Exhibit 7.1

The following table sets forth Deutsche Bank AG’s ratio of earnings to fixed charges for the periods:

in € millions, except ratios	Year Ended Dec 31, 2011			Year Ended Dec 31, 2010			Year Ended Dec 31, 2009		Year Ended Dec 31, 2008			Year Ended Dec 31, 2007
Earnings:
1. Income (loss) before income tax expense		5,390			3,975			5,202		(5,741	)		8,749
2. Add: Fixed charges excluding capitalized interest (Line 10)		17,719			13,493			14,762		42,350			56,062
3. Less: Net income (loss) from equity method investments		(264	)		(2,004	)		59		46			353
4. Earnings including interest on deposits		23,373			19,472			19,905		36,563			64,458
5. Less: Interest on deposits		6,779			3,800			5,119		13,015			17,371
6. Earnings excluding interest on deposits		16,594			15,672			14,786		23,548			47,087
Fixed Charges:
7. Interest Expense		17,433			13,196			14,494		42,096			55,826
8. Estimated interest component of net rental expense		286			297			268		254			236
9. Amortization of debt issuance expense		—			—			—		—			—
10. Total fixed charges including interest on deposits and excluding capitalized interest		17,719			13,493			14,762		42,350			56,062
11. Add: Capitalized interest		—			—			—		—			—
12. Total fixed charges		17,719			13,493			14,762		42,350			56,062
13. Less: Interest on deposits (Line 5)		6,779			3,800			5,119		13,015			17,371
14. Fixed charges excluding interest on deposits		10,940			9,693			9,642		29,335			38,691
Consolidated Ratios of Earnings to Fixed Charges:
Including interest on deposits (Line 4/Line 12)		1.32			1.44			1.35		0.86			1.15
Excluding interest on deposits (Line 6/Line 14)		1.52			1.62			1.53		0.80			1.22

For purposes of calculating the ratio of earnings to fixed charges, earnings consist of income (loss) before income tax expense, less net income (loss) from equity method investments plus fixed charges. Fixed charges for these purposes consist of interest expense and a portion of rentals, reflecting one-third of net rental expense, deemed representative of the interest component of the rental expense. These ratios are presented both including and excluding interest on deposits.

For the year ended December 31, 2008, earnings did not cover fixed charges by € 5,787 million, both including and excluding interest on deposits, as a result of a loss before income tax expense recorded during the year.