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

Excluded Investments

December 2022

Funds and other investments products managed through the Danske Bank Group can be restricted by a pre-defined list of investment exclusions ensuring adherence to Group Position Statements and/or that that the respective strategies have a lower exposure towards investments with negative impact on sustainability factors. Exclusions may also safeguard principles on good governance.

Depending on the combination of exclusions, investment products that apply exclusions as binding elements in investment strategies are considered to promote environmental and/or social characteristics in the form of:

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.

The table below outlines investments excluded under exclusions captured by each exclusion category. The exact combination of applicable exclusions in a product varies depending on the investment strategy.

For specific information on whether an investment product promote any of the above listed environmental or social characteristics and information on the exclusions applied for such characteristic, please see the so-called SFDR annex to the prospectus, portfolio management agreement or other pre-contractual documentation entered with Danske Bank.

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

Because of current market conditions as well as our duty to act in best interest of clients, certain companies/countries listed below may at the time of publication of this list still be present in portfolios, but with the aim of being divested.

December 2022

	Company		Exclusion Category		Criteria
	Arrow Exploration Corp.		Activities resulting in significant negative impact on the climate		Tar sands
	Athabasca Oil Corporation		Activities resulting in significant negative impact on the climate		Tar sands
	Baytex Energy (LP) Ltd.		Activities resulting in significant negative impact on the climate		Tar sands
	Baytex Energy Corp.		Activities resulting in significant negative impact on the climate		Tar sands
	BlackPearl Resources, Inc.		Activities resulting in significant negative impact on the climate		Tar sands
	Canadian Natural Resources		Activities resulting in significant negative impact on the climate		Tar sands
	Limited
	Cenovus Energy Inc.		Activities resulting in significant negative impact on the climate		Tar sands
	Conoco Funding Co.		Activities resulting in significant negative impact on the climate		Tar sands
	ConocoPhillips		Activities resulting in significant negative impact on the climate		Tar sands
	ConocoPhillips Australia		Activities resulting in significant negative impact on the climate		Tar sands
	Funding Co.
	ConocoPhillips Canada Funding		Activities resulting in significant negative impact on the climate		Tar sands
	Co. I
	ConocoPhillips Canada Funding		Activities resulting in significant negative impact on the climate		Tar sands
	Co. II
	Freehold Royalties Ltd.		Activities resulting in significant negative impact on the climate		Tar sands
	Harvest Operations Corp.		Activities resulting in significant negative impact on the climate		Tar sands
	Husky Energy Inc.		Activities resulting in significant negative impact on the climate		Tar sands
	Imperial Oil Limited		Activities resulting in significant negative impact on the climate		Tar sands
	Japan Petroleum Exploration		Activities resulting in significant negative impact on the climate		Tar sands
	Co., Ltd.
	MEG Energy Corp.		Activities resulting in significant negative impact on the climate		Tar sands
	PC Financial Partnership		Activities resulting in significant negative impact on the climate		Tar sands
	Pengrowth Energy Corporation		Activities resulting in significant negative impact on the climate		Tar sands
	Petroteq Energy, Inc.		Activities resulting in significant negative impact on the climate		Tar sands
	Strata Power Corp.		Activities resulting in significant negative impact on the climate		Tar sands
	Strathcona Resources Ltd.		Activities resulting in significant negative impact on the climate		Tar sands
	Suncor Energy Inc.		Activities resulting in significant negative impact on the climate		Tar sands
	Sunshine Oilsands Ltd.		Activities resulting in significant negative impact on the climate		Tar sands
	Teck Resources Limited		Activities resulting in significant negative impact on the climate		Tar sands
	Aboitiz Equity Ventures, Inc.		Activities resulting in significant negative impact on the climate		Thermal coal
	Aboitiz Power Corp.		Activities resulting in significant negative impact on the climate		Thermal coal
	AC Energy Corp.		Activities resulting in significant negative impact on the climate		Thermal coal
	Adani Electricity Mumbai Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	Adani Enterprises Limited		Activities resulting in significant negative impact on the climate		Thermal coal
	Adani Power Limited		Activities resulting in significant negative impact on the climate		Thermal coal
	Adani Transmission Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	AES Andes SA		Activities resulting in significant negative impact on the climate		Thermal coal
	AES Andres BV		Activities resulting in significant negative impact on the climate		Thermal coal
	AES Argentina Generacion SA		Activities resulting in significant negative impact on the climate		Thermal coal
	AES El Salvador Trust II		Activities resulting in significant negative impact on the climate		Thermal coal
	African Rainbow Minerals Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	AGL Energy Limited		Activities resulting in significant negative impact on the climate		Thermal coal
	Agritrade Resources Limited		Activities resulting in significant negative impact on the climate		Thermal coal

December 2022

	Aksa Enerji Uretim AS		Activities resulting in significant negative impact on the climate		Thermal coal
	Alabama Power Company	Activities resulting in significant negative impact on the climate		Thermal coal
	Alarko Holding AS		Activities resulting in significant negative impact on the climate		Thermal coal
	Albioma SA	Activities resulting in significant negative impact on the climate		Thermal coal
	ALLETE, Inc.		Activities resulting in significant negative impact on the climate		Thermal coal
	Alliance Holdings GP LP	Activities resulting in significant negative impact on the climate		Thermal coal
	Alliance Resource Operating		Activities resulting in significant negative impact on the climate
	Partners LP				Thermal coal
	Alliance Resource Partners LP	Activities resulting in significant negative impact on the climate		Thermal coal
	Alliant Energy Corporation		Activities resulting in significant negative impact on the climate		Thermal coal
	Alpha Metallurgical Resources,	Activities resulting in significant negative impact on the climate
	Inc.			Thermal coal
	Altius Minerals Corporation		Activities resulting in significant negative impact on the climate		Thermal coal
	Ameren Corporation	Activities resulting in significant negative impact on the climate		Thermal coal
	American Electric Power		Activities resulting in significant negative impact on the climate
	Company, Inc.				Thermal coal
	An Hui Wenergy Co., Ltd.	Activities resulting in significant negative impact on the climate		Thermal coal
	Anglo Pacific Group Plc		Activities resulting in significant negative impact on the climate		Thermal coal
	Anhui Hengyuan Coal Industry	Activities resulting in significant negative impact on the climate
	& Electricity Power Co., Ltd.			Thermal coal
	Appalachian Power Co.		Activities resulting in significant negative impact on the climate		Thermal coal
	Arch Resources, Inc.	Activities resulting in significant negative impact on the climate		Thermal coal
	Arizona Public Service Co.		Activities resulting in significant negative impact on the climate		Thermal coal
	Atlantic Power Corporation	Activities resulting in significant negative impact on the climate		Thermal coal
	Avista Corporation		Activities resulting in significant negative impact on the climate		Thermal coal
	Banpu Power Public Co. Ltd.	Activities resulting in significant negative impact on the climate		Thermal coal
	Banpu Public Co. Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	Bathurst Resources Limited	Activities resulting in significant negative impact on the climate		Thermal coal
	Beijing Energy Investment		Activities resulting in significant negative impact on the climate
	Holdings Ltd.				Thermal coal
	Beijing Haohua Energy	Activities resulting in significant negative impact on the climate
	Resource Co., Ltd.			Thermal coal
	Beijing Jingneng Power Co.,		Activities resulting in significant negative impact on the climate
	Ltd.				Thermal coal
	Berkshire Hathaway Energy	Activities resulting in significant negative impact on the climate
	Co.			Thermal coal
	Bisichi Plc		Activities resulting in significant negative impact on the climate		Thermal coal
	Black Hills Corporation	Activities resulting in significant negative impact on the climate		Thermal coal
	Brickworks Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	Bulgarian Energy Holding EAD	Activities resulting in significant negative impact on the climate		Thermal coal
	Bumi Investment Pte Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	Capital Power Corporation	Activities resulting in significant negative impact on the climate		Thermal coal
	CenterPoint Energy, Inc.		Activities resulting in significant negative impact on the climate		Thermal coal
	CESC Ltd.	Activities resulting in significant negative impact on the climate		Thermal coal
	CGN New Energy Holdings Co.,		Activities resulting in significant negative impact on the climate
	Ltd.				Thermal coal
	China Coal Energy Company	Activities resulting in significant negative impact on the climate
	Limited			Thermal coal
	China Coal Xinji Energy Co., Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	China Huadian Corp., Ltd.	Activities resulting in significant negative impact on the climate		Thermal coal

December 2022

	China Huadian Overseas		Activities resulting in significant negative impact on the climate
	Development 2018 Ltd.				Thermal coal
	China Huadian Overseas	Activities resulting in significant negative impact on the climate
	Development Management Co.,
	Ltd.			Thermal coal
	China Huaneng Group Co., Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	China Longyuan Power Group	Activities resulting in significant negative impact on the climate
	Corp. Ltd.			Thermal coal
	China Power International		Activities resulting in significant negative impact on the climate
	Development Limited				Thermal coal
	China Qinfa Group Ltd.	Activities resulting in significant negative impact on the climate		Thermal coal
	China Resources Power		Activities resulting in significant negative impact on the climate
	Holdings Co. Ltd.				Thermal coal
	China Shenhua Energy	Activities resulting in significant negative impact on the climate
	Company Limited			Thermal coal
	China Shenhua Overseas		Activities resulting in significant negative impact on the climate
	Capital Co., Ltd.				Thermal coal
	Chubu Electric Power Co., Inc.	Activities resulting in significant negative impact on the climate		Thermal coal
	Cleco Corporate Holdings LLC		Activities resulting in significant negative impact on the climate		Thermal coal
	Cloud Peak Energy Inc.	Activities resulting in significant negative impact on the climate		Thermal coal
	Cloud Peak Energy Resources		Activities resulting in significant negative impact on the climate
	LLC				Thermal coal
	CLP Holdings Ltd.	Activities resulting in significant negative impact on the climate		Thermal coal
	CMS Energy Corporation		Activities resulting in significant negative impact on the climate		Thermal coal
	Coal Energy SA	Activities resulting in significant negative impact on the climate		Thermal coal
	Coal India Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	Colbun SA	Activities resulting in significant negative impact on the climate		Thermal coal
	Comision Federal de		Activities resulting in significant negative impact on the climate
	Electricidad SA de CV				Thermal coal
	CONSOL Energy Inc.	Activities resulting in significant negative impact on the climate		Thermal coal
	Consumers Energy Company		Activities resulting in significant negative impact on the climate		Thermal coal
	Coronado Global Resources,	Activities resulting in significant negative impact on the climate
	Inc.			Thermal coal
	Datang International Power		Activities resulting in significant negative impact on the climate
	Generation Co., Ltd.				Thermal coal
	DMCI Holdings, Inc.	Activities resulting in significant negative impact on the climate		Thermal coal
	Dominion Energy, Inc.		Activities resulting in significant negative impact on the climate		Thermal coal
	Dominion Resources Capital	Activities resulting in significant negative impact on the climate
	Trust I			Thermal coal
	Drax Finco Plc		Activities resulting in significant negative impact on the climate		Thermal coal
	Drax Group Plc	Activities resulting in significant negative impact on the climate		Thermal coal
	DTE Electric Co.		Activities resulting in significant negative impact on the climate		Thermal coal
	DTE Energy Company	Activities resulting in significant negative impact on the climate		Thermal coal
	Duke Energy Carolinas LLC		Activities resulting in significant negative impact on the climate		Thermal coal
	Duke Energy Corporation	Activities resulting in significant negative impact on the climate		Thermal coal
	Duke Energy Florida LLC		Activities resulting in significant negative impact on the climate		Thermal coal
	Duke Energy Florida Project	Activities resulting in significant negative impact on the climate
	Finance LLC			Thermal coal
	Duke Energy Ohio, Inc.		Activities resulting in significant negative impact on the climate		Thermal coal
	Dynegy Finance I, Inc.	Activities resulting in significant negative impact on the climate		Thermal coal
	Electric Power Development		Activities resulting in significant negative impact on the climate
	Co., Ltd.				Thermal coal
	Electricity Generating Public	Activities resulting in significant negative impact on the climate
	Co., Ltd.			Thermal coal

December 2022

	Emera Incorporated		Activities resulting in significant negative impact on the climate		Thermal coal
	Empresa Electrica Angamos	Activities resulting in significant negative impact on the climate
	SA			Thermal coal
	Empresa Electrica Guacolda		Activities resulting in significant negative impact on the climate
	SA				Thermal coal
	ENEA SA	Activities resulting in significant negative impact on the climate		Thermal coal
	Energa Finance AB		Activities resulting in significant negative impact on the climate		Thermal coal
	Energa SA	Activities resulting in significant negative impact on the climate		Thermal coal
	Eneva SA		Activities resulting in significant negative impact on the climate		Thermal coal
	ENGIE Brasil Energia SA	Activities resulting in significant negative impact on the climate		Thermal coal
	Engie Energia Chile SA		Activities resulting in significant negative impact on the climate		Thermal coal
	Engro Corporation Limited	Activities resulting in significant negative impact on the climate		Thermal coal
	Entergy Arkansas LLC		Activities resulting in significant negative impact on the climate		Thermal coal
	Entergy Utility Property, Inc.	Activities resulting in significant negative impact on the climate		Thermal coal
	EP Energy as		Activities resulting in significant negative impact on the climate		Thermal coal
	EP Infrastructure as	Activities resulting in significant negative impact on the climate		Thermal coal
	Eskom Holdings SOC Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	Eterna Capital Pte Ltd.	Activities resulting in significant negative impact on the climate		Thermal coal
	Evergy Kansas Central, Inc.		Activities resulting in significant negative impact on the climate		Thermal coal
	Evergy, Inc.	Activities resulting in significant negative impact on the climate		Thermal coal
	EVN AG		Activities resulting in significant negative impact on the climate		Thermal coal
	EWE AG	Activities resulting in significant negative impact on the climate		Thermal coal
	Exxaro Resources Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	Federal Hydro-Generating Co.	Activities resulting in significant negative impact on the climate
	RusHydro PJSC			Thermal coal
	Feishang Anthracite		Activities resulting in significant negative impact on the climate
	Resources Ltd.				Thermal coal
	FirstEnergy Corp.	Activities resulting in significant negative impact on the climate		Thermal coal
	Foresight Energy LLC		Activities resulting in significant negative impact on the climate		Thermal coal
	Foresight Energy LP	Activities resulting in significant negative impact on the climate		Thermal coal
	Gansu Jingyuan Coal Industry		Activities resulting in significant negative impact on the climate
	& Electricity Power Co., Ltd.				Thermal coal
	GD Power Development Co.,	Activities resulting in significant negative impact on the climate
	Ltd.			Thermal coal
	Genesis Energy Limited		Activities resulting in significant negative impact on the climate		Thermal coal
	Genting Bhd.	Activities resulting in significant negative impact on the climate		Thermal coal
	Georgia Power Co.		Activities resulting in significant negative impact on the climate		Thermal coal
	Global Power Synergy PCL	Activities resulting in significant negative impact on the climate		Thermal coal
	Glow Energy Public Co., Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	GOHL Capital Ltd.	Activities resulting in significant negative impact on the climate		Thermal coal
	Great River Energy		Activities resulting in significant negative impact on the climate		Thermal coal
	Guacolda Energia SA	Activities resulting in significant negative impact on the climate		Thermal coal
	Guangdong Baolihua New		Activities resulting in significant negative impact on the climate
	Energy Stock Co., Ltd.				Thermal coal
	Guangdong Electric Power	Activities resulting in significant negative impact on the climate
	Development Co., Ltd.			Thermal coal
	Guanghui Energy Co., Ltd.		Activities resulting in significant negative impact on the climate		Thermal coal
	Guangxi Guiguan Electric	Activities resulting in significant negative impact on the climate
	Power Co., Ltd.			Thermal coal