EFTA01377134.pdf

Deutsche Bank's senior unsecured ratings reflect the German bail-in law treatment of senior unsecured debt Moody's S&P Operating company • Holding company • Swiss Peers US Peers BNP HSBC SOC CS UBS BoA Citi GS JPM MS P/A-1 ! Aa2/AA • P/A-1 _i Aa3/AA- 0 • P/A-1 Al/A+ • • • P/A-1 A2/A o • O 1 P/A-2 A3/A- O • • 1 P/A-2 iBaa1/BBB • • • € P/A-2 Baa2/8BB • • t i• P/A-3 Baa3/8138- Note Data from company information rating agencies, as of 15 December 2016 The chart shows current senior unsecured ratings Si&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-0073707 CONFIDENTIAL SDNY_GM_00219891 EFTA01377134