Exclusion List

Exclusion list Pension Funds PNO Media as from 14th of October 2011

Pension fund PNO Media does not include investments in its investment portfolio whereby the fund, as an investor, would be involved with the below mentioned manufacturers of antipersonnel mines, cluster bombs and cluster ammunition:

Aerostar
Aeroteh
Doosan Corporation
Hanwha Corporation
L-3 Communications Holdings Inc.
Northrop Grumman Corporation
Poongsang Corp.
Poongsang Holding
Singapore Technologies Engineering Ltd.
Textron Inc.

Pension fund PNO Media does not include investments in its investment portfolio whereby the fund, as an investor, would be involved with the below mentioned manufacturers of weapon systems of which the effects are disproportionate or of weapon systems which do not distinguish between military and civil targets, such as nuclear, chemical and biological weapons:

Alliant Techsystems Inc.
BAE Systems plc
Boeing Company
EADS NV
Finmeccanica S.p.A.
General Dynamics Corporation
Lockheed Martin Corporation
Northrop Grumman Corporation
Thales SA

Pension fund PNO Media does not include investments in its investment portfolio whereby the fund, as an investor, would be involved with the below mentioned companies involved in the production of (and trade in) fur or products in which fur is used:

Burberry Group plc
Christian Dior Group
Coach Inc
Hugo Boss AG
LVMH SA
PPR Group SA
Tod's S.p.A.

Pension fund PNO Media does not include investments in its investment portfolio whereby the fund, as an investor, would be involved with the below mentioned companies that need to respect the rights of workers as defined by the principles of International Labour Organisation (ILO):

Wal-Mart stores