German banks and cluster munition

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					German banks financing producers of
cluster munitions
A research paper prepared for Urgewald
German banks financing producers of
cluster munitions


A research paper prepared for Urgewald




Final version: 16 September 2011


Jan Willem van Gelder
Julia Padberg




Profundo
Radarweg 60
1043 NT Amsterdam
The Netherlands
Tel: +31-20-820 83 20
E-mail: profundo@profundo.nl
Website: www.profundo.nl
                                                         Contents


Summary ..................................................................................................................... i

Introduction................................................................................................................ 1

Chapter 1               BayernLB ......................................................................................... 3
              1.1       Subsidiaries .............................................................................................. 3
              1.2       Shares ....................................................................................................... 3

Chapter 2               Commerzbank .................................................................................. 4
              2.1       Subsidiaries .............................................................................................. 4
              2.2       Loans ........................................................................................................ 4

Chapter 3               DekaBank ......................................................................................... 5
              3.1       Subsidiaries .............................................................................................. 5
              3.2       Shares ....................................................................................................... 5
              3.3       Bonds ........................................................................................................ 7

Chapter 4               Deutsche Bank ................................................................................ 9
              4.1       Subsidiaries .............................................................................................. 9
              4.2       Shares ....................................................................................................... 9
              4.3       Bonds ...................................................................................................... 17
              4.4       Share issuances ..................................................................................... 18
              4.5       Bond issuances...................................................................................... 19
              4.6       Loans ...................................................................................................... 19

Chapter 5               DZ Bank .......................................................................................... 21
              5.1       Subsidiaries ............................................................................................ 21
              5.2       Shares ..................................................................................................... 21

Chapter 6               Landesbank Berlin ........................................................................ 23
              6.1       Subsidiaries ............................................................................................ 23
              6.2       Shares ..................................................................................................... 23

Chapter 7               LBBW.............................................................................................. 25
              7.1       Subsidiaries ............................................................................................ 25
              7.2       Shares ..................................................................................................... 25

Chapter 8               Norddeutsche Landesbank .......................................................... 26
              8.1       Subsidiaries ............................................................................................ 26
              8.2       Shares ..................................................................................................... 26
Chapter 9     Unicredit/HVB ................................................................................ 28
        9.1   Subsidiaries ............................................................................................ 28
        9.2   Shares ..................................................................................................... 28

Appendix 1    References ..................................................................................... 32
  Summary
  This report gives an overview of the involvement of 14 German banking groups in the
  financing of eight producers of cluster munitions since January 2008. Nine German banking
  groups were found to have invested in producers of cluster munitions since January 2008, by
  means of shareholdings, bondholdings, loans and/or underwritings of share- and bond
  issuances. Table 1 summarizes all investments in producers of cluster munitions by German
  banks that were found in this research project.

           Table 1    Summary of investments by German banks since early 2008
                                    General Dynamics



                                                            Hanwha



                                                                          L-3 Communications



                                                                                                    Lockheed Martin



                                                                                                                           Poongsan



                                                                                                                                           Raytheon


                                                                                                                                                       Engineering
                                                                                                                                                       Singapore Technologies


                                                                                                                                                                                     Textron
BayernLB                       Sh                                                              Sh                                     Sh              Sh
Commerzbank                                                                                                                           L
DekaBank                       Sh                                    Sh                        Sh                                     Sh                                        Sh, Bo
                                                                     Sh, Bo,                                                                                                    Sh, Bo,
Deutsche Bank                  Sh, Bo                                                          Sh, Bo                                 Sh, Bo          Sh, Bu
                                                                     Bu, L                                                                                                      Su, Bu
DZ Bank                        Sh                                                                                     Sh              Sh
Landesbank Berlin              Sh                                    Sh                                                                               Sh
LBBW                           Sh                                    Sh                        Sh                                     Sh                                        Sh
Norddeutsche Landesbank        Sh                      Sh            Sh                        Sh                                     Sh              Sh                        Sh
Unicredit/HVB                  Sh                      Sh            Sh                        Sh                                     Sh              Sh                        Sh
                Sh = shareholding, Bo = bondholding, Su = share underwriting, Bu = bond underwriting,
                L = Loan


  Most investments were made by Deutsche Bank, which was involved in the financing of six
  out of eight producers of cluster munitions, by means of shareholdings, bondholdings, loans
  and issuances of shares and bonds. Norddeutsche Landesbank and Unicredit/HVB are
  involved in the financing of even more cluster munition producers (7 out of 8), but only via
  shareholdings. Five other banking groups (BayernLB, DekaBank, DZ Bank, Landesbank
  Berlin and LBBW) hold shares and/or bonds of three to five producers of cluster munitions.
  Commerzbank was involved in a loan to one cluster munition producer, Raytheon.
  The German banking groups Helaba, HSH Nordbank, KFW, Postbank and WestLB did not
  invest at all in the eight cluster munition producers researched.

  It is hard to say which producer received most investments by German banks in exact terms,
  but the company in which eight of the banks were involved is General Dynamics. Five to
  seven German banks have invested in the American companies Raytheon, L-3
  Communications, Lockheed Martin and Textron. The German banks had the lowest financial
  involvement in cluster munitions producers from Singapore (Singapore Technologies
  Engineering) and South Korea (Hanwha Corporation and Poongsan Corporation).


                                                                      -i-
Introduction
This report gives an overview of the involvement of 14 German banks and their subsidiaries
and investment funds in the financing of producers of cluster munitions since January 2008.

The eight producers of cluster munitions that were considered are:

   General Dynamics                                     United States
   Hanwha Corporation                                    South Korea
   L-3 Communications                                   United States
   Lockheed Martin                                      United States
   Poongsan Corporation                                  South Korea
   Raytheon                                             United States
   Singapore Technologies Engineering (STE)                Singapore
   Textron                                              United States

The following 14 German banks, with their subsidiaries between brackets, were researched:

 BayernLB (BayernLabo, LBS, DKB, HGAA, SaarLB, MKB, LBLux)
 Commerzbank (Dresdner Bank, EuroHypo, BRE Bank)
 DekaBank (Deka, Deka Investment, DekaBank Deutsche Girozentrale, Deka International
  Fund Management, S-Pensionsmanagement, Sparkassen Pensionsfonds, Sparkassen
  Pensionskasse, Dealis Fund Operations, Heubeck, S Broker, Westinvest, WIV, ETFlab
  Investment, DKC Deka Kommunal Consult)
 Deutsche Bank (DB Advisors, DB Capital Markets, DB Valoren, DWS, Taunus)
 DZ Bank (DVB Bank, DZ Privatbank, TeamBank, Union Investment, R+V Versicherung,
  Quoriam Asset Management, BEA Union Investment, Condor Versicherung, Vereinigte
  Tierversicherung, Chemie Pensionsfonds)
 Helaba (Landesbank Hessen-Thüringen, Verbundbank, LBS, Frankfurter Sparkasse,
  1822direkt, S-Group Bank, Thüringen GmbH & Co, KG Private Equity Fund, WIBank)
 HSH Nordbank (Swift Capital Partners)
 KFW (DEG)
 Landesbank Berlin (LBB Invest, Berliner Sparkasse, Berlin Hyp)
 LBBW (Landesbank Baden-Württenberg, BW-Bank, Sachsen Bank, Rheinland-Pfalz
  Bank)
 Norddeutsche Landesbank (Nord/LB, Bank DnB Nord, Braunschweigische
  Landessparkasse, Bremer Landesbank, Deutsche Hypo, ÖVB Öffentliche Versicherung
  Braunschweig, Skandifinanz Bank)
 Postbank (BHW, Deutsche Postbank, DSL Portfolio, PB Capital, Merkur, Betriebs-Center
  für Banken)
 Unicredit/HVB (Pioneer Asset Management GmBH, DAB Bank, Bankhaus Neelmeyer,
  HypoVereinsFinance)
 WestLB (Banque d„Orsay, Basinghall Finance, Clavis Securities, Compass Securitisation,
  GOD Grundstücksverwaltungsgesellschaft & Co, GOH
  Grundstücksverwaltungsgesellschaft & Co, Readybank, WLB Funding, Westdeutsche
  ImmobilienBank)

German banks can be involved in financing these companies by providing corporate loans,
project finance or working capital facilities, by underwriting share and bond issuances and by
managing share- and bondholdings. All loans and underwriting activities since 1 January
2008 are included as well as share- and bondholdings at the most recent reporting date.



                                             -1-
The financial relationships found are grouped by bank, in separate chapters for each bank.
All share- and bondholdings are reported per subsidiary and investment fund, and are
subsequently summarized per weapon producer for that bank.
There are no chapters for the banks of which no financial involvement in any of the cluster
munitions producers was found: Helaba, HSH Nordbank, KFW, Postbank and WestLB.

A summary of the findings can be found on the first page of this report.




                                              -2-
   Chapter 1       BayernLB

   1.1        Subsidiaries

   The following subsidiaries of the BayernLB Group were researched:

           BayernInvest
           BayernLabo
           BayernLB
           DKB
           HGAA
           LBLux
           LBS
           MKB
           SaarLB


   1.2        Shares

   Table 2 gives an overview of all the shareholdings by BayernLB and its subsidiaries in
   producers of cluster munitions.

                                   Table 2    Shares owned by BayernLB
                                                                                  Percentage
Cluster munition                                                Value   Amount of
                        Investor       Fund name                                  of all     Filing date
producer                                                        (mln $) shares
                                                                                  shares
                                       DKB Nordamerika
General Dynamics        BayernInvest                               0.05         632          0.00 31 March 2010
                                       Fonds
                                       DKB Nordamerika
Lockheed Martin         BayernInvest                               0.04         516          0.00 31 March 2010
                                       Fonds
                                       DKB Nordamerika
Raytheon                BayernInvest                               0.04         620          0.00 31 March 2010
                                       Fonds
                                       Bayern LB Asian
STE                     BayernInvest                               0.02       8,000          0.00 31 March 2010
                                       Equity Fonds
STE                     BayernInvest   DKB Asien Fonds             0.10      45,000          0.00 31 March 2010
                               Source: Thomson One Database, Viewed in November 2010.

   Table 3 aggregates the shares owned by different funds of BayernLB per Cluster munition
   producer.

                           Table 3     Summary of shares owned by BayernLB
                                                Value                               Percentage of all shares
      Cluster munition producer                                 Amount of shares
                                                (mln $)
      General Dynamics                                 0.05                   632                       0.00
      Lockheed Martin                                  0.04                   516                       0.00
      Raytheon                                         0.04                   620                       0.00
      STE                                              0.12                53,000                       0.00
                               Source: Thomson One Database, Viewed in November 2010.


                                                          -3-
Chapter 2      Commerzbank

2.1      Subsidiaries

The following subsidiaries of the Commerzbank Group were researched:

      BRE Bank
      Commerzbank
      Dresdner Bank
      EuroHypo


2.2      Loans

Since January 2008 Coimmerzbank provided the following loans to cluster munition
producers:

 In November 2009 Raytheon obtained two new revolving credit facilities from a syndicate
  of 24 banks, to replace its US$ 2.2 billion five-year revolving credit facility signed in 2005.
  The first facility of US$ 500 million (€ 335.1 million) matures in November 2010 and the
  second facility of US$ 1,000 million (€ 670.3 million) matures in November 2012. For both
  deals, Commerzbank was one of the 24 syndicate members, with estimated allotted
  amounts of € 10 million and € 20 million respectively for the two deals. The proceeds are
  being used for general corporate purposes and for refinancing debts.1




                                               -4-
 Chapter 3     DekaBank

 3.1       Subsidiaries

 The following subsidiaries of the DekaBank Group were researched:

       Dealis Fund Operations
       Deka
       Deka International Fund Management
       Deka Investment
       DekaBank Deutsche Girozentrale
       DKC Deka Kommunal Consult
       ETFlab Investment
       Heubeck
       S Broker
       Sparkassen Pensionsfonds
       Sparkassen Pensionskasse
       S-Pensionsmanagement
       Westinvest
       WIV


 3.2       Shares

 Table 4 gives an overview of all the shareholdings by DekaBank and its subsidiaries in
 producers of cluster munitions.

                             Table 4   Shares owned by DekaBank
Cluster                                             Value Amount Percentage
munition        Investor      Fund name             (mln of      of all     Filing date
producer                                            $)    shares shares
General         Deka
                              Deka A-Mol-Fonds       0.05    1,200       0.00 31 March 2009
Dynamics        Investment
General         Deka
                              Deka BR 100            3.31   48,569       0.01 31 December 2009
Dynamics        Investment
General         Deka
                              Deka BR 20             0.11    1,584       0.00 31 December 2009
Dynamics        Investment
General         Deka
                              Deka BR 35             0.03     479        0.00 31 December 2009
Dynamics        Investment
General         Deka
                              Deka BR 45             0.03     460        0.00 31 December 2009
Dynamics        Investment
General         Deka
                              Deka BR 55             0.11    1,553       0.00 31 December 2009
Dynamics        Investment
General         Deka
                              Deka BR 75             0.78   11,500       0.00 31 December 2009
Dynamics        Investment
General         Deka
                              Deka BR 85             0.06     899        0.00 31 December 2009
Dynamics        Investment
General         Deka
                              Deka Basisindustrie    0.07    1,100       0.00 31 December 2009
Dynamics        Investment


                                               -5-
Cluster                                                Value Amount Percentage
munition          Investor       Fund name             (mln of      of all     Filing date
producer                                               $)    shares shares
General           Deka           Deka Basisindustrie
                                                           0.06     900     0.00 31 December 2009
Dynamics          Investment     CF
General           Deka           Deka Dividendvalue
                                                           0.05     700     0.00 30 November 2009
Dynamics          Investment     Global
General           Deka           Deka Inv Krebshlife
                                                           0.13    1,900    0.00 31 December 2009
Dynamics          Investment     1 Fonds
General           Deka           Deka Naspa
                                                           0.41    6,030    0.00 31 December 2009
Dynamics          Investment     Aktienfonds
General           Deka
                                 Deka Spezial Fund         3.72   54,600    0.01 31 December 2009
Dynamics          Investment
General           Deka           Deka Technologie
                                                           0.41    6,000    0.00 31 December 2009
Dynamics          Investment     CF
General           Deka           Deka Technologie
                                                           0.74   10,800    0.00 31 December 2009
Dynamics          Investment     TF
General           Deka
                                 Deka-bAV-Fonds            0.65    9,552    0.00 31 December 2009
Dynamics          Investment
General           Deka           Dekalux Global
                                                           0.16    2,400    0.00 30 September 2009
Dynamics          Investment     Value
General           Deka           Dekalux U.S.A.
                                                           1.59   24,625    0.01 30 September 2009
Dynamics          Investment     Fonds
                  DekaBank       DekaBank
General
                  Deutsche       Deutsche                 15.67 267,608     0.07 30 June 2010
Dynamics
                  Girozentrale   Girozentrale
General           ETFlab
                                 ETFlab MSCI USA           0.07    1,107    0.00 31 January 2010
Dynamics          Investment
General           ETFlab         ETFlab MSCI USA
                                                           0.18    2,810    0.00 30 September 2010
Dynamics          Investment     LC
               DekaBank          DekaBank
L-3
               Deutsche          Deutsche                  0.13    1,873    0.00 30 June 2010
Communications
               Girozentrale      Girozentrale
L-3            ETFlab            ETFlab MSCI USA           0.03     394     0.00 31 January 2010
Communications Investment
L-3            ETFlab            ETFlab MSCI USA           0.07     992     0.00 30 September 2010
Communications Investment        LC
                  Deka           Deka Basisindustrie       0.11    1,500    0.00 31 December 2009
Lockheed Martin
                  Investment
                  Deka           Deka Basisindustrie       0.09    1,200    0.00 31 December 2009
Lockheed Martin
                  Investment     CF
                  Deka           Deka Dividendvalue        0.03     453     0.00 30 November 2009
Lockheed Martin
                  Investment     Global
                  Deka           Deka Inv Krebshlife       0.23    3,100    0.00 31 December 2009
Lockheed Martin
                  Investment     1 Fonds
                  Deka           Deka Sigma Plus           0.06     800     0.00 31 December 2009
Lockheed Martin
                  Investment     Balanced Fonds
                  Deka           Deka Technologie          0.47    6,200    0.00 31 December 2009
Lockheed Martin
                  Investment     CF

                                                    -6-
Cluster                                                  Value Amount Percentage
munition          Investor       Fund name               (mln of      of all     Filing date
producer                                                 $)    shares shares
                  Deka           Deka Technologie            0.84   11,100            0.00 31 December 2009
Lockheed Martin
                  Investment     TF
                  Deka           Deka VER 03                 0.07      900            0.00 30 November 2009
Lockheed Martin
                  Investment     Fonds
                  Deka           Dekalux U.S.A.              1.64   20,978            0.01 30 September 2009
Lockheed Martin
                  Investment     Fonds
                DekaBank         DekaBank
Lockheed Martin Deutsche         Deutsche                    7.50 100,705             0.03 30 June 2010
                Girozentrale     Girozentrale
                  Deka           Deka Technologie            0.36    7,000            0.00 31 December 2009
Raytheon
                  Investment     CF
                  Deka           Deka Technologie            0.64   12,500            0.00 31 December 2009
Raytheon
                  Investment     TF
                  DekaBank       DekaBank                    1.70   35,121            0.01 30 June 2010
Raytheon          Deutsche       Deutsche
                  Girozentrale   Girozentrale
                  Deka           Deka A-Swn Rems             0.21   10,000            0.00 31 May 2010
Textron
                  Investment     Murr Fonds
                  DekaBank       DekaBank                    0.24   13,965            0.01 30 June 2010
Textron           Deutsche       Deutsche
                  Girozentrale   Girozentrale
                             Source: Thomson One Database, Viewed in November 2010.



  Table 5 aggregates the shares owned by different funds of DekaBank per cluster munition
  producer.

                       Table 5     Summary of shares owned by DekaBank
           Cluster munition                                                   Percentage of all
                                    Value (mln $)      Amount of shares
           producer                                                           shares
           General Dynamics                    28.39                456,376                   0.10
           L-3 Communications                   0.23                  3,259                   0.00
           Lockheed Martin                     11.04                146,936                   0.04
           Raytheon                             2.70                 54,621                   0.01
           Textron                              0.45                 23,965                   0.01
                             Source: Thomson One Database, Viewed in November 2010.




  3.3      Bonds

  Table 6 gives an overview of all the bondholdings by DekaBank and its subsidiaries in
  producers of cluster munitions.




                                                       -7-
                       Table 6      Bonds owned by DekaBank
Cluster
                                                     Value       Percentage
munition   Investor              Fund name                                    Filing date
                                                     (mln $)     of all bonds
producer
           Deka International Deka-
Textron                                                   0.60               0.02 1 March 2010
           Fund Management Wandelanleihen
                      Source: Bloomberg Database, Viewed in November 2010.




                                              -8-
      Chapter 4        Deutsche Bank

      4.1        Subsidiaries

      The following subsidiaries of the Deutsche Bank Group were researched:

              DB Advisors
              DB Capital Markets
              DB Valoren
              Deutsche Bank
              DWS
              Taunus


      4.2        Shares

      Error! Reference source not found.Table 7 gives an overview of all the shareholdings by
      Deutsche Bank and its subsidiaries in producers of cluster munitions.

                      Table 7      Shares owned by Deutsche Bank investment funds
Cluster                                                                           Percentage
                                                             Value    Amount of
munition          Investor           Fund name                                          of all       Filing date
                                                            (mln $)     shares
producer                                                                              shares
                  Deutsche Asset
Alliant
                  Management         Unknown                 11.31      150,059          0.45 30 September 2010
Techsystems
                  Americas
Alliant           Deutsche Bank
                                     Unknown                  4.59       60,867          0.18 30 September 2010
Techsystems       Securities
                  Deutsche
Alliant           Investment
                                     Unknown                 27.46      364,225          1.09 30 September 2010
Techsystems       Management
                  Americas
                                     DWS Dreman Small
Alliant           Dreman Value
                                     Cap Value Fund          24.05      318,975          0.96 30 September 2010
Techsystems       Management

General           DB Platinum        DB Platinum
                                                              2.69       48,626          0.01       31 July 2009
Dynamics          Advisors           Branchen Stars
General           DB Platinum        DB Platinum IV
                                                             20.56      307,700          0.08    31 January 2010
Dynamics          Advisors           Croci US
General           DB Platinum        Db X-Trackers Msci
                                                              3.25       51,732          0.01 30 September 2010
Dynamics          Advisors           Usa Trn Index Etf
                  Deutsche Asset
General                              DWS Blue Chip
                  Management                                  1.01       17,900          0.00    31 August 2010
Dynamics                             Fund
                  Americas
                  Deutsche Asset
General                              DWS Growth &
                  Management                                  6.15      110,100          0.03    31 August 2010
Dynamics                             Income Fund
                  Americas
                  Deutsche Asset
General                              DWS S&P 500 Plus
                  Management                                  0.37        5,731          0.00 30 September 2010
Dynamics                             Fund
                  Americas


                                                      -9-
Cluster                                                                     Percentage
                                                       Value    Amount of
munition   Investor         Fund name                                             of all        Filing date
                                                      (mln $)     shares
producer                                                                        shares
General    Deutsche Asset
                            DeAM Fonds Nkv 1            0.12        1,500          0.00     31 March 2010
Dynamics   Management
                            DeAM Flexible
General    Deutsche Asset
                            Wertkonten Basf             0.03          500          0.00 31 December 2009
Dynamics   Management
                            Aktienfonds
General    Deutsche Asset   DeAM Fonds
                                                        0.34        4,950          0.00       31 May 2010
Dynamics   Management       Spezial 1
General    Deutsche Asset
                            DeAM Fonds ZDV              0.07          900          0.00       30 April 2010
Dynamics   Management
                            DeAM Manager
General    Deutsche Asset
                            Select Global               0.18        2,700          0.00 31 December 2009
Dynamics   Management
                            Equities
           Deutsche Bank    Deutsche Bank
General
           Private Wealth   Private Wealth              4.55       72,256          0.02 30 September 2010
Dynamics
           Management       Management
General    Deutsche Bank    Deutsche Bank
                                                        1.25       19,853          0.01 30 September 2010
Dynamics   Securities       Securities
           Deutsche
General    Investment
                            Unknown                    18.92      301,294          0.08 30 September 2010
Dynamics   Management
           Americas
General
           DWS Investment   DWS Core Alpha              0.71        9,245          0.00     31 March 2010
Dynamics
General
           DWS Investment   DWS Nordamerika             4.62       60,000          0.02     31 March 2010
Dynamics
General                     DWS Optimum
           DWS Investment                               0.18        2,363          0.00     31 March 2010
Dynamics                    Alpha
General                     DWS Strategic
           DWS Investment                               8.37      150,000          0.04     31 August 2010
Dynamics                    Value Fund
                            DWS Var. Series II-
General
           DWS Investment   DWS Strategic               1.53       25,000          0.01       31 July 2010
Dynamics
                            Value VIP
General                     DWS S&P 500
           DWS Investment                               5.46       86,919          0.02 30 September 2010
Dynamics                    Index Fund

General    DWS Investments Antresma de
                                                        0.20        2,479          0.00     31 March 2010
Dynamics   (Spain)         Inversiones SICAV

General    Global Thematic DWS Global
Dynamics
                                                       11.72     209,705           0.06    31 August 2010
           Partners        Thematic Fund
General    Global Thematic DWS Global
Dynamics   Partners        Themes Equity                0.41        7,000          0.00     30 June 2010
                           Fund
General    Global Thematic DWS Invest
Dynamics   Partners        Global Ex Japan              0.93      16,683           0.00    31 August 2010
                           (USD)
General    Global Thematic DWS Var. Series
Dynamics
                                                        0.62      10,062           0.00      31 July 2010

                                               -10-
Cluster                                                                        Percentage
                                                          Value    Amount of
munition       Investor         Fund name                                            of all       Filing date
                                                         (mln $)     shares
producer                                                                           shares
               Partners         II-Global Thematic
                                Portfolio
L-3            DB Platinum      Db X-Trackers Msci
                                                           1.32       18,262          0.02 30 September 2010
Communications Advisors         Usa Trn Index Etf
               Deutsche Asset
L-3                             DWS Balanced
               Management                                  3.14       43,365          0.04 30 September 2010
Communications                  Fund
               Americas
               Deutsche Asset
L-3                             DWS S&P 500 Plus
               Management                                  0.12        1,600          0.00 30 September 2010
Communications                  Fund
               Americas
               Deutsche Asset
L-3                             DWS Var. Series II-
               Management                                  0.84       11,456          0.01      31 July 2010
Communications                  Balanced Portfolio
               Americas
               Deutsche Asset
L-3                             USAA Global
               Management                                  0.31        4,500          0.00      30 June 2010
Communications                  Opportunities Fund
               Americas
L-3            Deutsche Asset
                                DEAM Fonds Nkv 1           0.07          700          0.00     31 March 2010
Communications Management
                                DeAM Flexible
L-3            Deutsche Asset
                                Wertkonten Basf            0.03          250          0.00 31 December 2009
Communications Management
                                Aktienfonds
L-3            Deutsche Asset   DeAM Fonds
                                                           0.13        1,600          0.00      31 May 2010
Communications Management       Spezial 1
L-3            Deutsche Asset
                                DeAM Fonds ZDV             0.03          300          0.00      30 April 2010
Communications Management
                                DeAM Manager
L-3            Deutsche Asset
                                Select Global              0.20        2,292          0.00 31 December 2009
Communications Management
                                Equities
                                DB (PAM) UCITS III
L-3            Deutsche Bank
                                Active Asset Allo          0.01          137          0.00 30 September 2009
Communications (Suisse)
                                Port Cons Eur
                                DB (PAM) UCITS III
L-3            Deutsche Bank
                                Active Asset Allo          0.01           84          0.00 30 September 2009
Communications (Suisse)
                                Port Cons USD
                                DB (PAM) UCITS III
L-3            Deutsche Bank
                                Active Asset Allo          0.03          306          0.00 30 September 2009
Communications (Suisse)
                                Port Core Eur
                                DB (PAM) UCITS III
L-3            Deutsche Bank
                                Active Asset Allo          0.03          205          0.00 30 September 2009
Communications (Suisse)
                                Port Core USD
                                DB (PAM) UCITS III
L-3            Deutsche Bank
                                Active Asset Allo          0.01          134          0.00 30 September 2009
Communications (Suisse)
                                Port Growth Eur
                                DB (PAM) UCITS III
L-3            Deutsche Bank
                                Active Asset Allo          0.01           85          0.00 30 September 2009
Communications (Suisse)
                                Port Growth USD
L-3            Deutsche Bank    DB (PAM) UCITS III
                                                           1.95       24,250          0.02 30 September 2009
Communications (Suisse)         GIM US Equity

                                                  -11-
Cluster                                                                            Percentage
                                                              Value    Amount of
munition          Investor         Fund name                                             of all       Filing date
                                                             (mln $)     shares
producer                                                                               shares
                                   Portfolio
               Deutsche Bank       Deutsche Bank
L-3
               Private Wealth      Private Wealth              0.01           80          0.00 30 September 2010
Communications
               Management          Management
L-3            Deutsche Bank       Deutsche Bank
                                                               5.23       72,336          0.06 30 September 2010
Communications Securities          Securities
               Deutsche
L-3            Investment
                                   Unknown                    14.89      206,081          0.18 30 September 2010
Communications Management
               Americas
L-3                                DWS (CH) - U.S.
               DWS Investment                                  1.93       22,261          0.02 31 December 2009
Communications                     Equities
L-3
               DWS Investment      DWS Global Value           20.71      292,343          0.26      30 June 2010
Communications
L-3                                DWS Invest US
               DWS Investment                                  0.91       13,000          0.01      30 June 2010
Communications                     Value Equities
L-3                                DWS Large Cap
               DWS Investment                                 21.02      290,889          0.26 30 September 2010
Communications                     Value Fund
                                   DWS Var. Series II -
L-3
               DWS Investment      DWS Large Cap               2.17       30,671          0.03      30 June 2010
Communications
                                   Value Portfolio
L-3                                DWS S&P 500
               DWS Investment                                  1.83       25,368          0.02 30 September 2010
Communications                     Index Fund
L-3            Dreman Value        DWS Dreman Mid
                                                               2.74       37,850          0.03 30 September 2010
Communications Management          Cap Value Fund
L-3            Dreman Value        DWS Dreman Value
                                                               0.22        3,001          0.00 30 September 2010
Communications Management          Income Edge Fund
               Northern Trust
L-3                                DWS Equity 500
               Global                                          1.92       27,068          0.02      30 June 2010
Communications                     Index Portfolio
               Investments
               Northern Trust
L-3                                DWS VIP Equity 500
               Global                                          0.57        7,841          0.01 30 September 2010
Communications                     Index Fund
               Investments
L-3            Northern Trust    Deutsche Global
                                                               0.01           80          0.00       26 April 2010
Communications Investments, N.A. Equity Index Mother
                                   DB Platinum IV
                  DB Platinum
Lockheed Martin                    Croci US                   21.31      285,900          0.08    31 January 2010
                  Advisors

                  DB Platinum      Db X-Trackers Msci
Lockheed Martin                                                3.57       50,128          0.01 30 September 2010
                  Advisors         Usa Trn Index Etf
                                   DWS (CH) - U.S.
Lockheed Martin   DWS Investment                               2.42       32,132          0.01 31 December 2009
                                   Equities
Lockheed Martin   DWS Investment   DWS Core Alpha              0.27        3,299          0.00     31 March 2010
Lockheed Martin   DWS Investment   DWS Global Growth           1.25       15,000          0.00     31 March 2010
                                   DWS Invest US
Lockheed Martin   DWS Investment                               1.49       20,000          0.01      30 June 2010
                                   Value Equities

                                                      -12-
Cluster                                                                             Percentage
                                                               Value    Amount of
munition          Investor         Fund name                                              of all       Filing date
                                                              (mln $)     shares
producer                                                                                shares
                                   DWS Large Cap
Lockheed Martin   DWS Investment                               22.61      317,247          0.09 30 September 2010
                                   Value Fund
                                   DWS StepInvest
Lockheed Martin   DWS Investment                                7.70       92,465          0.03     31 March 2010
                                   Top Dividende
Lockheed Martin   DWS Investment   DWS Top Dividende          101.45    1,219,110          0.34     31 March 2010
Lockheed Martin   DWS Investment   DWS US Growth                2.50       30,000          0.01     31 March 2010
                                   DWS Var. Series II -
Lockheed Martin   DWS Investment   DWS Large Cap                2.90       38,973          0.01      30 June 2010
                                   Value Portfolio
                                   DWS Dividende
Lockheed Martin   DWS Investment                                8.27      110,000          0.03      30 June 2010
                                   Direkt 2014
                                   DWS S&P 500
Lockheed Martin   DWS Investment                                4.88       68,491          0.02 30 September 2010
                                   Index Fund
                  Deutsche Asset
                                   DWS Balanced
Lockheed Martin   Management                                    3.37       47,230          0.01 30 September 2010
                                   Fund
                  Americas
                  Deutsche Asset   DWS Disciplined
Lockheed Martin   Management       Long/Short Growth            0.03          300          0.00      31 May 2010
                  Americas         Fund
                  Deutsche Asset
                                   DWS S&P 500 Plus
Lockheed Martin   Management                                    0.31        4,430          0.00 30 September 2010
                                   Fund
                  Americas
                  Deutsche Asset
                                   DWS Var. Series II-
Lockheed Martin   Management                                    0.94       12,479          0.00        3July 2010
                                   Balanced Portfolio
                  Americas
                  Deutsche Asset
Lockheed Martin                    DEAM Fonds Nkv 1             0.14        1,700          0.00     31 March 2010
                  Management
                                   DeAM Flexible
                  Deutsche Asset
Lockheed Martin                    Wertkonten Basf              0.05          650          0.00 31 December 2009
                  Management
                                   Aktienfonds
                  Deutsche Asset
Lockheed Martin                    DeAM Fonds PFDB              0.71        8,800          0.00      30 June 2009
                  Management
                  Deutsche Asset   DeAM Fonds PFDB
Lockheed Martin                                                 0.71        8,800          0.00      30 June 2009
                  Management       2
                  Deutsche Asset   DeAM Fonds
Lockheed Martin                                                 0.30        3,800          0.00      31 May 2010
                  Management       Spezial 1
                  Deutsche Asset
Lockheed Martin                    DeAM Fonds ZDV               0.09        1,100          0.00      30 April 2010
                  Management
                  Deutsche Bank    Deutsche Bank
Lockheed Martin   Private Wealth   Private Wealth               0.05          680          0.00 30 September 2010
                  Management       Management
                  Deutsche Bank    Deutsche Bank
Lockheed Martin                                                13.18      184,907          0.05 30 September 2010
                  Securities       Securities
                  Deutsche
                  Investment
Lockheed Martin                    Unknown                     11.60      162,735          0.05 30 September 2010
                  Management
                  Americas

                                                       -13-
Cluster                                                                               Percentage
                                                                 Value    Amount of
munition          Investor         Fund name                                                of all       Filing date
                                                                (mln $)     shares
producer                                                                                  shares
                                   DWS Dreman Value
                  Dreman Value
Lockheed Martin                    Income Edge Fund,              0.24        3,304          0.00 30 September 2010
                  Management
                                   Inc.
                  Northern Trust
                                   DWS Equity 500
Lockheed Martin   Global                                          5.45       73,091          0.02      30 June 2010
                                   Index Portfolio
                  Investments
                  Northern Trust
                                   DWS VIP Equity 500
Lockheed Martin   Global                                          1.46       20,431          0.01 30 September 2010
                                   Index Fund
                  Investments
                  Northern Trust   Deutsche Global
Lockheed Martin                                                   0.01          100          0.00       26 April 2010
                  Investments      Equity Index Mother
                  DB Platinum      DB Platinum
Raytheon                                                          2.93       62,338          0.02       31 July 2009
                  Advisors         Branchen Stars
                  DB Platinum      DB Platinum IV
Raytheon                                                         21.73      414,400          0.11    31 January 2010
                  Advisors         Croci US
                                   DB X-Trackers
                  DB Platinum                                                                         30 September
Raytheon
                  Advisors
                                   Msci USA Trn                   2.75      60,125           0.02
                                                                                                              2010
                                   Index ETF
                  Deutsche Asset
                                   Deutsche Asset
Raytheon          Management                                      0.32        6,900          0.00      30 June 2010
                                   Management (UK)
                  (UK)
                  Deutsche Asset   DWS Blue Chip
Raytheon          Management       Fund                           2.19       49,800          0.01    31 August 2010
                  Americas
Raytheon          Deutsche Asset DWS Disciplined
                                                                                                      30 September
                  Management     Market Neutral                   4.31      94,200           0.03
                                                                                                              2010
                  Americas       Fund
                  Deutsche Asset   DWS Growth &
Raytheon          Management       Income Fund                   13.44      306,000          0.08    31 August 2010
                  Americas
                  Deutsche Asset   DWS Lifecycle Long
Raytheon          Management       Range Fund                     0.52       10,800          0.00      30 June 2010
                  Americas
                  Deutsche Asset   DWS S&P 500 Plus
Raytheon          Management       Fund                           0.26        5,661          0.00 30 September 2010
                  Americas
                  Deutsche Asset   DWS Var. Series II-
Raytheon          Management       Blue Chip Portfolio            1.05       22,800          0.01       31 July 2010
                  Americas
                  Deutsche Asset   DWS Variable
Raytheon          Management       Series I - Growth &            0.98       21,100          0.01       31 July 2010
                  Americas         Income VIP
                  Deutsche Asset   John Hancock
Raytheon          Management       Funds II All Cap               3.29       62,800          0.02       31 May 2010
                  Americas         Core Fund
                  Deutsche Asset   John Hancock Trust
Raytheon          Management       - All Cap Core Tr.             2.03       42,000          0.01      30 June 2010
                  Americas

                                                         -14-
Cluster                                                                     Percentage
                                                       Value    Amount of
munition   Investor         Fund name                                             of all       Filing date
                                                      (mln $)     shares
producer                                                                        shares
           Deutsche Asset   USAA Global
Raytheon   Management       Opportunities Fund          1.71       35,400          0.01      30 June 2010
           Americas
           Deutsche Asset   DeAM Fonds Nkv 1
Raytheon                                                0.13        2,200          0.00     31 March 2010
           Management
                            DeAM Flexible
           Deutsche Asset
Raytheon                    Wertkonten Basf             0.04          850          0.00 31 December 2009
           Management
                            Aktienfonds
           Deutsche Asset   DeAM Fonds
Raytheon                                                0.26        5,000          0.00      31 May 2010
           Management       Spezial 1
           Deutsche Asset   DeAM Fonds ZDV
Raytheon                                                0.08        1,300          0.00      30 April 2010
           Management
           Deutsche Bank    Deutsche Bank
Raytheon   Private Wealth   Private Wealth              0.01          220          0.00      30 June 2010
           Management       Management
           Deutsche Bank    Deutsche Bank                                                  30 September
Raytheon
           Securities       Securities
                                                        1.51      32,952           0.01
                                                                                                   2010
           Deutsche
           Investment                                                                      30 September
Raytheon
           Management
                            Unknown                     7.88     172,398           0.05
                                                                                                   2010
           Americas
Raytheon   DWS Investment   DWS Core Alpha              0.61       10,631          0.00     31 March 2010
                            DWS S&P 500
Raytheon   DWS Investment                               3.93       85,953          0.02 30 September 2010
                            Index Fund
                                                                   32,939
Raytheon   DWS Investment   Unknown                     1.38                       0.01 30 September 2010

                            DWS Dreman
           Dreman Value                                                                    30 September
Raytheon
           Management
                            Value Income                0.22        4,814          0.00
                                                                                                   2010
                            Edge Fund
           Deutsche Asset   Deutsche Global
STE        Management       Good Dividend               0.94      399,000          0.01      30 June 2010
           (Japan)          Equity Mother Fund
           Deutsche Asset   DWS Diversified
STE        Management       International Equity        0.07       26,000          0.00 30 September 2010
           Americas         Fund
           Deutsche Asset
                            DWS Lifecycle Long
STE        Management                                   0.01        6,000          0.00      30 June 2010
                            Range Fund
           Americas
                            DWS Var. Series II -
           Deutsche Asset
                            Diversified
STE        Management                                   0.04       15,000          0.00      31 July 2010
                            International Equity
           Americas
                            VIP
           Deutsche Asset
STE                         DeAM Fonds Nkv 1            0.03        9,000          0.00     31 March 2010
           Management
                            DeAM Flexible
           Deutsche Asset
STE                         Wertkonten Basf             0.00        2,000          0.00 31 December 2009
           Management
                            Aktienfonds

                                               -15-
Cluster                                                                      Percentage
                                                       Value    Amount of
munition   Investor          Fund name                                             of all       Filing date
                                                      (mln $)     shares
producer                                                                         shares
           Deutsche Asset
STE                          DeAM Fonds ZDV             0.01        5,000           0.00      30 April 2010
           Management
           MFC Global
           Investment        DWS Singapore
STE                                                     1.80      764,000           0.03      30 June 2010
           Management        Equity Fund
           (Asia)
           Northern Trust
                             DWS EAFE Equity
STE        Global                                       0.12       53,000           0.00      30 June 2010
                             Index Fund
           Investments
           Northern Trust    Deutsche Global
STE                                                     0.00        2,000           0.00      26 April 2010
           Investments, N.A. Equity Index Mother
           DB Platinum       Db X-Trackers Msci
Textron                                                 0.89       43,124           0.02 30 September 2010
           Advisors          Usa Trn Index Etf
           Deutsche Asset
                             DWS Mid Cap
Textron    Management                                   1.93       93,600           0.03      31 May 2010
                             Growth Fund
           Americas
           Deutsche Asset
                             DWS S&P 500 Plus
Textron    Management                                   0.09        4,200           0.00 30 September 2010
                             Fund
           Americas
           Deutsche Asset
Textron    Management        Unknown                    3.79    18,463,500          0.07 30 September 2010
           Americas
           Deutsche Asset
Textron                      DeAM Fonds Nkv 1           0.03        1,100           0.00     31 March 2010
           Management
           Deutsche Asset    DeAM Fonds
Textron                                                 0.07        3,200           0.00      31 May 2010
           Management        Spezial 1
           Deutsche Asset
Textron                      DeAM Fonds ZDV             0.01          500           0.00      30 April 2010
           Management
           Deutsche Asset
Textron                      Unknown                    0.20      976,000           0.01 30 September 2010
           Management
           Deutsche Bank     Deutsche Bank
Textron    Private Wealth    Private Wealth             0.00          160           0.00 30 September 2010
           Management        Management
           Deutsche Bank     Deutsche Bank
Textron                                                 4.31      209,516           0.08 30 September 2010
           Securities        Securities
           Deutsche          Deutsche
           Investment        Investment
Textron                                                 3.23      157,033           0.06 30 September 2010
           Management        Management
           Americas          Americas
                             DWS S&P 500
Textron    DWS Investment                               1.29       62,654           0.02 30 September 2010
                             Index Fund




                                               -16-
Cluster                                                                                           Percentage
                                                                       Value      Amount of
munition             Investor            Fund name                                                      of all           Filing date
                                                                      (mln $)       shares
producer                                                                                              shares
                     Northern Trust
                                         DWS Equity 500
Textron              Global                                             1.06           62,654              0.02        30 June 2010
                                         Index Portfolio
                     Investments
                     Northern Trust
                                         DWS VIP Equity 500
Textron              Global                                             0.39           18,879              0.01 30 September 2010
                                         Index Fund
                     Investments
                     Northern Trust    Deutsche Global
Textron                                                                 0.00               100             0.00        26 April 2010
                     Investments, N.A. Equity Index Mother
                          Source: Thomson One Database, Viewed in November 2010; DWS Investment, “DWS
                          Dividende Direkt 2014 - Halbjahresbericht 2010”, DWS Investment, August 2010; DWS
                            Investments, “DWS S&P 500 Index Fund - Total Holdings as of 2010-09-30”, DWS
                                                       Investments, October 2010.



          Table 8 aggregates the shares owned by different funds of Deutsche Bank per cluster
          munition producer.

                            Table 8      Summary of shares owned by Deutsche Bank
          Cluster munition producer               Value (mln $)       Amount of shares           Percentage of all shares
          General Dynamics                                   94.24               1,525,198                             0.39
          L-3 Communications                                 82.40               1,138,395                             0.99
          Lockheed Martin                                  219.26                2,817,282                             0.78
          Raytheon                                           73.56               1,543,581                             0.42
          STE                                                  3.02              1,281,000                             0.04
          Textron                                            17.29              20,096,220                             0.32
                                      Source: Thomson One Database, Viewed in November 2010.


          4.3       Bonds

          Table 9 gives an overview of all the bondholdings by Deutsche Bank and its subsidiaries in
          producers of cluster munitions.

                                      Table 9     Bonds owned by Deutsche Bank
                                                                                Value Percentage Filing date
    Cluster munition
                             Investor             Fund name                     (mln $) of all
    producer
                                                                                        bonds
                             Deutsche Asset       DWS US Bond Index
    General Dynamics                                                               0.10             0.00      1 September 2010
                             Management           Fund
                             Deutsche Asset       DWS High Income
    L-3 Communications                                                             3.94             0.09      1 September 2010
                             Management           Trust
                             Deutsche Asset       DWS Short Duration
    L-3 Communications                                                             1.06             0.03      1 September 2010
                             Management           Plus Fund
                                                  Deutsche Bank
    L-3 Communications Deutsche Bank                                              10.58             0.25           1 June 2010
                                                  Aktiengesellschaft
                                                  DB Advisors Invag mit
    L-3 Communications DWS Investment                                              0.06             0.00            1 July 2010
                                                  TGV-Global

                                                               -17-
                                                                       Value Percentage Filing date
Cluster munition
                      Investor             Fund name                   (mln $) of all
producer
                                                                               bonds
                                           DWS Invest
L-3 Communications DWS Investment                                         10.00         0.24     1 January 2010
                                           Convertibles
                      Deutsche Asset       DWS US Bond Index
Lockheed Martin                                                            0.23         0.00   1 September 2010
                      Management           Fund
                      Deutsche Asset       Deutsche US
Lockheed Martin       Management           Investment Grade                2.00         0.04     1 November 09
                      Japan                Bond
                      Deutsche Asset       DWS US Bond Index
Raytheon                                                                   0.18         0.00   1 September 2010
                      Management           Fund
                      Deutsche Asset       DWS Short Duration
Textron                                                                    9.68         0.26   1 September 2010
                      Management           Plus Fund
                      Deutsche Asset       DWS Short Duration
Textron                                                                    0.32         0.01   1 September 2010
                      Management           Fund
                      Deutsche Asset       DWS Short Duration
Textron                                                                    4.62         0.13   1 September 2010
                      Management           Plus Fund
                      Deutsche Asset       DWS Short Duration
Textron                                                                    0.38         0.01   1 September 2010
                      Management           Fund
                                           Deutsche Bank
Textron               Deutsche Bank                                        8.92         0.24          1 June 2010
                                           Aktiengesellschaft
                                           DWS Invest
Textron               DWS Investment                                       2.50         0.07     1 January 2010
                                           Convertibles
                                 Source: Bloomberg Database, Viewed in November 2010.



  Table 8 aggregates the bonds owned by different funds of Deutsche Bank per Cluster
  munition producer.

                            Table 10 Bonds owned by Deutsche Bank
            Cluster munition producer                  Value (mln $)      Percentage of all bonds
            General Dynamics                                       0.10                        0.00
            L-3 Communications                                    25.64                        0.61
            Lockheed Martin                                        2.23                        0.04
            Raytheon                                               0.18                        0.00
            Textron                                               26.42                        0.72
                                 Source: Bloomberg Database, Viewed in November 2010.




  4.4      Share issuances

  Since January 2008 Deutsche Bank assisted cluster munition producers in issuing the
  following shares:




                                                        -18-
 In April 2009 Deutsche Bank was one of the ten banks participating in the syndicate
  underwriting an issuance of 20.7 million shares for Textron with a total value of US$
  217.4 million (€ 164.0 million). The proceeds are used for general corporate purposes and
  paying fees and expenses. Deutsche Bank had 733,126 allotted shares, underwriting
  about € 5.8 million. 2


4.5     Bond issuances

Since January 2008 Deutsche Bank assisted cluster munition producers in issuing the
following bonds:

 In January 2008 Deutsche Bank was the only bookrunner in a bond issuance for Textron
  with a value of US$ 100 million (€ 67.66 million). The bonds will mature in January 2011
  and the proceeds are being used for general corporate purposes.3

 In February 2008 Deutsche Bank was the only bookrunner in another bond issuance for
  Textron with a value of US$ 25 million (€ 17.25 million). The bonds will mature in
  February 2011 and the proceeds are being used for general corporate purposes. 4

 In April 2008 Deutsche Bank was one of the four joint bookrunners in a bond issuance for
  Textron of US$ 300 million (€ 188.85 million). This bond will mature in April 2013 and
  again, the proceeds are used for general corporate purposes.5 The allotted amount of
  Deutsche Bank is estimated at € 47.21 million.

 In April 2009 Deutsche Bank was one of the ten banks participating in the syndicate
  underwriting a bond issuance for Textron of US$ 600 million (€ 452.6 million). This bond
  will mature in May 2013 and the proceeds are used for general corporate purposes,
  reducing indebtedness and for investments.6 Deutsche Bank, part of the 10-bank
  syndicate underwrote US$ 14.6 million (€ 11.0 million).7

 In July 2009 Deutsche Bank was one of the two joint bookrunners for a bond issuance by
  STE. The bonds had a total value of US$ 500 million (€ 356.55 million) and will mature in
  July 2019. The proceeds are being used for general corporate purposes.8 The estimated
  allotted amount of Deutsche Bank in this deal is € 178.28 million.

 In September 2009, L-3 Communications issued US$ 1.0 billion (€ 684 million) ten-year
  bonds. The proceeds were used for general corporate purposes. Deutsche Bank was one
  of the joint bookrunners and contributed an estimated € 80 million to the 12-bank issuing
  syndicate.9

 In May 2010, L-3 Communications issued US$ 800 million (€ 655 million) ten-year
  bonds. The proceeds were used for general corporate purposes and reduce
  indebtedness. Deutsche Bank was one of the joint bookrunners and contributed US$
  140.0 million (€ 114.6 million) to the 12-bank issuing syndicate.10


4.6     Loans

Since January 2008 Deutsche Bank provided the following loans to cluster munition
producers:




                                            -19-
 In October 2009, L-3 Communications renewed its current US$ 1.0 billion three-year
  revolving credit facility and extended it to October 2012. Deutsche Bank contributed an
  estimated US$ 42.0 million to the 17-bank syndicate.11




                                            -20-
Chapter 5      DZ Bank

5.1        Subsidiaries

The following subsidiaries of the DZ Bank Group were researched:

      BEA Union Investment
      Chemie Pensionsfonds
      Condor Versicherung
      DVB Bank
      DZ Bank
      DZ Privatbank
      Quoriam Asset Management
      R+V Versicherung
      TeamBank
      Union Investment
      Vereinigte Tierversicherung


5.2        Shares

Table 11 gives an overview of all the shareholdings by DZ Bank and its subsidiaries in
producers of cluster munitions.

                             Table 11 Shares owned by DZ Bank
Cluster                                                                   Percentage
                                                    Value       Amount of
munition    Investor          Fund name             (mln $)     shares
                                                                          of all     Filing date
producer                                                                  shares
General     Union Investment Uni Sector -
                                                         0.54         6,935        0.00 31 March 2010
Dynamics    Group            HighTech
General     Union Investment Union Investment
                                                         2.90        37,600        0.01 31 March 2010
Dynamics    Group            Uni21 Jahrhundert
General     Union Investment Union Investment
                                                         2.82        36,577        0.01 31 March 2010
Dynamics    Group            Unifavorit Aktien
            Union Investment
Poongsan                     UniAsia                     0.53        25,000        0.09 31 March 2010
            Group
            Union Investment Union Investment
Raytheon                                                 3.91        68,500        0.02 31 March 2010
            Group            Uni21 Jahrhundert
                          Source: Thomson One Database, Viewed in November 2010.



Table 12 aggregates the shares owned by different funds of DZ Bank per cluster munition
producer.




                                                  -21-
             Table 12 Summary of shares owned by DZ Bank
Cluster munition
                     Value (mln $)      Amount of shares       Percentage of all shares
producer
General Dynamics                 6.26                 81,112                        0.02
Poongsan                         0.53                 25,000                        0.09
Raytheon                         3.91                 68,500                        0.02
                   Source: Thomson One Database, Viewed in November 2010.




                                           -22-
      Chapter 6      Landesbank Berlin

      6.1      Subsidiaries

      The following subsidiaries of the Landesbank Berlin Group were researched:

            Berlin Hyp
            Berliner Sparkasse
            Landesbank Berlin
            Landesbank Berlin Investment
            LBB-Invest


      6.2      Shares

      Table 13 gives an overview of all the shareholdings by Landesbank Berlin and its subsidiaries and
      investment funds in producers of cluster munitions.

                             Table 13 Shares owned by Landesbank Berlin
Cluster                                                                            Percentage
                                                             Value Amount of
munition             Investor      Fund name                                       of all     Filing date
                                                             (mln $) shares
producer                                                                           shares
General                            BB Invest BB RANW2          0.18        2,600          0.00 31 May 2010
                     LBB-Invest
Dynamics                           Fonds
                                   LBB Invest Lingohr          0.17        2,200          0.00 31 March 2010
General
                     LBB-Invest    Alpha Systematic LBB
Dynamics
                                   Invest
General                            LBB Invest Lingohr          3.75       55,000          0.01 31 December
                     LBB-Invest
Dynamics                           Systematic LBB Invest                                       2009
General                            LBB Invest Stratego         0.30        3,900          0.00 31 March 2010
                     LBB-Invest
Dynamics                           Konservativ
General                            LBB Invest Stratego         0.02          300          0.00 31 March 2010
                     LBB-Invest
Dynamics                           Offensiv
General                            LBB Invest Stratego         0.22        2,900          0.00 31 March 2010
                     LBB-Invest
Dynamics                           Wachstum
General                            LBB Investment              0.03          400          0.00 31 March 2010
                     LBB-Invest
Dynamics                           Stratego Chance
                                   LBB Invest Lingohr          0.20        2,200          0.00 31 March 2010
L-3
                     LBB-Invest    Alpha Systematic LBB
Communications
                                   Invest
                                   LBB Invest Lingohr          0.14        1,570          0.00 31 March 2010
L-3
                     LBB-Invest    Amerika Systematic
Communications
                                   LBB Invest
L-3                                LBB Invest Lingohr          4.44       51,100          0.05 31 December
                     LBB-Invest
Communications                     Systematic LBB Invest                                       2009
L-3                                LBB Invest Stratego         0.32        3,500          0.00 31 March 2010
                     LBB-Invest
Communications                     Konservativ
L-3                                LBB Invest Stratego         0.02          200          0.00 31 March 2010
                     LBB-Invest
Communications                     Offensiv
L-3                  LBB-Invest    LBB Invest Stratego         0.17        1,900          0.00 31 March 2010
                                                      -23-
Cluster                                                                              Percentage
                                                           Value Amount of
munition         Investor      Fund name                                             of all     Filing date
                                                           (mln $) shares
producer                                                                             shares
Communications                 Wachstum
L-3                            LBB Invest Wachstum           0.16          1,700             0.00 31 March 2010
                 LBB-Invest
Communications                 Global
L-3                            LBB Investment                0.05            500             0.00 31 March 2010
                 LBB-Invest
Communications                 Stratego Chance
                               LBB Invest Keppler            0.47        205,000             0.01 31 March 2010
                 LBB-Invest
STE                            Global Alpha LBB
                               Invest
                               LBB Invest Keppler            0.24        106,000             0.00 31 March 2010
                 LBB-Invest
STE                            Global Value LBB
                               Invest
                            Source: Thomson One Database, Viewed in November 2010.


  Table 14 aggregates the shares owned by different funds of Landesbank Berlin per cluster
  munition producer.

                 Table 14 Summary of shares owned by Landesbank Berlin
  Cluster munition producer              Value (mln $) Amount of shares              Percentage of all shares
  General Dynamics                                  4.67                 67,300                          0.01
  L-3 Communications                                5.50                 62,670                          0.05
  STE                                               0.71                311,000                          0.01
                            Source: Thomson One Database, Viewed in November 2010.




                                                    -24-
Chapter 7        LBBW

7.1        Subsidiaries

The following subsidiaries of the LBBW Group were researched:

      BW-Bank
      Landesbank Baden-Württenberg
      LBBW Asset Management
      Rheinland-Pfalz Bank
      Sachsen Bank


7.2        Shares

Table 15 gives an overview of all the shareholdings by LBBW and its subsidiaries in producers of
cluster munitions.

                               Table 15 Shares owned by LBBW
Cluster                                                                        Percentage
                                                     Value Amount
munition            Investor        Fund name                                  of all     Filing date
                                                     (mln $) of shares
producer                                                                       shares
General             LBBW Asset      LBBW Genius
                                                          0.06        1,075          0.00    30 June 2010
Dynamics            Management      Strategie
L-3                 LBBW Asset      LBBW Genius
                                                          0.02           325         0.00    30 June 2010
Communications      Management      Strategie
                    LBBW Asset      LBBW Genius
Lockheed Martin                                           0.07           912         0.00    30 June 2010
                    Management      Strategie
                    LBBW Asset      LBBW Genius
Raytheon                                                  0.05        1,101          0.00    30 June 2010
                    Management      Strategie
                    LBBW Asset      LBBW Genius
Textron                                                   0.01           751         0.00    30 June 2010
                    Management      Strategie
                           Source: Thomson One Database, Viewed in November 2010.

Table 16 aggregates the shares owned by different funds of LBBW per Cluster munition
producer.

                         Table 16 Summary of shares owned by LBBW
       Cluster munition                          Amount of shares        Percentage of all shares
                                Value (mln $)
       producer
       General Dynamics                   0.06                   1,075                         0.00
       L-3 Communications                 0.02                     325                         0.00
       Lockheed Martin                    0.07                     912                         0.00
       Raytheon                           0.05                   1,101                         0.00
       Textron                            0.01                     751                         0.00
                           Source: Thomson One Database, Viewed in November 2010.




                                                   -25-
      Chapter 8      Norddeutsche Landesbank

      8.1       Subsidiaries

      The following subsidiaries of the Norddeutsche Landesbank Group were researched:

             Bank DnB Nord
             Braunschweigische Landessparkasse
             Bremer Landesbank
             Deutsche Hypo
             Nord/LB Capital Management
             Norddeutsche Landesbank
             ÖVB Öffentliche Versicherung Braunschweig
             Skandifinanz Bank


      8.2       Shares

      Table 17 gives an overview of all the shareholdings by Norddeutsche Landesbank and its subsidiaries
      in producers of cluster munitions.

                         Table 17 Shares owned by Norddeutsche Landesbank
                                                                              Percentage
Cluster munition                                            Value Amount
                        Investor          Fund name                           of all     Filing date
producer                                                    (mln $) of shares
                                                                              shares
                                          Nordcon
                        Nord/LB Capital
General Dynamics                          Fonds SP 80           0.28        4,047        0.00 31 December 2009
                        Management
                                          VEA
                                          Nordcon
                        Nord/LB Capital
Hanwha                                    Fonds SP 80           0.13        3,100        0.00 31 December 2009
                        Management
                                          VEA
                                          Nordcon
                        Nord/LB Capital
L-3 Communications                        Fonds SP 80           0.14        1,590        0.00 31 December 2009
                        Management
                                          VEA
                                          Nordcon               0.31        4,131        0.00
                        Nord/LB Capital
Lockheed Martin                           Fonds SP 80                                           31 December 2009
                        Management
                                          VEA
                        Nord/LB Capital   Nordcon               0.19        2,490        0.00
Lockheed Martin                                                                                 30 November 2009
                        Management        OESB Fonds
                                          Nordcon
                        Nord/LB Capital
Raytheon                                  Fonds SP 80           0.30        5,139        0.00       30 April 2010
                        Management
                                          VEA
                                          Nordcon
                        Nord/LB Capital
STE                                       Fonds SP 80           0.23     100,000         0.00 31 December 2009
                        Management
                                          VEA
                                          Nordcon
                        Nord/LB Capital
Textron                                   Fonds SP 80           0.16        8,603        0.00 31 December 2009
                        Management
                                          VEA
                                Source: Thomson One Database, Viewed in November 2010.




                                                        -26-
Table 18 aggregates the shares owned by different funds of Norddeutsche Landesbank per
cluster munition producer.

           Table 18 Summary of shares owned by Norddeutsche Landesbank
Cluster munition producer          Value (mln $)      Amount of shares          Percentage of all shares
General Dynamics                               0.28                  4,047                          0.00
Hanwha                                         0.13                  3,100                          0.00
L-3 Communications                             0.14                  1,590                          0.00
Lockheed Martin                                0.50          6,621                                  0.00
Raytheon                                       0.30                  5,139                          0.00
STE                                            0.23               100,000                           0.00
Textron                                        0.16                  8,603                          0.00
                       Source: Thomson One Database, Viewed in November 2010.




                                               -27-
  Chapter 9       Unicredit/HVB

  9.1      Subsidiaries

  The following subsidiaries of the Unicredit Group were researched:

        Bankhaus Neelmeyer
        DAB Bank
        HypoVereinsBank
        HypoVereinsFinance
        Pioneer Asset Management
        Pioneer Investment Management
        Pioneer Investments Austria
        Unicredit


  9.2      Shares

  Table 19 gives an overview of all the shareholdings by Unicredit/HVB and its subsidiaries in producers
  of cluster munitions.

                            Table 19 Shares owned by Unicredit/HVB

Cluster                                                                     Percentage
                                                            Value Amount of
munition         Investor             Fund name                             of all     Filing date
                                                            (mln $) shares
producer                                                                    shares

General          Pioneer Investment ING Pioneer Fund                                               30 June
                                                               0.81      13,771           0.00
Dynamics         Management         Portfolio                                                         2010
                                    Met Investors Series
General          Pioneer Investment                                                              31 August
                                    Trust Pioneer Fund         7.74     138,459           0.04
Dynamics         Management                                                                          2010
                                    Portfolio
General          Pioneer Investment                                                                30 June
                                    Pioneer Fund              61.63   1,052,500           0.28
Dynamics         Management                                                                           2010
General          Pioneer Investment Pioneer Fund VCT                                               30 June
                                                               3.38      57,755           0.02
Dynamics         Management         Portfolio                                                         2010
                                    Pioneer Funds
General          Pioneer Investment                                                                 15-Oct-
                                    Austria America            0.43        6,826          0.00
Dynamics         Management                                                                           2009
                                    Stock
                                                                                                       31
General          Pioneer Investment Pioneer Funds US
                                                              24.21     355,150           0.09   December
Dynamics         Management         Pioneer
                                                                                                     2009
                                    Pioneer S.F. - U.S.                                                31
General          Pioneer Investment
                                    Equity Market Plus         0.30        4,470          0.00   December
Dynamics         Management
                                    (EUR)                                                            2009
General          Pioneer              Nordinvest                                                  31 March
                                                               0.21        2,661          0.00
Dynamics         Investments          Nordglobal                                                      2010
                                      Pioneer Fund -
General          Pioneer                                                                           30 June
                                      Global Diversified       0.25        4,186          0.00
Dynamics         Investments                                                                          2010
                                      Equity 130/30
General          Pioneer              Pioneer Funds -                                                  31
                                                               3.80      55,684           0.01
Dynamics         Investments          Global Select                                              December
                                                   -28-
Cluster                                                                     Percentage
                                                            Value Amount of
munition          Investor           Fund name                              of all     Filing date
                                                            (mln $) shares
producer                                                                    shares

                                                                                               2009
                                     Pioneer Global
General           Pioneer                                                                    31 July
                                     Diversified Equity       0.01       235        0.00
Dynamics          Investments                                                                  2010
                                     Fund
General           Pioneer            Pioneer Inv Top                                       31 March
                                                              0.96    12,470        0.00
Dynamics          Investments        World                                                     2010
                  Pioneer Pekao      Pioneer Akcji
General                                                                                     30 June
                  Investment         Amerykanskich            1.06    19,158        0.01
Dynamics                                                                                       2009
                  Management
                  Pioneer
                                     Pioneer Funds                                           15-Oct-
Hanwha            Investments                                 0.05     1,610        0.00
                                     Austria Asia Stock                                        2009
                  Austria
                  Pioneer
                                     Pioneer Funds                                           31 May
Hanwha            Investments                                 0.03     1,000        0.00
                                     Austria Tiger Stock                                       2009
                  Austria
                                                                                                30
L-3            Pioneer Investment ING Pioneer Mid
                                                             12.65   175,100        0.15 September
Communications Management         Cap Value Portfolio
                                                                                              2010
                                                                                                 31
L-3            Pioneer Investment Pioneer Funds - US
                                                              4.78    55,000        0.05   December
Communications Management         Mid Cap Value
                                                                                               2009
L-3            Pioneer Investment Pioneer Mid Cap                                            31 July
                                                             22.54   308,600        0.27
Communications Management         Value Fund                                                   2010
L-3            Pioneer Investment Pioneer Mid-Cap                                           30 June
                                                              2.84    40,040        0.04
Communications Management         Value VCT Portfolio                                          2010
                                  Pioneer S.F. - U.S.                                            31
L-3            Pioneer Investment
                                  Equity Market Plus          0.42     4,827        0.00   December
Communications Management
                                  (EUR)                                                        2009
                                     BBV Fonds Aktien
L-3            Pioneer                                                                      28-Feb-
                                     Welt                     0.18     2,000        0.00
Communications Investments                                                                     2010

                                                                                                30
                  Pioneer Investment ING Pioneer Equity
Lockheed Martin                                               0.96    13,518        0.00 September
                  Management         Income Portfolio
                                                                                              2010
                                                                                                30
                  Pioneer Investment ING Pioneer Fund
Lockheed Martin                                               0.44     6,177        0.00 September
                  Management         Portfolio
                                                                                              2010
                                     Met Investors Series
                  Pioneer Investment                                                       31 August
Lockheed Martin                      Trust Pioneer Fund       4.38    62,953        0.02
                  Management                                                                   2010
                                     Portfolio
                  Pioneer Investment Pioneer Classic                                       31 August
Lockheed Martin                                               0.72    10,424        0.00
                  Management         Balanced Fund                                             2010
                  Pioneer Investment Pioneer Equity-                                         31 July
Lockheed Martin                                               6.92    92,100        0.03
                  Management         Income Fund                                               2010
                                     Pioneer Equity-
                  Pioneer Investment                                                        30 June
Lockheed Martin                      Income VCT               1.05    14,152        0.00
                  Management                                                                   2010
                                     Portfolio

                                                  -29-
Cluster                                                                     Percentage
                                                            Value Amount of
munition          Investor            Fund name                             of all     Filing date
                                                            (mln $) shares
producer                                                                    shares

                  Pioneer Investment                                                        30 June
Lockheed Martin                      Pioneer Fund            34.96    469,300       0.13
                  Management                                                                   2010
                  Pioneer Investment Pioneer Fund VCT                                       30 June
Lockheed Martin                                               2.02     27,066       0.01
                  Management         Portfolio                                                 2010
                                     Pioneer S.F. - U.S.                                         31
                  Pioneer Investment
Lockheed Martin                      Equity Market Plus       0.75     10,010       0.00   December
                  Management
                                     (EUR)                                                     2009
                                     Pioneer S.F. - U.S.                                         31
                  Pioneer Investment
Raytheon                             Equity Market Plus       0.53     10,199       0.00   December
                  Management
                                     (EUR)                                                     2009
                                                                                            30 June
                  Pioneer Investment
Raytheon                             Unknown                 23.67 489,858.00       0.14       2010
                  Management

                  Pioneer
                                      Pioneer Funds                                          15-Oct-
STE               Investments                                 0.27    131,000       0.00
                                      Austria Asia Stock                                       2009
                  Austria
                  Pioneer
                                      Pioneer Funds                                          31 May
STE               Investments                                 0.05     30,000       0.00
                                      Austria Tiger Stock                                      2009
                  Austria
                                                                                                30
                  Pioneer Investment ING Pioneer Mid
Textron                                                       8.86    430,695       0.16 September
                  Management         Cap Value Portfolio
                                                                                              2010
                  Pioneer Investment Pioneer Classic                                       31 August
Textron                                                       0.41     24,237       0.01
                  Management         Balanced Fund                                             2010
                  Pioneer Investment Pioneer Disciplined                                   31 August
Textron                                                       0.54     31,900       0.01
                  Management         Growth Fund                                               2010
                  Pioneer Investment Pioneer Disciplined                                   31 August
Textron                                                       0.41     24,000       0.01
                  Management         Value Fund                                                2010
                  Pioneer Investment Pioneer Equity                                        31 August
Textron                                                       0.25     14,400       0.01
                  Management         Opportunity Fund                                          2010
                  Pioneer Investment Pioneer Funds - U.S.                                   30 June
Textron                                                       0.34     20,300       0.01
                  Management         Equity 130/30                                             2010
                  Pioneer Investment Pioneer Funds US                                       30 June
Textron                                                      11.46    675,300       0.25
                  Management         Research                                                  2010
                  Pioneer Investment Pioneer Funds US                                       30 June
Textron                                                       2.45    144,300       0.05
                  Management         Research Value                                            2010
                  Pioneer Investment Pioneer                                               31 August
Textron                                                       9.35    547,900       0.20
                  Management         Independence Fund                                         2010
                  Pioneer Investment Pioneer Mid Cap                                         31 July
Textron                                                      21.73   1,046,500      0.38
                  Management         Value Fund                                                2010
                  Pioneer Investment Pioneer Mid-Cap                                        30 June
Textron                                                       2.97    174,800       0.06
                  Management         Value VCT Portfolio                                       2010
                  Pioneer Investment Pioneer Research                                      31 August
Textron                                                       0.42     24,700       0.01
                  Management         Fund                                                      2010
                  Pioneer Investment Pioneer Select Mid                                    31 August
Textron                                                       4.09    239,800       0.09
                  Management         Cap Growth Fund                                           2010

                                                  -30-
Cluster                                                                      Percentage
                                                             Value Amount of
munition       Investor             Fund name                                of all     Filing date
                                                             (mln $) shares
producer                                                                     shares

               Pioneer Investment                                                                     30 June
Textron                           Pioneer Value Fund           10.29      606,500            0.22
               Management                                                                                2010
                          Source: Thomson One Database, Viewed in November 2010.



  Table 20 aggregates the shares owned by different funds of Unicredit/HVB per cluster
  munition producer.

                          Table 20 Shares owned by Unicredit/HVB
  Cluster munition producer           Value (mln $)      Amount of shares          Percentage of all shares
  General Dynamics                             104.79               1,723,325                          0.45
  Hanwha                                          0.08                   2,610                         0.00
  L-3 Communications                            43.41                  585,567                         0.51
  Lockheed Martin                               52.20                  705,700                         0.19
  Raytheon                                      24.20                  500,057                         0.14
  STE                                             0.32                 161,000                         0.00
  Textron                                       73.57               4,005,332                          1.47
                          Source: Thomson One Database, Viewed in November 2010.




                                                  -31-
Appendix 1 References



1    Raytheon, “Form 8-K”, Raytheon Company, 24 November 2009; Thomson One Database, “Tearsheet
     2528491115”, 18 November 2009; Thomson One Database, “Tearsheet 2528489115”, 18 November 2009.

2    Thomson One Banker, “Tearsheet 2069022002”, Thomson One Banker, 24 April 2009.

3    Thomson One Banker, “Tearsheet 1943934001”, Thomson One Banker, 15 January 2008.

4    Thomson One Banker, “Tearsheet 1972714001”, Thomson One Banker, 8 February 2008.

5    Thomson One Banker, “Tearsheet 1971914001”, Thomson One Banker, 23 April 2008.

6    Thomson One Banker, “Tearsheet 2069024003”, Thomson One Banker, 24 April 2009.

7    $540,000,000 4.50% Convertible Senior Notes Due In 2013, Prospectus Supplement Textron, Providence,
     1 May 2009.

8    Thomson One Banker, “Tearsheet 2089653006”, Thomson One Banker, 9 July 2009.

9    Tearsheet Deal Number: 2112811006, Thomson ONE Database, 29 September 2009.

10   Tearsheet Deal Number: 2184508001, Thomson ONE Database, 18 May 2010.

11   Tearsheet facility number 2514891115, Thomson One Banker, 23 October 2009.




                                                  -32-

				
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