Investments directly executed, or funds managed by Arche, will exclude the following cases:

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1. New constructions of electric and thermal coal-fired power plants and modernization of such operating and decommissioned stations with or without long-term carbon capture and storage.

2. Nuclear projects.

3. Hydro-electric projects with a capacity above 20 MW, except if:

   • Complying with the principles of the World Commission on Dams; and

   • Systematically screening for sustainability impacts and taking into account the results of mandatory local stakeholder consultations using high standards (like the Gold Standard).

4. Large geothermal plants located in protected forest areas and ecosystems and/or which release substantial amounts of greenhouse gases through the improper treatment of the geothermal fluids.

5. Biofuel projects (biodiesel and ethanol), certain biomass and organic waste projects (e.g., from production of palm oil) unless it can be demonstrated that these projects meet the aspects of sustainable development after a detailed study and that they apply robust environmental and social safeguards (e.g., no threat to food security, to deforestation, forest degradation, wetland drainage through an indirect land use change).

6. Industrial gas projects (HFC, N2O, PFC, SF6) only if they are related to carbon market activities.

7. Oil production entailing major local pollution problems, e.g., from oil sands.

8. Certain types of mining activities in which waste handling involves special risk.

9. Unlawful logging and other particularly damaging logging.

10. Unlawful fishing and other particularly damaging fishing activities.

11. Dam projects which may cause serious environmental damage.

12. Projects and activities with severe and irreversible consequences for particularly valuable and/or protected areas.

13. Mining and power companies that derive more than 30% of income from thermal coal or base more than 30% of their operations on thermal coal.

14. Companies that have more than 30% of income from oil exploration or base more than 30% of their operations on oil exploration.

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Arche reserves the right to add or modify this list of exceptions at its own discretion.