Deutsche Bank AG: Rating Report

Ratings

• Deutsche Bank AG

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Mar-19	Long-Term Issuer Rating	A (low)	Neg	Confirmed	EU U
  29-Mar-19	Short-Term Issuer Rating	R-1 (low)	Stb	Confirmed	EU U
  29-Mar-19	Senior Non-Preferred Debt	BBB (high)	Neg	Confirmed	EU U
  29-Mar-19	Short-Term Debt	R-1 (low)	Stb	Confirmed	EU U
  29-Mar-19	Short-Term Deposits	R-1 (low)	Stb	Confirmed	EU U
  29-Mar-19	Long Term Critical Obligations Rating	A (high)	Neg	Confirmed	EU U
  29-Mar-19	Short Term Critical Obligations Rating	R-1 (middle)	Neg	Confirmed	EU U
  29-Mar-19	Long-Term Deposits	A (low)	Neg	Confirmed	EU U
  29-Mar-19	Long-Term Senior Debt	A (low)	Neg	Confirmed	EU U

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• Deutsche Bank Trust Company Americas

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Mar-19	Long-Term Issuer Rating	A (low)	Neg	Confirmed	EU
  29-Mar-19	Short-Term Issuer Rating	R-1 (low)	Stb	Confirmed	EU
  29-Mar-19	Short-Term Debt	R-1 (low)	Stb	Confirmed	EU
  29-Mar-19	Short-Term Deposits	R-1 (low)	Stb	Confirmed	EU
  29-Mar-19	Long-Term Deposits	A (low)	Neg	Confirmed	EU
  29-Mar-19	Long-Term Senior Debt	A (low)	Neg	Confirmed	EU

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