Bentley 500 2019 Edition Top Owners About Bentley Systems

Bentley is a global leader in providing architects, engineers, geospatial professionals, constructors, and owner-operators with comprehensive software solutions for advancing the , , and operations of infrastructure. 2019 Bentley Infrastructure 500 Top Owners Ranking

The Bentley Infrastructure 500 is a ranking of the top owners of infrastructure around the world from both the public and private sectors that is published annually. The rankings make it possible to readily compare investment levels across types of infrastructure, regions of the world, and public and private organizations.

Bentley Systems has compiled the Bentley Infrastructure 500 to help global constituents appreciate and explore the magnitude of investment in infrastructure and the potential to continually increase the return on that investment. The BI 500 ’s value, at over USD 17.3 trillion, is about equal to the combined 2019 GDPs of China and India. Bentley is committed to increasing infrastructure investment returns through BIM advancements that enhance project delivery and asset performance.

Infrastructure Value* Headquarters Rank Owner (millions USD) Country

1 UNITED STATES GOVERNMENT $509,300 United States

2 EXXONMOBIL $247,101 United States

3 ROYAL DUTCH SHELL $223,175 Netherlands

4 SURGUTGAZPROM $198,781 Russia

5 CHEVRON $169,207 United States

6 ELECTRICITE DE FRANCE $162,711 France

7 PETROBRAS $157,408 Brazil

8 HIGHWAYS ENGLAND $147,667 United Kingdom

9 STATE OF CALIFORNIA $144,635 United States

10 STATE OF TEXAS $144,400 United States

11 KOREA ELECTRIC POWER $136,721 South Korea

12 BP AMOCO $132,602 United Kingdom

13 DEPARTMENT OF LAND INFORMATION (AUSTRALIA) $132,064 Australia

14 AT&T $131,473 United States

15 PETROLEOS DE VENEZUELA $125,984 Venezuela

16 CHINA NATIONAL PETROLEUM $124,764 China

17 ROSNEFT $121,562 Russia

18 TOTAL $113,324 France

19 WAL-MART STORES $111,395 United States

20 CHINA MOBILE $107,789 China

21 MINISTERIE VAN FINANCIEN (NETHERLANDS) $107,737 Netherlands

22 SAUDI ELECTRICITY $107,683 Saudi Arabia

23 STATE OF NEW YORK $106,245 United States

24 SAMSUNG $103,448 South Korea

25 CHINA SOUTHERN POWER GRID $98,300 China

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 3 Infrastructure Value* Headquarters Rank Owner (millions USD) Country

26 TOYOTA $96,335 Japan

27 TRANSPORT FOR NEW SOUTH WALES $95,437 Australia

28 DAIMLER $92,086 Germany

29 DUKE ENERGY $91,694 United States

30 NETWORK RAIL (UNITED KINGDOM) $90,193 United Kingdom

31 DEPARTMENT OF MINERAL RESOURCES (SOUTH AFRICA) $90,102 South Africa

32 STATE OF FLORIDA $89,530 United States

33 VERIZON $89,286 United States

34 ENEL $87,743 Italy

35 CHINA PETRO $86,461 China

36 GOVERNMENT OF ONTARIO $83,307 Canada

37 GENERAL MOTORS $82,317 United States

38 NTT DATA $81,256 Japan

39 SOUTHERN COMPANY SERVICES $80,797 United States

40 TOKYO ELECTRIC POWER SERVICES $77,480 Japan

41 $76,707 United States

42 RESEAU FERRE DE FRANCE $73,234 France

43 MINISTRY OF DEFENCE (UNITED KINGDOM) $70,882 United Kingdom

44 PEMEX $70,861 Mexico

45 NEXTERRA ENERGY $70,334 United States

46 CHINA TELECOM $69,231 China

47 RODAMCO SVERIGE $69,187 France

48 ENI $69,046 Italy

49 ENBRIDGE (CANADA) $68,844 Canada

50 IBERDROLA $68,216 Spain

51 PETROLIAM NASIONAL BERHAD $67,582 Malaysia

52 BROOKFIELD ASSET MANAGEMENT $67,294 Canada

53 JARDINE ENGINEERING $67,084 Hong Kong

54 VOLKSWAGEN $65,986 Germany

55 SAN JUAN COAL $65,565 Australia

56 KUWAIT NATIONAL PETROLEUM $65,484 Kuwait

57 RELIANCE INDUSTRIES $65,320 India

58 FORD MOTOR $65,297 United States

59 STATOIL $65,262 Norway

60 BURLINGTON NORTHERN SANTA FE RAIL $63,185 United States

61 COMISION FEDERAL DE ELECTRICIDAD (MEXICO) $63,178 Mexico

62 AMAZON $61,797 United States

63 SWISS FEDERAL INSTITUTE OF TECHNOLOGY $60,776 Switzerland

64 GOOGLE $59,719 United States

65 NEW YORK CITY HOUSING AUTHORITY $59,423 United States

66 PACIFIC GAS & ELECTRIC $59,347 United States

67 CHINA NATIONAL OFFSHORE OIL $59,044 China

68 GOVERNMENT OF HONG KONG $58,541 China

69 DEUTSCHE TELEKOM $57,973 Germany

4 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country

70 NATIONAL GRID SERVICE $57,106 United Kingdom

71 GLENCORE INTERNATIONAL $56,770 Switzerland

72 RIO TINTO $56,361 Australia

73 EAST JAPAN RAILWAY $56,191 Japan

74 CHINA UNICOM $55,914 China

75 ENGIE $55,862 France

76 INDIAN RAILWAYS $55,692 India

77 GOVERNMENT OF CANADA $55,561 Canada

78 LUKOIL $55,119 Russia

79 AMERICAN ELECTRIC POWER $55,099 United States

80 DOMINION ENERGY $54,560 United States

81 SUNCOR ENERGY $54,428 Canada

82 STATE OF NORTH CAROLINA $53,661 United States

83 UNION PACIFIC RAILROAD $52,679 United States

84 ENERGY TRANSFER PARTNERS $50,917 United States

85 TAIWAN POWER $50,908 Taiwan

86 TEMASEK HOLDINGS $50,875 Singapore

87 CANADIAN MINISTRY OF NATURAL RESOURCES $50,122 Canada

88 GENERAL ELECTRIC COMPANY $49,839 United States

89 STANFORD UNIVERSITY $49,462 United States

90 HYDRO-QUEBEC $49,353 Canada

91 INTEL $48,976 United States

92 FERROVIE DELLO STATO $48,839 Italy

93 TRANSCANADA PIPELINES $48,752 Canada

94 VALE $48,392 Brazil

95 NISSAN $47,834 Japan

96 CANADIAN NATURAL RESOURCES $47,327 Canada

97 KANSAI ELECTRIC POWER $47,040 Japan

98 CHINA THREE GORGES $46,245 China

99 CITY OF LOS ANGELES $45,795 United States

100 CONOCOPHILLIPS $45,698 United States

101 MARATHON PETROLEUM $45,058 United States

102 RUSSIAN RAILWAYS $44,892 Russia

103 $44,437 United States

104 STATE OF WASHINGTON $44,379 United States

105 TRANSPORT FOR LONDON $43,833 United Kingdom

106 SWISS FEDERAL RAILWAYS $43,762 Switzerland

107 SAUDI ARABIA BASIC INDUSTRIES $43,641 Saudi Arabia

108 ESKOM $43,275 South Africa

109 CENTRAL JAPAN RAILWAY $42,433 Japan

110 INDUSTRIAL & COMMERCIAL BANK OF CHINA $42,376 China

111 DEPARTMENT OF TRANSPORT AND MAIN ROADS (AUSTRALIA) $42,339 Australia

112 METROPOLITAN TRANSPORTATION AUTHORITY (NEW YORK) $41,988 United States

113 CONSOLIDATED EDISON $41,749 United States

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 5 Infrastructure Value* Headquarters Rank Owner (millions USD) Country

114 CHINA GENERAL NUCLEAR POWER $41,650 China

115 EDISON $41,348 United States

116 APPLE $41,304 United States

117 SHENHUA $41,195 China

118 HUANENG POWER $41,052 China

119 TRAFIKVERKET $40,764 Sweden

120 CHINA NATIONAL NUCLEAR $40,084 China

121 GOVERNMENT OF ALBERTA $39,826 Canada

122 COMMONWEALTH OF PENNSYLVANIA $39,451 United States

123 ENTERPRISE PRODUCTS PARTNERS $38,738 United States

124 TELEFONICA DE ESPANA $38,123 Spain

125 KINDER MORGAN $37,897 United States

126 XCEL ENERGY $36,944 United States

127 MITSUBISHI $36,856 Japan

128 SOUTHERN CALIFORNIA GAS $36,796 United States

129 SOFTBANK $36,699 Japan

130 CHUBU PLANT SERVICE $36,242 Japan

131 MICROSOFT $36,146 United States

132 GOVERNMENT OF BRITISH COLUMBIA $35,992 Canada

133 OIL & NATURAL GAS (INDIA) $35,853 India

134 MAIN ROADS WESTERN AUSTRALIA $35,678 Australia

135 TRANSNEFT $35,657 Russia

136 TIME WARNER CABLE $35,126 United States

137 TAIWAN SEMICONDUCTOR $34,883 Taiwan

138 ROADS SERVICE (NORTHERN IRELAND) $34,741 United Kingdom

139 PPL $34,458 United States

140 ARCELORMITTAL STEEL $34,372 Luxembourg

141 PSE & G $34,363 United States

142 INTERNATIONAL PETROLEUM INVESTMENT $34,345 United Arab Emirates

143 PTT (THAILAND) $34,335 Thailand

144 STATE OF GEORGIA $34,081 United States

145 NTPC (INDIA) $33,990 India

146 BANQUE PARIBAS $33,914 France

147 COMMONWEALTH OF VIRGINIA $33,355 United States

148 KYUSHU ELECTRIC POWER $33,266 Japan

149 STATE OF MISSOURI $33,141 United States

150 DEUTSCHE BAHN $32,787 Germany

151 GUODIAN UNITED POWER TECHNOLOGY $32,765 China

152 AMERICA MOVIL PERU $32,516 Mexico

153 UNIVERSITY OF CALIFORNIA $32,325 United States

154 ENTERGY $32,279 United States

155 PORT AUTHORITY OF NEW YORK & NEW JERSEY $32,107 United States

156 CSX TRANSPORTATION $31,998 United States

157 SUMITOMO HEAVY INDUSTRIES $31,824 Japan

6 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country

158 FRANCE TELECOM $31,709 France

159 CHINA DATANG TECHNOLOGIES & ENG $31,528 China

160 AUCKLAND COUNCIL $31,500 New Zealand

161 OCCIDENTAL CHEMICAL $31,437 United States

162 SK HYNIX $31,318 South Korea

163 NORFOLK SOUTHERN $31,091 United States

164 STATE OF MARYLAND $31,048 United States

165 MITSUI FUDOSAN $30,926 Japan

166 VODAFONE $30,820 United Kingdom

167 FEDERAL GOVERNMENT OF MEXICO $30,612 Mexico

168 JX NIPPON OIL & ENERGY $30,487 Japan

169 DUBAI ELECTRICITY & WATER AUTHORITY $30,414 United Arab Emirates

170 HANDAN IRON & STEEL $30,372 China

171 STATE OF TENNESSEE $30,232 United States

172 FIAT $30,122 Netherlands

173 STATE OF ARIZONA $30,118 United States

174 PROLOGIS $30,043 United States

175 FIRSTENERGY $29,911 United States

176 STATE OF WISCONSIN $29,873 United States

177 PRAXAIR $29,717 United States

178 JAPAN POST $29,693 Japan

179 POWER GRID CORPORATION OF INDIA $29,585 India

180 WALT DISNEY $29,540 United States

181 NIPPON STEEL $29,270 Japan

182 TOHOKU ELECTRIC POWER $29,260 Japan

183 REPSOL $29,119 Spain

184 SONELGAZ $28,893 Algeria

185 JSC HOLDING $28,857 Russia

186 VALERO $28,848 United States

187 ANADARKO PETROLEUM $28,615 United States

188 LAFARGE $28,336 France

189 HOLCIM $28,323 Switzerland

190 STATE OF NEW JERSEY $28,239 United States

191 STATE OF OHIO $28,171 United States

192 QATAR PETROLEUM $28,165 Qatar

193 EOG RESOURCES $28,076 United States

194 FREEPORT-MCMORAN G/C $28,010 United States

195 TIAA REAL ESTATE $27,567 United States

196 WILLIAMS GAS PIPELINE $27,504 United States

197 WELLTOWER $27,500 United States

198 TARGET $27,498 United States

199 IKEA $27,456 Netherlands

200 HYUNDAI $27,369 South Korea

201 CHENIERE ENERGY $27,245 United States

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 7 Infrastructure Value* Headquarters Rank Owner (millions USD) Country

202 NESTLE $27,090 Switzerland

203 LIDL $27,077 Germany

204 AGUAS ARAUCANIA $27,071 Spain

205 SDIC HUAJING POWER HOLDINGS $26,990 China

206 BOE TECHNOLOGY $26,934 China

207 CARGILL $26,911 United States

208 TENAGA NASIONAL BERHAD $26,903 Malaysia

209 HONDA MOTOR $26,883 Japan

210 POSCO ENGINEERING & CONSTRUCTION $26,754 South Korea

211 VATTENFALL $26,663 Sweden

212 UPS $26,576 United States

213 CENTURYLINK $26,408 United States

214 CITY OF CHICAGO $26,249 United States

215 ECOPETROL $26,212 Colombia

216 SPECTRA ENERGY $26,208 United States

217 ANAS $26,205 Italy

218 CORPORACION NACIONAL DEL COBRE DE CHILE $26,011 Chile

219 EDP PRODUCAO $26,000 Portugal

220 ANHEUSER BUSCH $25,910 Belgium

221 ORIGIN ENERGY $25,745 Australia

222 NORTHEAST UTILITIES $25,610 United States

223 CHINA HUADIAN ENGINEERING $25,337 China

224 OSTERREICHISCHE BUNDESBAHNEN $25,318 Austria

225 TESCO $25,306 United Kingdom

226 STATE OF KENTUCKY $25,291 United States

227 CHINA NATIONAL BUILDING MATERIAL $25,183 China

228 AEON $25,168 Japan

229 CHINA CONSTRUCTION BANK $24,744 China

230 CANADIAN NATIONAL RAILWAY $24,729 Canada

231 STATE OF CONNECTICUT $24,529 United States

232 CITY OF SAN FRANCISCO $24,309 United States

233 CITIC PACIFIC $24,208 China

234 SIMON PROPERTY $24,208 United States

235 FORTISBC ENERGY $23,938 Canada

236 STATE OF MICHIGAN $23,834 United States

237 BASF $23,793 Germany

238 MICRON TECHNOLOGY $23,672 United States

239 DOWDUPONT $23,662 United States

240 NATIONAL LAND SERVICE (LITHUANIA) $23,497 Lithuania

241 ROBERT BOSCH $23,402 Germany

242 BRITISH TELECOM $23,374 United Kingdom

243 KDDI $22,955 Japan

244 CITY OF TORONTO $22,924 Canada

245 MCDONALDS $22,843 United States

8 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country

246 AMEREN SERVICES $22,810 United States

247 CHUGOKU ELECTRIC POWER $22,803 Japan

248 STATE OF ILLINOIS $22,748 United States

249 BMW $22,672 Germany

250 A. HAK LEIDINGBOUW $22,660 Netherlands

251 STATE OF ALABAMA $22,605 United States

252 TRANSNET $22,487 South Africa

253 GAS NATURAL (SPAIN) $22,411 Spain

254 HOME DEPOT $22,375 United States

255 CONCHO VALLEY ELECTRIC $22,313 United States

256 LAND HESSEN $22,291 Germany

257 F. HOFFMANN-LA ROCHE $22,157 Switzerland

258 INDIAN OIL $22,126 India

259 WEST JAPAN RAILWAY $22,123 Japan

260 BAOSHAN IRO & STEEL $22,105 China

261 STATE OF COLORADO $22,071 United States

262 COMMONWEALTH EDISON $22,058 United States

263 AIR LIQUIDE GLOBAL $22,039 France

264 WE ENERGIES $22,001 United States

265 SASOL $21,959 South Africa

266 DTE ENERGY $21,650 United States

267 KROGER $21,635 United States

268 AES CORPORATION $21,396 United States

269 TECK $21,364 Canada

270 THAMES WATER UTILITIES $21,353 United Kingdom

271 AGRICULTURAL BANK OF CHINA $21,300 China

272 SURGUTNEFTEGAZ $21,190 Russia

273 CENOVUS ENERGY $21,038 Canada

274 OAO KONTSERN ROSENERGOATOM $20,997 Russia

275 SAUDI ARABIAN MINING $20,993 Saudi Arabia

276 PRORAIL $20,908 Netherlands

277 MGM MIRAGE $20,730 United States

278 INFRABEL $20,687 Belgium

279 E.ON $20,675 Germany

280 PROCTER & GAMBLE $20,600 United States

281 INPEX $20,546 Japan

282 SPRINT $20,538 United States

283 MOSCOW METRO $20,442 Russia

284 TRANSOCEAN OFFSHORE EUROPE $20,408 Switzerland

285 ANGLO OPERATIONS $20,282 United Kingdom

286 VENTAS $20,094 United States

287 HEBEI IRON & STEEL $19,851 China

288 EQUITY PROPERTIES $19,815 United States

289 HCA HOLDINGS $19,757 United States

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 9 Infrastructure Value* Headquarters Rank Owner (millions USD) Country

290 TESLA $19,691 United States

291 TATA STEEL $19,689 India

292 COSTCO WHOLESALE $19,681 United States

293 KOREA GAS $19,651 South Korea

294 PACIFICORP $19,591 United States

295 STATE OF MINNESOTA $19,583 United States

296 LOS ANGELES COUNTY $19,519 United States

297 LINDE AG ZENTRALVERWALTUNG $19,366 Germany

298 CITY OF MIAMI $19,320 United States

299 STATE OF UTAH $19,305 United States

300 AIRBUS $19,205 Netherlands

301 SEVEN AND I $19,106 Japan

302 FIRST QUANTUM MINERALS $19,098 Canada

303 CHINA COAL ENERGY $19,095 China

304 WOODSIDE ENERGY $18,997 Australia

305 WESTAR ENERGY $18,952 United States

306 HUSKY OIL OPERATIONS $18,914 Canada

307 TAQA BRATANI $18,912 United Arab Emirates

308 MINISTERIO DE MINAS Y ENERGIA $18,676 Colombia

309 STATE GRID $18,547 China

310 CEZ $18,513 Czech Republic

311 SNAM $18,495 Italy

312 TELECOM ITALIA $18,487 Italy

313 DEPARTMENT OF DEFENCE (AUSTRALIA) $18,461 Australia

314 YPF (ARGENTINA) $18,445 Argentina

315 LOWES $18,432 United States

316 QUADRANT ENERGY $18,421 United States

317 ENERGY DEVELOPMENT $18,419 United States

318 BELL CANADA $18,213 Canada

319 ENBW $18,168 Germany

320 CONSUMERS ENERGY $18,126 United States

321 ELECTRIC POWER DEVELOPMENT $18,102 Japan

322 CRH PUBLIC $18,046 Ireland

323 CLP POWER $18,038 China

324 MITSUBISHI HEAVY INDUSTRIES $17,997 Japan

325 HOUSING NEW ZEALAND $17,961 New Zealand

326 STATE OF SOUTH CAROLINA $17,802 United States

327 KOREA RAILROAD $17,737 South Korea

328 MITSUBISHI HITACHI POWER SYSTEMS $17,641 Japan

329 CITY OF HOUSTON $17,601 United States

330 AVALONBAY COMMUNITIES $17,591 United States

331 PEPSICO $17,589 United States

332 ITAIPU BINACIONAL $17,547 Paraguay

10 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country

333 CHINA RESOURCES POWER HOLDINGS $17,529 China

334 NIPPON LIFE INSURANCE $17,486 Japan

335 TENNET TSO $17,426 Netherlands

336 AMERICAN WATER WORKS SERVICE $17,409 United States

337 EQT $17,393 United States

338 OMV SOLUTIONS $17,308 Austria

339 LOUIS VUITTON $17,303 France

340 ENERGY QUEENSLAND $17,281 Australia

341 STATE OF MISSISSIPPI $17,147 United States

342 HOUSING & DEVELOPMENT BOARD (SINGAPORE) $17,094 Singapore

343 JFE ENGINEERING $17,085 Japan

344 JOHNSON & JOHNSON $17,035 United States

345 STATE OF INDIANA $16,791 United States

346 STATE OF ARKANSAS $16,773 United States

347 BOSTON PROPERTIES $16,752 United States

348 INVITATION HOMES $16,698 United States

349 MITSUI & CO $16,605 Japan

350 CHRISTIAN DIOR $16,560 France

351 PGE GORNICTWO I ENERGETYKA $16,473 Poland

352 RENAULT $16,378 France

353 STATE OF LOUISIANA $16,367 United States

354 LAS VEGAS SANDS $16,352 United States

355 TELSTRA $16,340 Australia

356 SCOTTISH & SOUTHERN ENERGY $16,289 United Kingdom

357 AENA DPTO. DE PUBLICACIONES $16,288 Spain

358 TOKYU $16,173 Japan

359 MIDAMERICAN ENERGY $16,159 United States

360 PEUGEOT BELGIQUE-LUXEMBOURG $16,154 France

361 AMERADA HESS $16,083 United States

362 ADMINISTRADOR DE INFRAESTRUCTURAS FERROV $16,082 Spain

363 HANKYU HANSHIN HOLDINGS $16,082 Japan

364 CHINA LONGYUAN POWER $16,031 China

365 STATE OF IOWA $15,878 United States

366 FINANCIERE AGACHE $15,867 France

367 SEAWELL MANAGEMENT $15,730 Bermuda

368 PLAINS GP HOLDINGS $15,718 United States

369 NOVARTIS $15,696 Switzerland

370 ALECTRA UTILITIES $15,646 Canada

371 POWER CONSTRUCTION CORPORATION OF CHINA $15,643 China

372 NISOURCE $15,543 United States

373 VASAKRONAN $15,518 Sweden

374 LOEWS $15,511 United States

375 AUSTRALIAN CAPITAL TERRITORY $15,500 Australia

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 11 Infrastructure Value* Headquarters Rank Owner (millions USD) Country

376 ISRAEL ELECTRIC $15,483 Israel

377 VEDANTA RESOURCES $15,458 United Kingdom

378 CHINA ALUMINUM INTERNATIONAL ENGINEERING $15,422 China

379 FORTESCUE METALS $15,332 Australia

380 DENSO $15,236 Japan

381 MITSUBISHI CHEMICAL ENGINEERING $15,176 Japan

382 TERNA QATAR $15,164 Italy

383 LLOYDS BANKING $15,121 United Kingdom

384 PUBLIC SERVICE COMPANY OF COLORADO $15,120 United States

385 WEYERHAEUSER $14,958 United States

386 CORNING $14,895 United States

387 HANSON HEIDELBURG CEMENT $14,841 Germany

388 PIONEER NATURAL RESOURCES $14,839 United States

389 HOKKAIDO POWER ENGINEERING $14,802 Japan

390 ONEOK $14,767 United States

391 EL CORTE INGLES $14,759 Spain

392 TESORO PETROLEUM $14,742 United States

393 FGP TOPCO $14,738 United Kingdom

394 UNITED UTILITIES $14,617 United Kingdom

395 VISTRA $14,612 United States

396 LOS ANGELES UNIFIED SCHOOL DISTRICT $14,541 United States

397 STATE OF OREGON $14,504 United States

398 CARREFOUR $14,469 France

399 J.P. MORGAN CHASE BANK $14,321 United States

400 RWE $14,208 Germany

401 GLAXOSMITHKLINE $14,177 United Kingdom

402 BANK OF CHINA $14,091 China

403 CENTERPOINT ENERGY GAS BUSINESS $14,044 United States

404 HEATHROW AIRPORT $14,021 United Kingdom

405 DEVON ENERGY $13,935 United States

406 WALGREENS $13,911 United States

407 ANTARCHILE $13,900 Chile

408 STATE OF KANSAS $13,883 United States

409 LIBERTY GLOBAL $13,879 United States

410 CONTINENTAL RESOURCES $13,870 United States

411 ANTERO RESOURCES APPALACHIAN $13,870 United States

412 STATE OF HAWAII $13,797 United States

413 PINNACLE WEST CAPITAL $13,767 United States

414 EMERA $13,717 Canada

415 SYDNEY WATER $13,654 Australia

416 OSPREY $13,583 United Kingdom

417 CATERPILLAR $13,574 United States

418 ANGLIAN WATER SERVICES $13,572 United Kingdom

12 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country

419 STOCKHOLMS STAD $13,536 Sweden

420 CPC $13,536 Taiwan

421 BRISBANE CITY COUNCIL $13,519 Australia

422 FEDERAL GRID CO OF UNIFIED ENERGY SYS $13,492 Russia

423 INTERNATIONAL PAPER $13,469 United States

424 LYONDELLBASELL POLYLEFINE $13,402 Netherlands

425 CITY OF CHARLOTTE $13,400 United States

426 PFIZER $13,385 United States

427 KANSAI INTERNATIONAL AIRPORT $13,380 Japan

428 MIGROS $13,340 Switzerland

429 MERCK & COMPANY $13,291 United States

430 HSBC $13,264 Hong Kong

431 BRIDGESTONE $13,249 Japan

432 HERTZ GLOBAL HOLDINGS $13,197 United States

433 $13,175 Germany

434 MTR $13,119 China

435 ATCO TECHNOLOGY MANAGEMENT $13,097 Canada

436 JAPAN NUCLEAR FUEL $13,076 Japan

437 KIA MOTORS $13,066 Republic of Korea

438 VORNADO REALTY TRUST $13,058 United States

439 MICHELIN $13,029 France

440 SAINT GOBAIN $12,979 France

441 POTASHCORP $12,971 Canada

442 SPARKASSE PFORZHEIM CALW $12,963 Germany

443 TARGA RESOURCES $12,928 United States

444 SAINSBURY $12,915 United Kingdom

445 LOTTE SHOPPING $12,908 South Korea

446 ENBRIDGE ENERGY PARTNERS $12,896 United States

447 TOKYO GAS ENGINEERING $12,853 Japan

448 BARRICK GOLDSTRIKE MINES $12,826 Canada

449 KINTETSU ENGINEERING $12,688 Japan

450 HELLENIC RAILWAYS ORGANIZATION $12,657 Greece

451 CITY OF ATLANTA $12,629 United States

452 ENSCO $12,616 United Kingdom

453 GOLDCORP $12,596 Canada

454 CHINA STEEL $12,499 China

455 ALLIANT ENERGY $12,462 United States

456 CALPINE $12,442 United States

457 SK INNOVATION $12,367 Republic of Korea

458 PUBLIC POWER (GREECE) $12,318 Greece

459 NEWMONT GOLD $12,258 United States

460 ELECTRICITY GENERATION AUTHORITY OF THAILAND $12,248 Thailand

461 STATKRAFT $12,168 Norway

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 13 Infrastructure Value* Headquarters Infrastructure Value (USD Millions) and Top Owners by Country Rank Owner (millions USD) Country

462 GROUPE AUCHAN $12,078 France

463 CITY OF PHOENIX $11,966 United States

464 WASTE MANAGEMENT $11,942 United States

465 PANASONIC $11,940 Japan

466 SEVERN TRENT WATER $11,907 United Kingdom

467 RABIGH REFINING AND PETROCHEMICALS $11,899 Saudi Arabia

468 GENERAL GROWTH PROPERTIES $11,843 United States

469 EMIRATES TELECOMMUNICATIONS $11,775 United Arab Emirates

470 KT ENG $11,713 South Korea

471 SCHLUMBERGER $11,679 Netherlands

472 WATER CORPORATION OF WESTERN AUSTRALIA $11,598 Australia

473 HRVATSKE CESTE $11,593 Croatia

474 TOBU RAILWAY $11,587 Japan

475 STICHTING DE ALLIANTIE $11,580 Netherlands

476 STEEL AUTHORITY OF INDIA $11,536 India

477 UNILEVER $11,493 Netherlands

478 CEMEX CENTRAL $11,402 Mexico

479 CVS CAREMARK $11,349 United States

480 SAUDI TELECOM $11,179 Saudi Arabia

481 SOUTH CAROLINA ELECTRIC & GAS $11,067 United States

482 WIENER STADTWERKE HOLDING $11,054 Austria

483 SANOFI AVENTIS $11,050 France

484 CHESAPEAKE ENERGY $10,803 United States

485 IBM $10,792 United States

486 CPMC $10,768 Chile

487 PAN AMERICAN ENERGY $10,762 Argentina

488 JSW STEEL $10,559 India

489 PUGET SOUND ENERGY $10,553 United States

490 ATMOS ENERGY $10,371 United States

491 HOKURIKU ELECTRIC POWER $10,361 Japan

492 CHINA HUANENG $10,324 China

493 YORKSHIRE WATER SERVICES $10,287 United Kingdom

494 HANWHA $10,255 Republic of Korea

495 BAOTOU STEEL $10,177 China

496 HINDALCO INDUSTRIES $10,082 India

497 AGC $10,006 Japan

498 REDESA $9,974 Spain

499 ARCHER DANIELS MIDLAND $9,953 United States

500 RUSHYDRO $9,636 Russia

Disclaimer: These rankings are based on information available to us concerning the tangible fixed assets of each entity. They incorporate discretionary judgments and are necessarily inexact for a number of reasons, including that information publicly available may not be up to date, information is not equally available concerning every entity, values must be converted from different currencies, and in some cases estimated non-infrastructure values must be deducted from overall asset figures to approximate the value of tangible fixed assets. Bentley Systems, Incorporated expressly disclaims all representations and warranties as to the accuracy of the information or its suitability for any purpose. Please visit www.bentley.com/BI500 if you wish to provide new or updated information about your organization for consideration in the 2020 edition of the Bentley Infrastructure 500.

14 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure InfrastructureValue (USD Millions) Value *USD and Million Top Owners by Country

UNITED STATES $6,320,247 (180)

CHINA $1,404,478 (44)

JAPAN $1,224,201 (38)

UNITED KINGDOM $877,459 (25)

CANADA $851,876 (25)

FRANCE $736,183 (19)

AUSTRALIA $593,871 (16)

RUSSIA $570,625 (16)

NETHERLANDS $516,843 (12)

GERMANY $481,463 (11)

SOUTH KOREA $387,619 (10)

INDIA $294,432 (9)

Top Owners by Sector Infrastructure Value by Sector (USD Millions)

Public 30% Public 34%

Private Private 70% 66%

Top Owners by Infrastructure Type Infrastructure Value by Infrastructure Type

15% 10%

49% 52% 38% 37%

Public Works/Utilities

Industrial/Natural Resources

Commercial/Facilities

WWW.BENTLEY.COM 15 ABOUT THE BENTLEY INFRASTRUCTURE 500 Additional footnotes: The Bentley Infrastructure 500 ranks owners according to • Data sources for this ranking include financial their reported tangible fixed assets (or other comparable statements and third-party data providers. noncurrent physical assets such as buildings or fixed • All values have been translated into U.S. dollars (millions). structures, land, and machinery). Included in the rankings • Majority-owned subsidiaries with parents are public- and private-sector entities with financials already in the rankings have been excluded (unless explicitly reporting separate financials). reported in the past three years (to allow flexibility in varying The Bentley Infrastructure 500 is updated reporting schedules). The values presented are assessed annually. Please visit www.bentley.com/BI500 net of depreciation and amortization and calculated to if you wish to provide new or updated information about your organization for exclude, where data is available, assets not representative of consideration in the 2020 edition infrastructure, such as equipment, furniture, and software. of the Bentley Infrastructure 500.

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