Financial Institutions: Banks and Trusts June 14, 2017

Rating Report

Deutsche Bank AG

Ratings

See page 12 for full list of ratings

Rating Considerations

Franchise Strength: Underpinned by a top-tier investment banking franchise well-entrenched in EMEA and APAC, and a domestic German retail and

corporate banking business, with opportunities for significant scale. Execution risks associated with DB’s latest initiatives are significant.

DBRS maintains confidence in the current management team given considerable progress against its Strategy 2020 initiatives.

Earnings Power: Earnings

are below the franchise

potential, with profitability

significantly challenged by

legacy costs/disposals and,

restructuring charges.

Risk Profile: Generally conservative credit

risk and market risk

management. Operational risk

has improved post-RMBS

settlement, but past issues

remain potentially damaging.

Funding and Liquidity: Solid funding position,

underpinned by substantial

deposit base. Liquidity profile

is solid, supporting the Bank

through several periods of

stress in 2016.

Capitalization: Capital strengthened, but remains a

key focus given the still evolving

regulatory environment and limited

internal capital generation.

Rating Drivers

Factors with Positive Rating Implications Factors with Negative Rating Implications Upward pressure on the rating could arise if the Bank

demonstrates progress in successfully executing its

strategic initiatives, by meeting targets related to cost

reductions, profitability and increase capitalisation,

whilst maintaining a solid risk profile.

Downward pressure on the rating could arise if i) DB is

unable to successfully execute on its strategic plan, which

could provoke another period of weakened market

confidence, the ratings would likely come under pressure; or

ii) the Bank is unable to make timely progress with its

systems and technology enhancements, resulting in further

regulatory scrutiny.

Over the longer-term, if DBRS notes a trend in declining

business positioning, market share or credit fundamentals,

the rating could be downgraded.

Financial Information

EUR Millions 31/03/2017 31/12/2016 31/12/2015 31/12/2014 31/12/2013

Total Assets 1,564,756 1,590,546 1,629,130 1,708,703 1,611,400

Equity 64,852 64,819 67,624 73,223 54,966

Pre-provision operating income (IBPT) 1,013 1,168 957 4,630 4,813

Net Income 571 -1,402 -6,794 1,663 666

Net Interest Income / Risk Weighted Assets (%) 3.44% 4.13% 4.00% 3.60% 4.94%

Risk-Weighted Earning Capacity (%) 1.14% 0.30% 0.23% 1.21% 1.52%

Post-provision Risk-Weighted Earning Capacity (%) 0.99% -0.07% -0.03% 0.90% 0.85%

Efficiency Ratio (%) 86.21% 95.95% 97.13% 85.40% 84.73%

Impaired Loans % Gross Loans 1.59% 1.76% 1.81% 2.21% 2.57%

Core Tier 1 (As-reported) 12.70% 13.40% 13.19% 15.20% 12.80%

Issuer Debt Rating Rating Action Trend Deutsche Bank AG Issuer Rating A (low) Trend Change Stable

Deutsche Bank AG Senior Unsecured Debt & Deposits A (low) Trend Change Stable

Jack Deegan +44 20 7855 6689

jdeegan@dbrs.com

Elisabeth Rudman +44 20 7855 6655

erudman@dbrs.com

Lisa Kwasnowski +1 212 806 3228

lkwasnowski@dbrs.com

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 2

Issuer Description

Deutsche Bank AG is a global financial services company with a significant capital markets franchise, combined with a retail and corporate

bank that maintains solid market positioning in Germany and across Europe, with other businesses such as transaction banking and asset

& wealth management adding diversity and depth to the franchise.

Rating Rationale

DBRS, Inc. (DBRS) rates Deutsche Bank (DB or the Bank), including its Issuer Rating and Senior Unsecured Debt & Deposits rating of

A (low), Short-Term Debt & Deposits rating of R-1 (low), and its A (high) / R-1 (middle) Critical Obligations Ratings. The trend on all

ratings was revised to Stable from Negative in June 2017. The Bank’s Intrinsic Assessment (IA) is A (low), whilst the support assessment

remains SA3, reflecting DBRS’s view that developments in European regulation and legislation mean that there is less certainty about the

likelihood of timely systemic support. As a result, the Bank’s final ratings are positioned in line with its IA.

In revising the trend to Stable, DBRS acknowledges the diminished pressure on DB’s credit fundamentals following its successful capital

raise. The Bank weathered various stress events in 2016 resulting in weakened market confidence. DBRS sees the Bank’s improved capital

position, with regulatory ratios now at the upper end of the global peer group following the completion of a EUR 8 billion raise in 2Q17,

as contributing to improved market confidence, while also better positioning DB to allocate capital to businesses where it intends to grow.

Furthermore, the Stable trend reflects the elimination of significant uncertainties around various litigation settlements, particularly the US

RMBS case.

The Bank’s A (low) Issuer Rating reflects the resiliency of DB’s powerful global franchise. While some market share has been lost as a

result of restructuring efforts, DBRS notes that it continues to benefit from strength across diverse products and geographies. Under the

Bank’s revised strategy, announced in March 2017, DB will report under the new divisional structure from 2Q17: Corporate & Investment

Bank (CIB), where the Bank is looking to become a more corporate-client focused investment and transaction bank; Private & Commercial

Bank (PCB), which houses the Bank’s private & business clients and wealth management businesses, as well as Postbank which will be

fully integrated; and Deutsche Asset Management (DeAM), a stand-alone division. Execution risks associated with this latest strategic

initiative are considerable, particularly given the significant investment that is required on technology systems and enhancements. DBRS

does, however, take comfort from the strength of DB’s management, given the restructuring progress made to-date, evidenced by the

winding down of Non-Core Operations Unit (NCOU) on schedule at the end of 2016, following a 72% decrease in risk-weighted assets

(RWAs) during the 2016.

The Bank’s profitability has been significantly challenged in recent years by the low interest environment, legacy conduct costs,

restructuring charges, and the wind-down/disposal of legacy portfolios. As a result, DBRS views the Bank’s earnings as below the

franchise potential. DB expects that 2016 was its peak year for technology expenditure, the primary driver of restructuring charges, which

should provide some earnings relief going forward. Additionally, DB has largely settled its outstanding conduct-related issues and legacy

portfolios have been wound-down, so this should also benefit earnings. Potentially offsetting this, variable compensation was much

reduced following DB-specific pressure in 2016, and this will likely increase to more normalized levels.

DB maintains a strong credit risk profile and manages its market risk well, though operational risk remains challenging. Given prior

conduct-related issues, DBRS remains concerned about the Bank’s operational risk controls, but recognizes the significant progress made

in advancing systems and technology to prevent these types of issues from re-occurring. DBRS notes that introducing and enforcing a

conservative culture across its organization will likely be challenging, and will take time.

DB benefits from a funding and liquidity profile that has proven to be resilient despite severely challenging market conditions. The Bank

has a substantial customer deposit base totaling EUR 434 billion at end-2016, or 110% of loans, and a diversified wholesale funding

profile. DB reported a Stressed Net Liquidity Position (sNLP) of EUR 43 billion as of 1Q17, indicative of the Bank’s net excess liquidity

under a liquidity stress scenario. This sNLP has improved substantially from the EUR 18 billion reported as of 3Q16, during a period when

DB was under significant funding and liquidity stress. DBRS views positively the Bank’s ability to manage through this period and return

its funding profile and liquidity reserves to a more normalized position.

The Bank has significantly improved its capitalization with a EUR 8 billion rights issue completed in 2Q17, which has increased DB’s

fully-loaded Common Equity Tier 1 (CET1) ratio to 14.1% on a pro-forma basis at the end of 1Q17. DBRS, however, continues to view

the leverage ratio as constraining for DB, from a regulatory perspective, given its asset mix which generally carries lower risk weights.

DB’s leverage ratio improved to 4.0% on a pro-forma basis at the end of 1Q17, as compared to an internal target of 4.5% by 2018.

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 3

Franchise Strength

With total on-balance sheet assets of EUR 1.6 trillion at end-1Q17, Deutsche remains one of the largest financial institutions globally.

Deutsche continues to implement its multi-year restructuring plan, which was updated in March 2017 in conjunction with Bank’s EUR 8

billion capital raise.

Under its revised strategy, DB announced various initiatives, including cost reductions, updated capital and profitability targets and a

reorganised operating structure, moving from its four current business divisions to three: Corporate & Investment Bank (CIB), which

combines the former Global Markets and Corporate & Investment Banking divisions into a more corporate-client focused investment and

transaction banking division; Private & Commercial Bank (PCB), which will house the Bank’s private & business clients and wealth

management businesses, as well as the fully-integrated Postbank; and Deutsche Asset Management (DeAM), a stand-alone division.

DBRS notes that it has confidence in the current management team following its considerable progress against its Strategy 2020 initiatives,

including the completion of several strategic disposals (stake in Hua Xia, Abbey Life and US Private Client Services), and the closure of

its Non-Core Operations Unit (NCOU) on schedule at end-2016, following a 72% year-on-year (YoY) decrease in RWAs during the year.

Significant execution risks are, however, associated with DB’s latest initiatives.

The Bank’s new strategy, for example, includes plans to move toward a more client-focused business model, with resource allocation in

its investment bank shifting from secondary markets activity, which currently accounts for 59% of RWAs, to more corporate-led

businesses, in the form of transaction banking, financing and origination & advisory, with the eventual aim that these activities will account

for 65% of CIB RWAs. This new strategy could be challenging to achieve during a time of continued restructuring and technology/systems

enhancements. Additionally, variable compensation has been much reduced following DB-specific pressure over the past year, which is

likely impacting employee morale, retention, and could impact the reallocation of resources across the Bank without the appropriate

incentives in place.

Business Segments

Corporate & Investment Bank (CIB) which consists of:

i) Global Markets (GM) (Net Revenues1 of EUR 9.3 billion in 2016 – 31% of Total Net Revenues)

GM includes DB’s sales and trading (S&T) related activities, previously housed in Corporate Banking & Securities. Traditionally,

GM has been a key source of growth and earnings diversification for the Bank. Having undergone restructuring since October

2015, however, the division’s market shares across Fixed Income and Equity S&T have begun to slip recently, with DB losing

its #1 market share position in Fixed Income S&T in EMEA and APAC in 2016, according to Coalition data. DBRS recognizes

that this loss of market share can be partially attributed to the Bank’s decision to allocate capital only to select business areas and

move away from broad secondary market activity. DB targets a top 3 position in Europe and a top 5 position global in Fixed

Income S&T, which would still position the Bank as a leading global player. While execution risks associated with this shift

remain significant, a focus on higher-margin and less capital intensive businesses should contribute directly to the bottom line.

This would be beneficial for DB, as recent restructuring in GM coupled with challenging trading conditions, especially in 1H16,

resulted in a significant deterioration in GM’s performance in 2016, with net revenues down 14% YoY, to CHF 9.3 billion, and

income before tax, adjusted for CVA & goodwill impairment, of only EUR 355 million, albeit up from a loss of EUR 119 million

in 2015.

ii) Corporate & Investment Banking (CIB) (Net Revenues of EUR 7.5 billion in 2016 – 25% of Total Net Revenues)

CIB combines the Corporate Finance business components formerly housed in CB&S, and Global Transaction Banking (GTB)

businesses. DB maintains a solid corporate finance business, offering M&A, equity and debt underwriting, and general corporate

finance advice to a variety of clients. DB’s global transaction banking business also has scale, providing commercial banking

products and services globally to both corporates and financial institutions, including domestic and cross-border payments, risk

mitigation, international trade finance as well as trust, agency, depositary, custody and related services. As part of the new

strategy, DB is targeting the #1 origination and advisory position in Europe, through deepening strategic relationships. The Bank

is also looking to grow its global transaction banking business. CIB’s bottom-line performance improved in 2016, with a 17%

YoY increase in income before tax, adjusted for CVA, to EUR 1.7 billion as cost savings progress more than offset a 7% YoY

decrease in net revenues, with weakness evident across each business line.

Private & Commercial Bank (PCB) which consists of:

i) Private, Wealth & Commercial Clients (PW&CC) (Net Revenues of EUR 7.7 billion in 2016 – 26% of Total Net Revenues)

PW&CC houses the Bank’s German and International Private and Commercial Clients (PCC) businesses, along with its Wealth

Management (WM) activities. PW&CC currently serves approximately 8 million clients throughout Germany, Italy Spain,

Belgium, Portugal and Poland.

ii) Postbank (PB) (Net Revenues of EUR 3.4 billion in 2016 – 11% of Total Net Revenues)

1 All net revenues calculations exclude CVA/DVA/FVA unless otherwise stated. Percentages may not equal 100% as a result of rounding differences

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 4

In March 2017, DB announced its intention to fully-integrate PB into its German private and commercial banking business, a

turnaround from previous plans that looked to dispose of PB. With a combined customer base of 20 million retail, business and

corporate clients, the full integration of PB with its focus on increased digital investment should provide DB with significant scale

and thus a competitive advantage in a highly competitive German market dominated by the German Savings Banks and the

Cooperative sector (Volksbanken). DB also estimates that the full integration will provide annual synergies of approximately

EUR 900 million by 2022, with associated severance and restructuring costs of approximately EUR 1 billion over four years to

2021. DBRS does, however, note that execution risks associated with full integration remain considerable, with DB having to

migrate activities into one existing IT platforms, consolidate central functions and integrate operational processes over a period

of three to five years.

Deutsche Asset Management (DeAM) (Net Revenues of EUR 3.0 billion in 2016 – 10% of Total Net Revenues)

Following efforts to make DeAM a more focused asset manager in 2016, with the transferal of trading and balance sheet-reliant business

to GM, the separation of wealth management businesses, and the sale of non-strategic businesses, such as Abbey Life, DB announced in

March 2017 its intention to IPO a partial stake in DeAM within the next two years. Whilst DBRS views this step as ceding a portion of

earnings and adding the complexity of external shareholders in an important banking subsidiary, DBRS also realises the benefit of

demonstrating the value in this business and providing further capital for reinvestment in the DeAM business. To note, DeAM has a

sizeable franchise, with EUR 723 billion of invested assets at end-1Q17, 75% of which are focused in active businesses, and a top 3

ranking across retail asset management in Germany, insurance asset management globally and exchange traded products (ETPs) &

exchange traded funds (EFTs) Europe.

Non-Core Operations Unit (NCOU) (Negative Net Revenues of EUR 382 million in 2016)

Established in 4Q12 with EUR 142 billion of RWAs in order to allow management to focus on core business, NCOU incorporated assets

that do not fit the Bank’s client strategy. Since then, DB has significantly reduced the size of the NCOU so that it is no longer reported as

a separate unit. The closing of the NCOU was in line with the targeted timeframe, following strong progress in de-risking the unit, most

notably in 2016 with a 72% YoY decrease in RWAs. At end-2016, NCOU had EUR 9.2 billion of RWAs, which was transferred back to

its respective divisions (principally CIB). DB estimates that the accelerated deleveraging of NCOU resulted in approximately 200 basis

points (bps) of CET1 benefit (EUR 8.5 billion). As part of the March 2017 strategy update, DB identified additional legacy assets, with

approximately EUR 20 million of RWAs, excluding operational risk, and EUR 60 billion of leverage exposure. DBRS notes that these

assets are to be run down within the CIB business, with DB targeting RWA, excluding operational risk, and leverage exposure of EUR 12

billion and EUR 30 billion respectively by 2020.

NCOU Profit / (Loss) Before Tax – 2012-2016 (EUR million)

. Source: DBRS, Company reports

Earnings Power

DB’s profitability has been significantly challenged in recent years by the low interest environment, legacy conduct costs, restructuring

charges, and the wind-down/disposal of legacy portfolios. As a result, DBRS views the Bank’s earnings as below the franchise potential.

In 2016, DB reported its second consecutive annual loss, with a net loss of EUR 1.4 billion, driven principally by EUR 2.4 billion of

litigation charges, EUR 1.3 billion of goodwill impairments, and EUR 700 million of restructuring and severance costs. On an adjusted

basis, which primarily excludes these items, there is evidence of progress on cost reductions with a 7% decline in adjusted costs YoY in

2016.

3,737

4,9355,535

-3,832

4,085

-2,923-3,478

-2,419 -2,265-3,207

-8,000

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

2012 2013 2014 2015 2016

Core PBT NCOU PBT Actual PBT

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 5

The Bank’s performance was impacted by a 10% YoY decrease in net revenues in 2016, as restructuring efforts and a challenging operating

environment contributed to headwinds throughout the year. Furthermore, idiosyncratic negative market perceptions surrounding the

Bank’s ability to settle with the Department of Justice (DoJ) regarding the residential mortgage-backed (RMBS) investigation added

pressure in 4Q16. In light of the revenue attrition, DBRS views positively the Bank’s continued focus on cost reduction. With expenses of

EUR 24.7 billion in 2016, the Bank is on course to meet its updated adjusted cost base target of approximately EUR 22 billion by 2020

and EUR 21 billion by 2021. Further progress was also evident in 1Q17, with a 4% YoY decrease in adjusted costs, reflecting the run-

down of NCOU and the Bank’s continued cost management efforts. With earnings likely to remain pressured by additional restructuring

costs of approximately EUR 2 billion, cost control remains critical for the Bank.

Net Revenues & PBT (ex. CVA & Goodwill) Impact of Litigation on IBPT (ex. CVA & Goodwill)

2012-2016 (EUR million) 2012-2016 (EUR million)

Source: DBRS, Company reports

Risk Profile

Effective risk management is a key driver behind the success of strong financial institution. DB benefits from solid risk systems, which

continue to be enhanced and harmonized globally, as a result of both management focus and regulatory pressure. Operational risk has also

improved significantly following the resolution of a number of outstanding litigation matters in 2016, including the settlement with the

DoJ regarding the Bank’s pre-2008 US RMBS business.

Operational Risk

DB has been adversely impacted by conduct risk issues, which have had a significant financial and reputational impact. The Company has

settled with the relevant parties and paid fines related to the submission of Libor and FX rates, as well as perceived failures in anti-money

laundering control functions. Most recently, in January 2017, DB reached a final agreement with the US Department of Justice (DoJ) in

relation to its RMBS activities. Under the terms of the settlement agreement, DB agreed to pay a civil monetary penalty of USD 3.1 billion,

with additional consumer relief payments of USD 4.1 billion; thus finalising the Bank’s major outstanding RMBS matters and removing

one of the most significant conduct-related uncertainties for the Bank.

In January, DB also reached agreement with the New York State Department of Financial Services (DFS) and the UK’s Financial Conduct

Authority (FCA) in relation to the Bank’s Russian/UK Equities trading and potential anti-money laundering control weaknesses, paying

the regulators USD 425 million and GBP 163 million respectively. DBRS notes that DB qualified for a 30% discount with the FCA as a

result of agreeing to settle at an early stage.

DBRS does, however, note that the Bank remains involved in litigation and/or regulatory investigations in relation to a number of matters.

While DB’s remaining legal issues are generally far less material than in the past, DBRS remains cautious as settlement costs continue to

be extremely elevated across the sector.

Market Risk

DBRS views DB’s readiness to take on risk and its ability to manage market risk as an important component of its success with its trading

businesses. Client flows benefit from the ability of its trading desks to execute trades for customers that can result in substantial risk to

DB. When executing flow business on behalf of the client, DB typically holds trading positions in its inventory for a limited period of

time. The persistence of the current challenging operating environment has put pressure on different areas of the Bank and has led DB to

be more cautious in using its risk capacity. Additionally, new capital requirements, including the leverage ratio, have resulted in a more

thoughtful approach to balance sheet usage, with an increasing focus on retaining only those assets that are generating the required returns

taking into consideration not only risk exposure, but also regulatory requirements.

2,184 2,1863,563

-247

433

33,220 32,565 32,28533,605

30,001

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2012 2013 2014 2015 2016

PBT ex CVA & GW Net Revenues ex. CVA

3,9054,250 4,697

708

1,815

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

2012 2013 2014 2015 2016

IBPT ex. CVA & GW & Litigation Litigation IBPT ex. CVA & GW

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 6

Market risk, as measured by regulatory value-at-risk (VaR), has declined significantly from its peak of EUR 126.8 million in 2009, and

now remains relatively stable around EUR 30-50 million. Average daily trading VaR (measured at a 99% confidence interval) was 32

million in 2016, against EUR 43.3 million in 2015. When comparing VaR to total shareholders’ equity, the ratio declined to 0.01% in

2016 from 0.35% in 2009, partially reflecting an increased equity capital base. Complementing VaR, DB makes extensive use of stress

tests and scenario analyses to understand the nature and scope of potential risks that can be outside the range of the normal data set.

Another perspective that DBRS uses to evaluate market risk is the distribution of trading results. DB’s 2016 daily trading net revenues

appear consistent with the Bank’s approach to risk/reward, with the majority of trading days in 2016 generating net trading revenues

between EUR 0 and EUR 75 million. DB’s risk appetite does tolerate losses (approximately 27 days in 2016) given the still challenging

environment, although DBRS note that the Bank experienced very few significant losses, with just approximately 5 loss day in excess of

EUR 50 million. DBRS views this as consistent with the Bank’s approach of seeking to achieve above average reward for its risk taking,

while remaining conservative when returns are more moderate relative to risk.

Credit Risk

DB takes a comprehensive approach to credit risk, including counterparty risk. Credit risks are evaluated for individual counterparties, as

well as for concentrations by client type, industry, products, markets and regions or countries, with a focus on large exposures. A key

principle of DB’s credit risk management is client credit due diligence, which is assessed in conjunction with the business divisions (first

line of defense). Credit risk is managed with various tools, including position limits based upon internal credit ratings of counterparties

and concentration limits.

Geographically, the Bank’s main credit exposures are in North America (33%), Germany (28%) and Western Europe (26%). The Bank

also has meaningful exposures in Asia Pacific. By business, GM and CIB account for a significant portion of credit exposure at end-2106,

with EUR 91.6 billion of GM’s EUR 306.2 billion exposure related to repo/matched book transactions, and EUR 126.6 billion of CIB’s

EUR 266.6 billion related to irrevocable lending commitments.

Total Credit Exposure by Geography & Business (%)

End-2016

Note: Total exposure of EUR 930 billion.

Source: DBRS, Company reports

When looking at loan exposures only, DB’s primary source of lending is mortgages (36%), with some meaningful lending in consumer

finance (9%) and commercial real estate (7%) lending. Credit quality is good and improving, with impaired loans continuing to decline

reaching EUR 7.4 billion at end-2016, down 10% YoY, driven by further progress in de-risking NCOU, with a 62% YoY decrease in

impaired loans. DBRS does, however, note that impaired loans within the DB’s core operations increased 12% YoY, driven principally

by weakness in the Bank’s shipping, metals, mining & steel, and oil & gas sectors. At end-2016, the Bank’s exposure to these three sectors

totalled EUR 19 billion, with Oil & Gas accounting for approximately EUR 8 billion, followed by Metals, Mining & Steel (EUR 6 billion)

and Shipping (EUR 5 billion). Despite the stress evident in the sectors in 2016, DBRS notes that DB’s overall credit exposure to the three

sectors at end-2016 was equivalent to less than 2% of the Banks’s total credit exposure. DB’s shipping portfolio, which was the key driver

of increased credit loss provisions in 2016, is also well diversified by asset class and region, with less than 10% of exposures to the German

‘KG’ sector, which is non-recourse financing of vessels via closed end funds. As a result, the Bank’s impaired loan ratio remained low at

end-2016 at 1.80%

28%

26%2%

33%

10% 1%

Germany

Western Europe

Eastern Europe

North America

Asia/Pacific

Central/South America

35%

30%

19%

0.3% 15%1%

GM

CIB

PWCC

DeAM

Postbank

NCOU

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 7

Loan Exposure by Industry Sector (%)

End-2016

. Source: DBRS; Company reports

Funding and Liquidity

DB maintains a sound liquidity profile and has a comprehensive framework in place to manage its liquidity and funding needs. This

framework analyses three specific angles: i) management of intraday exposures, including daily payments, forecasting cash flows and

central bank access; ii) access to secured and unsecured funding sources, and iii) the maturity profile of all assets/liabilities and issuance

strategy; and is supplemented with stressed scenario analysis looking at inventory characteristics under various stress scenarios and

contingent funding requirements.

DBRS views the level of market confidence and the Bank’s ability to weather challenging market conditions to be of critical importance

when determining the rating. Liquidity is essential for DB’s business, as it relies primarily on access to the capital markets to conduct its

trading activities, and to fund this portion of its balance sheet. Liquidity pressure could arise from disruptions in the financial markets or

operational problems affecting the Bank, as illustrated on various occasions in 2016. Despite the multiple stress events experienced during

2016, DB was able to monetize its liquidity reserves and maintain substantial excess liquidity, reporting liquidity reserves EUR 219 billion

at end-2016, approximately 24% of funding sources. The Company also reported a stressed net liquidity position (sNLP) of EUR 36.1

billion at the end of 2016, representing the surplus of its liquidity reserves and other inflows in excess of stressed liquidity demand under

five stress scenarios. Despite DB’s ability to monetize assets, the Bank did see some pressure on its sNLP, as illustrated by the 21% YoY

decrease in sNLP in 2016. The Bank did, however, look solid from a regulatory perspective, reporting a Liquidity Coverage Ratio (LCR)

of 128% at end-2016, while also maintaining access to capital markets during a period of heightened stress, with a USD 4.5 billion private

placement in October 2016. Liquidity metrics improved further in 1Q17, with DB reporting a sNLP of EUR 42.7 billion, liquidity reserves

of EUR 242 billion, and an LCR of 148%.

Maturity Profile of Wholesale Funding & Capital Markets Issuance (EUR billion)

End-2016

. Source: DBRS; Company Reports. Footnote: * DBRS assumption that all Secured Funding & Shorts has a maturity of less than one month

36%

7%9%

4%

4%

7%

6%

12%

15%

Mortgages

CRE

Consumer Finance

Public Sector

Wholesale / Retail Trade

Manufacturing

Fund Management

Financials

Other

187.0

17.7 20.8 22.6 19.7

101.6

51%

5% 6% 6% 5%

28%

0%

10%

20%

30%

40%

50%

60%

0

20

40

60

80

100

120

140

160

180

200

<1 month 1-3 months 3-6 months 6m-1year 1-2years >2years

Bank & Wholesale Deposits Senior & Sub Debt CDs, CP & ABCP Covered Secured Funding & Shorts * % of total (RHS)

Total: EUR 369.3 billion<1year: EUR 248 billion (o/w 67% secured [EUR 166billion] & 33% unsecured [EUR 82 billion])Liquidity Reserve: EUR 219 billion

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Rating Report | Deutsche Bank AG

DBRS.COM 8

The Bank’s solid deposit franchise continues to support the funding profile, with EUR 434 billion of customer deposits at end-2016. The

Bank’s organic deposit customer growth has been solid in recent years and core deposits readily fund the Bank’s entire loan portfolio.

Deposits are sourced through PBC, as well as through GTB and WM. At end-2016, DB had approximately EUR 369.3 billion of wholesale

funding outstanding, with EUR 248 billion maturing in less than a year. DBRS notes that a significant portion of this short term funding

(EUR 166 billion) is secured, related principally to the Bank’s matched book activities. While matched book activities are largely

collateralized by high-quality government and government backed securities, this type of funding is typically short-term, often overnight,

and can be susceptible to disruption. While the Bank attempts to mitigate this risk by diversifying the group of counterparties and the types

of securities, DBRS views the use of overnight repo facilities as a liquidity risk. DBRS does, however, note that DB has taken steps to

reduce its reliance on secured funding in recent years with continued focus on leverage exposure and balance sheet usage.

Funding Diversification – 2007 vs. 1Q17 (%)

Note: Capital Markets & Equity includes long-term unsecured funding.

Source: DBRS; Company Reports

Capitalisation

Following its successful capital increase, DB’s fully-loaded Common Equity Tier 1 (CET1) ratio now sits at the upper end of the large,

global peer group. DB raised approximately EUR 8 billion in a rights issue in April 2017, contributing to an increase in the Bank’s fully-

loaded CET1 ratio from 11.8% at end-2016 to 14.1% on a pro-forma basis at end-1Q17. This is well above the Bank’s 2017 minimum

SREP requirement of 9.51%, which includes a Pillar 2 requirement of 2.75%, capital conservation buffer of 1.25%, countercyclical buffer

of 0.01%, and a G-SIB buffer of 1.0%. Although this marks the third capital raise in five years for the Bank (following the EUR 2.8 billion

raised in April 2013 and EUR 8.5 billion in June 2014), thus limiting DB’s ability to further increase capital externally over the near-term,

if needed, DBRS acknowledges that the Bank also made progress strengthening capitalisation internally in 2016, with strong progress in

reducing NCOU RWAs contributing to a 70 basis point (bps) YoY increase in the fully-loaded CET1 ratio.

While DB’s pro-forma fully-loaded leverage increased 50 bps sequentially to 4.0% following the completion of the Bank’s rights issue,

DBRS continues to view the leverage ratio as constraining for DB, from a regulatory perspective, give its asset mix, which is generally

lower risk. DB’s derivatives exposure, for example, translated into EUR 36 billion of RWAs (14% of total) at end-1Q17, but EUR 213

billion of CRD4 leverage exposure (16% of total), while the Bank’s matched book repo portfolio accounted for EUR 154 billion of CRD4

leverage exposure (11% of total), and only EUR 5 billion of RWAs. DBRS does, however, note that DB has identified approximately

EUR 2 billion of further capital accretive opportunities over the next 24 months, including asset sales and the planned partial IPO of a

stake in the Bank’s DEAM business.

Despite DB’s improved capitalisation, capital remains a key focus given the evolving regulatory environment, including the finalisation

of the Basel Committee on Banking Supervision’s (BCBS) proposed revisions to the standardised and internal ratings based (IRB)

approach for credit risk. As a Foreign Banking Organisation (FBO) with USD 50 billion or more in total U.S. non-branch assets, DB was

also required to establish a U.S. Intermediate Holding Company (IHC) by July 1, 2016, Deutsche Bank USA Corporation (DBUSA). As

a result, the newly established IHC will be subject to a private assessment in 2017, as part of the DFAST and CCAR process, which

involves submitting detailed descriptions of internal processes, board of directors’ approved policies regarding capital actions, and planned

capital actions over a nine-quarter horizon. DBUSA is also expected to design an internal stress scenario that reflects its unique risks, and

consider the results under such a scenario in its capital plan. For the 2018 DFAST/CCAR cycle, in addition to a public qualitative

assessment, it is expected that DB will be also subject to the quantitative assessment, which measures capital adequacy under different

stress scenarios over a nine-quarter time horizon, while also incorporating planned capital actions, such as dividend payments, share

buybacks and issuances. While DBUSA looks well-placed from a capital perspective with CET1 and Total Capital ratios of 13.2% and

16.6% respectively at end-September 2016 both well in advance of 2017 U.S. regulatory minimums, DBRS notes that DB subsidiaries

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 9

have previously had difficulties in passing the qualitative aspects of DFAST/CCAR. Deutsche Bank Trust Corporation (DBTC), for

example, a subsidiary of DB, received capital plan objections from the Federal Reserve Board (Fed) for qualitative reasons during the

2015 and 2016 cycles of DFAST/CCAR, with the Fed citing in 2016 ‘unresolved supervisory issues that critically undermine its capital

planning process’.

Fully-loaded Capital Ratios (%)

. Source: DBRS; Company Reports

11.7%11.1%

11.8% 11.9%

14.1%

3.5% 3.5% 3.5% 3.4%4.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

2014 2015 2016 1Q17 pro-forma 1Q17

CET1 ratio Leverage Ratio

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 10

Deutsche Bank AG 31/03/2017 31/12/2016 31/12/2015 31/12/2014 31/12/2013

EUR EUR EUR EUR EUR

EUR Millions IFRS IFRS IFRS IFRS IFRS

Balance Sheet

Cash and deposits w ith central banks 189,928 12.14% 192,970 12.13% 109,782 6.74% 83,572 4.89% 95,139 5.90%

Lending to/deposits w ith credit institutions NA - 13,276 0.83% 14,183 0.87% 23,059 1.35% 23,440 1.45%

Financial Securities* NA - 330,976 20.81% 403,874 24.79% 386,002 22.59% 455,690 28.28%

- Trading portfolio 176,926 11.31% 157,851 9.92% 180,576 11.08% 179,027 10.48% 192,283 11.93%

- At fair value 93,692 5.99% 80,082 5.03% 96,802 5.94% 101,955 5.97% 169,017 10.49%

- Available for sale 52,691 3.37% 53,469 3.36% 70,481 4.33% 61,391 3.59% 46,155 2.86%

- Held-to-maturity 3,197 0.20% 3,206 0.20% 0 0.00% 0 0.00% 0 0.00%

- Other NA - 36,368 2.29% 56,015 3.44% 43,629 2.55% 48,235 2.99%

Financial derivatives instruments 424,386 27.12% 488,666 30.72% 518,730 31.84% 634,361 37.13% 508,553 31.56%

- Fair Value Hedging Derivatives 3,168 0.20% 3,516 0.22% 3,136 0.19% 4,403 0.26% 3,963 0.25%

- Mark to Market Derivatives 421,218 26.92% 485,150 30.50% 515,594 31.65% 629,958 36.87% 504,590 31.31%

Gross lending to customers 435,503 27.83% 423,636 26.63% 449,605 27.60% 422,656 24.74% 394,267 24.47%

- Loan loss provisions 4,275 0.27% 4,546 0.29% 5,028 0.31% 5,212 0.31% 5,589 0.35%

Insurance assets NA - NA - NA - NA - NA -

Investments in associates/subsidiaries 980 0.06% 1,027 0.06% 1,013 0.06% 4,143 0.24% 3,581 0.22%

Fixed assets 2,832 0.18% 2,804 0.18% 2,846 0.17% 2,909 0.17% 4,420 0.27%

Goodw ill and other intangible assets 9,039 0.58% 8,982 0.56% 10,078 0.62% 14,951 0.87% 13,932 0.86%

Other assets 140,893 9.00% 132,754 8.35% 124,048 7.61% 142,261 8.33% 117,969 7.32%

Total assets 1,564,756 100.00% 1,590,546 100.00% 1,629,130 100.00% 1,708,703 100.00% 1,611,400 100.00%

Total assets (USD) 1,674,252 1,677,437 1,769,447 2,068,397 2,220,171

Loans and deposits from credit institutions NA - 116,094 7.30% 119,065 7.31% 108,350 6.34% 114,176 7.09%

Repo Agreements in Deposits from Customers NA - NA - NA - NA - NA -

Deposits from customers NA - 434,110 27.29% 447,909 27.49% 424,584 24.85% 413,574 25.67%

- Demand 333,546 21.32% 329,776 20.73% 345,569 21.21% 304,905 17.84% 290,284 18.01%

- Time and savings 221,894 14.18% 220,428 13.86% 221,406 13.59% 228,026 13.34% 237,466 14.74%

Issued debt securities NA - 324,690 20.41% 285,026 17.50% 247,786 14.50% 337,544 20.95%

Financial derivatives instruments 402,987 25.75% 468,451 29.45% 500,441 30.72% 615,265 36.01% 484,044 30.04%

- Fair Value Hedging Derivatives 3,925 0.25% 4,593 0.29% 6,365 0.39% 5,063 0.30% 616 0.04%

- Other 399,062 25.50% 463,858 29.16% 494,076 30.33% 610,202 35.71% 483,428 30.00%

Insurance liabilities 607 0.04% 592 0.04% 8,522 0.52% 8,523 0.50% 8,067 0.50%

Other liabilities 179,386 11.46% 167,653 10.54% 185,696 11.40% 215,352 12.60% 177,984 11.05%

- Financial liabilities at fair value through P/L 65,799 4.21% 60,492 3.80% 44,852 2.75% 37,131 2.17% 90,104 5.59%

Subordinated debt NA - 7,762 0.49% 7,825 0.48% 5,047 0.30% 9,118 0.57%

Hybrid Capital 6,334 0.40% 6,373 0.40% 7,020 0.43% 10,573 0.62% 11,926 0.74%

Equity 64,852 4.14% 64,819 4.08% 67,624 4.15% 73,223 4.29% 54,966 3.41%

Total liabilities and equity funds 1,564,757 100.00% 1,590,546 100.00% 1,629,130 100.00% 1,708,704 100.00% 1,611,400 100.00%

Income Statement

Interest income 6,138 25,636 25,967 25,001 25,601

Interest expenses 3,071 10,929 10,086 10,729 10,767

Net interest income and credit commissions 3,067 41.74% 14,707 51.02% 15,881 47.58% 14,272 45.01% 14,834 47.07%

Net fees and commissions 2,935 39.95% 11,744 40.74% 12,765 38.25% 12,409 39.13% 12,308 39.05%

Trading / FX Income 1,435 19.53% 547 1.90% 3,874 11.61% 4,407 13.90% 3,662 11.62%

Net realised results on investment securities (available for sale) 119 1.62% 597 2.07% 309 0.93% 291 0.92% 455 1.44%

Net results from other f inancial instruments at fair value -327 -4.45% 98 0.34% -32 -0.10% -108 -0.34% 155 0.49%

Net income from insurance operations NA - -285 -0.99% -148 -0.44% -148 -0.47% -270 -0.86%

Results from associates/subsidiaries accounted by the equity method 20 0.27% 455 1.58% 164 0.49% 619 1.95% 369 1.17%

Other operating income (incl. dividends) 98 1.33% 964 3.34% 561 1.68% -33 -0.10% 3 0.01%

Total operating income 7,347 100.00% 28,827 100.00% 33,374 100.00% 31,709 100.00% 31,516 100.00%

Staff costs 3,147 49.68% 11,874 42.93% 13,293 41.01% 12,512 46.21% 12,329 46.17%

Other operating costs 3,186 50.30% 14,525 52.51% 17,975 55.45% 13,495 49.84% 13,211 49.47%

Depreciation/amortisation NA - 1,260 4.56% 1,149 3.54% 1,072 3.96% 1,143 4.28%

Total operating expenses 6,334 100.00% 27,659 100.00% 32,417 100.00% 27,079 100.00% 26,703 100.00%

Pre-provision operating income 1,013 1,168 957 4,630 4,813

Loan loss provisions** 133 1,425 1,062 1,183 2,126

Post-provision operating income 880 -257 -105 3,447 2,687

Impairment on tangible assets NA 93 27 172 379

Impairment on intangible assets 0 1,316 5,967 159 126

Other non-operating items*** 0 854 0 0 -725

Pre-tax income 878 -810 -6,097 3,116 1,457

(-)Taxes 303 546 675 1,425 775

(-)Other After-tax Items (Reported) 0 0 0 0 0

(+)Discontinued Operations (Reported) 0 0 0 0 0

(-)Minority interest 4 45 21 28 15

Net income 571 -1,402 -6,794 1,663 666

Net income (USD) 608 -1,551 -7,541 2,209 884

*Includes derivatives w hen breakdow n unavailable, **LLP includes Impairments on f inancial assets, ***Incl. Other Provisions

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 11

Off-balance sheet and other items

Asset under management 1,227,000 1,202,000 1,322,000 1,257,000 1,205,000

Derivatives (notional amount) NA 42,897,811 41,940,034 52,002,836 54,652,083

BIS Risk-w eighted assets (RWA) 356,802 356,235 397,382 396,648 300,369

No. of employees (end-period) 98,177 99,744 101,104 98,138 98,254

Earnings and Expenses

Earnings

Net interest margin [1] 0.86% 0.96% 1.01% 0.96% 0.88%

Yield on average earning assets 1.72% 1.67% 1.65% 1.68% 1.51%

Cost of interest bearing liabilities 193.94% 1.23% 1.16% 1.35% 1.21%

Pre-provision earning capacity (total assets basis) [2] 0.26% 0.07% 0.05% 0.27% 0.25%

Pre-provision earning capacity (risk-w eighted basis) [3] 1.14% 0.30% 0.23% 1.21% 1.52%

Net Interest Income / Risk Weighted Assets 3.44% 4.13% 4.00% 3.60% 4.94%

Non-Interest Income / Total Revenues 58.26% 48.98% 52.42% 54.99% 52.93%

Post-provision earning capacity (risk-w eighted basis) 0.99% -0.07% -0.03% 0.90% 0.85%

Expenses

Efficiency ratio (operating expenses / operating income) 86.21% 95.95% 97.13% 85.40% 84.73%

All inclusive costs to revenues [4] 86.21% 93.50% 97.21% 85.94% 88.23%

Operating expenses by employee 258,065 277,300 320,630 275,928 271,775

Loan loss provision / pre-provision operating income 13.13% 122.00% 110.97% 25.55% 44.17%

Provision coverage by net interest income 2306.02% 1032.07% 1495.39% 1206.42% 697.74%

Profitability Returns

Pre-tax return on Tier 1 (excl. hybrids) 8.09% -1.93% -13.00% 6.28% 3.79%

Return on equity 3.54% -2.17% -10.09% 2.28% 1.22%

Return on average total assets 0.14% -0.08% -0.38% 0.10% 0.03%

Return on average risk-w eighted assets 0.64% -0.36% -1.64% 0.43% 0.21%

Dividend payout ratio [5] 0.00% 0.00% -15.22% 59.24% 114.79%

Internal capital generation [6] 0.94% -2.31% -12.50% 1.57% -0.23%

Growth

Loans 11.59% -5.73% 6.50% 7.40% -10.90%

Deposits NA -3.08% 5.49% 2.66% -28.35%

Net interest income -21.84% -7.39% 11.27% -3.79% -7.14%

Fees and commissions 2.02% -8.00% 2.87% 0.82% 4.23%

Expenses -11.30% -14.68% 19.71% 1.41% -7.21%

Pre-provision earning capacity 14.72% 22.05% -79.33% -3.80% 2.30%

Loan-loss provisions -56.25% 34.18% -10.23% -44.36% 13.02%

Net income 166.82% -79.36% -508.54% 149.70% 153.23%

Risks

RWA% total assets 22.80% 22.40% 24.39% 23.21% 18.64%

Credit Risks

Impaired loans % gross loans 1.59% 1.76% 1.81% 2.21% 2.57%

Loss loan provisions % impaired loans 61.69% 61.04% 61.69% 55.76% 55.10%

Impaired loans (net of LLPs) % pre-provision operating income [7] 65.52% 291.44% 372.41% 97.82% 103.08%

Impaired loans (net of LLPs) % equity 4.54% 5.82% 5.88% 7.23% 11.53%

Liquidity and Funding

Customer deposits % total funding NA 49.18% 52.09% 54.03% 47.30%

Total w holesale funding % total funding [8] NA 50.82% 47.91% 45.97% 52.70%

- Interbank % total funding NA 13.15% 13.85% 13.79% 13.06%

- Debt securities % total funding NA 36.79% 33.15% 31.53% 38.60%

- Subordinated debt % total funding NA 0.88% 0.91% 0.64% 1.04%

Short-term w holesale funding % total w holesale funding NA 67.30% 66.11% 53.93% 77.56%

Liquid assets % total assets 12.14% 33.78% 32.40% 28.83% 35.64%

Net short-term w holesale funding reliance [9] -13.81% -22.34% -23.20% -24.49% -20.91%

Adjusted net short-term w holesale funding reliance [10] -13.81% -32.41% -34.06% -34.16% -31.05%

Customer deposits % gross loans NA 102.47% 99.62% 100.46% 104.90%

Capital [11]

Tier 1 15.22% 15.58% 14.65% 16.11% 16.88%

Tier 1 excl. All Hybrids 12.16% 12.43% 11.84% 12.40% 12.66%

Core Tier 1 (As-reported) 12.70% 13.40% 13.19% 15.20% 12.80%

Tangible Common Equity / Tangible Assets 3.27% 3.22% 3.25% 3.15% 2.55%

Total Capital 17.11% 17.45% 16.24% 17.22% 18.47%

Retained earnings % Tier 1 35.89% 34.22% 36.38% 45.82% 55.95%

[1] (Net interest income + dividends)% average interest earning assets.

[2] Pre-provision operating income % average total assets.

[3] Pre-provision operating income % average total risk-w eighted assets.

[4] (Operating & non-op. costs) % (op. & non-op. revenues)

[5] Paid dividend % net income.

[6] (Net income - dividends) % shareholders' equity at t-1.

[7] We take into account the stock of LLPs in this ratio.

[8] Whole funding excludes corporate deposits.

[9] (Short-term w holesale funding - liquid assets) % illiquid assets

[10] (Short-term w holesale funding - liquid assets- loans maturing w ithin 1 year) % illiquid assets

[11] Capital ratios of Interim results exclude profits for the year

* Interim information is annualised w here needed.

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 12

Methodologies

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (May 2017).

Ratings

Rating History

Previous Action(s)

DBRS Confirms Deutsche Bank’s A (low) Issuer Rating, Trend Revised to Stable, June 7, 2017.

DBRS Assigns Issuer Ratings to 43 European Banking Groups, March 7, 2017.

DBRS Confirms Deutsche Bank’s A (low) Rating, Revised Trend to Negative, October 7, 2016

DBRS Downgrades Deutsche Bank to A (low), Trend Now Stable, July 7, 2016

Previous Report

Deutsche Bank AG, Rating Report, April 15, 2016

Deutsche Bank AG, Rating Report, March 10, 2015

Notes:

All figures are in EUR unless otherwise noted.

For the definition of Issuer Rating, please refer to Rating Definitions under Rating Policy on www.dbrs.com.

Generally, Issuer Ratings apply to all senior unsecured obligations of an applicable issuer, except when an issuer has a significant or unique level of secured debt.

Debt Rating Rating Action Trend Deutsche Bank AG - Issuer Rating A (low) Trend Change Stable

Deutsche Bank AG - Senior Unsecured Debt & Deposits A (low) Trend Change Stable

Deutsche Bank AG - Short-Term Debt & Deposits R-1 (low) Confirmed Stable

Deutsche Bank AG - Long Term Critical Obligations Rating A (high) Trend Change Stable

Deutsche Bank AG - Short Term Critical Obligations Rating R-1 (middle) Confirmed Stable

Deutsche Bank Trust Company Americas – Issuer Rating A (low) Trend Change Stable

Deutsche Bank Trust Company Americas – Senior Unsecured Debt & Deposits A (low) Trend Change Stable

Deutsche Bank Trust Company Americas – Short-Term Debt & Deposits R-1 (low) Confirmed Stable

Current 2016 2015 Deutsche Bank AG – Issuer Rating A (low) N/A N/A

Deutsche Bank AG - Senior Unsecured Debt & Deposits A (low) A (low) A

Deutsche Bank AG - Short-Term Debt & Deposits R-1 (low) R-1 (low) R-1 (low)

Deutsche Bank AG - Long Term Critical Obligations Rating A (high) A (high) N/A

Deutsche Bank AG - Short Term Critical Obligations Rating R-1 (middle) R-1 (middle) N/A

Deutsche Bank Trust Company Americas – Issuer Rating A (low) A (low) N/A

Deutsche Bank Trust Company Americas – Senior Unsecured Debt & Deposits A (low) A (low) N/A

Deutsche Bank Trust Company Americas – Short-Term Debt & Deposits R-1 (low) R-1 (low) N/A

Financial Institutions: Banks and Trusts

June 14, 2017

Rating Report | Deutsche Bank AG

DBRS.COM 13

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