ethical investment code - ethias.be

ETHICAL INVESTMENT CODE

VERSION OF JANUARY 1, 2021 (cancels and replaces the previous versions)

P. 2ETHICAL INVESTMENT CODE

TABLE OF CONTENTS1. INTRODUCTION 3

2. COMMITMENTS 3

3. SCOPE OF OUR ETHICAL MANAGEMENT 3

4. SCOPE ANALYSIS 4

5. CRITERIA OF OUR ETHICAL MANAGEMENT 5

5.1 SHARES AND CORPORATE BONDS 5

5.1.1. ETHICAL PRINCIPLES WHICH ARE RESPECTED 5

5.1.1.1. Human rights and right to work 5

5.1.1.2. Environment 7

5.1.1.3. Anti-corruption 7

5.1.1.4. Armament 7

5.1.1.5. Thermal coal mining 8

5.1.1.6. Tobacco 8

5.1.1.7. Unacceptable GHG emissions 8

5.1.1.8. Unconventional oil & gas extraction 8

5.1.1.9. Conventional oil & gas extraction 9

5.1.1.10. Unsustainable electricity generation 9

5.2. GOVERNMENT BONDS 9

5.2.1. FISCALLY ADVANTAGEOUS COUNTRIES 9

5.2.2. LOWEST RATED COUNTRIES IN TERMS OF INTERNATIONAL STANDARDS FOR HUMAN RIGHTS, WORKERS’ RIGHTS AND ENVIRONMENTAL PROTECTION 9

5.2.3. COUNTRIES SUBJECT TO INTERNATIONAL VIOLATIONS 10

6. DESINVESTMENT CRITERIA 10

ATTACHMENT TO THE ETHICAL INVESTMENT CODE ETHIAS 11

LIST OF THE FORBIDDEN DIRECT INVESTMENTS 11

BLACK LIST ENTERPRISES 11

BLACK LIST COUNTRIES ONLY APPLICABLE TO GOVERNMENT BONDS 16


1. INTRODUCTION

1 https://www.ethias.be/content/dam/ethias-investors/INVESTORS/PDF/rapports-ethias/2020_05_NFR_2019.pdf

Ethias has always applied CSR (Corporate Social Responsibility) to all its businesses. Ethias uses it as a management tool that allows the company to align its activities with its values: human, commitment, enthusiasm and customer satisfaction. Through its CSR approach, Ethias assesses the progress made within the social, societal and environmental fields.

For the sake of a better, fairer, greener, more equal and united world, Ethias positions itself as a• Trustworthy insurer• Sustainable company• Responsible investor

The non-financial report1 provides in detail the actions, ambitions and results of the CSR strategy. The Ethics Committee was set up in 2003. This joint committee is the guardian of Ethias’ SCR.

With that in mind, Ethias has followed a rigorous, moral and transparent approach for numerous years for managing its financial assets. In order to reinforce this approach, Ethias has taken a further step by becoming a signatory of the UN PRI (United Nations Principles for Responsible Investment) since the end of 2020. This organisation, through its principles, is the leading advocate of responsible investment worldwide.

2. COMMITMENTS The Asset Management Direction of Ethias commits itself to make all financial officers respect, in all direct investments executed on one’s account or on account of the Group, the prohibition to invest in government bonds of the countries mentioned in the attached list as well as in shares and corporate bonds mentioned in the attached list of enterprises. Besides, all counterparties and intermediaries of the Asset Management Department will be requested to take note of the following principles which constitute this Ethical Investment Code.

The Ethical Investment Code is updated annually. The selection of the securities mentioned in the lists was operated and validated by the Ethical Investment Committee of Ethias. This Committee is composed of the CFO, the Head of Corporate Office, the manager and assistant manager in charge of the working group on CSR (internal and transversal committee), the financial representative within this working group on CSR and a legal expert. This Ethical Investment Code is sent to the Executive Committee of Ethias for approval and then to the Ethics Committee (internal national body jointly composed of representatives of the employees and of the management) for information.

The Ethical Investment Committee strives for best practices in terms of ethical and sustainable development, with a permanent learning commitment and the will to progressively broaden the application field. Proof lies in the fact that Ethias excludes from its investments companies that violate the United Nations Global Compact principles, as well as companies involved in activities that do not fit Ethias’ definition of sustainable development. Since 2005 we exclude companies involved in controversial armament. In 2017, we decided to exclude coal from our investments because of its contribution to global warming. In 2019, we have excluded tobacco and the production of conventional weapons. Finally, in order to comply with the “Towards Sustainability” quality standards developed at the initiative of Febelfin and to participate to the efforts to prevent global warming, Ethias also excludes since 2020 companies with unacceptable Greenhouse Gas (GHG) emissions, companies involved in the extraction of unconventional oil and gas as well as conventional oil & gas if they are not strongly involved in renewable energies as well as companies involved in unsustainable electricity generation.

3. SCOPE OF OUR ETHICAL MANAGEMENTThe scope of our ethical management applies to the Ethias Group as well as the associated entities, in any manner, provided that the latter have entrusted the financial management of their assets to Ethias. It is specified that the scope of our ethical management also applies to the entities associated through a management mandate within the framework of the direct investments.

The investments in external funds which are not managed by Ethias are not subject to this code (Ethias cannot impose this code).


4. SCOPE ANALYSISThe table below mentions per asset class whether it is included or not in the scope of the criteria mentioned in this document.

CLASS

I. Land and buildings Beyond the perimeter because of their nature

II.1 Associated enterprises Within the perimeter: respected in first line (level issuer/counterparty)

II.2 Other enterprises with participating interest Within the perimeter: respected in first line (level issuer/counterparty)

III.1 Shares, participations and other variable yield securities• Direct• Indirect (funds)

Within the perimeter when it concerns direct investments and beyond the perimeter when it concerns indirect investments (funds) which are not managed by Ethias (we cannot impose our code to other investors)

III.2 Bonds and other fixed income securities• Corporate - direct• Corporate – indirect (funds)• Governments • Covered • Other bonds

Within the perimeter when it concerns direct investments and beyond the perimeter when it concerns indirect investments (funds) which are not managed by Ethias (we cannot impose our code to other investors). The following exclusion criteria do not apply to Green bonds, Social bonds and Sustainability bonds. However, investment in Green, Social or Sustainability bonds is subject to the following specific criteria:

• The issuance needs to prove not to finance activities that are excluded by Ethias criteria.

• The issuance applies the ICMA Green Bond Principles or the ICMA Social Bond Principle or the ICMA Sustainability Bond Guidelines or received the CBI Certification.

• The issuance is accompanied by an independent Second Party Opinion.

III.3 Mortgage loans and mortgage credits Beyond the perimeter because of their nature

III. 4 Other loans Within the perimeter

III.5. Deposits with credit institutions Within the perimeter: respected on the counterparty level (excluding collateral management)

III.6 Others (derivatives) Within the perimeter: respected on the level of the underlying element (for derivatives)

IV. Deposits with ceding enterprises Beyond the perimeter because of their nature


5. CRITERIA OF OUR ETHICAL MANAGEMENT

1 www.vigeo-eiris.com2 https://www.unglobalcompact.org/AboutTheGC/TheTenPrinciples/index.html3 Vigeo Eiris’ database covers any controversy with minor or significant severity during 24 months after the last event identified

and during 48 months for controversies with high or critical severity.

Two types of criteria are applicable within the framework of our ethical management: one for shares and corporate bonds and the other one for government bonds.

5.1 SHARES AND CORPORATE BONDSEthias requested Vigeo Eiris1 to establish a list of companies which are not in line with the 10 principles of the Global Compact of the United Nations regarding human rights, the right to work, environment and fight against corruption2 and/or which are involved in controversial activities such as: (controversial and/or conventional) armament, thermal coal mining, tobacco, unacceptable GHG emissions, unconventional oil & gas, conventional oil & gas extraction and unsustainable electricity generation. These excluding conditions were transposed in screening criteria of Vigeo Eiris and this throughout their entire universe.

5.1.1. ETHICAL PRINCIPLES WHICH ARE RESPECTED Based on the criteria defined in sections 5.1.1.1., 5.1.1.2. and 5.1.1.3 below, Ethias, as a trustworthy insurer, will not directly invest in companies that:• are confronted with frequent and severe controversies for the analysis period3;• do not report transparently about these controversies and/or the implemented corrective measures.

Furthermore, all investments in armament (point 5.1.1.4.) in thermal coal mining (point 5.1.1.5.), tobacco (point 5.1.1.6.), unacceptable GHG emissions (point 5.1.1.7.), unconventional oil & gas extraction (point 5.1.1.8.), conventional oil & gas extraction (5.1.1.9.) and unsustainable electricity generation (5.1.1.10) are prohibited.

5.1.1.1. Human rights and right to workRespect of the fundamental human rights and prevention of the following violations: • Involvement in cruel, inhuman or degrading treatment• Violation of human rights• Violation of privacy rights• Violation of property rights• Respect for indigenous peoples’ rights• Use of security forces• Freedom of expression• Respect for the right to physical integrity, human dignity and respect of the human person• Presence in conflict zones

Respect of the trade union freedom and of the right to collective bargaining• Right of employees to found trade union organisations and the right to join them• Free exercise of trade union rights• Right to join trade union associations, local, regional or international federations and confederations• Respect of the right to strike• Facilities granted for the exercise of trade union rights• Protection against interference or anti-union discrimination• Respect of the right to collective bargaining• Promotion of the right to collective bargaining, especially the information

given to the representatives of the employees


Non-discrimination on the workplace (regarding the work conditions, professional training, promotion, remuneration and other profits)

The identified main grounds of discrimination are:• Gender• Nationality, ethnic origin, race• Religion• Social origin• Political opinion• Age• Medical condition• Handicap• Sexual orientation• Family responsibility

Elimination of the prohibited labour practices

Abolition of child labour and/or abolition of forced labour.

The integration of social factors in the supply chain

The integration by the enterprise of social standards in its purchasing process (suppliers and subcontractors) which are particularly related to:• the freedom of association and the right to collective bargaining• the abolition of child labour• the abolition of forced labour• non-discrimination• hygiene and security• decency of wages• working hours• …


5.1.1.2. EnvironmentThe company makes environmental commitments aimed at: • preventing and monitoring accidental pollution, in particular soil contamination• developing green products and services• protecting biodiversity and managing animal experimentation• protecting water resources• minimising the effects of energy consumption on the environment• managing atmospheric emissions• managing waste• managing local pollution• managing the effects of transport on the environment• managing the effects of the use or removal of products and services• integrating ecologic factors in the supply chain related to the production and distribution of the products

or services by the suppliers and subcontractors concerned. The integration of ecologic factors in the purchasing process covers the whole of the business relation with the suppliers and the subcontractors.

5.1.1.3. Anti-corruptionPrevention of all forms of corruption and conflicts of interest.

Are prohibited:• Bribes• Gifts and invitations• Facilitation payments• Extortion• Fraud• Money laundering• Conflicts of interest• Embezzlement• Corruption• Illegal financing of political parties (in accordance with the national regulations).

The reference texts for all these criteria come from standards, conventions and treaties issued by organisations such as the ILO, the UN, the OECD, the EU, the WTO or UNESCO. These references are internationally recognized.

5.1.1.4. Armament It concerns the identification of the companies (as well as their subsidiaries/joint ventures) that are involved in the production, use, maintenance, distribution or sales of controversial weapons or their key components as well as the so-called conventional weapons.

The types of controversial weapons covered are forbidden or controlled by international treaties, such as the Anti- Personnel Mine Ban Convention or the Convention on Cluster Munitions, or are otherwise subject to stakeholder criticisms and campaigns (depleted uranium and white phosphorus weapons). The controversial weapons covered are:• Anti-personnel mines• Cluster Munitions• Weapons of Mass destruction:

» Nuclear weapons » Chemical weapons » Biological weapons

• Non-detectable fragments weapons• Incendiary weapons,• Blinding laser weapons• Depleted uranium weapons• White phosphorus weapons


Ethias shall not invest in companies that generate income from the production of controversial weapons or key parts of controversial weapons.

Non-controversial, or conventional, weapons include e.g. light and small weapons, bombs and missiles (non- nuclear), shells, rockets, etc. The identified producers contribute to the realization of the weapon system and/ or its platforms. Weapon system refers, for example, to warheads, shooting weapons, firearms and ammunition. Platforms refer to vehicles designed to deploy weapons, such as tanks, aircraft (e. g. bombers), ships, etc.

Ethias shall not invest in companies that generate more than 10% of their income from the production of conventional weapons.

5.1.1.5. Thermal coal miningIt concerns the identification of enterprises which are involved in the extraction of qualities of coals collectively termed as thermal coal – or ‘steam’ or ‘energy’ coal – because they are mainly used as fuel for power generation. These coals include lignite and sub-bituminous coals. Metallurgical coals used in the production of steel, such as hard coal or anthracite, are not covered. Harder quality grades of coals are included only in those cases in which it is clear that they are being supplied as thermal coals, i.e. for power generation and not steel-making or other uses.

Ethias will exclude from investment those companies deriving 10% or more of their revenues from thermal coal.

5.1.1.6. TobaccoIt concerns the identification of companies involved in the production or distribution of tobacco. This includes the ownership of tobacco plantations and the manufacture of tobacco products, including the processing of tobacco leaves (such as sorting, processing, threshing and blending), as well as income from the wholesale and/or retail sale of these products by the producing company or by other companies.

Ethias shall not invest in companies that generate more than 10% of their income from the production or distribution of tobacco.

5.1.1.7. Unacceptable GHG emissionsIt concerns the identification of the companies emitting the biggest amount of Greenhouse Gas (GHG), gas that causes the greenhouse effect responsible for global warming. The excluded emitters are those whose Scope 1 and Scope 2 emissions amount together to over >10,000,000 tCo2eq per year.

Nevertheless, to encourage companies that have undertaken their energy transition, Ethias does not exclude the biggest emitters whose Energy Transition score is above 30/100. The Energy Transition score reflects the companies’ commitment, measure and results regarding climate change. These include atmospheric emissions, energy consumption, transportation, use, disposal and societal impact of the company’s products and services.

Ethias shall therefore not invest in companies that emit more than >10,000,000 tCo2eq of GHG per year and whose Energy Transition score is below 30/100.

5.1.1.8. Unconventional oil & gas extractionIt concerns the identification of companies involved in the extraction of tar sands and oil shale and drilling in the Arctic. This type of unconventional fossil fuel extraction has been linked to severe social and ecological harm due to the specific process through which oil sand reserves must be extracted and treated in order to develop crude oil products. The main concerns include: higher GHG emissions, bigger water use, land disturbance and mine tailing, air pollution linked to soil and water sources acidification, and impact on local communities, especially indigenous people in Alberta (Canada), where 80% of the extraction is done.

Ethias shall not invest in companies deriving more than 10% of their revenue from the tar sands and oil shale extraction, including drilling in the Artic.


5.1.1.9. Conventional oil & gas extractionIt concerns the identification of companies involved in the extraction of conventional oil & gas. This includes exploration and production, as well as the provision of services supporting the extraction phase (e.g. drilling and oilfield services, contract mining, offshore rigs leasing etc.).

Nevertheless, to encourage companies that have started phasing out from fossil fuels Ethias does not exclude extraction companies that derive more than 40% of their revenue from renewable energy generation.

Ethias shall therefore not invest in companies involved in extraction of oil & gas, unless if they derived 40% or more of their revenue from renewable energy.

5.1.1.10. Unsustainable electricity generationIt concerns the identification of electricity producers that heavily rely upon sources that are assessed as unsustainable. Given the strong impact of electricity production in GHG emissions, companies whose carbon factor is above 393 gCO2/kWh are not assessed as sustainable and are therefore excluded by Ethias.

For companies in the Electric and Gas Utilities sector for which this indicator is not available, Ethias excludes those that have in their energy mix 10% or more of energy produced from coal and/or more than 33% of energy produced from nuclear.

For the remaining companies for which none of these indicators is available, Ethias excludes all of those that cannot prove to derive 90% or more of their energy mix from renewable energy.

1 Source: chapter III of the RD/TIC92, article 179 - list of States without taxation or with a very low taxation as referred to in article 307, § 1, section 5, b of the Tax Income Code 1992

5.2. GOVERNMENT BONDS The black list of countries that only applies to government bonds, takes into account three concepts:• fiscally advantageous countries• lowest rated countries based on environmental, social and governance criteria as defined by Vigeo Eiris.• countries subject to international sanctions.

5.2.1. FISCALLY ADVANTAGEOUS COUNTRIESAll the countries on the list of “fiscally advantageous countries” as referred to in the Income Tax Code 19921 are prohibited.

5.2.2. LOWEST RATED COUNTRIES IN TERMS OF INTERNATIONAL STANDARDS FOR HUMAN RIGHTS, WORKERS’ RIGHTS AND ENVIRONMENTAL PROTECTION

The objective is to not invest in those countries that are the least respectful of Ethias shall not invest in lowest rated countries regarding internationally recognised Human Rights, Workers’ Rights and Environmental Conventions.

Out of the 178 countries included in Vigeo Eiris’ “Sovereign Sustainability Rating”, the last quartile of the worst performing countries as to the following analysis criteria is excluded:

In terms of the Environmental dimension:• Participation in international environmental conventions (such as the UNFCCC, the Paris

Agreement, the Cartagena Protocol to the Convention on Biological Diversity,)• Mitigation of and adaptation to Climate Change• Reduction of Air Emissions• Protection of water resources• Protection of Biodiversity• Transition to green growth


In terms of the Social dimension:• Promotion of social protection (poverty, social inequality and unemployment)• Promotion of education (public education expenditure, level of

primary and secondary school education, literacy rate)• Promotion of public health (child and maternal mortality rate, nutrition,

access to water, HIV, malaria and tuberculosis rates)• Promotion of gender equality• Infrastructure management• Participation in international solidarity• Level of population’s safety and security (crime rates and

participation in controversial weapons conventions)

In terms of Governance dimension:• The respect, promotion and protection of civil rights through the participation in International

Human Right Conventions, International Conventions on labour rights (such as the ILO core conventions) and International Conventions on the prevention of discrimination

• The promotion of democracy and stability (indicators related to political freedom and stability, control of corruption, independence of justice, market regulation and press freedom)

5.2.3. COUNTRIES SUBJECT TO INTERNATIONAL VIOLATIONSEthias will exclude from its investments government debt of countries that are subject to international violations.

The recognized violations are those provided by the following organizations:• European External Action Service (EEAS)• United Nations Security Council (UNSC)• Office of Foreign Assets Controls (OFAC) of the U.S. Treasury Department • French Ministry of Foreign Affairs, French Ministry of Economy

and Finance, French Ministry of European Affairs• Her Majesty’s Government in the United Kingdom

6. DESINVESTMENT CRITERIAIf, when updating the Ethical Investment Code, new names appear which are held in the portfolio, the following policy will be applied:• the shares may be held as long as the stock market price is below the acquisition price• the bonds may be held to maturity in order to fulfil their obligations in

terms of yield and asset/liability management («ALM»).

However, the acquisition of new positions of the security involved is strictly forbidden.

Taking into account the dispositions mentioned in the points 5.1.1.1., 5.1.1.2., 5.1.1.3., 5.1.1.4., 5.1.1.5., 5.1.1.6.,

5.1.1.7., 5.1.1.8. 5.1.19., 5.1.1.10. for the enterprises and the points 5.2.1, 5.2.2., 5.2.3. for the countries, the two lists attached constitute the list of direct investments which are prohibited for Ethias

This list will apply from 1st of January 2021 and can be revised at any time by Ethias.


ATTACHMENT TO THE ETHICAL INVESTMENT CODE ETHIASLIST OF THE FORBIDDEN DIRECT INVESTMENTS

BLACK LIST ENTERPRISES

ISIN CODE NAME OF THE ENTERPRISEUS0038301067 Abraxas PetroleumES0167050915 ACS Actividades de Construccion y ServiciosINE423A01024 Adani EnterprisesID1000111305 Adaro EnergyCA00765F1018 Advantage Oil & GasUS0078001056 Aerojet Rocketdyne HoldingsUS0080731088 AeroVironmentUS00130H1059 AESCL0001880955 AES GenerRU000A0DQZE3 AFK SistemaAU000000AGL7 AGL EnergyCNE1000001S0 Air ChinaNL0000235190 AirbusNO0010234552 Aker ASANO0010345853 Aker BPFR0004180537 AKKA TechnologiesUS0138721065 AlcoaMXP000511016 AlfaCA01626P4033 Alimentation Couche-TardUS0171751003 Alleghany CorporationUS0185223007 ALLETEUS0188021085 Alliant EnergyUS01973R1014 Allison Transmission HoldingsUS02079K3059 AlphabetRU0007252813 AlrosaUS02209S1033 Altria GroupAU000000AJM9 Altura MiningCNE1000001T8 Aluminum Corporation of ChinaUS0231351067 Amazon.comUS0236081024 AmerenUS0255371017 American Electric PowerGB0032087826 Amerisur ResourcesGB00B1XZS820 Anglo American (UK)CNE1000001W2 Anhui Conch CementUS03674X1063 Antero ResourcesAU000000APA1 APA GroupUS0374111054 ApacheUS03761U5020 Apollo InvestmentUS0378331005 AppleCA00208D4084 Arc ResourcesLU1598757687 ArcelorMittalUS03940R1077 Arch ResourcesUS0394831020 Archer-Daniels-Midland CompanyIT0004093263 AscopiaveTRAASELS91H2 Aselsan Elektronik Sanayi Ve TicaretFR0000074148 AssystemID1000122807 Astra InternationalCA0467894006 ATCOUS0495601058 Atmos EnergyFR0000051732 AtosAU000000ASB3 AustalUS05351W1036 Avangrid

ISIN CODE NAME OF THE ENTERPRISEVGO000272 Aviation Industry Corporation of ChinaUS05379B1070 AvistaPHY0486V1154 AyalaGB0009697037 Babcock International GroupGB0002634946 BAE SystemsUS05722G1004 Baker HughesUS0584981064 Ball CorporationIT0005218752 Banca Monte Dei Paschi Di SienaUS0605051046 Bank of AmericaTH0148A10Z06 BanpuGB0031348658 BarclaysCA0679011084 Barrick GoldDE000BASF111 BASFUS40537Q6052 Battalion OilDE000BAY0017 BayerCA07317Q1054 Baytex EnergyAU000000BPT9 Beach EnergyHK0392044647 Beijing Enterprises HoldingsUS0846707026 Berkshire HathawayUS084659AF84 Berkshire Hathaway EnergyKR7282330000 BGF retailINE257A01026 Bharat Heavy ElectricalsINE029A01011 Bharat Petroleum CorpAU000000BHP4 BHP Group (Australia)GB00BH0P3Z91 BHP Group (UK)US06846N1046 Bill BarrettCA0906971035 Birchcliff EnergyUS0921131092 Black Hills CorporationUS09260D1072 Blackstone GroupUS0970231058 BoeingCA09784Y1088 Bonavista Energy CorporationUS0995021062 Booz Allen Hamilton HoldingBMG1466R2078 Borr DrillingFR0004548873 BourbonGB0007980591 BPGB0002875804 British American TobaccoMYL4162OO003 British American Tobacco MalaysiaCA1125851040 Brookfield Asset ManagementBMG162341090 Brookfield Business PartnersUS1182301010 Buckeye PartnersID1000094006 Bukit AsamXS0989152573 Bulgarian Energy HoldingID1000068703 Bumi ResourcesIT0001347308 Buzzi UnicemUS05605H1005 BWX TechnologiesUS1270971039 Cabot Oil & GasGB00B74CDH82 Cairn EnergyXS0516548384 Caisse de depot et placement du QuebecUS13057Q2066 California Resources CorporationUS13123X5086 Callon PetroleumCA1363851017 Canadian Natural ResourcesCA1367178326 Canadian Utilities


ISIN CODE NAME OF THE ENTERPRISECA14042M1023 Capital PowerUS141781AC86 CargillAU000000CVN8 Carnarvon PetroleumUS1445771033 Carrizo Oil & GasUS1475281036 Casey's General StoresIT0004734973 Cassa Depositi e PrestitiUS1491231015 CaterpillarCA15135U1093 Cenovus EnergyGB00B033F229 CentricaCZ0005112300 CEZUS1252691001 CF Industries HoldingsCNE100001T80 CGN PowerUS15942R2085 Chaparral EnergyUS1638511089 ChemoursGB00B45C9X44 Chemring GroupUS1651677437 Chesapeake EnergyUS1667641005 Chevron Corporation

CND1000090Q8 China Aerospace Science & Technology Corporation

CNE100001QS1 China Cinda Asset ManagementCNE100000528 China Coal EnergyHK0257001336 China Everbright InternationalBMG2109G1033 China Gas HoldingsKYG2116D1198 China Huarong EnergyCNE100000HD4 China Longyuan Power GroupCNE1000002N9 China National Building Materials

VGO000275 China National Precision Machinery Imp. Exp. Corp

CND10000KSK9 China North Industries GroupCNE1000002P4 China Oilfield ServicesCNE1000002Q2 China Petroleum & ChemicalCNFDS0VQIT33 China Poly Group CorporationHK2380027329 China Power International DevelopmentCNE1000007Z2 China Railway GroupHK0836012952 China Resources Power HoldingsCNE100000767 China Shenhua EnergyCNE1000002V2 China TelecomJP3526600006 Chubu Electric PowerJP3522200009 Chugoku Electric PowerUS1717981013 Cimarex EnergyAU000000CIM7 CIMIC GroupHK0267001375 CITICUS1729674242 CitigroupKYG217651051 CK Hutchison HoldingsBMG2178K1009 CK Infrastructure HoldingsUS18539C1053 Clearway EnergyUS12561W1053 Cleco Corporate HoldingsUS1858991011 Cleveland-CliffsHK0002007356 CLP HoldingsUS1258961002 CMS EnergyFR0000053399 CnimKYG2352X1262 CNNC InternationalHK0883013259 CNOOCUS12653C1080 CNX ResourcesINE522F01014 Coal IndiaUS19075F3047 Cobalt International EnergyUS774341AL52 Collins AerospaceBRCSNAACNOR6 Companhia Siderurgica Nacional

ES0105027009 Compañía de Distribución Integral Logista Holdings

US2057683029 Comstock ResourcesUS20605P1012 Concho ResourcesUS20825C1045 ConocoPhillips

ISIN CODE NAME OF THE ENTERPRISEUS20854L1089 Consol EnergyUS2120151012 Continental ResourcesGB00BF448H58 ContourGlobalAU000000COE2 Cooper EnergyNL0000200384 Core LaboratoriesUS2186811046 Core-Mark Holding CompanyES0224261018 CORES JP3298000005 Cosmo Energy HoldingsGB00B64NSP76 Costain GroupUS22282E1029 CovantaCA22576C1014 Crescent Point EnergyCA2265331074 Crew EnergyUS22948P1030 CTO Realty GrowthUS2296691064 CubicUS2310211063 CumminsUS2315611010 Curtiss-WrightFR0000121725 Dassault AviationCNE1000002Z3 Datang International Power GenerationUS23311P1003 DCP MidstreamIL0010841281 Delek GroupUS2479162081 Denbury Resources Inc.US25179M1036 Devon EnergyMYL7277OO006 Dialog GroupUS25271C1027 Diamond Offshore DrillingUS25278X1090 Diamondback EnergyPHY2088F1004 DMCI HoldingsNO0003921009 DNOGB0033032904 DNO North SeaKR7000150003 DoosanUS2605571031 DowAU000000DOW2 Downer EDIUS2333311072 DTE EnergyCH0023405456 DufryUS27032D3044 Earthstone EnergyIE00B8KQN827 EatonCOC04PA00016 EcopetrolIL0010811243 Elbit SystemsJP3551200003 Electric Power DevelopmentXS0856023493 Electricity Supply BoardCA2908761018 EmeraCLP7847L1080 Empresas CopecUS69047Q1022 EnCana CorporationPLENERG00022 EnergaGB00BG12Y042 EnergeanXS1684813493 Energia Group NI HoldingsUS29273V1008 Energy TransferCA2927661025 Enerplus CorporationFR0010208488 EngieCL0001583070 Engie Energia ChileIT0003132476 ENIGB00B635TG28 EnQuestCA2935701078 Ensign Energy ServicesXS0612879576 EntegaUS26875P1012 EOG ResourcesXS0783933350 EP EnergyUS2687851020 EP Energy CorpUS26884L1098 EQT CorporationNO0010096985 EquinorAU000000EPW7 ERM PowerPLEURCH00011 EurocashUS29977A1051 EvercoreUS30034W1062 Evergy


ISIN CODE NAME OF THE ENTERPRISEUS30040W1080 Eversource EnergyUS30049A1079 Evolution Petroleum CorporationGB00B71N6K86 EVRAZDE000A0Z2A12 EWEUS2692795014 EXCO ResourcesZAE000084992 Exxaro ResourcesUS30231G1022 Exxon MobilUS30303M1027 FacebookJP3802600001 FamilyMartAU000000FAR6 FARGB00BYW6GV68 FerroglobeNL0010877643 Fiat Chrysler AutomobilesIT0001415246 FincantieriUS3379321074 FirstEnergyUS3434121022 Fluor CorporationTW0006505001 Formosa PetrochemicalTW0001301000 Formosa PlasticsCA3495531079 FortisHK0656038673 Fosun InternationalCA3518581051 Franco-NevadaCA3565001086 Freehold RoyaltiesUS35671D8570 Freeport-McMoRanCA35905B1076 Frontera EnergyNL0000352565 FUGROINE129A01019 Gail IndiaPTGAL0AM0009 Galp EnergiaRU0007661625 GazpromUS3695501086 General DynamicsUS3696041033 General ElectricNZGNEE0001S7 Genesis EnergyMYL3182OO002 GentingJE00B4T3BW64 GlencoreINE776C01039 GMR InfrastructureUS36225V1044 GP StrategiesUS38500T1016 Gran Tierra EnergyPEP736581005 Grana Y MonteroFR0000062671 Groupe GorgeCOT09PA00035 Grupo ArgosMXP461181085 Grupo CarsoCOT13PA00086 Grupo de Inversiones SuramericanaCOE01PA00026 Grupo Energia BogotaMXP370841019 Grupo MexicoKR7078930005 GS HoldingsID1000068604 Gudang GaramUS4026353049 Gulfport EnergyUS4062161017 HalliburtonID1000074008 Hanjaya Mandala SampoernaKR7012450003 Hanwha AerospaceKR7009830001 Hanwha ChemicalKR7000880005 Hanwha CorpGB00BYZJ7G42 Harworth GroupVGO000281 Heliopolis Company for Chemical IndustriesGRS298343005 Hellenic PetroleumUS4234521015 Helmerich & PayneHK0012000102 Henderson Land DevelopmentIT0001250932 HeraUS42809H1077 HessUS42824C1099 Hewlett Packard EnterpriseINE038A01020 Hindalco IndustriesHK0000179108 HK Electric InvestmentsDE0006070006 HochtiefJP3850200001 Hokkaido Electric Power

ISIN CODE NAME OF THE ENTERPRISEJP3845400005 Hokuriku Electric PowerTW0002317005 Hon Hai Precision Co.US4385161066 Honeywell InternationalHK0003000038 Hong Kong & China GasUS4432011082 Howmet AerospaceBMG4639H1227 Huabao International HoldingsCNE1000006Z4 Huaneng Power InternationalGB0004478896 HuntingUS4464131063 Huntington Ingalls IndustriesGB00B580MF54 Hurricane EnergyCA4480551031 Husky EnergyIL0002810146 ICL GroupJP3142500002 Idemitsu KosanGB0004544929 Imperial BrandsCA4530384086 Imperial OilUS4534156066 Independence Contract DrillingID1000108509 Indo Tambangraya MegahCNE1000003G1 Industrial and Commercial Bank of ChinaUS44986UAD19 Ineos GroupCNE000000JP5 Inner Mongolia Yili Industrial GroupCNE000000SK7 Inner Mongolia Yitai CoalJP3294460005 InpexRU000A0JPNM1 Inter RAO UESUS4592001014 International Business MachinesVGO000229 Investment Corporation of DubaiXS0701227075 IPICIT0003027817 IrenIL0011275471 Israel Aerospace IndustriesIL0005760173 Israel CorporationUS4651414066 IsramcoINE154A01025 ITCJP3143600009 ITOCHU CorporationUS4698141078 Jacobs Engineering GroupJP3421100003 Japan Petroleum ExplorationJP3726800000 Japan TobaccoSG1B51001017 Jardine Cycle & CarriageBMG507361001 Jardine Matheson HoldingsBMG507641022 Jardine Strategic HoldingsPLJSW0000015 Jastrzebska Spolka WeglowaBRJBSSACNOR8 JBSUS47233W1099 Jefferies Financial GroupJP3386030005 JFE HoldingsCNE0000019P0 Jiangxi CopperVGO000277 John Cockerill GB00B5N0P849 John Wood GroupUS48019TAF12 Jones EnergyINE019A01038 JSW SteelJP3386450005 JXTG HoldingsUS4835481031 KamanAU000000KAR6 Karoon EnergyJP3223800008 Kawasaki Kisen KaishaKZ1C00001122 KazMunaiGazUS48242W1062 KBRCA4882951060 Kelt ExplorationKR7015760002 KepcoSG1U68934629 Keppel CorporationKR7000270009 Kia MotorsUS49456B1017 Kinder MorganUS48251W1045 KKR & CoTRAKCHOL91Q8 KOC HoldingKR7047810007 Korea Aerospace IndustriesKR7036460004 Korea Gas


ISIN CODE NAME OF THE ENTERPRISEUS5006881065 Kosmos EnergyHK0034000254 Kowloon DevelopmentUS50077B2079 Kratos Defense & Security SolutionsKR7033780008 KT&GBMG5320C1082 Kunlun EnergyJP3246400000 Kyushu Electric Power CompanyUS5024311095 L3Harris TechnologiesUS5168062058 Laredo PetroleumINE018A01030 Larsen & ToubroJP3982100004 LawsonUS5253271028 Leidos HoldingsIT0003856405 LeonardoKR7003550001 LG CorporationUS53079EAN40 Liberty Mutual GroupUS5398301094 Lockheed MartinUS5404241086 LoewsPLLOTOS00025 LOTOS GroupRU0009024277 LukoilSE0000825820 Lundin EnergyPEP702521001 Luz Del SurRU0009084396 Magnitogorsk Iron & Steel WorksDE0005937007 MANUS5645631046 ManTech International CorporationUS5658491064 Marathon OilJP3877600001 Marubeni CorporationUS5764852050 Matador ResourcesFR0000051070 Maurel et PromGB00BJ3VW957 McColls Retail GroupCA5527041084 MEG EnergyGB00BZ1G4322 Melrose IndustriesUS595620AJ40 Midamerican EnergyAU000000MIN4 Mineral ResourcesJP3898400001 Mitsubishi CorporationJP3903000002 Mitsubishi Materials CorporationJP3902900004 Mitsubishi UFJ Financial GroupJP3891600003 Mitsui E&S HoldingsJP3362700001 Mitsui OSK LinesJP3893600001 Mitsui&CoJP3885780001 Mizuho Financial GroupRU0007288411 MMC Norilsk NickelHU0000153937 MOL Hungarian Oil GasUS61179L1008 Montage ResourcesUS6153942023 MoogRU0006763570 Motovilikhinskiye ZavodyDE000A0D9PT0 MTU Aero EnginesCA6252841045 Mullen GroupUS6267171022 Murphy OilUS62704PAM59 Murray EnergyBMG6359F1370 Nabors IndustriesUS6295791031 Nacco IndustriesUS6361801011 National Fuel GasUS6372151042 National Presto IndustriesAU000000NCZ9 New Century ResourcesAU000000NHC7 New Hope CorporationUS65339F1012 NextEra EnergyBMG653181005 Nine Dragons Paper HoldingsJP3700200003 Nippon Light Metal HoldingsJP3753000003 Nippon YusenUS65473P1057 NiSourceGB00BFG3KF26 Noble CorporationUS6550441058 Noble EnergyBMG6542T1505 Noble Group

ISIN CODE NAME OF THE ENTERPRISEUS6558441084 Norfolk SouthernUS6655313079 Northern Oil and GasUS6668071029 Northrop GrummanUS68557N1037 Northrop Grumman Innovation SystemsUS6680743050 NorthWestern CorporationGB00BGP6Q951 Nostrum Oil & GasRU000A0DKVS5 NOVATEKRU0009046452 Novolipetsk SteelUS6293775085 NRG EnergyINE733E01010 NTPCUS6703461052 NucorCA67072Q1046 Nuvista EnergyUS67073YAA47 NV EnergyUS6742151086 Oasis PetroleumUS6745991058 Occidental PetroleumUS6752321025 Oceaneering InternationalUS6708371033 OGE EnergyUS677050AC00 Oglethorpe PowerPK0080201012 Oil & Gas DevelopmentINE213A01029 Oil & Natural Gas CorporationINE274J01014 Oil IndiaPG0008579883 Oil SearchUS6780261052 Oil States InternationalAT0000743059 OMVXS1084958989 ONGC VideshGB00B24CT194 Ophir EnergyAU000000ORG5 Origin EnergyJP3180400008 Osaka GasUS6882392011 OshkoshUS695114BT48 PacificorpCA6979001089 Pan American SilverUS6984771062 Panhandle Oil & GasGB00B125SX82 Pantheon ResourcesUS69888T2078 Par Pacific HoldingsCA69946Q1046 Parex ResourcesUS7018771029 Parsley EnergyUS7034811015 Patterson-UTI EnergyUS69327R1014 PDC EnergyUS7045511000 Peabody EnergyAU0000061897 Perenti GlobalID1000111602 Perusahaan Gas NegaraUS71568QAA58 Perusahaan Listrik NegaraBRPETRACNPR6 PetrobrasCNE1000003W8 PetroChinaGB00B0H2K534 PetrofacXS0456477578 Petroleos MexicanosCA7170461064 Peyto Exploration & DevelopmentUS69331C1080 PG&EGB00B572ZV91 Pharos EnergyUS7181721090 Philip Morris InternationalUS7234841010 Pinnacle West CapitalUS7236641087 Pioneer Energy ServicesUS7237871071 Pioneer Natural ResourcesPLPGER000010 Polska Grupa EnergetycznaPLPKN0000018 Polski Koncern Naftowy OrlenPLPGNIG00014 Polskie Gornictwo Naftowe i GazownictwoKR7103140000 Poongsan CorporationKR7005810007 Poongsan HoldingsDE000PAH0038 Porsche Automobil HoldingUS7365088472 Portland General ElectricKR7005490008 POSCOKR7047050000 POSCO International


ISIN CODE NAME OF THE ENTERPRISEUS7376301039 PotlatchDelticUS6935061076 PPG IndustriesUS69351T1060 PPL CorporationCA7397211086 Prairiesky RoyaltyCA74022D3085 Precision Drilling CorporationGB00B43G0577 Premier OilTH0646010Z00 PTTTH0355A10Z04 PTT Exploration & ProductionGRS434003000 Public Power CorporationUS7453101021 Puget EnergyUS74737V1061 Pyxus InternationalQA0006929812 Qatar Electricity & WaterUS74733V1008 QEP ResourcesGB00B0WMWD03 QinetiQ GroupUS74875T1034 Quintana Energy ServicesUS75281A1097 Range ResourcesUS75513E1010 Raytheon TechnologiesINE002A01018 Reliance IndustriesINE614G01033 Reliance PowerZAE000026480 RemgroES0173516115 RepsolZAE000057428 ReunertDE0007030009 RheinmetallUS76680V1089 Ring EnergyGB0007188757 Rio TintoAU000000RIO1 Rio Tinto (Australia)US7697551098 Roan ResourcesVGO000287 Roketsan Roket SanayiiGB00B63H8491 Rolls-Royce HoldingsRU000A0J2Q06 Rosneft OilGB00B03MLX29 Royal Dutch ShellUS7802871084 Royal GoldGB0007594764 RPS GroupUS74978Q1058 RSP PermianDE0007037129 RWEIE00BYTBXV33 Ryanair HoldingsKR7003570009 S&T DynamicsKR7036530004 S&T HoldingsSE0000112385 SaabFR0000073272 SafranFR0000125007 Saint GobainIT0005252140 SaipemKR7028260008 Samsung C&TPHY751061151 San MiguelUS79970Y1055 Sanchez EnergyUS80007P8692 SandRidge EnergyAU000000STO6 SantosMYL5218OO002 Sapura Energy BerhadZAE000006896 SasolNL0000360618 SBM OffshoreDK0060696300 Scandinavian Tobacco GroupAN8068571086 SchlumbergerUS8085411069 Schweitzer-Mauduit InternationalUS8086251076 Science Applications InternationalBMG7998G1069 SeadrillSG1R50925390 Sembcorp IndustriesID1000106800 Semen IndonesiaAU000000SXY7 Senex EnergyGB0007973794 Serco GroupJP3422950000 Seven & I HoldingsCA81783Q1054 Seven Generations EnergyAU000000SVW5 Seven Group Holdings

ISIN CODE NAME OF THE ENTERPRISERU0009046510 SeverstalCH0002497458 SGSHK0363006039 Shanghai Industrial HoldingsHK0639031506 Shougang Fushan Resources GroupTH0021010Z06 Siam City CementUS82836G1022 SilverBow ResourcesSG1F60858221 Singapore Technologies Engineering LtdHK3377040226 Sino-Ocean Group HoldingHK3808041546 Sinotruk Hong KongKR7034730002 SK HoldingsKR7096770003 SK InnovationKR7001740000 SK NetworksNL0000817179 Sligro Food GroupUS78454L1008 SM EnergyCA78460T1057 SNC-Lavalin GroupJP3663900003 SojitzGB00B90XFF12 Sound EnergyAU000000S320 South32US84243QAH65 Southern California GasUS84265V1052 Southern CopperUS8454373007 Southwestern ElectricUS8454671095 Southwestern EnergyCA8467856081 Spartan EnergyFR0012757854 SpieUS8485741099 Spirit AeroSystems HoldingsVGO000280 SPLAV State Research and ProductionUS78470V1089 SRC EnergyKR7003410008 SsangYong Cement IndustrialGB0007908733 SSEUS8542311076 Standex InternationalCND000000BC2 State Grid Corporation of ChinaLU0075646355 Subsea 7JP3404600003 Sumitomo CorporationJP3890350006 Sumitomo Mitsui Financial GroupCA8672241079 Suncor EnergyAU000000SEA7 Sundance Energy AustraliaCA86880Y1097 Surge EnergyRU0008926258 SurgutneftegasSE0000310336 Swedish MatchMA0000012205 Taqa MoroccoINE467B01029 Tata Consultancy ServicesINE155A01022 Tata MotorsINE245A01021 Tata PowerINE081A01012 Tata SteelRU0009033591 TatneftPLTAURN00011 Tauron Polska EnergiaGB00BDSFG982 TechnipFMCCA8787422044 Teck ResourcesUS8723751009 Teco EnergyUS8790801091 Tejon RanchXS0695144567 Temasek HoldingMYL5347OO009 Tenaga NasionalUS880591ER96 Tennessee Valley AuthorityUS88162G1031 Tetra TechUS8832031012 TextronFR0000121329 ThalesDK0061135753 The Drilling Company of 1972US8425871071 The Southern CompanyJP3605400005 Tohoku Electric PowerJP3585800000 Tokyo Electric Power Co HoldingsJP3573000001 Tokyo GasCA8908953034 TORC Oil & Gas


ISIN CODE NAME OF THE ENTERPRISEFR0000120271 TotalGA0000121459 Total GabonCA89156V1067 Tourmaline OilJP3633400001 Toyota MotorJP3635000007 Toyota Tsusho CorporationCA89346D1078 TransAlta CorporationUS8936411003 TransDigm GroupCH0048265513 TransoceanDE000TRAT0N7 Traton

US89566EAD04 Tri-State Generation & Transmission Association

GB0001500809 Tullow OilUS90041L1052 Turning Point BrandsUS9026811052 UGI CorporationGB0009123323 Ultra Electronics HoldingsMYL4588OO009 UMW HoldingsVGO000291 Union of Military IndustriesDE000UNSE018 UniperUS9092143067 UnisysUS9092181091 Unit CorporationRU000A1025V3 United Company RusalBMG9231L1081 United Energy GroupUS9119221029 United States Lime & MineralsUS9129091081 United States SteelID1000058407 United TractorsUS9134561094 UNIVERSALGB00BJVJZD68 ValarisBRVALEACNOR0 ValeUS91913Y1001 Valero Energy

ISIN CODE NAME OF THE ENTERPRISEUS92240M1080 Vector GroupINE205A01025 Vedanta LimitedGB0033277061 Vedanta ResourcesCA9237251058 Vermilion EnergyFR0000031775 VicatXS1326311070 ViesgoFR0000125486 VinciUS92826C8394 VisaUS92840M1027 VistraDE0007664039 VolkswagenBRVOTRDBS032 VotorantimUS92922P1066 W&T OffshoreINE711A01022 Walchandnagar IndustriesAU000000SOL3 Washington H. Soul PattinsonUS92939U1060 WEC Energy GroupUS9497461015 Wells FargoUS9608781061 Westmoreland CoalUS9621661043 WeyerhaeuserCA96467A2002 Whitecap ResourcesAU000000WHC8 Whitehaven CoalUS9663875089 Whiting PetroleumXS2054210252 Wintershall DeaAU000000WPL2 Woodside PetroleumAU000000WOR2 WorleyUS98212B1035 WPX EnergyUS98389B1008 Xcel EnergyCNE1000004Q8 Yanzhou Coal MiningMYL4677OO000 YTL CorpCNE100000502 Zijin Mining Group

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