The involvement of
Deutsche Bank in
financing weapons
producers
A research paper prepared for
Facing Finance
The involvement of
Deutsche Bank in
financing weapons
producers
A research paper prepared for
Facing Finance
Jan Willem van Gelder
Barbara Kuepper
12 March 2016
Naritaweg 10
1043 BX Amsterdam
The Netherlands
Tel: +31-20-8208320
E-mail: profundo@profundo.nl
Website: www.profundo.nl
Contents
Summary ..................................................................................................................... i
Introduction................................................................................................................ 1
Chapter 1
1.1
1.2
1.3
1.4
Chapter 2
2.1
2.2
Chapter 3
3.1
3.2
3.3
Chapter 4
4.1
Chapter 5
5.1
5.2
Chapter 6
6.1
6.2
Chapter 7
7.1
7.2
Chapter 8
8.1
8.2
8.3
Chapter 9
9.1
Chapter 10
10.1
Appendix 1
Methodology .................................................................................... 2
Objective ................................................................................................... 2
Deutsche Bank ......................................................................................... 2
Weapons producers ................................................................................. 2
Types of finance ....................................................................................... 3
BAE Systems (United Kingdom) .................................................... 5
Shareholdings .......................................................................................... 5
Bondholdings ........................................................................................... 6
Boeing (United States) .................................................................... 7
Shareholdings .......................................................................................... 7
Bond issuances........................................................................................ 8
Bondholdings ........................................................................................... 8
Hanwha (South Korea) .................................................................... 9
Shareholdings .......................................................................................... 9
L-3 Communications (United States) ........................................... 10
Shareholdings ........................................................................................ 10
Bondholdings ......................................................................................... 11
Lockheed Martin (United States) .................................................. 12
Shareholdings ........................................................................................ 12
Bondholdings ......................................................................................... 13
Northrop Grumman (United States) ............................................. 14
Loans ...................................................................................................... 14
Shareholdings ........................................................................................ 14
Raytheon (United States) .............................................................. 16
Shareholdings ........................................................................................ 16
Bond issuances...................................................................................... 17
Bondholdings ......................................................................................... 17
Singapore Technologies Engineering (Singapore) .................... 18
Shareholdings ........................................................................................ 18
Textron (United States) ................................................................. 19
Shareholdings ........................................................................................ 19
References ..................................................................................... 20
Summary
The objective of this research project is to analyse the recent involvement of Deutsche Bank
in the financing of 16 producers of controversial weapons. Deutsche Bank (including all its
German and foreign subsidiaries) can be involved in financing these companies by:
 Providing corporate loans, project finance or working capital facilities. All facilities since 1
June 2012 were researched;
 Underwriting share or bond issuances. All issuances since June 2012 were researched;
 Owning/managing shares or bonds. Share and bondholdings at the most recent filing
date were researched.
Financial involvement
Table 1 provides an overview of the involvement of Deutsche Bank in the financing of the
selected weapons producers. The table shows that Deutsche Bank is involved in the
financing of the nine weapons companies. For seven companies no financial involvement
was found.
Table 1
Involvement of Deutsche Bank in the financing of weapons producers
since June 2012
Company
Country
Involvement Deutsche Bank
Aeroteh
Romania
-
Aryt Industries
Israel
-
BAE Systems
United Kingdom S, B
Boeing
United States
S, Bi, B
China Aerospace Science and Technology China
-
China North Industries Group
China
-
China Poly Group
China
-
China South Industries Group
China
-
Hanwha
South Korea
S
L-3 Communications (Corp & Holdings)
United States
S, B
Lockheed Martin
United States
S, B
Northrop Grumman
United States
L, S
Poongsan
South Korea
-
Raytheon
United States
S, Bi, B
Singapore Technologies Engineering
Singapore
S
Textron (Financial Corp & Inc)
United States
S
Key:
S = Shareholding
Bi = Participation in at least one bond issuance of the company since June 2012
B = Bondholding
L = Participation in at least one loan secured by the company since June 2012
More information about the financial relationships summarised in Table 1 can be found
below.
-i-
Share and bondholdings
Table 2 provides an overview of the shares and bonds of the 16 selected weapons producers
which were owned or managed by Deutsche Bank (including all its German and foreign
subsidiaries) at the most recent filing date. The table shows Deutsche Bank owned or
managed shares of nine companies with a total value of € 916.6 million. The respective value
of its holdings of the bonds issued by five companies is € 11.7 million.
Most share and bondholdings represent less than 1% of the outstanding shares or bonds.
Table 2
Share and bondholdings of Deutsche Bank (most recent filing date)
Shareholdings
(€ mln)
Bondholdings
(€ mln)
United Kingdom
136.72
3.83
Boeing
United States
197.34
0.09
Hanwha
South Korea
1.33
-
L-3 Communications
United States
30.43
7.58
Lockheed Martin
United States
126.43
0.07
Northrop Grumman
United States
238.42
-
Raytheon
United States
166.97
0.11
2.24
-
Company
Country
BAE Systems
Singapore Technologies Engineering Singapore
Textron
United States
16.70
Total
916.58
11.68
Loans and bond issuances
Table 3 provides an overview of the loans and bond issuances of weapons producers,
secured or issued since June 2012, in which Deutsche Bank participated. The table shows
that Deutsche Bank has provided a loan to one of the companies, participating with € 10
million. In addition, Deutsche Bank has underwritten € 67 million worth of bonds issued by
two of the selected companies. Deutsche Bank was not found to be involved in share
issuances in this period of time.
Table 3
Loans and bond issuances Deutsche Bank (since June 2012)
Loans
Bond issuances
# of
loans
(Estimated)
amount
(€ mln)
# of bond
issuances
(Estimated)
amount
(€ mln)
United States
-
-
1
44
Northrop Grumman
United States
1
10
-
-
Raytheon
United States
-
-
1
23
1
10
2
67
Company
Country
Boeing
Total
-ii-
Introduction
The objective of this research project is to analyse the recent involvement of Deutsche Bank
in the financing of 16 weapons producers.
This report is organised as follows: Chapter 1 presents the methodology. Chapter 2 until
Chapter 10 each discuss the financing of one of the selected companies. For all companies,
the involvement of Deutsche Bank (including all its German and foreign subsidiaries), by
means of owning/managing shares or bonds, providing loans, and underwriting share- or
bond issuances, is described.
A summary of the findings of this report can be found on the first pages of this report.
-1-
Chapter 1
1.1
Methodology
Objective
The objective of this research project is to analyse the recent involvement of Deutsche Bank
in the financing of 16 weapons producers, since June 2012.
1.2
Deutsche Bank
The following major subsidiaries of the Deutsche Bank group were researched:








DB Advisors
DB Capital Markets
DB Platinum Advisors
DB Valoren
Deutsche Asset Management
Deutsche Bank
DWS
Taunus Corporation
Additionally, investment funds which are managed by external asset managers but which are
marketed by Deutsche Bank under one of its brand names, were also included in the
research.
1.3
Weapons producers
The following 16 companies are researched:
















Aeroteh
Aryt Industries
BAE Systems
Boeing
China Aerospace Science and Technology
China North Industries Group
China Poly Group
China South Industries Group
Hanwha
L-3 Communications (Corp & Holdings)
Lockheed Martin
Northrop Grumman
Poongsan
Raytheon
Singapore Technologies Engineering
Textron (Financial Corp & Inc)
Romania
Israel
United Kingdom
United States
China
China
China
China
South Korea
United States
United States
United States
South Korea
United States
Singapore
United States
These companies were chosen as they were either currently classified by Ethix to be
involved in cluster munitions/components and/or ownership of an assessed company, or are
among the top-5 of the largest arms-producing (including nuclear weapons) and military
services companies according to SIPRI.1
This list of companies was provided by Facing Finance. Profundo did not conduct further
research as regards the involvement of these companies in the production of controversial
weapons.
-2-
1.4
Types of finance
Deutsche Bank can be involved in the financing of weapons producers by providing
corporate loans, by assisting companies with share- and bond issuances, and by (managing)
investments in shares and bonds of these companies. Below, these financing categories are
discussed in more detail:
 Corporate loans: The easiest way to obtain debt is to borrow money. In most cases,
money is borrowed from commercial banks. Loans can be either short-term or long-term
in nature. Short-term loans (including trade credits, current accounts, leasing agreements,
et cetera) have a maturity of less than a year. They are mostly used as working capital for
day-to-day operations. Short-term debts are often provided by a single commercial bank,
which does not ask for substantial guarantees from the company.
A long-term loan has a maturity of at least one year, but generally of three to ten years.
Long-term corporate loans are in particular useful to finance expansion plans, which only
generate rewards after some period of time. The proceeds of corporate loans can be used
for all activities of the company. Often long-term loans are extended by a loan syndicate,
which is a group of banks brought together by one or more arranging banks. The loan
syndicate will only undersign the loan agreement if the company can provide certain
guarantees that interest and repayments on the loan will be fulfilled.
 Share issuances: Issuing shares on the stock exchange gives a company the opportunity
to increase its equity by attracting a large number of new shareholders or increase the
equity from its existing shareholders. These shareholders can be private investors as well
as institutional investors.
When it’s the first time a company offers its shares on the stock exchange, this is called
an Initial Public Offering (IPO). When a company’s shares are already traded on the stock
exchange, this is called a secondary offering of additional shares.
To arrange an IPO or a secondary offering, a company needs the assistance of one or
more (investment) banks, which will promote the shares and find shareholders. The role of
investment banks in this process therefore is very important.
 Bond issuances: Issuing bonds can best be described as cutting a large loan into small
pieces, and selling each piece separately. Bonds are issued on a large scale by
governments, but also by corporations. Like shares, bonds are traded on the stock
exchange. Bonds are sold on the capital market, to private investors as well as
institutional investors. Banks rarely buy any bonds. But to issue bonds, a company needs
the assistance of one or more (investment) banks which underwrite a certain amount of
the bonds. Underwriting is in effect buying with the intention of selling to investors. Still, in
case the investment bank fails to sell all bonds it has underwritten, it will end up owning
the bonds.
 (Managing) investments in shares: Financial institutions can, through the funds they are
managing, buy shares of a certain company. This provides the company with new equity,
and gives the financial institution a direct influence on the company’s strategy. The
magnitude of this influence depends on the size of the shareholding.
 (Managing) investments in bonds: Like shares, financial institutions and private investors
can buy bonds of a certain company. The main difference between owning shares and
bonds is that owner of a bond is not a co-owner of the issuing company; the owner is a
creditor of the company. The buyer of each bond is entitled to repayment after a certain
number of years, and to a certain interest during each of these years.
-3-
These sources of financing were analysed using annual reports, stock exchange filings and
other publications of the companies involved, archives of international financial journals,
international press archives, as well as specialized financial databases (Thomson ONE
Banker, Bloomberg).
For loans and underwritings of shares or bonds, all deals since 1 June 2012 were
researched. In all cases, it is mentioned whether Deutsche Bank acts as bookrunner or a
participant in the syndicate. If the amount committed is unknown, it is estimated by using the
following rule of thumb:
 In the case of loans (corporate loans or revolving credit facilities), 40% of the total
amount is committed by bookrunners and 60% by other participants of the syndicate. If,
however, the amount of bookrunners is (almost) equal to, or higher than, the amount of
participants, the reverse is used: 60% for the bookrunners and 40% for the arrangers.
 In the case of share- and bond issuances, 75% of the total amount is committed by
bookrunners and 25% by other participants of the syndicate. The amount provided by
bookrunners should always be higher than the amount provided by participants.
 In the case of share and bondholdings, the amounts are always known, so no estimate
was needed.
For share and bondholdings the most recent figures are listed. Only holdings reported at
filing dates as of June 2012 or more recent are listed, as information from before that date is
considered outdated.
In the summary of the report, a table will be included summarising all financial relationships
between the Deutsche Bank and the selected producers of weapons.
-4-
Chapter 2
2.1
BAE Systems (United Kingdom)
Shareholdings
Table 4 provides an overview of the shares of BAE Systems which are owned or managed
by Deutsche Bank.
Table 4
Shares of BAE Systems owned or managed by Deutsche Bank
Investor/manager
Fund
# of shares
DB Platinum Advisors
DB X-Trackers MSCI World TRN Index
ETF
0.01
1.50
31-Mar-2013
DB X-Trackers S&P Europe 350
Shariah ETF
9,108
0.00
0.04
31-Mar-2013
db x-trackers Euro Stoxx 50 Double
Short Daily UCITS ETF
4,459
0.00
0.02
31-Mar-2013
db x-trackers FTSE 100 ETF
549,564
0.02
2.57
31-Mar-2013
db x-trackers FTSE 100 Short Daily
ETF
107,739
0.00
0.50
31-Mar-2013
6,764
0.00
0.03
28-Feb-2013
db x-trackers MSCI Europe TRN Index
ETF
584,888
0.02
2.73
31-Mar-2013
db x-trackers MSCI Europe Value TRN
Index ETF
4,456
0.00
0.02
31-Mar-2013
90,856
0.00
0.42
31-Mar-2013
db x-trackers STOXX Europe 600 ETF
192,741
0.01
0.90
31-Mar-2013
db x-trackers STOXX Europe 600
Industrial Goods ETF
223,368
0.01
1.04
31-Mar-2013
81,484
0.00
0.38
31-Mar-2013
db x-trackers Stoxx Global Select
Dividend 100 ETF
976,684
0.03
4.57
31-Mar-2013
DWS Garant Top Dividende 2018
18,283
0.00
0.08
31-Aug-2012
2,750,000
0.08
11.54
28-Feb-2013
DWS Invest Global Value
140,000
0.00
0.59
28-Feb-2013
DWS Invest Top Dividend
3,693,127
0.11
15.50
28-Feb-2013
19,609,223
0.61
82.33
28-Feb-2013
DWS Global Income Builder Fund
1,249,236
0.04
5.12
31-Oct-2012
DWS Var. Series II-Global Income
Builder VIP
314,200
0.01
1.34
30-Sep-2012
DWS Dividende Direkt 2014
730,000
0.02
3.00
28-Feb-2013
DWS Dividende Direkt 2017
32,550
0.00
0.14
31-Jan-2013
103,400
0.00
0,43
28-Feb-2013
12,553
0.00
0.05
28-Feb-2013
db x-trackers MSCI World Industrials
TRN Index ETF
db x-trackers Stoxx Europe 600
Industrial Goods Short Daily
DWS Global Value
DWS Top Dividende
Deutsche Asset
Management Americas
Deutsche Asset
Management
Investmentgesellschaft
DWS Invest Top Dividend Premium
Deutsche Bank
(Germany)
Filing date
321,918
db x-trackers FTSE 100 Super Short
Daily UCITS ETF
DWS Investment
% all Value (€
shares
mln)
DWS Etoile
-5-
Fund
Dreman Value
Management
DWS International Value Fund
139,456*
0.02
2.18
31-Oct-2012
Northern Trust Global
Investments
DWS EAFE Equity Index Fund
65,976
0.00
0.03
31-Mar-2013
QS Investors
DWS Diversified International Equity
Fund
1,124
0.00
0.01
31-Mar-2013
DWS Var. Series II - Diversified
International Equity VIP
8,559
0.00
0.04
31-Mar-2013
11,313
0.00
0.05
31-Mar-2013
TD Asset Management
# of shares
% all Value (€
shares
mln)
Investor/manager
db X-trackers MSCI EAFE Hedged
Equity Fund
Total
Filing date
136.72
*ADRs
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
2.2
Bondholdings
Table 7 provides an overview of the bonds of BAE Systems which are owned- or managed
by Deutsche Bank.
Table 5
Bonds of BAE Systems owned or managed by Deutsche Bank
Investor/manager
% of all outstanding bonds Value (€ mln)
Deutsche Asset Management
0.10
Total
3.83 28-Feb until 31-Mar-2013
3.83
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-6-
Filing date
Chapter 3
3.1
Boeing (United States)
Shareholdings
Table 4 provides an overview of the shares of Boeing which are owned or managed by
Deutsche Bank.
Table 6
Shares of Boeing owned or managed by Deutsche Bank
% all Value (€
shares
mln)
Investor/manager
Fund
# of
shares
DB Platinum Advisors
DB X-Trackers MSCI World TRN Index ETF
70,949
0.01
4.75
31-Mar-2013
DB X-Trackers S&P 500 2X Inverse Daily
ETF
1,861
0.00
0.12
31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged Daily
ETF
1,044
0.00
0.07
31-Mar-2013
DB X-Trackers S&P 500 Shariah ETF
700
0.00
0.05
31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF
858
0.00
0.06
31-Mar-2013
db x-trackers MSCI World Industrials TRN
Index ETF
20,024
0.00
1.34
31-Mar-2013
db x-trackers S&P 500 Equal Weight ETF
101
0.00
0.01
31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF
10,599
0.00
0.71
31-Mar-2013
DWS Invest Real Assets (CN)
400
0.00
0.02 30-Sep-2012
DWS Investment GmbH
DWS Invest II US Top Dividend
620
0.00
0.04
Deutsche Asset
Management Americas
-
1,960,109
0.26
Deutsche Bank AG
(Germany)
DWS Etoile
800
0.00
0.05
Deutsche Bank Private
Wealth Management
Limited
-
119,269
0.02
6.80 31-Dec-2012
Deutsche Bank
Securities
-
75,602
0.01
4.31 31-Dec-2012
Deutsche Investment
Management Americas
-
227,633
0.03
12.98 31-Dec-2012
Northern Trust Global
Investments
DWS Equity 500 Index Portfolio
85,964
0.01
5.76
31-Mar-2013
DWS Equity 500 Index VIP
38,254
0.01
2.56
31-Mar-2013
677,700
0.09
45.37
31-Mar-2013
DWS Disciplined Market Neutral Fund
6,200
0.00
0.36 31-Aug-2012
db X-trackers 2010 Target Date Fund
100
0.00
0.01
31-Mar-2013
db X-trackers 2020 Target Date Fund
771
0.00
0.05
31-Mar-2013
db X-trackers 2030 Target Date Fund
1,200
0.00
0.08
31-Mar-2013
db X-trackers 2040 Target Date Fund
1,200
0.00
0.08
31-Mar-2013
200
0.00
0.01
31-Mar-2013
QS Investors, LLC
TD Bank Wealth
DWS Core Equity Fund
db X-trackers In-Target Date Fund
Total
Filing date
28-Feb-2013
111.75 31-Dec-2012
28-Feb-2013
197.34
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-7-
3.2
Bond issuances
The following bond issuance of Boeing in which Deutsche Bank participated was found since
June 2012:
 In April 2013, Boeing issued 18-month bonds with a total value of US$ 150 million (€ 114
million) with a floating interest rate. The proceeds were destined for general corporate
purposes. Deutsche Bank participated as one of three bookrunners in the syndicate of
banks, underwriting an estimated amount of US$ 57 million (€ 44 million).2
3.3
Bondholdings
Table 7 provides an overview of the bonds of Boeing which are owned- or managed by
Deutsche Bank.
Table 7
Bonds of Boeing owned or managed by Deutsche Bank
Investor/manager
% of all outstanding bonds Value (€ mln)
Deutsche Asset Management
0.00
Total
Filing date
0.09 31-Mar-2013
0.09
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-8-
Chapter 4
4.1
Hanwha (South Korea)
Shareholdings
Table 4 provides an overview of the shares of Hanwha which are owned or managed by
Deutsche Bank.
Table 8
Investor/manager
Shares of Hanwha owned or managed by Deutsche Bank
Fund
# of
shares
DB Platinum Advisors db x-trackers FTSE All-World Ex UK ETF
Filing date
66
0.00
0.00 31-Mar-2013
db x-trackers MSCI AC Asia ex Japan
TRN Index ETF
72
0.00
0.00 31-Mar-2013
db x-trackers MSCI EM Materials TRN
Index ETF
3,091
0.00
0.07 31-Mar-2013
134
0.00
0.00 31-Mar-2013
db x-trackers MSCI Emerging Markets
TRN Index ETF
42,702
0.06
1.01 31-Mar-2013
db x-trackers MSCI Korea TRN Index ETF
10,413
0.01
0.25 31-Mar-2013
100
0.00
0.00 31-Mar-2013
db x-trackers MSCI EM Short Daily Index
UCITS ETF
TD Asset
Management
% all Value (€
shares
mln)
db X-trackers MSCI Emerging Markets
Hedged Equity Fund
Total
1.33
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-9-
L-3 Communications (United States)
Chapter 5
5.1
Shareholdings
Table 4 provides an overview of the shares of L-3 Communications Holdings which are
owned or managed by Deutsche Bank.
Table 9
Shares of L-3 Communications owned or managed by Deutsche Bank
Investor/manager
Fund
# of
shares
DB Platinum Advisors
DB X-Trackers MSCI World TRN Index
ETF
% all Value (€
shares
mln)
Filing date
9,315
0.01
0.59 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse
Daily ETF
246
0.00
0.02 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged
Daily ETF
138
0.00
0.01 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF
118
0.00
0.01 31-Mar-2013
2,629
0.00
0.17 31-Mar-2013
db x-trackers Russel MidCap Index ETF
391
0.00
0.02 31-Mar-2013
db x-trackers S&P 500 Equal Weight
ETF
106
0.00
0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF
1,400
0.00
0.09 31-Mar-2013
DWS Investment
-
3,900
0.00
0.23 31-Dec-2012
Deutsche Asset
Management Americas
-
366,876
0.41
21.26 31-Dec-2012
Deutsche Bank
Securities
-
7,854
0.01
0.46 31-Dec-2012
Deutsche Investment
Management Americas
-
71,241
0.08
4.13 31-Dec-2012
Dreman Value
Management
DWS Mid Cap Value Fund
38,270
0.04
2.42 31-Dec-2012
Northern Trust Global
Investments
DWS Equity 500 Index Portfolio
11,122
0.01
0.70 31-Mar-2013
4,985
0.01
0.31 31-Mar-2013
db x-trackers MSCI World Industrials
TRN Index ETF
DWS Equity 500 Index VIP
Total
30.43
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-10-
5.2
Bondholdings
Table 7 provides an overview of the bonds of L-3 Communications Holdings which are
owned- or managed by Deutsche Bank.
Table 10 Bonds of L-3 Communications Holdings owned or managed by
Deutsche Bank
Investor/manager % of all outstanding bonds Value (€ mln)
Deutsche Bank
0.27
Total
Filing date
7.58 31-Dec-2012
7.58
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-11-
Chapter 6
6.1
Lockheed Martin (United States)
Shareholdings
Table 4 provides an overview of the shares of Lockheed Martin which are owned or
managed by Deutsche Bank.
Table 11 Shares of Lockheed Martin owned or managed by Deutsche Bank
Investor/manager
Fund
DB Platinum Advisors
DB Platinum IV Croci US
# of
% all Value (€
shares shares
mln)
219,200
0.07
27,241
0.01
2.05 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse
Daily ETF
732
0.00
0.06 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged
Daily ETF
411
0.00
0.03 31-Mar-2013
DB X-Trackers S&P 500 Shariah ETF
275
0.00
0.02 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF
407
0.00
0.03 31-Mar-2013
db x-trackers MSCI World Industrials
TRN Index ETF
7,688
0.00
0.58 31-Mar-2013
db x-trackers S&P 500 Equal Weight
ETF
91
0.00
0.01 31-Mar-2013
4,170
0.00
0.31 31-Mar-2013
39,704
0.01
2.99 31-Mar-2013
DB X-Trackers MSCI World TRN Index
ETF
db x-trackers S&P 500 Inverse Daily ETF
db x-trackers Stoxx Global Select
Dividend 100 ETF
15.94
Filing date
31-Jul-2012
DWS Investment
-
500
0.00
0.04 31-Dec-2012
Deutsche Asset
Management Americas
-
1,208,962
0.38
84.41 31-Dec-2012
Deutsche Bank
(Germany)
DWS Etoile
500
0.00
0.03 28-Feb-2013
Deutsche Bank
Securities
-
69,621
0.02
4.86 31-Dec-2012
Deutsche Investment
Management Americas
-
141,298
0.04
9.86 31-Dec-2012
Northern Trust Global
Investments
DWS Equity 500 Index Portfolio
33,875
0.01
2.55 31-Mar-2013
DWS Equity 500 Index VIP
14,999
0.00
1.13 31-Mar-2013
DWS Core Equity Fund
20,300
0.01
1.53 31-Mar-2013
QS Investors
Total
126.43
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
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6.2
Bondholdings
Table 7 provides an overview of the bonds of Lockheed Martin which are owned- or
managed by Deutsche Bank.
Table 12 Bonds of Lockheed Martin owned or managed by Deutsche Bank
Investor/manager
% of all outstanding bonds Value (€ mln)
Deutsche Asset Management
0.00
Total
Filing date
0.07 31-Mar-2013
0.07
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-13-
Chapter 7
7.1
Northrop Grumman (United States)
Loans
The following loan secured by Northrop Grumman since June 2012, in which Deutsche Bank
participated, was found:
 In September 2012, Northrop Grumman obtained a one-year revolving credit facility with
a value of US$ 500 million from a syndicate of banks, replacing a previous credit facility.
The proceeds were destined to refinance debt. Deutsche Bank participated in the
syndicate of 27 banks, with an estimated amount of US$ 13 million (€ 10 million).3
7.2
Shareholdings
Table 4 provides an overview of the shares of Northrop Grumman which are owned or
managed by Deutsche Bank.
Table 13 Shares of Northrop Grumman owned or managed by Deutsche Bank
% all Value (€
shares
mln)
Investor/manager
Fund
# of
shares
DB Platinum Advisors
DB X-Trackers MSCI World TRN Index
ETF
23,093
0.01
1.26 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse Daily
ETF
648
0.00
0.04 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged
Daily ETF
364
0.00
0.02 31-Mar-2013
DB X-Trackers S&P 500 Shariah ETF
244
0.00
0.01 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF
298
0.00
0.01 31-Mar-2013
6,518
0.00
0.36 31-Mar-2013
db x-trackers S&P 500 Equal Weight ETF
124
0.00
0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF
3,693
0.00
0.20 31-Mar-2013
DWS Garant Top Dividende 2018
1,517
0.00
0.78 31-Aug-2012
480
0.00
0.02 28-Feb-2013
328,374
0.14
16.48 28-Feb-2013
1,754,032
0.75
88.05 28-Feb-2013
10,244
0.00
0.51 28-Feb-2013
1,885,420
0.80
96.39 31-Dec-2012
db x-trackers MSCI World Industrials
TRN Index ETF
DWS Investment
DWS Invest II US Top Dividend
DWS Invest Top Dividend
DWS Top Dividende
DWS US Equities Typ O
Filing date
Deutsche Asset
Management Americas
-
Deutsche Asset
Management
Investmentgesellschaft
DWS Dividende Direkt 2014
66,200
0.03
3.32 28-Feb-2013
DWS Dividende Direkt 2017
3,410
0.00
0.17 31-Jan-2013
49,800
0.02
2.50 28-Feb-2013
DWS Invest Top Dividend Premium
9,300
0.00
0.47 28-Feb-2013
Deutsche Bank
Securities
-
8,302
0.00
0.42 31-Dec-2012
Deutsche Investment
Management Americas
-
136,856
0.06
7.00 31-Dec-2012
DWS Dividende USA Direkt 2014
-14-
% all Value (€
shares
mln)
Investor/manager
Fund
# of
shares
Northern Trust Global
Investments
DWS Equity 500 Index Portfolio
29,999
0.01
1.64 31-Mar-2013
DWS Equity 500 Index VIP
13,359
0.01
0.73 31-Mar-2013
236,800
0.10
12.95 31-Mar-2013
DWS Disciplined Market Neutral Fund
62,600
0.03
3.27 31-Aug-2012
DWS Variable Series I - Core Equity VIP
35,800
0.02
1.81 30-Jun-2012
QS Investors
DWS Core Equity Fund
Total
Filing date
238.42
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-15-
Chapter 8
8.1
Raytheon (United States)
Shareholdings
Table 4 provides an overview of the shares of Raytheon which are owned or managed by
Deutsche Bank.
Table 14 Shares of Raytheon owned or managed by Deutsche Bank
Investor/manager
Fund
# of shares
DB Platinum Advisors
DB Platinum IV Croci US
% all Value (€
shares
mln)
340,000
0.10
DB X-Trackers MSCI World
TRN Index ETF
32,670
0.01
1.50 31-Mar-2013
DB X-Trackers S&P 500 2X
Inverse Daily ETF
890
0.00
0.04 31-Mar-2013
DB X-Trackers S&P 500 2x
Leveraged Daily ETF
499
0.00
0.02 31-Mar-2013
DB X-Trackers S&P 500
Shariah ETF
335
0.00
0.02 31-Mar-2013
db x-trackers FTSE AllWorld Ex UK ETF
411
0.00
0.02 31-Mar-2013
9,220
0.00
0.42 31-Mar-2013
db x-trackers S&P 500
Equal Weight ETF
146
0.00
0.01 31-Mar-2013
db x-trackers S&P 500
Inverse Daily ETF
5,067
0.00
0.23 31-Mar-2013
DWS Invest II US Top
Dividend
530
0.00
0.02 28-Feb-2013
325,000
0.10
14.90 31-Mar-2013
DWS Var. Series II – DWS
Large Cap Value VIP
85,000
0.03
3.62 28-Feb-2013
Deutsche Asset Management
Investmentgesellschaft
-
19,140
0.01
0.83 31-Dec-2012
Deutsche Asset Management
Americas
-
1,884,839
0.58
82.07 31-Dec-2012
Deutsche Bank (Germany)
DWS Etoile
600
0.00
0.02 28-Feb-2013
Deutsche Bank Securities
-
295,377
0.09
12.86 31-Dec-2012
Deutsche Investment
Management Americas
-
162,052
0.05
7.06 31-Dec-2012
Northern Trust Global
Investments
DWS Equity 500 Index
Portfolio
41,100
0.01
1.88 31-Mar-2013
DWS Equity 500 Index VIP
18,340
0.01
0.84 31-Mar-2013
550,700
0.17
25.25 31-Mar-2013
db x-trackers MSCI World
Industrials TRN Index ETF
DWS Investment
DWS Large Cap Value Fund
QS Investors
DWS Core Equity Fund
Total
15.36
Filing date
31-Jul-2012
166.97
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-16-
8.2
Bond issuances
The following bond issuance of Raytheon since June 2012, in which Deutsche Bank
participated, was found:
 In December 2012, Raytheon issued ten-year bonds with a total value of US$ 1,100
million (€ 850 million) with an interest rate of 2.500%. The proceeds were used to
refinance debt and for general corporate purposes. Deutsche Bank participated in the
syndicate of 14 banks, underwriting an amount of US$ 29.7 million (€ 23 million).4
8.3
Bondholdings
Table 7 provides an overview of the bonds of Raytheon which are owned- or managed by
Deutsche Bank.
Table 15 Bonds of Raytheon owned or managed by Deutsche Bank
Investor/manager
% of all outstanding bonds Value (€ mln)
Deutsche Asset Management
0.00
Total
Filing date
0.11 31-Mar-2013
0.11
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-17-
Chapter 9
9.1
Singapore Technologies Engineering (Singapore)
Shareholdings
Table 4 provides an overview of the shares of Singapore Technologies Engineering which
are owned or managed by Deutsche Bank.
Table 16 Shares of Singapore Technologies Engineering owned or managed by
Deutsche Bank
Investor/manager
Fund
# of
shares
DB Platinum Advisors
DB X-Trackers MSCI World TRN Index
ETF
% all Value (€
shares
mln)
Filing date
152,370
0.00
0.41 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF
1,931
0.00
0.01 31-Mar-2013
db x-trackers MSCI AC Asia ex Japan
TRN Index ETF
2,448
0.00
0.01 31-Mar-2013
483,218
0.02
1.31 31-Mar-2013
db x-trackers MSCI Singapore Investable
Markets TRN Index ET
56,906
0.00
0.15 31-Mar-2013
db x-trackers MSCI World Industrials
TRN Index ETF
43,004
0.00
0.12 31-Mar-2013
Deutsche Bank
DWS Etoile
23,000
0.00
0.06 28-Feb-2013
Northern Trust Global
Investments
DWS EAFE Equity Index Fund
30,000
0.00
0.08 31-Mar-2013
QS Investors
DWS Diversified International Equity
Fund
12,000
0.00
0.03 31-Mar-2013
DWS Var. Series II - Diversified
International Equity VIP
15,000
0.00
0.04 31-Mar-2013
5,800
0.00
0.02 31-Mar-2013
db x-trackers MSCI Pacific Ex Japan
TRN Index ETF
TD Asset Management
db X-trackers MSCI EAFE Hedged
Equity Fund
Total
2.24
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-18-
Chapter 10
10.1
Textron (United States)
Shareholdings
Table 4 provides an overview of the shares of Textron which are owned or managed by
Deutsche Bank.
Table 17 Shares of Textron owned or managed by Deutsche Bank
% all Value (€
shares
mln)
Investor/manager
Fund
# of
shares
Filing date
DB Platinum Advisors
DB X-Trackers MSCI World TRN
Index ETF
27,912
0.01
0.65 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse
Daily ETF
742
0.00
0.02 31-Mar-2013
DB X-Trackers S&P 500 2x
Leveraged Daily ETF
417
0.00
0.01 31-Mar-2013
db x-trackers FTSE All-World Ex UK
ETF
342
0.00
0.01 31-Mar-2013
db x-trackers MSCI World Industrials
TRN Index ETF
7,878
0.00
0.18 31-Mar-2013
db x-trackers Russel MidCap Index
ETF
1,216
0.00
0.03 31-Mar-2013
db x-trackers S&P 500 Equal Weight
ETF
269
0.00
0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily
ETF
4,229
0.00
0.10 31-Mar-2013
DWS Investment
-
40,041
0.01
0.77 31-Dec-2012
Deutsche Asset
Management Americas
-
619,744
0.22
11.62 31-Dec-2012
Deutsche Bank Securities
-
17,212
0.01
0.32 31-Dec-2012
Deutsche Investment
Management Americas
-
65,368
0.02
1.22 31-Dec-2012
Northern Trust Global
Investments
DWS Equity 500 Index Portfolio
34,105
0.01
0.79 31-Mar-2013
DWS Equity 500 Index VIP
15,306
0.01
0.36 31-Mar-2013
DWS Disciplined Market Neutral
Fund
28,400
0.01
0.61 31-Aug-2012
QS Investors
Total
16.70
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-19-
Appendix 1 References
1
Stockholm International Peace Research Institute, “The SIPRI Top 100 arms-producing and military
services companies in the world excluding China, 2011”, Website SIPRI
(www.sipri.org/research/armaments/production/Top100/2011#_edn1), viewed May 2013.
2
Thomson ONE Banker, “Tearsheet 2517519001”, Thomson ONE Banker (www.thomsonone.com), 30 April
2013;
Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed May 2013.
3
Thomson ONE Banker, “Tearsheet 2886057115”, Thomson ONE Banker (www.thomsonone.com), 4
September 2012;
Bloomberg Database, “Loan finder”, Bloomberg Database, viewed May 2013;
Northrop Grumman, “Form 8-K to the Securities and Exchange Commission”, Northrop Grumman, 4
September 2012.
4
Thomson ONE Banker, “Tearsheet 2471562001”, Thomson ONE Banker (www.thomsonone.com), 27
November 2012;
Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed May 2013.
Raytheon, “Form 8K: Underwriting Agreement $1,100,000,000 2.50% Senior Notes due 2022”, Raytheon,
27 November 2012 (www.faqs.org/sec-filings/121204/RAYTHEON-CO-_8-K/d445777dex11.htm).
-20-