Q2 2018 Fixed Income Investor Conference Call

Rating landscape - senior unsecured and short-term ratings ☑ Operating company / Preferred Senior (1) Holding company / Non-preferred Senior(2) Moody's S&P Rating scale EU Peers Swiss Peers US Peers Short-term Long-term BAR BNP HSBC SOC CS UBS BoA Citi GS JPM MS P/A-1 Aa2/AA P/A-1 Aa3/AA- P/A-1 A1/A+ O P/A-1 A2/A O O P/A-2 A3/A- P/A-2 Baa1/BBB+ P/A-2 Baa2/BBB P/A-3 Note: (1) (2) Baa3/BBB- Data from company information / rating agencies, as of 25 July 2018. Outcome of short-term ratings may differ given agencies have more than one linkage between long-term and short-term rating Senior unsecured instruments that are either issued out of the Operating Company (US, UK and Swiss banks) or statutorily rank pari passu with other senior bank claims like deposits or money market instruments (e.g. senior-senior unsecured debt classification from Moody's; senior unsecured from S&P) Senior unsecured instruments that are either issued out of the Holding Company (US, UK and Swiss banks) or statutorily rank junior to other senior claims against the bank like deposits or money market instruments Deutsche Bank Investor Relations Q2 2018 Fixed Income Investor Call 27 July 2018 22 22

View entire presentation