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 • • P/A-1 P/A-1 P/A-1 P/A-1 P/A-2 P/A-2 Aa2/AA Aa3/AAA1/A+ A2/A A3/ABaa -/BBIE1+ P/A-2 Baa2/BBB P/A-3 I Baa3/B8B- • • • • • Swiss Peers CS .1--- ! . so • • . ... • . • P f E !• i : I I I UBS US Peers BoA Citi GS JPM MS 1 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 Investor Relations J 13 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0073761 SDNY_GM_00219945 EFTA01377170