EFTA01377133.pdf

Rating methodologies increasingly reflect new resolution regime and therefore require more differentiation SI A N DARD IVIOODVS &POOR'S FitchRatings Loss Counterparty obligations participation only (e.g. Deposits / Structured A3(cr)(1) BBB+(2) A(3) A(high) if other sources Notes I Derivatives / exhausted Swaps) Senior Long-term Baa2 BBB+ A- A (low) unsecured Short-term P-2 A2 F1 R-1(low) Tier 2 Ba2 BB+ BBB+ Loss absorbing capacity Legacy T1 B1 B+ BB+ AT1 B1 B+ BB The counterparty rating is the relevant rating for >95% of DB's clients Ratings as of 15 December 2016 Moody's Counterparty Risk Assessments are opinions on the likelihood of default by an issuer on certain senior operating obligations, including payment obligations associated vnth derivatives, guarantees and letters of credit Counterparty Risk assessments are not explicit ratings as they do not take account of the expected severity of loss in the event of default The issuer credit rating is S&P's view on an obligors overall creditworthiness. It does not spoty to any specific finacial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation A assigned as long-term deposit rating, A(dcr) for derivatives with third-party counterparties, AlemN for certain senior unsecured structured notes with embedded market risk Deutsche Bank 12 Investor Relations CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073706 CONFIDENTIAL SDNY_GM_00219890 EFTA01377133