Bentley Infrastructure 500 Top Owners

2020 Edition 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 design, construction, and operations of infrastructure. 2020 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 2020 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 $528,900 United States

2 EXXONMOBIL $253,018 United States

3 ROYAL DUTCH SHELL $238,349 Netherlands

4 SURGUTGAZPROM $238,266 Russia

5 ELECTRICITE DE FRANCE $171,660 France

6 HIGHWAYS ENGLAND $164,303 United Kingdom

7 PETROBRAS $159,265 Brazil

8 CHEVRON $150,494 United States

9 STATE OF CALIFORNIA $144,635 United States

10 STATE OF TEXAS $144,400 United States

11 MINISTRY OF DEFENCE (UNITED KINGDOM) $143,463 United Kingdom

12 KOREA ELECTRIC POWER $141,907 South Korea

13 SAUDI ELECTRICITY $135,002 Saudi Arabia

14 BP AMOCO $132,642 United Kingdom

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

16 AT&T $130,128 United States

17 CHINA NATIONAL PETROLEUM $129,120 China

18 PETROLEOS DE VENEZUELA $125,984 Venezuela

19 ROSNEFT $121,562 Russia

20 TOTAL $116,408 France

21 TRANSPORT FOR NEW SOUTH WALES $109,010 Australia

22 STATE OF NEW YORK $107,856 United States

23 WAL-MART STORES $105,208 United States

24 SAMSUNG ENGINEERING $102,813 South Korea

25 DUKE ENERGY $102,127 United States

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 3 Infrastructure Value* Headquarters Rank Owner (millions USD) Country 26 MINISTERIE VAN FINANCIEN (NETHERLANDS) $101,905 Netherlands 27 CHINA SOUTHERN POWER GRID $98,300 China 28 AMAZON $97,846 United States 29 TOYOTA $96,945 Japan 30 CHINA MOBILE $96,251 China 31 DAIMLER $95,373 Germany 32 NETWORK RAIL (UNITED KINGDOM) $93,223 United Kingdom 33 VERIZON $91,915 United States 34 DEPARTMENT OF MINERAL RESOURCES (SOUTH AFRICA) $90,102 South Africa 35 STATE OF FLORIDA $89,530 United States 36 BROOKFIELD ASSET MANAGEMENT $89,264 Canada 37 CHINA PETRO $86,461 China 38 GOOGLE $84,587 United States 39 GOVERNMENT OF ONTARIO $83,307 Canada 40 SOUTHERN COMPANY SERVICES $83,080 United States 41 GENERAL MOTORS $82,317 United States 42 NEXTERRA ENERGY $82,010 United States 43 OCCIDENTAL CHEMICAL $81,854 United States 44 IBERDROLA $80,086 Spain 45 ENEL $79,809 Italy 46 NTT DATA $78,412 Japan 47 EXELON $76,707 United States 48 PETROLIAM NASIONAL BERHAD $74,999 Malaysia 49 VOLKSWAGEN $74,316 Germany 50 RESEAU FERRE DE FRANCE $73,234 France 51 TOKYO ELECTRIC POWER SERVICES $72,581 Japan 52 RODAMCO SVERIGE $72,283 France 53 ENBRIDGE (CANADA) $71,769 Canada 54 RUSSIAN RAILWAYS $70,958 Russia 55 PEMEX $70,861 Mexico 56 ENERGY TRANSFER PARTNERS $70,848 United States 57 STATOIL $69,953 Norway 58 ENI $69,866 Italy 59 DOMINION ENERGY $69,082 United States 60 CHINA TELECOM $68,350 China 61 FORD MOTOR $67,489 United States 62 JARDINE ENGINEERING $67,084 Hong Kong 63 SAN JUAN COAL $66,419 Australia 64 KUWAIT NATIONAL PETROLEUM $65,484 Kuwait 65 LUKOIL $64,569 Russia 66 PACIFIC GAS & ELECTRIC $63,921 United States 67 BURLINGTON NORTHERN SANTA FE RAIL $63,179 United States 68 COMISION FEDERAL DE ELECTRICIDAD (MEXICO) $63,178 Mexico 69 CHINA NATIONAL OFFSHORE OIL $62,836 China

4 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country 70 RELIANCE INDUSTRIES $62,369 India 71 EAST JAPAN RAILWAY $61,197 Japan 72 AMERICAN ELECTRIC POWER $61,095 United States 73 GOVERNMENT OF CANADA $60,080 Canada 74 NEW YORK CITY HOUSING AUTHORITY $59,995 United States 75 SWISS FEDERAL INSTITUTE OF TECHNOLOGY $59,107 Switzerland 76 GOVERNMENT OF HONG KONG $58,541 China 77 ENGIE $57,777 France 78 RIO TINTO $57,372 Australia 79 NATIONAL GRID SERVICE $57,106 United Kingdom 80 STATE OF NORTH CAROLINA $56,587 United States 81 UNION PACIFIC RAILROAD $55,728 United States 82 INDIAN RAILWAYS $55,692 India 83 SUNCOR ENERGY $55,541 Canada 84 INTEL $55,386 United States 85 GLENCORE INTERNATIONAL $55,357 Switzerland 86 DEUTSCHE TELEKOM $55,097 Germany 87 TEMASEK HOLDINGS $53,989 Singapore 88 MICROSOFT $52,904 United States 89 CHINA UNICOM $52,402 China 90 CANADIAN NATURAL RESOURCES $51,784 Canada 91 TAIWAN POWER $50,908 Taiwan 92 HYDRO-QUEBEC $50,224 Canada 93 CANADIAN MINISTRY OF NATURAL RESOURCES $50,122 Canada 94 TRANSPORT FOR LONDON $49,968 United Kingdom 95 TRANSCANADA PIPELINES $49,841 Canada 96 STANFORD UNIVERSITY $49,462 United States 97 COMCAST $48,322 United States 98 MARATHON PETROLEUM $48,074 United States 99 FEDEX $47,525 United States 100 CITY OF LOS ANGELES $46,848 United States 101 VALE $46,576 Brazil 102 KANSAI ELECTRIC POWER $46,532 Japan 103 DEPARTMENT OF TRANSPORT AND MAIN ROADS (AUSTRALIA) $46,433 Australia 104 CHINA THREE GORGES $46,245 China 105 GENERAL ELECTRIC COMPANY $46,186 United States 106 NISSAN $45,657 Japan 107 CENTRAL JAPAN RAILWAY $45,310 Japan 108 ESKOM $45,153 South Africa 109 EDISON $44,978 United States 110 TAIWAN SEMICONDUCTOR $44,921 Taiwan 111 CONSOLIDATED EDISON $44,746 United States 112 STATE OF WASHINGTON $44,379 United States 113 SWISS FEDERAL RAILWAYS $43,761 Switzerland

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 5 Infrastructure Value* Headquarters Rank Owner (millions USD) Country 114 SAUDI ARABIA BASIC INDUSTRIES $43,641 Saudi Arabia 115 VODAFONE $43,587 United Kingdom 116 PTT (THAILAND) $42,946 Thailand 117 CONOCOPHILLIPS $42,269 United States 118 METROPOLITAN TRANSPORTATION AUTHORITY (NEW YORK) $41,988 United States 119 GUODIAN UNITED POWER TECHNOLOGY $41,942 China 120 INDUSTRIAL & COMMERCIAL BANK OF CHINA $41,743 China 121 CHINA GENERAL NUCLEAR POWER $41,657 China 122 HUANENG POWER $41,607 China 123 ENTERPRISE PRODUCTS PARTNERS $41,603 United States 124 FERROVIE DELLO STATO $41,419 Italy 125 TRANSNEFT $41,296 Russia 126 CHINA NATIONAL NUCLEAR $41,218 China 127 XCEL ENERGY $41,155 United States 128 E.ON $40,254 Germany 129 GOVERNMENT OF ALBERTA $39,826 Canada 130 COMMONWEALTH OF PENNSYLVANIA $39,451 United States 131 AGUAS ARAUCANIA $38,099 Spain 132 MITSUBISHI $37,785 Japan 133 APPLE $37,378 United States 134 NTPC (INDIA) $37,048 India 135 SOUTHERN CALIFORNIA GAS $37,043 United States 136 PPL $36,482 United States 137 KINDER MORGAN $36,419 United States 138 TELEFONICA DE ESPANA $36,205 Spain 139 PSE & G $36,126 United States 140 ENTERGY $36,012 United States 141 GOVERNMENT OF BRITISH COLUMBIA $35,992 Canada 142 OIL & NATURAL GAS (INDIA) $35,853 India 143 SHENHUA $35,834 China 144 TIME WARNER CABLE $35,683 United States 145 SPRINT $35,632 United States 146 SUMITOMO HEAVY INDUSTRIES $35,411 Japan 147 KYUSHU ELECTRIC POWER $35,169 Japan 148 TRAFIKVERKET $35,030 Sweden 149 STATE OF GEORGIA $35,015 United States 150 BANK OF CHINA $34,879 China 151 ROADS SERVICE (NORTHERN IRELAND) $34,741 United Kingdom 152 HANDAN IRON & STEEL $34,538 China 153 SK HYNIX $34,421 South Korea 154 INTERNATIONAL PETROLEUM INVESTMENT $34,345 United Arab Emirates 155 JX NIPPON OIL & ENERGY $34,267 Japan 156 ANGLO OPERATIONS $34,201 United Kingdom 157 MITSUI FUDOSAN $34,005 Japan

6 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country 158 AMERICA MOVIL PERU $33,926 Mexico 159 BANQUE PARIBAS $33,914 France 160 TESCO $33,632 United Kingdom 161 ARCELORMITTAL STEEL $33,588 Luxembourg 162 UPS $33,338 United States 163 STATE OF MISSOURI $33,141 United States 164 CVS CAREMARK $32,904 United States 165 MAIN ROADS WESTERN AUSTRALIA $32,890 Australia 166 DEUTSCHE BAHN $32,787 Germany 167 CSX TRANSPORTATION $32,700 United States 168 COMMONWEALTH OF VIRGINIA $32,215 United States 169 PORT AUTHORITY OF NEW YORK & NEW JERSEY $32,107 United States 170 FIAT $31,812 Netherlands 171 AUCKLAND COUNCIL $31,793 New Zealand 172 FIRSTENERGY $31,650 United States 173 NORFOLK SOUTHERN $31,614 United States 174 FRANCE TELECOM $31,606 France 175 WALT DISNEY $31,603 United States 176 UNIVERSITY OF CALIFORNIA $31,368 United States 177 STATE OF TENNESSEE $31,052 United States 178 STATE OF MARYLAND $31,048 United States 179 DELTA AIR LINES $30,964 United States 180 CANADIAN NATIONAL RAILWAY $30,775 Canada 181 FEDERAL GOVERNMENT OF MEXICO $30,612 Mexico 182 DUBAI ELECTRICITY & WATER AUTHORITY $30,414 United Arab Emirates 183 BOE TECHNOLOGY $30,403 China 184 EOG RESOURCES $30,364 United States 185 CHINA DATANG TECHNOLOGIES & ENG $30,266 China 186 STATE OF ARIZONA $30,118 United States 187 CHENIERE ENERGY $30,112 United States 188 PRAXAIR $30,089 United States 189 CHUBU PLANT SERVICE $30,075 Japan 190 TARGET $29,877 United States 191 STATE OF WISCONSIN $29,873 United States 192 CORPORACION NACIONAL DEL COBRE DE CHILE $29,700 Chile 193 BRITISH TELECOM $29,586 United Kingdom 194 FREEPORT-MCMORAN G/C $29,584 United States 195 NESTLE $29,374 Switzerland 196 VALERO $29,264 United States 197 PROLOGIS $29,225 United States 198 WILLIAMS GAS PIPELINE $29,200 United States

199 KIA MOTORS $29,113 South Korea 200 MTR $28,929 China 201 SONELGAZ $28,893 Algeria

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 7 Infrastructure Value* Headquarters Rank Owner (millions USD) Country 202 NIPPON STEEL $28,863 Japan 203 JAPAN POST $28,851 Japan 204 ANADARKO PETROLEUM $28,615 United States 205 WELLTOWER $28,595 United States 206 LIDL $28,582 Germany 207 STATE OF OHIO $28,564 United States 208 HYUNDAI $28,553 South Korea 209 NORTHEAST UTILITIES $28,493 United States 210 QATAR PETROLEUM $28,474 Qatar 211 AEON $28,284 Japan 212 MICRON TECHNOLOGY $28,240 United States 213 TOHOKU ELECTRIC POWER $28,169 Japan 214 HOLCIM $28,082 Switzerland 215 CHINA CONSTRUCTION BANK $27,937 China 216 LAFARGE $27,768 France 217 CENTURYLINK $27,765 United States 218 TIAA REAL ESTATE $27,567 United States 219 ANHEUSER BUSCH $27,544 Belgium 220 VATTENFALL $27,280 Sweden 221 HONDA MOTOR $27,267 Japan 222 STATE OF NEW JERSEY $27,216 United States 223 IKEA $26,984 Netherlands 224 CARGILL $26,911 United States 225 CITY OF SAN FRANCISCO $26,845 United States 226 TENAGA NASIONAL BERHAD $26,545 Malaysia 227 CITY OF CHICAGO $26,249 United States 228 ANAS $26,205 Italy 229 BMW $26,133 Germany 230 SDIC HUAJING POWER HOLDINGS $26,060 China 231 FORTISBC ENERGY $26,026 Canada 232 J.P. MORGAN CHASE BANK $25,813 United States 233 POSCO ENGINEERING & CONSTRUCTION $25,784 South Korea 234 REPSOL $25,737 Spain 235 SURGUTNEFTEGAZ $25,716 Russia 236 KDDI $25,622 Japan 237 OSTERREICHISCHE BUNDESBAHNEN $25,318 Austria 238 STATE OF KENTUCKY $25,291 United States 239 NEWMONT GOLD $25,276 United States 240 CHINA HUADIAN ENGINEERING $25,245 China 241 ORIGIN ENERGY $25,223 Australia 242 STATE OF CONNECTICUT $25,120 United States 243 PHILLIPS 66 $25,098 United States 244 CHINA NATIONAL BUILDING MATERIAL $24,780 China 245 BASF $24,481 Germany

8 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country 246 AMEREN SERVICES $24,376 United States 247 DTE ENERGY $24,279 United States 248 MCDONALDS $24,160 United States 249 BARRICK GOLDSTRIKE MINES $24,141 Canada 250 STATE OF MICHIGAN $24,102 United States 251 CITY OF TORONTO $24,026 Canada 252 CITIC PACIFIC $23,959 China 253 SIMON PROPERTY $23,898 United States 254 POWER GRID CORPORATION OF INDIA $23,857 India 255 CHUGOKU ELECTRIC POWER $23,825 Japan 256 GAS NATURAL (SPAIN) $23,662 Spain 257 WE ENERGIES $23,620 United States 258 SOFTBANK $23,535 Japan 259 ROBERT BOSCH $23,402 Germany 260 SASOL $23,372 South Africa 261 TECK $23,333 Canada 262 WEST JAPAN RAILWAY $23,294 Japan 263 COMMONWEALTH EDISON $23,115 United States 264 RWE $22,938 Germany 265 DOWDUPONT $22,935 United States 266 F. HOFFMANN-LA ROCHE $22,901 Switzerland 267 STATE OF ALABAMA $22,851 United States 268 HOME DEPOT $22,770 United States 269 HCA HOLDINGS $22,715 United States 270 AES CORPORATION $22,574 United States 271 STATE OF COLORADO $22,517 United States 272 TRANSNET $22,487 South Africa 273 STATE OF ILLINOIS $22,389 United States 274 CONCHO VALLEY ELECTRIC $22,313 United States 275 BAOSHAN IRO & STEEL $22,313 China 276 AIR LIQUIDE GLOBAL $22,305 France 277 LAND HESSEN $22,291 Germany 278 ELECTRIC POWER DEVELOPMENT $22,083 Japan 279 EDP PRODUCAO $21,880 Portugal 280 KROGER $21,871 United States 281 INDIAN OIL $21,858 India 282 VENTAS $21,729 United States 283 NATIONAL LAND SERVICE (LITHUANIA) $21,563 Lithuania 284 CENOVUS ENERGY $21,314 Canada 285 AGRICULTURAL BANK OF CHINA $21,300 China 286 PROCTER & GAMBLE $21,271 United States 287 BELL CANADA $21,033 Canada 288 OAO KONTSERN ROSENERGOATOM $20,997 Russia 289 PACIFICORP $20,973 United States

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 9 Infrastructure Value* Headquarters Rank Owner (millions USD) Country 290 CENTERPOINT ENERGY GAS BUSINESS $20,945 United States 291 PRORAIL $20,928 Netherlands 292 COSTCO WHOLESALE $20,890 United States 293 PEPSICO $20,853 United States 294 INPEX $20,852 Japan 295 INFRABEL $20,678 Belgium 296 THAMES WATER UTILITIES $20,640 United Kingdom 297 ENBW $20,630 Germany 298 TENNET TSO $20,617 Netherlands 299 SAUDI ARABIAN MINING $20,610 Saudi Arabia 300 LOUIS VUITTON $20,609 France 301 POTASHCORP $20,335 Canada 302 EQUITY PROPERTIES $20,257 United States 303 TESLA $20,199 United States 304 STATE OF MINNESOTA $20,194 United States 305 CITY OF MIAMI $20,092 United States 306 LINDE AG ZENTRALVERWALTUNG $20,070 Germany 307 FIRST QUANTUM MINERALS $19,972 Canada 308 MITSUBISHI HITACHI POWER SYSTEMS $19,920 Japan 309 CHRISTIAN DIOR $19,880 France 310 HEBEI IRON & STEEL $19,799 China 311 LOS ANGELES COUNTY $19,743 United States 312 SEVEN AND I $19,643 Japan 313 STATE OF UTAH $19,608 United States 314 MITSUI & CO $19,516 Japan 315 ECOPETROL $19,388 Colombia 316 CRH PUBLIC $19,375 Ireland 317 WESTAR ENERGY $19,346 United States 318 CHINA RESOURCES POWER HOLDINGS $19,308 China 319 AIRBUS $19,231 Netherlands 320 CHINA COAL ENERGY $19,095 China 321 CONSUMERS ENERGY $18,929 United States 322 HOUSING NEW ZEALAND $18,887 New Zealand 323 SAINSBURY $18,872 United Kingdom 324 TRANSOCEAN OFFSHORE EUROPE $18,847 Switzerland 325 DEPARTMENT OF DEFENCE (AUSTRALIA) $18,737 Australia 326 CEZ $18,723 Czech Republic 327 TAQA BRATANI $18,709 United Arab Emirates 328 MINISTERIO DE MINAS Y ENERGIA $18,676 Colombia 329 LOWES $18,669 United States 330 KOREA GAS $18,651 South Korea 331 STATE GRID $18,547 China 332 WOODSIDE ENERGY $18,439 Australia

10 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country 333 CLP POWER $18,416 China 334 STATE OF ARKANSAS $18,387 United States 335 MIDAMERICAN ENERGY $18,377 United States 336 AMERICAN WATER WORKS SERVICE $18,355 United States 337 TATA STEEL $18,354 India 338 ONEOK $18,349 United States 339 OMV SOLUTIONS $18,324 Austria 340 MGM MIRAGE $18,286 United States 341 SNAM $18,280 Italy 342 RENAULT $18,161 France 343 HOUSING & DEVELOPMENT BOARD (SINGAPORE) $18,160 Singapore 344 HUSKY OIL OPERATIONS $17,979 Canada 345 CITY OF HOUSTON $17,971 United States 346 MOSCOW METRO $17,954 Russia 347 YPF (ARGENTINA) $17,895 Argentina 348 MITSUBISHI HEAVY INDUSTRIES $17,870 Japan 349 STATE OF SOUTH CAROLINA $17,802 United States 350 KOREA RAILROAD $17,737 South Korea 351 ENERGY DEVELOPMENT $17,678 United States 352 JOHNSON & JOHNSON $17,658 United States 353 BOSTON PROPERTIES $17,622 United States 354 ITAIPU BINACIONAL $17,581 Paraguay 355 AMERADA HESS $17,560 United States 356 AVALONBAY COMMUNITIES $17,519 United States 357 VEDANTA RESOURCES $17,480 United Kingdom 358 NIPPON LIFE INSURANCE $17,445 Japan 359 STATE OF MISSISSIPPI $17,403 United States 360 STATE OF INDIANA $17,259 United States 361 TOKYU $17,254 Japan 362 JFE ENGINEERING $17,207 Japan 363 LAS VEGAS SANDS $17,116 United States 364 ADMINISTRADOR DE INFRAESTRUCTURAS FERROV $17,015 Spain 365 INVITATION HOMES $16,931 United States 366 NISOURCE $16,912 United States 367 ENERGY QUEENSLAND $16,846 Australia 368 HANKYU HANSHIN HOLDINGS $16,668 Japan 369 DENSO $16,610 Japan 370 CONTINENTAL RESOURCES $16,605 United States 371 FINANCIERE AGACHE $16,574 France 372 FEDERAL GRID CO OF UNIFIED ENERGY SYS $16,437 Russia 373 HERTZ GLOBAL HOLDINGS $16,417 United States 374 CHINA LONGYUAN POWER $16,403 China 375 PEUGEOT BELGIQUE-LUXEMBOURG $16,401 France

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 11 Infrastructure Value* Headquarters Rank Owner (millions USD) Country 376 STATE OF IOWA $16,373 United States 377 PIONEER NATURAL RESOURCES $16,357 United States 378 HANSON HEIDELBURG CEMENT $16,322 Germany 379 POWER CONSTRUCTION CORPORATION OF CHINA $16,229 China 380 EQT $16,155 United States 381 AENA DPTO. DE PUBLICACIONES $16,098 Spain 382 FORTESCUE METALS $16,063 Australia 383 MITSUBISHI CHEMICAL ENGINEERING $16,028 Japan 384 CORNING $15,841 United States 385 SCOTTISH & SOUTHERN ENERGY $15,840 United Kingdom 386 PLAINS GP HOLDINGS $15,833 United States 387 SEAWELL MANAGEMENT $15,730 Bermuda 388 PGE GORNICTWO I ENERGETYKA $15,717 Poland 389 STATE OF LOUISIANA $15,606 United States 390 TELECOM ITALIA $15,580 Italy 391 TERNA QATAR $15,575 Italy 392 LOEWS $15,568 United States 393 VASAKRONAN $15,518 Sweden 394 AUSTRALIAN CAPITAL TERRITORY $15,500 Australia 395 ISRAEL ELECTRIC $15,483 Israel 396 FGP TOPCO $15,434 United Kingdom 397 JSC HOLDING $15,345 Russia 398 HOKKAIDO POWER ENGINEERING $15,241 Japan 399 HEATHROW AIRPORT $15,169 United Kingdom 400 PUBLIC SERVICE COMPANY OF COLORADO $15,120 United States 401 ENSCO $15,097 United Kingdom

402 ALBERTSONS $15,079 United States 403 MERCK & COMPANY $15,053 United States 404 IBM $15,005 United States 405 STATE OF OREGON $14,939 United States 406 WEYERHAEUSER $14,795 United States 407 CHINA ALUMINUM INTERNATIONAL ENGINEERING $14,789 China 408 CHESAPEAKE ENERGY $14,756 United States 409 TELSTRA $14,755 Australia 410 TESORO PETROLEUM $14,742 United States 411 MICHELIN $14,644 France 412 TARGA RESOURCES $14,549 United States 413 LOS ANGELES UNIFIED SCHOOL DISTRICT $14,541 United States 414 PINNACLE WEST CAPITAL $14,522 United States 415 BRIDGESTONE $14,285 Japan 416 STATE OF HAWAII $14,231 United States 417 UNITED UTILITIES $14,228 United Kingdom 418 SAIC MOTOR $14,204 China

12 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure Value* Headquarters Rank Owner (millions USD) Country 419 QUADRANT ENERGY $14,158 United States 420 LYONDELLBASELL POLYLEFINE $14,130 Netherlands 421 BRISBANE CITY COUNCIL $14,109 Australia 422 BAYER $14,019 Germany 423 PFIZER $13,967 United States 424 CPC $13,964 Taiwan 425 VISTRA $13,960 United States 426 ELECTRICITY GENERATION AUTHORITY OF THAILAND $13,923 Thailand 427 STATE OF KANSAS $13,919 United States 428 CITY OF CHARLOTTE $13,867 United States 429 LIBERTY GLOBAL $13,844 United States 430 EMERA $13,826 Canada 431 STOCKHOLMS STAD $13,721 Sweden 432 BOEING $13,684 United States 433 A. HAK LEIDINGBOUW $13,670 Netherlands 434 ATCO TECHNOLOGY MANAGEMENT $13,590 Canada 435 SIEMENS $13,547 Germany 436 ALLIANT ENERGY $13,527 United States 437 EL CORTE INGLES $13,501 Spain 438 SYDNEY WATER $13,495 Australia 439 WALGREENS $13,478 United States 440 GLAXOSMITHKLINE $13,477 United Kingdom 441 TOKYO GAS ENGINEERING $13,426 Japan

442 SK INNOVATION $13,355 South Korea 443 GROUPE AUCHAN $13,220 France 444 JAPAN NUCLEAR FUEL $13,084 Japan 445 CITY OF ATLANTA $13,069 United States 446 SAINT GOBAIN $13,018 France 447 INTERNATIONAL PAPER $13,004 United States 448 SPARKASSE PFORZHEIM CALW $12,963 Germany 449 CHINA STEEL $12,956 China 450 ALECTRA UTILITIES $12,928 Canada 451 KINTETSU ENGINEERING $12,924 Japan 452 CATERPILLAR $12,904 United States 453 ENBRIDGE ENERGY PARTNERS $12,896 United States 454 WASTE MANAGEMENT $12,893 United States 455 TOBU RAILWAY $12,886 Japan 456 ANTERO RESOURCES APPALACHIAN $12,856 United States 457 MIGROS $12,814 Switzerland 458 KANSAI INTERNATIONAL AIRPORT $12,810 Japan 459 CARREFOUR $12,773 France 460 OSPREY $12,733 United Kingdom 461 ANGLIAN WATER SERVICES $12,724 United Kingdom

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 HELLENIC RAILWAYS ORGANIZATION $12,657 Greece 463 HSBC $12,605 Hong Kong 464 GOLDCORP $12,596 Canada 465 STICHTING DE ALLIANTIE $12,537 Netherlands 466 LLOYDS BANKING $12,532 United Kingdom 467 LOTTE SHOPPING $12,520 South Korea 468 STATKRAFT $12,512 Norway 469 CEMEX CENTRAL $12,454 Mexico 470 CITY OF PHOENIX $12,303 United States 471 RABIGH REFINING AND PETROCHEMICALS $12,296 Saudi Arabia 472 EMIRATES TELECOMMUNICATIONS $12,272 United Arab Emirates 473 NOVARTIS $12,069 Switzerland 474 SAUDI TELECOM $12,023 Saudi Arabia 475 CALPINE $11,963 United States 476 WATER CORPORATION OF WESTERN AUSTRALIA $11,958 Australia 477 PANASONIC $11,920 Japan 478 KT ENG $11,906 South Korea 479 PUBLIC POWER (GREECE) $11,877 Greece 480 GENERAL GROWTH PROPERTIES $11,843 United States 481 SEVERN TRENT WATER $11,842 United Kingdom 482 ROYAL AHOLD $11,817 Netherlands 483 ATMOS ENERGY $11,788 United States 484 PAN AMERICAN ENERGY $11,510 Argentina 485 UNILEVER $11,493 Netherlands 486 ANTARCHILE $11,486 Chile 487 HRVATSKE CESTE $11,449 Croatia 488 JSW STEEL $11,224 India 489 SOUTH CAROLINA ELECTRIC & GAS $11,067 United States 490 WIENER STADTWERKE HOLDING $11,054 Austria 491 STEEL AUTHORITY OF INDIA $10,978 India 492 RUSHYDRO $10,950 Russia 493 SANOFI AVENTIS $10,916 France 494 REDESA $10,867 Spain 495 AGC $10,793 Japan 496 HOKURIKU ELECTRIC POWER $10,558 Japan 497 PUGET SOUND ENERGY $10,553 United States 498 CHINA HUANENG $10,333 China 499 ARCHER DANIELS MIDLAND $10,106 United States 500 VORNADO REALTY TRUST $10,058 United States

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 2021 edition of the Bentley Infrastructure 500.

14 WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. Infrastructure IValuenfrast r(USDuctur eMillions) Value *U andSD M Topillio Ownersn by Country

UNITED STATES $6,799,833 (183)

CHINA $1,453,195 (38)

JAPAN $1,240,079 (44)

UNITED KINGDOM $1,012,520 (24)

CANADA $919,624 (25)

FRANCE $763,151 (19)

RUSSIA $644,050 (11)

AUSTRALIA $609,313 (16)

GERMANY $543,205 (17)

NETHERLANDS $523,473 (12)

SOUTH KOREA $394,292 (9)

SWITZERLAND $282,312 (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

16% 12%

48% 51% 37% 36%

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 2021 edition infrastructure, such as equipment, furniture, and software. of the Bentley Infrastructure 500.

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