) 7310 29.42 -31.6 0.8 69 44.8 49.4 195 -41.8 -8.6 42.9 90.8 15.0 -57.1 150.9 128.5 57 -39.3

497 Fortinet 988 Software (9537) 7221 29.41 13.9 176 19.0 1,223 16.7 17.5 10.1 3.1 24.0 873

498 Verenium 991 Biotechnology (4573) 7310 29.28 -2.0 2.3 46 -5.4 10.2 270 -10.9 13.0 63.7 61.5 -113.8 -250.2 108.4 98.6 22 -55.7

499 Arbitron 991 Media (555) 9240 29.28 1.4 -1.7 268 4.1 5.3 1,379 -14.7 -10.3 10.9 11.2 16.2 16.9 21.2 17.9 483 62.7

500 Crown 993 General industrials (272) 2682 29.27 -10.6 0.0 5,532 -4.4 4.4 20,500 -3.8 -2.0 0.5 0.6 9.1 9.3 1.4 1.5 3,184 11.0

501 Bucyrus International 994 Commercial vehicles & trucks (2753) 3550 29.21 14.7 57.8 1,848 5.8 53.2 6,900 -4.2 42.2 1.6 1.5 18.0 15.3 4.2 3.5 3,315 95.0

502 RadiSys 995 Computer hardware (9572) 3002 29.19 -15.1 0.3 212 -18.3 1.3 719 -13.0 5.9 13.8 13.2 -0.6 -20.4 40.6 41.6 145 16.9

503 Microsemi 998 Semiconductors (9576) 3210 28.88 -7.9 27.5 316 -11.9 6.9 2,200 -4.3 2.4 9.1 8.8 -2.2 12.3 13.1 13.6 864 12.0

504 RPM International 1000 Chemicals (135) 2466 28.78 3.0 6.0 2,378 1.3 0.7 8,873 -8.3 -2.0 1.2 1.2 9.4 6.7 3.2 2.9 1,582 9.8