The placenta synthesizes various hormones and proteins crucial for maintaining pregnancy and supporting fetal development. Understanding which substances are produced by the placenta is key to answering this question.
Dehydroepiandrosterone (DHEA) is primarily synthesized by the fetal and maternal adrenal glands, not the placenta. While the placenta utilizes precursors related to DHEA for hormone production (like estrogen synthesis), it does not synthesize DHEA itself.
Therefore, Dehydroepiandrosterone is the substance EXCEPT those synthesized by the placenta among the given options.