2015 BENTLEY 500 TOP OWNERS RANKING 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. 2015 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$16.2 trillion, is close to the 2014 GDP of the U.S. and exceeds the combined 2014 GDPs of China and Japan. Bentley is committed to increasing infrastructure investment returns through BIM advancements that enhance project delivery and asset performance.

Infrastructure Value* Rank Company Name Headquarters Country (millions USD)

1 UNITED STATES GOVERNMENT United States 375,400

2 EXXON MOBIL CORPORATION United States 252,668

3 PETROLEO BRASILEIRO () Brazil 218,779

4 Russia 193,073

5 Netherlands 192,472

6 CHINA NATIONAL CORPORATION China 190,424

7 HIGHWAYS ENGLAND (formerly HIGHWAYS AGENCY) United Kingdom 185,875

8 United States 183,173

9 ÉLECTRICITÉ DE FRANCE France 154,798

10 PETRÓLEOS DE VENEZUELA Venezuela 137,172

11 BP United Kingdom 125,806

12 STATE OF CALIFORNIA United States 125,125

13 KOREA ELECTRIC POWER CORPORATION South Korea 122,999

14 KINGDOM OF THE NETHERLANDS Netherlands 119,957

15 PETRÓLEOS MEXICANOS (PEMEX) Mexico 119,922

16 WAL-MART STORES United States 116,655

17 AT&T United States 112,898

18 STATE OF TEXAS United States 112,851

19 CHINA MOBILE China 107,556

20 BHP BILLITON Australia 107,428

21 TOTAL France 106,876

22 COMMONWEALTH OF AUSTRALIA Australia 101,132

23 Russia 100,714

24 STATE OF NEW YORK United States 100,441

25 CHINA PETROCHEMICAL CORPORATION China 93,292

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 1 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 26 VERIZON COMMUNICATIONS United States 89,947

27 88,737

28 Italy 87,369

29 NETWORK RAIL United Kingdom 84,025

30 U.K. MINISTRY OF DEFENCE United Kingdom 81,868

31 NIPPON TELEGRAPH AND TELEPHONE Japan 81,604

32 Russia 81,467

33 REPUBLIC OF SOUTH AFRICA South Africa 81,025

34 VALE Brazil 78,122

35 GDF SUEZ France 77,579

36 STATE OF FLORIDA United States 77,447

37 STATOIL Norway 75,653

38 CONOCOPHILLIPS United States 75,444

39 CNOOC China 75,042

40 THE TOKYO ELECTRIC POWER COMPANY Japan 74,685

41 TOYOTA MOTOR CORPORATION Japan 74,296

42 SAMSUNG ELECTRONICS COMPANY South Korea 73,568

43 SAUDI ELECTRICITY COMPANY Saudi Arabia 73,125

44 CHINA UNITED NETWORK COMMUNICATIONS China 71,308

45 Qatar 71,206

46 TRANSPORT FOR NSW Australia 70,568

47 Switzerland 70,110

48 DUKE ENERGY CORPORATION United States 70,046

49 CHINA TELECOM CORPORATION China 69,629

50 PROVINCE OF ONTARIO Canada 69,169

51 Australia 68,693

52 DAIMLER Germany 68,271

53 COMISIÓN FEDERAL DE ELECTRICIDAD Mexico 67,812

54 Spain 66,906

55 GENERAL ELECTRIC COMPANY United States 66,246

56 PETROLIAM NASIONAL BERHAD () Malaysia 63,819

57 U.S. DEPARTMENT OF THE ARMY United States 60,110

58 NATIONAL GRID United Kingdom 59,818

59 GOVERNMENT OF SWITZERLAND Switzerland 56,613

60 CHINA SHENHUA ENERGY COMPANY China 56,555

61 VOLKSWAGEN Germany 56,054

62 BURLINGTON NORTHERN SANTA FE CORPORATION United States 55,806

63 NEXTERA ENERGY United States 55,705

64 TEMASEK HOLDINGS Singapore 55,484

65 CITY OF NEW YORK United States 54,953

66 SOUTHERN COMPANY United States 54,868

67 RUSSIAN RAILWAYS Russia 52,652

68 CORPORATION United States 52,087

69 Canada 51,556

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 2 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 70 NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY United States 51,429

71 EAST JAPAN RAILWAY COMPANY Japan 50,695

72 FERROVIE DELLO STATO ITALIANE Italy 50,661

73 E.ON Germany 50,110

74 TAIWAN POWER COMPANY Taiwan 48,918

75 DEUTSCHE TELEKOM Germany 48,098

76 APACHE CORPORATION United States 48,076

77 DEUTSCHE BAHN Germany 47,739

78 GOVERNMENT OF HONG KONG China 47,337

79 HYDRO-QUEBEC Canada 46,940

80 ARCELORMITTAL Luxembourg 46,593

81 GOVERNMENT OF CANADA Canada 46,526

82 Canada 46,409

83 STATE OF NORTH CAROLINA United States 45,635

84 FREEPORT-MCMORAN United States 45,494

85 CHINA THREE GORGES CORPORATION China 45,439

86 TRANSPORT FOR LONDON United Kingdom 45,380

87 CANADIAN NATURAL RESOURCES Canada 45,245

88 SAUDI BASIC INDUSTRIES CORPORATION Saudi Arabia 44,538

89 AMERICAN ELECTRIC POWER COMPANY United States 44,117

90 PG&E United States 44,054

91 DEPARTMENT FOR REGIONAL DEVELOPMENT United Kingdom 43,364

92 THE KANSAI ELECTRIC POWER COMPANY Japan 42,713

93 QUEENSLAND DEPARTMENT OF TRANSPORT AND MAIN ROADS Australia 42,422

94 NISSAN MOTOR COMPANY Japan 42,340

95 ANADARKO PETROLEUM United States 41,589

96 U.S. DEPARTMENT OF THE AIR FORCE United States 41,287

97 TELEFONICA Spain 40,482

98 AMERICA MOVIL Mexico 40,467

99 DATANG INTERNATIONAL POWER GENERATION COMPANY China 40,463

100 UNION PACIFIC CORPORATION United States 40,011

101 GOUVERNEMENT DU QUÉBEC Canada 39,972

102 CORPORATION United States 39,730

103 UNIBAIL-RODAMCO France 39,549

104 TRAFIKVERKET 39,540

105 VODAFONE GROUP United Kingdom 39,372

106 STATE OF WASHINGTON United States 39,225

107 KINDER MORGAN United States 38,564

108 ANGLO AMERICAN United Kingdom 38,475

109 A. HAK MATERIEEL Netherlands 38,019

110 RWE Germany 37,709

111 CORPORATION United States 36,296

112 DOMINION RESOURCES United States 36,270

113 JOHN SWIRE & SONS United Kingdom 36,050

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 3 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 114 TRANSCANADA CORPORATION Canada 36,015

115 INDIAN RAILWAYS India 35,973

116 KUWAIT PETROLEUM CORPORATION Kuwait 35,790

117 FIRSTENERGY CORPORATION United States 35,783

118 CENTRAL JAPAN RAILWAY COMPANY Japan 35,655

119 VATTENFALL Sweden 35,068

120 BROOKFIELD ASSET MANAGEMENT Canada 35,063

121 SOFTBANK Japan 34,869

122 GENERAL MOTORS COMPANY United States 34,803

123 PPL United States 34,597

124 COMMONWEALTH OF PENNSYLVANIA United States 34,364

125 EMPRESA COLOMBIANA DE PETROLEOS () Colombia 34,291

126 CITY OF LOS ANGELES United States 34,052

127 U.S. DEPARTMENT OF THE NAVY United States 33,678

128 GD POWER DEVELOPMENT COMPANY China 33,527

129 INTEL CORPORATION United States 33,238

130 Italy 33,151

131 CHUBU ELECTRIC POWER COMPANY Japan 33,016

132 EDISON INTERNATIONAL United States 32,981

133 INTERNATIONAL LEASE FINANCE CORPORATION United States 32,453

134 GOVERNMENT OF ALBERTA Canada 32,451

135 CHESAPEAKE ENERGY CORPORATION United States 32,422

136 FIAT CHRYSLER AUTOMOBILES N.V. Netherlands 32,062

137 STATE OF MISSOURI United States 32,053

138 POSCO South Korea 31,933

139 JARDINE MATHESON HOLDINGS Bermuda 31,907

140 TESCO United Kingdom 31,537

141 OIL & CORPORATION India 31,461

142 ESKOM HOLDINGS South Africa 31,246

143 India 31,147

144 INDUSTRIAL & COMMERCIAL BANK OF CHINA (ICBC) China 31,120

145 CORPORATION United States 30,953

146 SK HOLDINGS South Korea 30,940

147 HUANENG POWER INTERNATIONAL China 30,690

148 GUP MOSKOVSKII METROPOLITEN Russia 30,659

149 FEDERAL GOVERNMENT OF THE UNITED STATES OF MEXICO Mexico 30,612

150 TENNESSEE VALLEY AUTHORITY United States 30,350

151 STATE OF GEORGIA United States 30,338

152 Russia 30,331

153 FORD MOTOR COMPANY United States 30,126

154 ENTERPRISE PRODUCTS PARTNERS United States 29,882

155 CONSOLIDATED EDISON United States 29,827

156 MAIN ROADS WESTERN AUSTRALIA Australia 29,779

157 ENERGY TRANSFER PARTNERS United States 29,743

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 4 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 158 U.S. ARMY CORPS OF ENGINEERS United States 29,551

159 PROVINCE OF BRITISH COLUMBIA Canada 29,527

160 GRUPO SANTANDER Spain 29,486

161 EOG RESOURCES United States 29,173

162 CORPORATION United States 29,040

163 ANAS Italy 29,007

164 ENTERGY CORPORATION United States 28,937

165 GAS NATURAL SDG Spain 28,847

166 XCEL ENERGY United States 28,757

167 BASF Germany 28,526

168 NESTLE Switzerland 28,399

169 ORANGE France 28,306

170 SCHWEIZERISCHE BUNDESBAHNEN Switzerland 28,144

171 WILLIAMS COMPANIES United States 28,081

172 COMMONWEALTH OF VIRGINIA United States 28,067

173 MITSUBISHI ESTATE Japan 27,858

174 U.S. GENERAL SERVICES ADMINISTRATION United States 27,728

175 AUSTRALIAN DEFENCE FORCE Australia 27,710

176 Canada 27,577

177 United States 27,517

178 STATE OF TENNESSEE United States 27,515

179 HONDA MOTOR COMPANY Japan 27,403

180 STATE OF WISCONSIN United States 27,392

181 KYUSHU ELECTRIC POWER COMPANY Japan 27,376

182 UNIVERSITY OF CALIFORNIA United States 27,361

183 LAND HESSEN Germany 26,861

184 VALERO ENERGY CORPORATION United States 26,735

185 SOCIETE NATIONALE DE L'ELECTRICITE ET DU GAZ Algeria 26,715

186 STATE OF MARYLAND United States 26,365

187 TENAGA NASIONAL BERHAD Malaysia 26,256

188 U.S. DEPARTMENT OF ENERGY United States 26,205

189 STATE OF ARIZONA United States 26,117

190 STATE OF OHIO United States 25,975

191 TARGET CORPORATION United States 25,958

192 SEMPRA ENERGY United States 25,902

193 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY Taiwan 25,823

194 PORT AUTHORITY OF NEW YORK & NEW JERSEY United States 25,701

195 TOHOKU ELECTRIC POWER COMPANY Japan 25,570

196 STATE OF NEW JERSEY United States 25,532

197 ÖBB-HOLDING Austria 25,202

198 AES CORPORATION United States 25,151

199 EDP – ENERGIAS DE PORTUGAL Portugal 24,917

200 IDGC HOLDING Russia 24,818

201 CARGILL United States 24,626

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 5 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 202 SDIC POWER HOLDINGS China 24,589

203 DUBAI ELECTRICITY AND WATER AUTHORITY United Arab Emirates 24,580

204 MCDONALD'S CORPORATION United States 24,558

205 CHINA CONSTRUCTION BANK China 24,415

206 SUMITOMO REALTY & DEVELOPMENT Japan 24,339

207 AGRICULTURAL BANK OF CHINA China 24,199

208 NTPC India 24,120

209 HUADIAN POWER INTERNATIONAL CORPORATION China 23,984

210 GOOGLE United States 23,883

211 LIBERTY GLOBAL United States 23,841

212 PUBLIC SERVICE ENTERPRISE GROUP United States 23,589

213 HUTCHISON WHAMPOA China 23,435

214 WALT DISNEY COMPANY United States 23,332

215 COMMONWEALTH OF KENTUCKY United States 23,135

216 TECK RESOURCES Canada 23,011

217 CSX United States 23,002

218 INGKA HOLDING Netherlands 22,844

219 HOME DEPOT United States 22,720

220 MITSUI FUDOSAN Japan 22,659

221 STATE OF MICHIGAN United States 22,541

222 OMV Austria 22,460

223 SIMON PROPERTY GROUP United States 22,368

224 NRG ENERGY United States 22,367

225 SPECTRA ENERGY United States 22,307

226 UNITED STATES DEPARTMENT OF VETERANS AFFAIRS United States 22,283

227 EQUITY RESIDENTIAL United States 22,243

228 STATE GRID CORPORATION OF CHINA China 22,231

229 TIAA REAL ESTATE ACCOUNT United States 22,168

230 UNITED STATES DEPARTMENT OF THE INTERIOR United States 22,161

231 JAPAN POST GROUP Japan 22,138

232 KAZMUNAYGAZ Kazakhstan 22,119

233 CITY OF CHICAGO United States 22,103

234 CITIC PACIFIC China 21,860

235 PTT Thailand 21,853

236 HEALTH CARE REIT United States 21,787

237 ABU DHABI NATIONAL ENERGY COMPANY United Arab Emirates 21,736

238 NORFOLK SOUTHERN CORPORATION United States 21,711

239 HOLCIM Switzerland 21,646

240 NIPPON STEEL & SUMITOMO METAL CORPORATION Japan 21,629

241 Switzerland 21,538

242 STATE OF ILLINOIS United States 21,490

243 JX HOLDINGS Japan 21,277

244 SOCIETE GENERALE France 21,201

245 CORPORACION NACIONAL DEL COBRE (CODELCO) Chile 21,151

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 6 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 246 CANADIAN NATIONAL RAILWAY COMPANY Canada 21,138

247 MINISTERIO DE MINAS Y ENERGIA Colombia 21,130

248 ROSATOM Russia 21,129

249 PRORAIL Netherlands 21,124

250 BAYERISCHE MOTOREN WERKE AG Germany 20,861

251 Spain 20,796

252 U.S. DEPARTMENT OF HOMELAND SECURITY United States 20,783

253 STATE OF ALABAMA United States 20,751

254 GENERAL GROWTH PROPERTIES United States 20,696

255 AEON Japan 20,625

256 APPLE United States 20,624

257 HYUNDAI MOTOR COMPANY South Korea 20,598

258 HITACHI Japan 20,585

259 KOREA GAS CORPORATION South Korea 20,495

260 CHINA COAL ENERGY COMPANY China 20,421

261 BNP PARIBAS France 20,274

262 PROCTER & GAMBLE COMPANY United States 20,268

263 ANHEUSER-BUSCH Belgium 20,263

264 LOWE'S COMPANIES United States 20,034

265 BT GROUP United Kingdom 19,987

266 MITSUBISHI CORPORATION Japan 19,949

267 CHINA NATIONAL BUILDING MATERIAL COMPANY China 19,857

268 AIRBUS GROUP Netherlands 19,815

269 Russia 19,774

270 SPRINT COMMUNICATIONS United States 19,721

271 PROLOGIS United States 19,399

272 BARRICK GOLD CORPORATION Canada 19,193

273 CHUGOKU ELECTRIC POWER Japan 19,176

274 LIDL STIFTUNG & COMPANY Germany 19,166

275 LOS ANGELES COUNTY United States 19,093

276 VENTAS United States 18,986

277 CHINA RESOURCES POWER HOLDINGS COMPANY China 18,942

278 STATE OF COLORADO United States 18,779

279 PACIFICORP United States 18,719

280 INFRABEL Belgium 18,714

281 Italy 18,696

282 TELSTRA CORPORATION Australia 18,691

283 CEZ Czech Republic 18,680

284 MITSUI & CO Japan 18,678

285 NORTHEAST UTILITIES United States 18,647

286 KEMBLE WATER HOLDINGS United Kingdom 18,577

287 CENTURYLINK United States 18,433

288 AEROPUERTOS ESPAÑOLES Y NAVEGACIÓN AÉREA Spain 18,419

289 BCE Canada 18,387

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 7 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 290 YPF Argentina 18,358

291 UNITED PARCEL SERVICE United States 18,281

292 NOBLE ENERGY United States 18,143

293 COUNTY OF MIAMI-DADE United States 18,102

294 FGP TOPCO United Kingdom 18,060

295 DOW CHEMICAL COMPANY United States 18,051

296 WEST JAPAN RAILWAY COMPANY Japan 18,019

297 ENCANA CORPORATION Canada 18,015

298 KDDI CORPORATION Japan 17,966

299 United Kingdom 17,927

300 KROGER COMPANY United States 17,912

301 EL CORTE INGLES Spain 17,875

302 HEBEI IRON & STEEL China 17,795

303 HYUNDAI STEEL COMPANY South Korea 17,736

304 L'AIR LIQUIDE France 17,670

305 FORTESCUE METAL GROUP Australia 17,660

306 WOODSIDE PETROLEUM Australia 17,613

307 POWER GRID CORPORATION OF INDIA India 17,570

308 INTERNATIONAL PETROLEUM INVESTMENT COMPANY United Arab Emirates 17,515

309 ITAIPU BINACIONAL Paraguay 17,470

310 SAUDI ARABIAN MINING COMPANY Saudi Arabia 17,448

311 BAOSHAN IRON & STEEL COMPANY China 17,432

312 AMEREN CORPORATION United States 17,424

313 ROCHE HOLDING Switzerland 17,384

314 United States 17,346

315 MEXICO CITY TRANSIT Mexico 17,291

316 PEPSICO United States 17,244

317 SEADRILL Bermuda 17,221

318 CITY OF TORONTO Canada 17,158

319 STATE OF UTAH United States 17,143

320 India 17,095

321 CHINA SOUTHERN AIRLINES COMPANY LIMITED China 16,836

322 DTE ENERGY United States 16,820

323 BRISBANE CITY COUNCIL Australia 16,796

324 NIPPON LIFE INSURANCE COMPANY Japan 16,794

325 SSE United Kingdom 16,729

326 LAS VEGAS SANDS CORPORATION United States 16,726

327 ENBW – ENERGIE BADEN-WÜRTTEMBERG Germany 16,611

328 CATERPILLAR United States 16,577

329 PUBLIC POWER CORPORATION Greece 16,552

330 CLP HOLDINGS China 16,522

331 ALCOA United States 16,426

332 UNITED STATES POSTAL SERVICE United States 16,338

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 8 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 333 STATE OF CONNECTICUT United States 16,321

334 STATE OF OREGON United States 16,286

335 STATE OF MINNESOTA United States 16,271

336 GOLDCORP Canada 16,268

337 MARATHON PETROLEUM CORPORATION United States 16,261

338 TELECOM ITALIA Italy 16,253

339 THE ISRAEL ELECTRIC CORPORATION Israel 16,243

340 ELECTRIC POWER DEVELOPMENT COMPANY Japan 16,193

341 JOHNSON & JOHNSON United States 16,126

342 CITY OF HOUSTON United States 16,083

343 NISOURCE United States 16,017

344 Canada 16,004

345 TIME WARNER CABLE United States 15,990

346 NOVARTIS Switzerland 15,983

347 RESEAU FERRE DE FRANCE France 15,817

348 SEVEN & I HOLDINGS Japan 15,738

349 ENBRIDGE ENERGY PARTNERS United States 15,693

350 BOSTON PROPERTIES United States 15,689

351 STATE OF LOUISIANA United States 15,674

352 LOEWS CORPORATION United States 15,611

353 HENDERSON LAND DEVELOPMENT COMPANY Hong Kong 15,446

354 COMPAGNIE DE SAINT-GOBAIN France 15,367

355 FORTIS Canada 15,360

356 CGN POWER CO., LTD. China 15,355

357 SASOL South Africa 15,352

358 SANTOS Australia 15,329

359 STATE OF SOUTH CAROLINA United States 15,276

360 STATE OF MISSISSIPPI United States 15,266

361 BANK OF CHINA China 15,217

362 ALUMINUM CORPORATION OF CHINA China 15,216

363 JPMORGAN CHASE United States 15,133

364 CIT GROUP United States 15,057

365 HYDRO ONE Canada 15,002

366 STATE OF INDIANA United States 14,983

367 KT CORPORATION South Korea 14,981

368 HERTZ GLOBAL HOLDINGS United States 14,975

369 AVALONBAY COMMUNITIES United States 14,936

370 CARREFOUR France 14,899

371 J SAINSBURY United Kingdom 14,886

372 COSTCO WHOLESALE CORPORATION United States 14,830

373 LINDE Germany 14,753

374 MICROSOFT CORPORATION United States 14,731

375 FIRST QUANTUM MINERALS Canada 14,719

376 TRANSNET South Africa 14,708

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 9 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 377 LOS ANGELES UNIFIED SCHOOL DISTRICT United States 14,668

378 ROBERT BOSCH Germany 14,639

379 COCA-COLA COMPANY United States 14,633

380 LAFARGE France 14,632

381 HYUNDAI HEAVY INDUSTRIES South Korea 14,609

382 Netherlands 14,547

383 AUSTRALIAN CAPITAL TERRITORY GOVERNMENT Australia 14,498

384 STATE OF ARKANSAS United States 14,461

385 MGM RESORTS INTERNATIONAL United States 14,442

386 LOTTE SHOPPING South Korea 14,440

387 CHRISTIAN DIOR France 14,439

388 CHINA LONGYUAN POWER GROUP CORPORATION China 14,388

389 GROUP United Kingdom 14,380

390 HCA HOLDINGS United States 14,355

391 HOUSING AND DEVELOPMENT BOARD Singapore 14,303

392 FEDERALNAYA SETEVAYA KOMPANIYA EDINOI ENERGETICHESKOI SISTEMY Russia 14,132

393 GLAXOSMITHKLINE United Kingdom 14,128

394 PGE POLSKA GRUPA ENERGETYCZNA Poland 14,096

395 HANKYU HANSHIN HOLDINGS Japan 14,043

396 DONG ENERGY Denmark 14,034

397 CHINA STEEL CORPORATION China 14,024

398 CITY OF SAN FRANCISCO United States 13,997

399 KOREA RAILROAD South Korea 13,899

400 BAYER Germany 13,875

401 CEMEX Mexico 13,788

402 SPARKASSEN-FINANZGRUPPE Germany 13,785

403 LINN ENERGY United States 13,726

404 SOUTHWESTERN ENERGY CO United States 13,712

405 VORNADO REALTY TRUST United States 13,661

406 NEWMONT MINING CORPORATION United States 13,650

407 HELLENIC RAILWAYS ORGANIZATION Greece 13,619

408 FORTUM Finland 13,592

409 GROUPE AUCHAN France 13,543

410 MTR CORPORATION China 13,536

411 JFE HOLDINGS Japan 13,477

412 CAESARS ENTERTAINMENT CORPORATION United States 13,456

413 FINANCIERE AGACHE France 13,401

414 E. I. DU PONT DE NEMOURS AND COMPANY United States 13,386

415 STATKRAFT Norway 13,351

416 MURPHY OIL CORPORATION United States 13,331

417 FEDERAL AVIATION ADMINISTRATION United States 13,324

418 ANTARCHILE Chile 13,293

419 INTERNATIONAL PAPER COMPANY United States 13,235

420 PLAINS GP HOLDINGS LP United States 13,222

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 10 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 421 CALPINE CORPORATION United States 13,190

422 MERCK & COMPANY United States 13,136

423 PEUGEOT France 13,135

424 France 13,113

425 TERNA Italy 13,086

426 ATCO Canada 13,033

427 AMERICAN WATER WORKS COMPANY United States 13,029

428 CPC CORPORATION Taiwan 12,986

429 STATE OF KANSAS United States 12,943

430 GRUPO MEXICO, S.A.B. DE C.V. Mexico 12,918

431 ADANI ENTERPRISES India 12,896

432 STATE OF IOWA United States 12,881

433 A.P. MOLLER - MAERSK A/S Denmark 12,820

434 SK HYNIX South Korea 12,817

435 BRIDGESTONE CORPORATION Japan 12,800

436 CORNING INC United States 12,766

437 CMS ENERGY CORPORATION United States 12,739

438 UNILEVER GROUP Netherlands 12,714

439 POTASH CORPORATION OF SASKATCHEWAN Canada 12,674

440 MIGROS-GENOSSENSCHAFTS-BUND Switzerland 12,663

441 SANOFI France 12,622

442 METRO Germany 12,614

443 LVMH MOET HENNESSY - LOUIS VUITTON France 12,611

444 KOREA South Korea 12,573

445 ENSCO United Kingdom 12,535

446 COMPANY United States 12,475

447 MITSUBISHI CHEMICAL HOLDINGS CORPORATION Japan 12,473

448 TOKYU CORPORATION Japan 12,464

449 LLOYDS BANKING GROUP United Kingdom 12,405

450 ENERGY FUTURE HOLDINGS United States 12,397

451 SCANA CORPORATION United States 12,306

452 CRESCENT POINT ENERGY CORP. Canada 12,286

453 STICHTING YMERE Netherlands 12,281

454 PLAINS ALL AMERICAN PIPELINE LP United States 12,272

455 WALGREEN COMPANY United States 12,257

456 COMPAGNIE GÉNÉRALE DES ETABLISSEMENTS MICHELIN France 12,239

457 FEDERAL HYDROGENERATION COMPANY Russia 12,197

458 SL GREEN REALTY CORP United States 12,164

459 WHITING PETROLEUM CORPORATION United States 12,143

460 Germany 12,127

461 NOBLE CORPORATION Switzerland 12,113

462 ESB GROUP 12,045

463 EMIRATES TELECOMMUNICATIONS CORPORATION United Arab Emirates 12,043

464 PRAXAIR United States 11,997

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 11 Infrastructure Value* Rank Company Name Headquarters Country (millions USD) 465 TATA STEEL India 11,976

466 VASAKRONAN HOLDING Sweden 11,884

467 WIENER STADTWERKE HOLDING AG Austria 11,868

468 VIMPELCOM Netherlands 11,849

469 STICHTING DE GOEDE WONING Netherlands 11,830

470 KANSAI INTERNATIONAL AIRPORT LAND COMPANY Japan 11,829

471 CITY OF CHARLOTTE United States 11,816

472 HOKKAIDO ELECTRIC POWER COMPANY Japan 11,793

473 PIONEER NATURAL RESOURCES CO United States 11,781

474 PFIZER United States 11,762

475 CITY OF PHOENIX United States 11,755

476 FINATIS France 11,752

477 CENTRAIS ELETRICAS BRASILEIRAS –(ELETROBRAS) Brazil 11,737

478 STOCKHOLMS STADSHUS Sweden 11,665

479 ONEOK United States 11,662

480 STATE OF HAWAII United States 11,651

481 BOE TECHNOLOGY GROUP CO., LTD. China 11,647

482 PUBLIC SERVICE COMPANY OF COLORADO United States 11,627

483 KINTETSU CORPORATION Japan 11,597

484 TENNET HOLDING B.V. Netherlands 11,569

485 HEIDELBERGCEMENT Germany 11,526

486 VERBUND Austria 11,457

487 PANASONIC CORPORATION Japan 11,446

488 MARUBENI CORPORATION Japan 11,425

489 JAPAN NUCLEAR FUEL Japan 11,398

490 HEWLETT-PACKARD COMPANY United States 11,340

491 HON HAI PRECISION INDUSTRY COMPANY Taiwan 11,326

492 REGIE AUTONOME DES TRANSPORTS PARISIENS France 11,268

493 WISCONSIN ENERGY CORP United States 11,258

494 WATER CORPORATION OF WESTERN AUSTRALIA Australia 11,210

495 VOLVO Sweden 11,168

496 HRVATSKE CESTE Croatia 11,157

497 SVENSKA CELLULOSA AB SCA Sweden 11,120

498 PINNACLE WEST CAPITAL CORP United States 11,075

499 MACERICH CO United States 11,068

500 ORIGIN ENERGY Australia 11,061

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 2016 edition of the Bentley Infrastructure 500.

WWW.BENTLEY.COM *As measured by reported net tangible fixed assets. 12 Top Owners’ Infrastructure Value by Country Top Owners (Count) by Country

Mexico India Switzerland Switzerland Brazil Italy Russia Netherlands South Korea South Korea Germany Australia Netherlands

Germany Australia United States United States Russia United Kingdom

France France

Canada Canada China China Japan Japan United Kingdom

Top Owners’ Infrastructure Value by Sector Top Owners (Count) by Sector

Public Public 35% 30%

Private Private 65% 70%

ABOUT THE BENTLEY INFRASTRUCTURE 500

The Bentley Infrastructure 500 ranks owners according to Additional footnotes: • 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 already in are public- and private-sector entities with financials 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 annually. reporting schedules). The values presented are assessed Please visit www.bentley.com/BI500 if you wish to provide new or updated information about your net of depreciation and amortization and calculated to organization for consideration in the 2016 edition of the Bentley Infrastructure 500. exclude, where data is available, assets not representative of infrastructure, such as equipment, furniture, and software. Corporate Headquarters 685 Stockton Drive • Exton, PA 19341 • United States 1-800-BENTLEY (1-800-236-8539) +1 610-458-5000 (outside the United States)

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