The following companies are excluded from AP3s investments.
- Alliant Techsystems (USA)
- Elbit Systems (Israel)
- GenCorp (USA)
- General Dynamics (USA)
- Hanwha Corporation (Sydkorea)
- L-3 Communications (USA)
- Lockheed Martin (USA)
- Poongsan (Sydkorea)
- Raytheon (USA)
- Singapore Technologies (Singapore)
- Textron (USA)