Exhibit 7.1

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

	Year Ended Dec 31, 2014		Year Ended Dec 31, 2013		Year Ended Dec 31, 2012		Year Ended Dec 31, 2011			Year Ended Dec 31, 2010
in € millions, except ratios
Earnings:
1. Income (loss) before income tax expense		3,116		1,456		814		5,390			3,975
2. Add: Fixed charges excluding capitalized interest (Line 10)		11,001		11,045		15,901		17,207			13,493
3. Less: Net income (loss) from equity method investments		619		369		163		(264	)		(2,004	)
4. Earnings including interest on deposits		13,498		12,132		16,552		22,860			19,472
5. Less: Interest on deposits		3,210		3,360		4,946		5,958			3,800
6. Earnings excluding interest on deposits		10,288		8,773		11,606		16,902			15,672
Fixed Charges:
7. Interest Expense		10,729		10,768		15,619		16,921			13,196
8. Estimated interest component of net rental expense		272		277		283		286			297
9. Amortization of debt issuance expense		0		0		0		0			0
10. Total fixed charges including interest on deposits and excluding capitalized interest		11,001		11,045		15,901		17,207			13,493
11. Add: Capitalized interest		0		0		0		0			0
12. Total fixed charges		11,001		11,045		15,901		17,207			13,493
13. Less: Interest on deposits (Line 5)		3,210		3,360		4,946		5,958			3,800
14. Fixed charges excluding interest on deposits		7,791		7,685		10,954		11,249			9,692
Consolidated Ratios of Earnings to Fixed Charges:
Including interest on deposits (Line 4/Line 12)		1.23		1.10		1.04		1.33			1.44
Excluding interest on deposits (Line 6/Line 14)		1.32		1.14		1.06		1.50			1.62

Comparatives for 2012 have been adjusted to reflect changes according to IFRS 10, IFRS 11, IAS 19, IAS 27 and IAS 28, which had to be applied retrospectively.

Comparatives for Interest expense and for Interest on deposits have been restated for 2012 and 2011.

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.