Danske Bank A/S : List of excluded companies and issuers

Excluded Investments

June 2024

Our approach to responsible investment is based on the principle of Double Materiality meaning that we therefore consider sustainability factors from the perspective of:

1. Financial Materiality: Protect the value of our investments and generate attractive returns.
2. Environmental and Societal materiality: Reduce the negative impacts and maximize the positive impacts that our investments have on society.

For the investment products, we make available, we apply three different categories of exclusions aimed to promote environmental and/or social characteristics through:

1 Adherence to UN Global Compact, principles, OECD Guidelines for Multinational Enterprises, UN Guiding Principles on Business and Human Rights and ILO conventions and other relevant social

safeguards through the exclusion of certain activities and conducts deemed harmful to society.

1. Promotion of environmental safeguards through the exclusion of certain activities deemed to have significant negative climate impact.
2. Promotion of certain ethical and social safeguards through the exclusion of certain activities deemed to be non-ethicalor controversial.

For further information on the exclusion categories, activities, criteria, scope and thresholds employed by Danske Bank, see the Exclusion Instructionunder Sustainability related disclosures (danskebank.com).

Investment products applying exclusions are prevented from investing in companies or issuers that fail to meet the criteria. This Exclusion list is updated bi-annually or as needed. Due to market conditions and client interests, some listed companies/countries may still be present in portfolios but are targeted for divestment.

Exclusions covers direct investments in instruments (e.g. equity, bonds) issued by issuers that are excluded per the exclusions outlined in this Exclusion List. This also includes labelled sustainability bonds issued by excluded issuers. Affiliation to an excluded issuer does in principle not trigger an exclusion of other issuers. Sovereign based exclusions can also capture other related issuers such as state-owned enterprises. Exclusions does not apply to investments in derivatives such as index derivatives or other broad-based derivatives.

Exemptions from exclusions may be granted to certain issuers if justified by fiduciary duties and approved per internal governance. Relevant issuers are noted at the end of the document, along with information on companies identified as transition cases per the thermal coal and fossil fuel exclusions.

To learn whether an investment product applies one or more of the exclusions outlined in the Exclusion Instruction and is restricted from investing in any of the excluded investments on the Exclusion List, refer to the SFDR annex in the prospectus, portfolio management agreement, or other pre-contractual documentation provided by Danske Bank. Subject to the binding elements of a given investment product, indirect investments in issuers through underlying funds are not in scope of Exclusions.

June 2024

Data sources for exclusions are continuously assessed by Danske Bank's Responsible Investment team. Assessments consider data coverage, quality, methodology, costs, and other operational considerations. In the absence of a universally accepted framework for sustainability-related data, Danske Bank leverages primary reported data and information to the extent possible. When unavailable, the bank relies on third - party providers, direct information from investee companies, additional research, or reasonable assumptions/estimations. As a result, sustainability-related data may not be directly comparable to financial information and may carry the risk of misrepresentation.

Despite thorough due diligence and efforts to ensure data accuracy, completeness, and reliability, there may still be a margin of error. The use of sustainability-related data is guided by Danske Bank's Responsible Investment Policy, Instructions, and Guidelines.

Table of Contents
Enhanced Sustainability Standards	3
SPU	12
Tar Sands	13
Thermal Coal	14
Thermal Coal Transition Cases	19
Fossil Fuel	20
Fossil Fuel Transition Cases	63
Controversial Weapons	63
Tobacco	65
Alcohol	67
Gambling	74
Pornography	79
Military Equipment	80
Principal Adverse Impacts	85
Approved External Fund Investments	100

2

June 2024

Enhanced Sustainability Standards

The enhanced sustainability standards screening is Danske Bank's proprietary screening model that

supports the exclusion of certain companies/issuers engaged in certain activities and conduct deemed harmful to society. The exclusions apply fully to all investment products and pension products manufactured within Danske Bank disclosing this to investors.

The enhanced screening is a multidimensional process assessing both environmental materiality as well as social materiality in order to promote adherence to UN Global Compact, principles, OECD Guidelines for Multinational Enterprises, UN Guiding Principles on Business and Human Rights and ILO conventions and other relevant environmental or social safeguards by its exclusions.

The screening also seeks to capture certain other activities indicating weak sustainability practices (in particular by addressing controversies and Danske Bank Position Statements) as well as weak governance practices governance practices are addressed through the good governance test outlined below.

The Enhanced Sustainability Standards screening process currently consists of three sub -processes:

1. Incident & Event-based Screening
2. Good Governance Test
3. Country Assessment

Incident & Event-based Screening

Company

Disputed

weaponryor

arms trade

Biodiversity

impacts

Cannabis

Harmful

environmental

practices

Corruption

Labour

practices

Health &

Safety issues

Human rights

issues

Affiliatedwith

Russia

Product safety

Tax practices

Governance&

controls

Abrau-Durso PJSC

X

AcBel Polytech, Inc.

X

Acron PJSC

X

Adani Abbot Point Terminal Pty Ltd.

X

Adani Enterprises

X

X

Adani Green Energy

X

Adani Ports & Special Economic

X

X

Zones

Aeroflot PJSC

X

Aganneftegazgeologia OAO

X

Agrofirma Mcenskaya OAO

X

Alfa-Bank

X

Almaz-Antei PAO

X

Alrosa PJSC

X

ALROSA-Nyurba PJSC

X

Aphria

X

Archer-Daniels Midland Co.

X

X

Arktikneftegazstroy OAO

X

Aselsan Elektronik Sanayi ve Ticaret

X

AS

Atomic Energy Power Corp.

X

Avangard Bank PJSC

X

Avary Holding (Shenzhen) Co., Ltd.

X

AviChina Industry & Technology

X

Aziyo Biologics, Inc.

X

Babcock International Group Plc

X

Bajaj Hindustan Sugar.

X

Bamtonnelstroy

X

Bank Otkritie Financial Corp OJSC

X

Via OFCB Capital PLC

Bank Otkritie Financial Corp

X

PJSC/Tochka

Bank Rossiya OAO

X

3

June 2024

Incident & Event-based

Screening

Company

Bank St Petersburg PJSC

Bank ZENIT PJSC

Barrick (PD) Australia Finance Pty Ltd.

Barrick Gold

Barrick Gold Finance Co.

Barrick North America Finance LLC Barrick TZ Ltd.

Bashneft PJSC

BCA Customer Finance, Inc.

Beijing Tong Ren Tang Chinese

Medicine Co., Ltd.

Beijing Tongrentang Co., Ltd.

Belon OJSC

Belspetsvneshtechnika

Beluga Group PJSC

Bharat Electronics Limited

Bharat Heavy Electricals Ltd

Black Sea Trade & Development

Bank

Boeing Capital Corp.

BRF SA

Bunge Alimentos SA

Bunge Brasil SA

Bunge Finance Europe BV

Bunge Ltd

Bunge Ltd. Finance Corp.

Bunge NA Finance LP

BWX Technologies, Inc.

CAE Inc.

Cargill

Center for Cargo Container Traffic TransContainer Centerenergyholding JSC Centrais Eletricas Brasileiras SA Central Bank of the Russian Federation/The

Central Telegraph PJSC

Cetelem Bank

Changhong Meiling Co., Ltd.

Chelyabinsk Forge & Press Plant

Chelyabinsk Metallurgical Plant

Chelyabinsk Pipe Plant PJSC

Cherkizovo Group PJSC

China Coal Energy Co Ltd

China Evergrande Group

China National Nuclear Corp.

China National Petroleum

Corporation (CNPC)

China Northern Rare Earth (Group)

High-Tech Co Ltd

China Shipbuilding Industry Co., Ltd.

China Traditional Chinese Medicine

Holdings Co. Ltd.

Chrezvichainaia strahovaia co CHSK OAO

CNOOC Canada, Inc.

CNOOC Curtis Funding No. 1 Pty.

CNOOC Finance (2003) Ltd.

CNOOC Finance (2011) Ltd.

CNOOC Finance (2012) Ltd.

CNOOC Finance (2013) Ltd.

CNOOC Finance (2014) ULC

Cnooc Finance (2015) Australia Pty.

CNOOC Finance (2015) U.S.A. LLC

4

Disputed

weaponryor

arms trade

Biodiversity

impacts

Cannabis

Harmful

environmental

practices

Corruption

Labour

practices

Health &

Safety issues

Human rights

issues

Affiliated with

Russia

Product safety

Tax practices

Governance&

controls

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

June 2024

Incident & Event-based Screening

Company

Disputed

weaponryor

arms trade

Biodiversity

impacts

Cannabis

Harmful

environmental

practices

Corruption

Labour

practices

Health &

Safety issues

Human rights

issues

Affiliated with

Russia

Product safety

Tax practices

Governance&

controls

CNOOC

X

X

Commercial Sea Port of Vladivostok

X

Companhia Energetica De Minas

X

X

Gerais (CEMIG)

Conoco Funding Co.

X

ConocoPhillips

X

ConocoPhillips Australia Funding

X

ConocoPhillips Canada Funding Co. I

X

ConocoPhillips Canada Funding Co. II

X

ConocoPhillips Co.

X

CoreCivic Corp

X

X

Credit Bank of Moscow PJSC

X

Dalmoreprodukt

X

Daqo New Energy Corp.

X

DTE Energy Co

X

Dushanzi Petrochemical Company

X

Elbit Systems Ltd.

X

Elektrostal OAO

X

ElSewedy Electric Co

X

Emera Inc

X

Emera US Finance LP

X

EN+ Group International PJSC

X

Enbridge Inc

X

X

ENEL RUSSIA PJSC

X

Energospecmontazh

X

Energy Transfer Equity LP

X

X

Energy Transfer Operating LP

X

X

European Eltech PJSC

X

Evergrande Property Services

X

Group.

Evergreen Marine Corp Taiwan Ltd

X

X

Evraz Plc

X

Eximbank of Russia

X

Export-Import Bank of India

X

Exxon Mobil Corporation

X

Far-Eastern Energy Co PJSC

X

Far-Eastern Shipping Co PLC

X

Federal Grid Co Unified Energy

X

System PJSC

First Pacific Company Limited

X

Formosa Chemicals & Fibre Corp.

X

Formosa Taffeta Co., Ltd.

X

Freeport McMoRan

X

X

Gaiskiy GOK OAO

X

Gazkon PJSC

X

Gazprom Gazoraspredelenie

X

Syktyvkar AO

Gazprom Neft PJSC

X

Gazprom PJSC

X

Gazprom PJSC Via Gaz Capital SA

X

Gazprom PJSC via Gaz Finance PLC

X

Gazprombank

X

Gaz-service PJSC

X

GAZ-Tek PJSC

X

GCL New Energy Holdings Limited

X

GCL Technology

X

GCM Resources plc

X

GenBank

X

Genting Bhd

X

Genting Plantations Berhad

X

GEO Group

X

X

Geotech Seismic Services PJSC

X

Giprospetsgaz OAO

X

Glencore

X

X

X

5

June 2024

Incident & Event-based Screening

Company

Disputed

weaponryor

arms trade

Biodiversity

impacts

Cannabis

Harmful

environmental

practices

Corruption

Labour

practices

Health &

Safety issues

Human rights

issues

Affiliated with

Russia

Product safety

Tax practices

Governance&

controls

Golden Agri-Resources Ltd

X

Grand Pharmaceutical Group Ltd.

X

Grupo Mexico SAB de CV

X

X

Gruppa kompaniy kommunalnoy

X

sfery PAO

Gtlk Europe Capital DAC

X

Halcyon Agri Corp Ltd

X

X

X

HALS-Development PJSC

X

Haoxiangni Health Food Co., Ltd.

X

Harmony Gold Mining Co Ltd

X

Hexo Corp

X

HIKVision

X

Honeys Holding

X

Hoshine Silicon Industry Co., Ltd.

X

Hotel Kosmos OAO

X

Huaihe Energy (Group) Co., Ltd.

X

Human Stem Cells Institute PJSC

X

Huntington Ingalls Industries, Inc.

X

IDGC of Centre and Volga Region

X

PJSC

IDGC of the North-West PJSC

X

IDGC of Urals JSC

X

Imperial Oil Ltd

X

Indofood Agri Resources Ltd.

X

Ingosstrakh Insurance Co

X

INGRAD OOO

X

Inner Mongolia Baotou Steel Union

X

Inter RAO UES PJSC

X

INVEST-DEVELOPMENT PJSC

X

IOI Corporation Berhad

X

IOI Investment Labuan Bhd.

X

Irkutskenergo PJSC

X

Izhorskiye Zavody PJSC

X

Jacobs Solutions, Inc.

X

Jastrzebska Spolka Weglowa SA

X

JBS Finance II Ltd.

X

X

X

JBS SA

X

X

X

JBS USA Finance, Inc.

X

X

X

JBS USA LLC

X

X

JG Summit Holdings, Inc.

X

Jiangsu Guotai International Group

X

Jiangxi Copper

X

Jinko Solar Co

X

Jinko Solar Holding Co Ltd

X

Jointown Pharmaceutical Group

X

JSC Kalashnikov

X

Kalugaputmash

X

Kaluzsky Plant of Automobile

X

Electrical Equipment OAO

Kamaz PJSC

X

Kamchatskenergo PJSC

X

Khanty-Mansiyskdorstroy OAO

X

KIBO Energy PLC

X

Komi Energosbytovaya Co OAO

X

Komitex JSC

X

Korea Line Corp

X

X

Korporatsiya Takticheskoe Raketnoe

X

Vooruzhenie OAO

Korporatsiya Taktischeskoe

X

Raketnoe Vooruzhenie OAO

Korshynov Mining Plant PJSC

X

Kovrovskiy Mekhanicheskiy Zavod

X

OAO

Krasfarma OAO

X

6

June 2024

Incident & Event-based Screening

Company

Disputed

weaponryor

arms trade

Biodiversity

impacts

Cannabis

Harmful

environmental

practices

Corruption

Labour

practices

Health &

Safety issues

Human rights

issues

Affiliated with

Russia

Product safety

Tax practices

Governance&

controls

Krasnoyarskenergosbyt PJSC

X

Krasnoyarsknefteproduct

X

Krasnyj Octyabr PJSC

X

Kriogenmash PAO

X

KTK Group Co., Ltd.

X

Kuban Trunk Grid

X

KuibyshevAzot PJSC

X

Kurganskaya Generiruyushchaya

X

Kompaniya PAO

Kuzbasskaya Toplivnaya Co JSC

X

Leidos Holdings, Inc.

X

Leidos, Inc.

X

Lengazspecstroy OAO

X

Lens Technology Co Ltd

X

Lenzoloto PJSC

X

Li Ning Company Limited

X

LSR Group PJSC

X

LUKOIL PJSC

X

Luthai Textile Co Ltd

X

Luxshare Precision Industry Co ltd

X

M.Video PJSC

X

Magadanenergo PJSC

X

Magnit PJSC

X

Magnitogorsk Iron & Steel Works

X

Marathon Petroleum Corp

X

X

Mechel PJSC

X

MegaFon PJSC

X

Metafrax OAO

X

Metallurgical Corporation of China

X

Mikron JSC

X

Minerva SA

X

MMC Norilsk Nickel PJSC

X

Mobile TeleSystems PJSC

X

Moscow City Telephone Network

X

Moscow Exchange MICEX-RTS

X

Mosenergo PJSC

X

Mostotrest PJSC

X

Muhibbah Engineering (M) Bhd.

X

Nauchno-Proizvodstvennoe

X

Obedinenie S plav OAO

NC Rosneft- Kubannefteproduct

X

Nitel OAO

X

Nizhegorodoblgaz OAO

X

Nizhnekamskneftekhim PJSC

X

Novatek PJSC

X

Novikombank AO

X

Novolipetsk Steel PJSC

X

Novoroslesexport OAO

X

Novorossiysk Commercial Sea Port

X

Novorossiyskiy Kombinat

X

Khleboproduktov PAO

NTPC Ltd

X

X

Obnyeftegazgeologia OJSC

X

OCP SA

X

OFILM Group Co., Ltd.

X

OGK-2 PJSC

X

Oil & Natural Gas Corp

X

ONGC Videsh Ltd.

X

Oracle Power PLC

X

Organichesky Sintez PJSC

X

Otkritie Bank OJSC

X

Ozon Holdings PLC

X

Permenergosbyt PJSC

X

PetroChina Company Limited

X

7

June 2024

Incident & Event-based

Disputed weaponryor

Biodiversityimpacts

Harmful environmentalpractices

Safety issues

Human rights

Affiliated with

Product safety

Tax practices

Governance&

Screening

arms trade

Cannabis

Corruption

Labour practices

Company

Health &

issues

Russia

controls

Petroleum Trading Lao Public Co

X

Petropavlovsk PLC

X

Pharmacy Chain 36.6 PJSC

X

Phillips 66

X

X

PhosAgro PJSC

X

Pigment OJSC

X

PIK Group PJSC

X

PJSC SPC Energia

X

Polymetal International Plc

X

Polyus PJSC

X

POSCO

X

X

X

Posco International Corp

X

X

X

Positive Group PJSC

X

Power Construction Corporation of

X

China

Press Metal Aluminium Holdings

X

Berhad

Press Metal Bhd.

X

Priargunsky Industrial Mining and

X

Chemical Union OAO

Priisk Dambuki OAO

X

Primorie Bank PJSC

X

Proizvodstvennoye Ob Yedineniye

Severnoye Mashinostroitel'noye

X

Predpriyatiye AO

Promsvyazbank

X

PT Astra Agro Lestari Tbk

X

X

PT Astra International Tbk

X

X

PT Bakrie & Brothers Tbk

X

PT Barito Pacific Tbk

X

PT Indofood Sukses Makmur Tbk

X

PT Perusahaan Perkebunan London

X

Sumatra Indonesia Tbk

PT Salim Ivomas Pratama Tbk

X

PT Sawit Sumbermas Sarana Tbk

X

Quadra Power Generation PJSC

X

Raspadskaya OAO

X

Red Rock Resorts, Inc.

X

Renaissance Insurance Group JSC

X

Rio Zim Ltd.

X

Rosgosstrakh PJSC

X

Rosneft Oil Co PJSC

X

Rosseti Centre PJSC

X

Rosseti Kuban PJSC

X

Rosseti Lenenergo PJSC

X

Rosseti Moscow Region PJSC

X

Rosseti North Caucasus PJSC

X

ROSSETI PJSC

X

Rosseti Siberia PJSC

X

Rosseti South PJSC

X

Rosseti Volga PJSC

X

Rostec

X

Rostec State Corp

X

Rostelecom PJSC

X

Rostovoblgaz PJSC

X

RusHydro PJSC

X

Rusolovo PJSC

X

Ruspolimet OJSC

X

Russia Federation

X

Russian Agricultural Bank

X

Russian Agricultural Bank OJSC Via

X

RSHB Capital SA

Russian Aquaculture PJSC

X

Russian Direct Investment Fund

X

Russian Railways JSC

X

8

June 2024

Incident & Event-based

Disputed weaponryor

tradearms

Biodiversityimpacts

Cannabis

Harmful environmentalpractices

Corruption

Labour practices

&Health

issuesSafety

rightsHuman

issues

Affiliatedwith Russia

safetyProduct

practicesTax

Governance&

controls

Screening

Company

RussNeft PJSC

X

Ryazan Energy Retail Co PJSC

X

SAIC Motor Corp. Ltd

X

Samaraenergo PJSC

X

Samarco Mineracao SA

X

Samolet Group

X

Santos

X

X

Saratovskiy

X

Neftepererabatyvayuschiy Zavod

Sasol Financing International Plc

X

Sasol Financing USA LLC

X

Sasol Ltd

X

Sberbank of Russia PJSC

X

Sberbank of Russia Via SB Capital

X

SA

Segezha Group PJSC

X

Seligdar PJSC

X

Severalmaz PAO

X

Severstal PAO

X

SFI PJSC

X

Shikun & Binui

X

Sinotruk Hong Kong Ltd.

X

Sistema PJSFC

X

SJVN Lmt.

X

SK Holdings Co

X

SK Innovation Co Ltd

X

Slavneft-Megionneftegaz PPO OAO

X

Slavneft-Megionneftegazgeologia

X

OAO

Slavneft-Yaroslavnefteorgsintez

X

OJSC

SLC Agricola SA

X

X

X

Sokolskiy Pulp & Paper

X

Solikamsk Magnesium Plant OJSC

X

Sollers PJSC

X

South32

X

Southern Copper

X

X

South-Kuzbass GRES OAO

X

Sovcombank PJSC

X

Sovcomflot PJSC

X

SPB Exchange PJSC

X

Sredneuralskij Medeplavilnyj Zavod

X

OAO

Surgutneftegas PJSC

X

Sysymanzoloto OAO

X

Ta Ann Holdings Bhd

X

X

Taganrog Boiler-Making Works

X

Krasny kotelshchik PJSC

Tatneft PJSC

X

Tattelecom PJSC

X

TBEA

X

TCS Group Holding PLC

X

Texhong Textile Group Limited

X

Textron Financial Corp.

X

Textron Inc.

X

Texwinca Holdings Co

X

TGC-1 PJSC

X

TGC-2 PJSC

X

TGK-14 PJSC

X

The Boeing Company

X

TNS energo Nizhny Novgorod

X

TNS energo Rostov-on-Don

X

TNS Energo Voronezh PJSC

X

TNS energo Yarosavl PJSC

X

9

June 2024

Incident & Event-based

Disputed weaponryor

Biodiversityimpacts

Harmful environmentalpractices

Safety issues

Human rights

Affiliated with Russia

Product safety

Tax practices

Governance&

Screening

arms trade

Cannabis

Corruption

Labour practices

Company

Health &

issues

controls

TNS Energos PJSC

X

Tong Ren Tang Technologies

X

Tongling Nonferrous Metals Group

X

Toyo Ventures Holdings Bhd.

X

TransFin-M PAO

X

Transkapitalbank

X

Trina Solar

X

Tri-State Generation and

X

Transmission Association Inc

Tulachermet PAO

X

Tulamashzavod

X

Tulanefteprodukt PJSC

X

Turquoise Hill Resources Ltd.

X

Tutaev Motor Plant OAO

X

Tverskoy Vagonostroitelniy Zavod

X

Uchalinskiy Gorno-Obogatitelniy

X

Kombinat OAO

Udmurtneft OAO

X

Ufaleynickel PJSC

X

Ugol'naya Kompaniya Yuzhnyy

X

Kuzbass PAO

United Aircraft Corporation

X

United Co RUSAL International

X

United Credit Systems PJSC

X

United Shipbuilding Corporation

X

United Wagon Co PJSC

X

Ural Bank for Reconstruction and

X

Development

Uralelektromed OAO

X

Uralkali PJSC

X

UralSib Bank PJSC

X

Uralskaya Kuznitsa OAO

X

Uralvagonzavod

X

UTair Aviation PJSC

X

Vale SA

X

Varyeganneftegaz PJSC

X

Vedanta Limited

X

X

Vedanta Resources Finance II Plc

X

X

Vedanta Resources Jersey Ltd.

X

X

Vedanta Resources

X

X

Victory City International Holdings.

X

VK Co Ltd

X

Vnesheconombank Via VEB Finance

X

Volcan Cia Minera SAA

X

VSMPO-AVISMA Corp PJSC

X

VTB Bank PJSC

X

Vyborg Shipyard PAO

X

Wilmar International Ltd

X

X

Woodside Energy

X

World Trade Center Moscow PJSC

X

WTK Holdings Bhd

X

X5 Retail Group NV

X

Xinjiang Nonferrous Metal Industry

X

Group

Xinjiang Zhongthai Chemical

X

Yakutsk Fuel-Energy

X

Yakutskenergo

X

YAmaltransstroj

X

Yandex NV

X

Youngor Group

X

Yunnan Baiyao Group

X

Yuzhno-Ural'skij nikelevyj kombinat

X

Yuzhural-Asko PJSC

X

Zavod Imeni VA Degtyareva OAO

X

10