NN Group’s Exclusion List
Companies Country
22nd Century Group Inc United States _ 22nd Century Group Inc United States _ Adani Enterprises Limited India _ AdaniAdani PortsEnterprises and Special Limited Economic Zone Limited India _ _ AdaniAerojet Ports Rocketdyne and Special Holdings Economic Inc. Zone Limited UnitedIndia States _ _
AerojetAgritrade Rocketdyne Resources Limited Holdings Inc. HongUnited Kong States _ _ Alliance Resource Partners LP United States _ Agritrade Resources Limited Hong Kong _ Altius Minerals Corp Canada _ Alliance Resource Partners LP United States _ Altria Group, Inc. United States _ AltriaAnhui Group,GreatWall Inc. Military Ltd. ChinaUnited States _ _ AnhuiArch Coal GreatWall Inc Military Industry Co. Ltd. UnitedChina States _ _ Aryt Industries, Ltd. Israel _ Arch Coal Inc United States _ Ashot Ashkelon Israel _ Aryt Industries, Ltd. Israel _ Athabasca Oil Corporation Canada _ AshotAviChina Ashkelon Industry Industries & Technology Ltd. Company Limited ChinaIsrael _ AthabascaBAE Systems Oil Plc Corporation UnitedCanada Kingdom _ _
AviChinaBanpu Public Industry Company & Technology Limited Company Limited ThailandChina _ _ Bharat Dynamics Limited India _ BAE Systems Plc United Kingdom _ British American Tobacco (Malaysia) Berhad Malaysia _ Banpu Public Company Limited Thailand _ British American Tobacco Plc.1 United Kingdom _ BharatCanadian Dynamics Natural Resources Limited Limited CanadaIndia _ _ BritishCenovus American Energy Inc. Tobacco (Malaysia) Berhad CanadaMalaysia _ _ Ceylon Tobacco Company Plc. Sri Lanka _ British American Tobacco Plc.1 United Kingdom _ China Coal Energy Company Limited China _ Canadian Natural Resources Limited Canada _ China National Nuclear Power Co., Ltd. China _ CenovusChina Shenhua Energy Energy Inc. Co Ltd ChinaCanada _ _ CeylonChina Shipbuilding Tobacco Company Industry Company Plc. Limited ChinaSri Lanka _ _
ChinaChina SpacesatCoal Energy Company Limited China _ _ Cloud Peak Energy Inc. United States _ China Isotope & Radiation Corp. China _ CNNC International, Ltd. China _ China National Nuclear Power Co., Ltd. China _ Coal India Limited India _
Controversial Tobacco Oil sands production and Thermal coal Violations of international weapons and/or production controversial pipelines mining standards of business arms trade conduct Companies Country
ChinaConcern Shenhua PVO Almaz-Antey Energy Co OJSC Ltd RussiaChina _ _ Connacher Oil & Gas Ltd Canada _ China Shipbuilding Industry Company Limited China _ CONSOL Energy Inc. United States _ China Spacesat China _ Datong Coal Industry Co Ltd China _ CloudDeep Well Peak Oil Energy & Gas, Inc.Inc CanadaUnited States _ _ CNNCDMCI Holdings, International, Inc. Ltd. PhilippinesChina _ _ Eastern Co SAE Egypt _ Coal India Limited India _ Elbit Systems Ltd. Israel _ _ Concern PVO Almaz-Antey OJSC Russia _ Enbridge Energy Management LLC Canada _ ConnacherEnbridge Energy Oil & Partners Gas Ltd LP Canada __ CONSOLEnbridge Inc Energy Inc. CanadaUnited States _ _ DatongEnergy Transfer Coal Industry LP Co Ltd UnitedChina States _ _ Exxaro Resources Ltd South Africa Deep Well Oil & Gas, Inc Canada _ _ Foresight Energy LP United States _ DMCI Holdings, Inc. Philippines _ General Dynamics Corp. United States _ Eastern Co SAE Egypt _ Geo Energy Resources Ltd Indonesia _ ElbitGodfrey Systems Philips Ltd. India Limited IndiaIsrael _ _ _ EnbridgeGuizhou Panjiang Energy RefinedManagement Coal Co., LLC Ltd. ChinaCanada _ _
EnbridgeGujarat Mineral Energy Development Partners LP Corporation Limited IndiaCanada _ _ Hallador Energy Company United States _ Enbridge Inc Canada _ Hanwha Corporation South Korea _ Energy Transfer LP United States _ Husky Energy Inc. Canada _ Exxaro Resources Ltd South Africa _ Imperial Brands Plc.1 United Kingdom _ ForesightImperial Oil Energy Ltd LP CanadaUnited States _ _ GeneralInner Mongolia Dynamics Yitai CoalCorp. Co.,Ltd. ChinaUnited States _ _
GeoITC Limited Energy Resources Ltd IndiaIndonesia _ _ Japan Tobacco Inc. Japan _ Godfrey Philips India Limited India _ Jizhong Energy Resources Co., Ltd China _ Guizhou Panjiang Refined Coal Co., Ltd. China _ Karelia Tobacco Co Inc SA Greece _ GujaratKinder Morgan Mineral Canada Development Limited Corporation Limited CanadaIndia _ _ HalladorKinder Morgan, Energy Inc. Company CanadaUnited States _ _ HanwhaKT&G Corporation Corporation South Korea Korea _ _ L&T Finance Holdings, Ltd. India Huolinhe Opencut Coal Industry Corporation China _ _ LimitedL&T Technology of Inner Services,Mongolia Ltd. India _ HuskyLarsen Energy& Toubro Inc. Infotech, Ltd. IndiaCanada _ _ Larsen & Toubro, Ltd. India Imperial Brands Plc. United Kingdom _ _
Controversial Tobacco Oil sands production and Thermal coal Violations of international weapons and/or production controversial pipelines mining standards of business arms trade conduct Companies Country
ImperialConcern PVOOil Ltd Almaz-Antey OJSC RussiaCanada _ _ Connacher Oil & Gas Ltd Canada _ Inner Mongolia Yitai Coal Co.,Ltd. China _ CONSOL Energy Inc. United States _ ITC Limited India _ Datong Coal Industry Co Ltd China _ JapanDeep Well Petroleum Oil & Gas, Exploration Inc Co., Ltd. Canada _ JapanDMCI Holdings,Tobacco Inc. Inc. PhilippinesJapan _ _ Eastern Co SAE Egypt _ Jizhong Energy Resources Co., Ltd China _ Elbit Systems Ltd. Israel _ _ Karelia Tobacco Co Inc SA Greece _ Enbridge Energy Management LLC Canada _ KinderEnbridge Morgan Energy CanadaPartners LimitedLP Canada __ KinderEnbridge Morgan, Inc Inc. Canada __ KT&GEnergy CorporationTransfer LP UnitedSouth StatesKorea _ _ Exxaro Resources Ltd South Africa L&T Finance Holdings, Ltd. India _ _ Foresight Energy LP United States _ L&T Technology Services, Ltd. India _ General Dynamics Corp. United States _ Larsen & Toubro Infotech, Ltd. India _ Geo Energy Resources Ltd Indonesia _ LarsenGodfrey & Philips Toubro, India Ltd. Limited India _ _ LeonardoGuizhou Panjiang S.p.a. Refined Coal Co., Ltd. ChinaItaly _ _
LIGGujarat Nex1 Mineral Co., Ltd. Development Corporation Limited IndiaSouth Korea _ _ Hallador Energy Company United States _ Lockheed Martin Corporation United States _ Hanwha Corporation South Korea _ Lubelski Wegiel Bogdanka SA Poland _ Husky Energy Inc. Canada _ MEG Energy Corp. Canada _ Imperial Brands Plc.1 United Kingdom _ MindTreeImperial Oil Limited Ltd CanadaIndia _ _ NACCOInner Mongolia Industries Yitai IncCoal Co.,Ltd. ChinaUnited States __
NelcoITC Limited Ltd. India _ _ Japan Tobacco Inc. Japan _ New Hope Corp. Ltd. Australia _ Jizhong Energy Resources Co., Ltd China _ New World Resources Plc United Kingdom _ Karelia Tobacco Co Inc SA Greece _ NorthropKinder Morgan Grumman Canada Corp Limited CanadaUnited States _ _ OAOKinder Scientific Morgan, Inc.Production Corporation Irkut (Irkut) CanadaRussia _ _ PeabodyKT&G Corporation Energy Corporation SouthUnited Korea States _ _ L&T Finance Holdings, Ltd. India Pengrowth Energy Corporation Canada _ _ L&T Technology Services, Ltd. India _ PG&E Corp United States _ Larsen & Toubro Infotech, Ltd. India _ Philip Morris (Pakistan) Limited Pakistan _ Larsen & Toubro, Ltd. India _
Controversial Tobacco Oil sands production and Thermal coal Violations of international weapons and/or production controversial pipelines mining standards of business arms trade conduct Companies Country
PhilipConcern Morris PVO CRAlmaz-Antey a.s. OJSC RussiaCzech Republic _ _ Connacher Oil & Gas Ltd Canada _ Philip Morris International Inc.1 United States _ CONSOL Energy Inc. United States _ Philip Morris Operations a.d. Nis Republic of Serbia _ Datong Coal Industry Co Ltd China _ PingdingshanDeep Well Oil & Tianan Gas, Inc Coal Mining Co., Ltd. CanadaChina _ _ PoongsanDMCI Holdings, Corporation Inc. PhilippinesSouth Korea _ _ Eastern Co SAE Egypt _ Poongsan Holdings Corporation South Korea _ Elbit Systems Ltd. Israel _ _ Posco International South Korea _ Enbridge Energy Management LLC Canada _ PTEnbridge ABM InvestamaEnergy Partners Tbk LP CanadaIndonesia _ _ PTEnbridge Adaro Inc Energy Tbk CanadaIndonesia _ _ PTEnergy Bentoel Transfer Internasional LP Investama Tbk UnitedIndonesia States _ _ Exxaro Resources Ltd South Africa PT Bukit Asam (Persero) Tbk Indonesia __ Foresight Energy LP United States _ PT Bumi Resources Tbk Indonesia _ General Dynamics Corp. United States _ PT Gudang Garam Tbk Indonesia _ Geo Energy Resources Ltd Indonesia _ PTGodfrey Hanjaya Philips Mandala India Limited Sampoerna Tbk IndiaIndonesia __ PTGuizhou Harum Panjiang Energy Refined Tbk Coal Co., Ltd. ChinaIndonesia __
PTGujarat Indika Mineral Energy Development Tbk Corporation Limited IndiaIndonesia __ Hallador Energy Company United States _ PT Indo Tambangraya Megah Tbk Indonesia _ Hanwha Corporation South Korea _ PT Trada Alam Minera Tbk _ Husky Energy Inc. Canada _ Pyxus International Inc United States _ Imperial Brands Plc.1 United Kingdom _ ReinetImperial Investments Oil Ltd S.C.A. CanadaLuxembourg _ _ S&TInner Dynamics Mongolia Yitai Co., Coal Ltd. Co.,Ltd. ChinaSouth Korea _ _
S&TITC Limited Holdings Co., Ltd. IndiaSouth Korea _ _ Japan Tobacco Inc. Japan _ Scandinavian Tobacco Group A/S Denmark _ Jizhong Energy Resources Co., Ltd China _ Semirara Mining and Power Corp Philippines _ Karelia Tobacco Co Inc SA Greece _ ShaanxiKinder Morgan Coal IndustryCanada Limited Company Limited CanadaChina _ _ ShanxiKinder Morgan,Lanhua Inc. Sci-Tech Venture Co Ltd CanadaChina _ _ ShanxiKT&G Corporation Lu’an Environmental Energy Development SouthChina Korea _ _ CoL&T Ltd Finance Holdings, Ltd. India _ SteinhoffL&T Technology International Services, Holdings Ltd. N.V. IndiaSouth Africa _ _ SuncorLarsen & Energy Toubro Inc. Infotech, Ltd. IndiaCanada _ _ Larsen & Toubro, Ltd. India Sunshine Oilsands Ltd. Canada _ _
Controversial Tobacco Oil sands production and Thermal coal Violations of international weapons and/or production controversial pipelines mining standards of business arms trade conduct Companies Country
Concern PVO Almaz-Antey OJSC Russia _ Connacher Oil & Gas Ltd Canada _ CONSOL Energy Inc. United States _ Datong Coal Industry Co Ltd China _ Deep Well Oil & Gas, Inc Canada _ DMCI Holdings, Inc. Philippines _ Eastern Co SAE Egypt _ Elbit Systems Ltd. Israel _ _ Enbridge Energy Management LLC Canada _ Enbridge Energy Partners LP Canada _ Enbridge Inc Canada _ Energy Transfer LP United States _ Exxaro Resources Ltd South Africa _ Foresight Energy LP United States _ Companies Country General Dynamics Corp. United States _ Geo Energy Resources Ltd Indonesia _ SwedishConcern PVOMatch Almaz-Antey AB OJSC RussiaSweden _ _ Godfrey Philips India Limited India _ Connacher Oil & Gas Ltd Canada _ TaurusGuizhou Armas Panjiang SA Refined Coal Co., Ltd. ChinaBrazil _ _ CONSOL Energy Inc. United States _ TCGujarat Energy Mineral (previously Development Transcanada Corporation Corporation) Limited IndiaCanada _ _ Datong Coal Industry Co Ltd China _ Hallador Energy Company United States TextronDeep Well Inc. Oil & Gas, Inc CanadaUnited States _ _ _ Hanwha Corporation South Korea _ TheDMCI Tata Holdings, Power Inc. Company Limited PhilippinesIndia _ _ EasternHusky Energy Co SAE Inc. EgyptCanada _ _ The West Indian Tobacco Company Limited Trinidad and Tobago _ 1 ElbitImperial Systems Brands Ltd. Plc. IsraelUnited Kingdom _ _ _ Toshiba Corporation Japan _ EnbridgeImperial Oil Energy Ltd Management LLC Canada _ TurningEnbridgeInner Mongolia Point Energy Brands Yitai Partners Coal Inc Co.,Ltd.LP CanadaChinaUnited States _ _ _ UnitedEnbridgeITC Limited Aircraft Inc Corporation CanadaIndiaRussia _ _ _ Japan Tobacco Inc. Japan UniversalEnergy Transfer Corp LP United States States __ _ ExxaroJizhong ResourcesEnergy Resources Ltd Co., Ltd SouthChina Africa _ Vector Group Ltd United States _ _ ForesightKarelia Tobacco Energy CoLP Inc SA UnitedGreece States _ _ Walchandnagar Industries Limited India _ GeneralKinder Morgan Dynamics Canada Corp. Limited UnitedCanada States _ _ Washington H. Soul Pattinson and Company Australia _ GeoKinder Energy Morgan, Resources Inc. Ltd IndonesiaCanada _ _ Limited GodfreyKT&G Corporation Philips India Limited IndiaSouth Korea _ Westmoreland Coal Company United States _ GuizhouL&T Finance Panjiang Holdings, Refined Ltd. Coal Co., Ltd. ChinaIndia _ _ Whitehaven Coal Ltd Australia _ GujaratL&T Technology Mineral Development Services, Ltd. Corporation Limited India _ _ YangquanHalladorLarsen & EnergyToubro Coal CompanyIndustryInfotech, Ltd.(Group) Co., Ltd. UnitedIndiaChina States _ __ YanzhouHanwhaLarsen & Corporation Toubro,Coal Mining Ltd. Co Ltd SouthIndiaChina Korea _ _ Husky Energy Inc. Canada _
1 ImperialControversial Brands Plc. Tobacco Oil sandsUnited production Kingdom and Thermal coal _ Violations of international Imperialweapons Oil Ltd and/or production controversialCanada pipelines mining _ standards of business arms trade conduct Inner Mongolia Yitai Coal Co.,Ltd. China _ ITC Limited India _ Japan Tobacco Inc. Japan _ Jizhong Energy Resources Co., Ltd China _ Karelia Tobacco Co Inc SA Greece _ Kinder Morgan Canada Limited Canada _ Kinder Morgan, Inc. Canada _ KT&G Corporation South Korea _ L&T Finance Holdings, Ltd. India _ L&T Technology Services, Ltd. India _ Larsen & Toubro Infotech, Ltd. India _ Larsen & Toubro, Ltd. India _
Controversial Tobacco Oil sands production and Thermal coal Violations of international weapons and/or production controversial pipelines mining standards of business arms trade conduct Exclusion list of government bonds
Central African Republic Cuba North Korea Iran Libya Somalia South Sudan Sudan Syria
1 There is some remaining (bond) exposure on behalf of NN Group’s Proprietary Assets; the divestment process for all tobacco holdings is due for completion mid-2021.
ImportantImportant nnotes:otes: This is not an exhaustive list of all companies, please refer to the Responsible Investment (RI) Framework policy for NN’s norms-based RI criteria. Furthermore, NN’s Internal Restricted List is broader (for example: includes also private companies, andand broaderbroader restrictionsrestrictions forfor Proprietary Assets).
NNNN Group has defined within its RI Framework policypolicy thatthat itit willwill notnot investinvest in in certain certain corporate corporate oror non-corporate issuers. The publicationpublication ofof thisthis listlist ofof excludedexcluded issuers issuers is is for for information information purposes only. By putting a companycompany onon thisthis listlist NNNN GroupGroup isis notnot givinggiving anyany general general recommendation oror investmentinvestment adviceadvice notnot toto investinvest inin suchsuch company.company. NN NN Group Group accepts accepts no no responsibility oror liabilityliability forfor anyany useuse ofof the the information information contained contained in in this this list. list.
November,March 2020 2020