Deutsche Bank POLITICAL

Corporate Communications & Public Stance

• In a response reproduced by PAX, Deutsche Bank stated that it applies enhanced due diligence to defence-sector transactions and considers the geopolitical situation of the end-user country in case-by-case reviews.¹

• The same response states that Deutsche Bank does not conduct business with the military or security sector of countries it considers to be in conflict, while declining to comment on existing or potential client relationships.¹

• PAX reproduces Deutsche Bank’s statement that it appointed a Human Rights Officer in 2023.¹

• In Deutsche Bank’s February 2024 annual media-conference speech, Christian Sewing described the Israel-Gaza war as a further armed conflict destabilising the Middle East and said it had cost “tens of thousands” of lives; the speech did not announce a conflict-specific policy, humanitarian programme, or operational measure.²

• Deutsche Bank’s current Israel contact page presents a Tel Aviv capital-markets-and-investments contact as part of its global network, without describing occupied-territory operations, settlement activity, an Israeli-government partnership, or a conflict-related programme.³

• Deutsche Bank Wealth Management states that the Israeli Securities Authority has permitted Deutsche Bank (Switzerland) Ltd. to prospect for eligible investors in Israel, subject to stated disclosures, and says other Group entities may also prospect for Israeli clients.⁴

• The Wealth Management communication identifies eligible investors as its audience, states that approved-product material is reviewed at least annually, and describes potential exposure to equities, bonds, funds, structured products, derivatives, hedge funds, and private-market investments; it does not disclose client identities, transaction volumes, or Israeli public-sector mandates.⁴

• No public evidence identified in the reviewed materials of a Deutsche Bank conflict-specific public statement addressing Israeli or Palestinian civilians beyond the documented general conflict remarks and the bank’s stated due-diligence position.^{1, 2}

Operations in Occupied or Contested Territories

• Deutsche Bank’s 2024 Annual Report includes Israel in its country-by-country reporting table, confirming reportable activity attributed to Israel during that reporting year.⁵

• Deutsche Bank’s 2025 Annual Report lists Deutsche Securities Israel Ltd., Tel Aviv, as a 100%-owned financial-institution subsidiary and reports 15 employees in Israel in 2025, compared with 14 in 2024.⁶

• The current contact page identifies “Deutsche Bank Capital Markets and Investments Ltd.” at 46 Rothschild Boulevard, 21st Floor, Tel Aviv, while a current Wealth Management location page identifies “Deutsche Bank Global Markets Ltd.” at the same address.^{3, 7}

• The reviewed records do not reconcile the two current page labels with the Annual Report’s Deutsche Securities Israel Ltd. disclosure and do not establish whether these are distinct legal entities, former names, trade names, or page-label inconsistencies.^{6, 3, 7}

• The available corporate disclosures do not identify an occupied-territory location, settlement operation, local service contract, client base, territorial service footprint, reservist-leave practice, or settlement-related activity.^{5, 6}

• No public evidence identified in the reviewed corporate disclosures and primary Israeli-government materials of a Deutsche Bank branch, subsidiary, office, service contract, or other operation in Israeli settlements, East Jerusalem, the West Bank, Gaza, or the Golan Heights.^{5, 6, 3, 8, 9, 10, 11}

• The supplied document review found no Deutsche Bank mention in the 2023 and 2025 OHCHR settlement-business database updates or the UN Special Rapporteur’s A/HRC/59/23 report; these are document-scoped findings and do not resolve indirect exposure, client relationships, unlisted activity, or Group-entity relationships.^{12, 13, 14}

Internal Governance, Content & Retail Policies

• Deutsche Bank’s 2025 Annual Report states that its anti-bribery and corruption controls cover charitable donations, sponsorships, memberships, strategic investments, and political contributions.⁶

• The cited disclosure does not provide an itemised public register of Israel/Palestine-related charitable grants or political spending.⁶

• No public evidence identified in the reviewed materials of Deutsche Bank employment discipline, litigation, content moderation, platform or editorial policy, retail-product labelling, or account-policy enforcement specifically concerning Israel/Palestine speech.^{1, 6}

• This finding is limited to reviewed materials and is not a comprehensive absence finding across legal records, internal policies, charity registers, or client files.^{1, 6}

Brand Heritage & State Partnerships

• Yad Vashem material identifies Deutsche Bank as one of five German companies that began supporting the Moshal Shoah Legacy Campus project in 2018 and lists Deutsche Bank among the Campus’s benefactors.¹⁵

• A Friends of Yad Vashem announcement dated 8 July 2024 states that each of the five German corporate members donated €1 million to the project and that the campus was inaugurated in Jerusalem on that date.¹⁶

• The documented form of Deutsche Bank’s support was therefore a €1 million corporate project donation within a five-company German corporate-support group; the cited materials identify construction of the Campus as the supported material scope and record its completed inauguration on 8 July 2024.^{15, 16}

• The inauguration announcement records attendance by Israeli President Isaac Herzog, Germany’s ambassador to Israel, representatives of German business, Yad Vashem officials, and supporters, placing the event in a German historical-memory and educational context.¹⁶

• The reviewed Yad Vashem materials do not identify Deutsche Bank’s payment date, donation instrument, legal recipient arrangement, conditions, any further amount, or continuing support after the completed Campus project.^{15, 16}

• The records do not establish a Deutsche Bank commercial contract with the Israeli state, military, settlement enterprise, or state public-relations campaign through the Campus support.^{15, 16}

• No public evidence identified in the reviewed sources that Deutsche Bank uses military heritage in its branding or sponsors Israeli state public-relations or cultural campaigns.^{1, 5, 6}

• A 2010 contemporaneous news report stated that Deutsche Bank had sold all of its Elbit Systems shares, citing then-CEO Josef Ackermann, while reporting that the bank gave no reason for the sale.¹⁷

• The 2010 report is not a Deutsche Bank written divestment policy and does not establish an ongoing holding relationship or current holding status.¹⁷

Lobbying, Advocacy, Financing & Logistics

• PAX reports that Deutsche Bank was among 20 European creditors providing loans and/or underwriting to six selected arms producers - Boeing, General Dynamics, Leonardo, Lockheed Martin, RTX, and Rolls-Royce - between January 2021 and August 2023.¹

• PAX attributes €2.845 billion in loans and €1.142 billion in underwriting to Deutsche Bank over that period.¹

• PAX states that Profundo sourced the underlying relationship data from Bloomberg and Refinitiv Eikon; the report does not disclose individual deal documents or establish that finance was dedicated to Israeli transfers.¹

• PAX also reports an August 2023 snapshot of Deutsche Bank holdings in the same selected companies comprising €695 million in shares and €122 million in bonds, based on Refinitiv Eikon and EMAXX data.¹

• The PAX data do not establish current holdings, individual transaction terms, proceeds, or a connection to specific Israeli arms deliveries.¹

• On 11 June 2025, the European Investment Bank signed a €500 million intermediary facility with Deutsche Bank to support security- and defence-sector companies and public-sector entities within EU countries, including investments and working capital.¹⁸

• The EIB project record identifies EU countries only and does not establish Israel-related financing through that facility.¹⁸

• Israel’s Ministry of Finance ranked “Deutsche Bank” in its primary and secondary government-bond markets in Q1, Q2, and Q3 2024, and again in Q4 2025.^{8, 9, 10, 11}

• The Ministry ranked Deutsche Bank fifth in the primary market in Q3 2024 and fifth in Q4 2025; the Q3 record evidences listed activity after 19 July 2024, while the Q4 record evidences listed activity after November 2024.^{10, 11}

• The rankings provide market positions rather than trade amounts, contracting entity, transaction documents, instruments, fees, allocation of sovereign proceeds, or activity after 31 December 2025.^{8, 9, 10, 11}

• On 12 February 2025, Globes reported, attributing the information to Israel’s Accountant General, that Deutsche Bank was one of five underwriters of a US$5 billion Israeli government international five- and ten-year bond offering.¹⁹

• This contemporaneous reporting does not provide the underwriting agreement, mandate letter, fees, allocation, Deutsche Bank legal entity, or proceeds use.¹⁹

• BankTrack/PAX/Profundo’s February 2025 claim that Deutsche Bank underwrote Israeli sovereign bonds between 7 October 2023 and January 2025 remains an unresolved lead because the underlying mandate documents, prospectuses, and Finance Ministry transaction records were not retrieved.²⁰

• Deutsche Bank’s general sovereigns, supranationals and agencies marketing page states that it arranges sovereign, supranational, and agency bonds and presents debt issuance as supporting sovereign budgets and local-government projects; it does not name Israel or identify an Israeli mandate.²¹

• The Embassy of the State of Israel in Berlin currently directs consular users to pay service fees into a Deutsche Bank account, and the Consulate General of Israel in Munich currently identifies a Deutsche Bank Munich account for passport-service fees.^{22, 23}

• These consular pages establish public use of Deutsche Bank payment accounts by those missions, but do not disclose contract dates, services, balances, procurement, commercial terms, or a broader governmental finance mandate.^{22, 23}

• No public evidence identified in the reviewed sources of corporate PAC contributions, regional-policy or anti-BDS lobbying, settlement sponsorship, donations to IDF/FIDF/JNF or military-welfare bodies, or conflict-period logistics and free services supporting Israeli state or military bodies.^{1, 6, 8, 9, 10, 11}

Corporate Structure & Primary Mission

• Deutsche Bank AG is a German stock corporation incorporated under German law and headquartered at Taunusanlage 12, 60325 Frankfurt am Main; the Group refers to Deutsche Bank AG and its consolidated subsidiaries.²⁴

• Deutsche Bank AG is the direct or indirect holding company for its subsidiaries, and the Group reported 539 consolidated entities as of 31 December 2025, including 264 consolidated structured entities.²⁴

• The 2025 Form 20-F identifies material subsidiaries including DB USA Corporation, Deutsche Bank Americas Holding Corporation, DB U.S. Financial Markets Holding Corporation, Deutsche Bank Securities Inc., Deutsche Bank Trust Company Americas, Deutsche Bank Luxembourg S.A., DB Beteiligungs-Holding GmbH, and DWS Group GmbH & Co. KGaA.²⁴

• Deutsche Bank reported 79.49% ownership of DWS Group GmbH & Co. KGaA as of 31 December 2025.²⁴

• Deutsche Bank describes a two-tier governance structure comprising the Supervisory Board, Management Board, and Shareholders’ Meeting.²⁵

• The Management Board manages Deutsche Bank AG and steers the Group, while the Supervisory Board appoints and monitors Management Board members.²⁵

• Current shareholder notifications list BlackRock Inc. at 8.14% total voting rights, Paramount Service Holding Ltd. S.à r.l. at 4.91%, and Amundi S.A. at 3.03%, with no disclosed holder at or above 10% on that page.²⁶

• These are regulatory voting-rights notifications and do not establish that any disclosed shareholder controls Deutsche Bank.^{24, 26}

• No public evidence identified that Deutsche Bank’s charter, disclosed primary mission, state ownership, golden-share arrangement, or founding mandate is tied to advancing Israeli state geopolitical objectives.^{5, 18, 24}

Executive & Leadership Footprint

• Deutsche Bank identifies Christian Sewing as Chief Executive Officer and Chairman of the Management Board, with Fabrizio Campelli as Deputy Chairman and President.²⁷

• The current Management Board roster also identifies Raja Akram, Marcus Chromik, Marie-Jeanne Deverdun, Stefan Hoops, Alexander von zur Mühlen, Laura Padovani, Claudio de Sanctis, and Rebecca Short.²⁷

• Alexander Wynaendts is Chair of the Supervisory Board, first elected on 19 May 2022, with a term stated to end in 2030.²⁸

• Deutsche Bank’s current biographies state that Sewing has no external statutory or comparable-board memberships and list Campelli’s mandates as the Exchange Council of Eurex Deutschland and the Frankfurt Stock Exchange.²⁷

• The Supervisory Board disclosure identifies Sigmar Gabriel as a Rheinmetall AG supervisory-board member from 13 May 2025, but that disclosed role does not establish Israel/Palestine-related activity or financing.²⁸

• No public evidence identified, within the bounded searches and reviewed official biographies, of Israel/Palestine-related personal donations, family-foundation grants, pro-Israel or anti-BDS organisational positions, Israeli defence or cyber equity investments, family-office activity, or public advocacy by current Management Board or Supervisory Board members other than the documented institutional Yad Vashem support and Sewing’s general 2024 conflict remarks.^{27, 28, 15, 16, 2}

• This is not a comprehensive person-by-person absence finding across charity filings, contribution databases, social-media archives, investment registers, family offices, or Israeli corporate registries.^{27, 28}