EFTA01377170.pdf

Deutsche Bank's senior unsecured ratings reflect the German bail-in law treatment of senior unsecured debt Moody's S&P Operating company 4110 Holding company • • Swiss Peers US Peers CS UBS BoA Citi GS JPM MS P/A-1 Aa2/AA P/A-1 Aa3/AA- P/A-1 A1/A+ • • • P/A-1 A2/A • .1--- !. P/A-2 A3/A- so P/A-2 Baa -/BBIE1+ • • . ... • . 1 P/A-2 Baa2/BBB • • P f E !• i P/A-3 I Baa3/B8B- :I I I J Note: Data from company information / rating agencies, as of 15 December 2016. The chart shows current senior unsecured ratings. S&P's US operating companies are under credit watch positive. Outcome of short-term ratings may differ given agencies have more than one linkage between long-term and short-term rating Deutsche Bank 13 Investor Relations CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073761 CONFIDENTIAL SDNY_GM_00219945 EFTA01377170