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, 2015			Year Ended Dec 31, 2014		Year Ended Dec 31, 2013		Year Ended Dec 31, 2012		Year Ended Dec 31, 2011
in € millions, except ratios
Earnings:
1. Income (loss) before income tax expense		(6,097	)		3,116		1,456		814		5,390
2. Add: Fixed charges excluding capitalized interest (Line 10)		10,368			11,001		11,045		15,901		17,207
3. Less: Net income (loss) from equity method investments		164			619		369		163		(264	)
4. Earnings including interest on deposits		4,107			13,498		12,132		16,552		22,860
5. Less: Interest on deposits		2,764			3,210		3,360		4,946		5,958
6. Earnings excluding interest on deposits		1,342			10,288		8,773		11,606		16,902
Fixed Charges:
7. Interest Expense		10,086			10,729		10,768		15,619		16,921
8. Estimated interest component of net rental expense		283			272		277		283		286
9. Amortization of debt issuance expense		0			0		0		0		0
10. Total fixed charges including interest on deposits and excluding capitalized interest		10,368			11,001		11,045		15,901		17,207
11. Add: Capitalized interest		0			0		0		0		0
12. Total fixed charges		10,368			11,001		11,045		15,901		17,207
13. Less: Interest on deposits (Line 5)		2,764			3,210		3,360		4,946		5,958
14. Fixed charges excluding interest on deposits		7,604			7,791		7,685		10,954		11,249
15. Total fixed charges (Line 12)		10,368			11,001		11,045		15,901		17,207
16. Add : Preference securities dividends (1)		269			0		0		0		0
17. Total fixed charges plus preference securities dividends		10,637			11,001		11,045		15,901		17,207
18. Less: Interest on deposits (Line 5)		2,764			3,210		3,360		4,946		5,958
19. Fixed charges excluding interest on deposits plus preference securities dividends		7,873			7,791		7,685		10,954		11,249
Ratios of Earnings to Fixed Charges
Including interest on deposits (Line 4/Line 12)		0.40	(2)		1.23		1.10		1.04		1.33
Excluding interest on deposits (Line 6/Line 14)		0.17	(3)		1.32		1.14		1.06		1.50
Combined Ratios of Earnings to Fixed Charges plus Preference Securities Dividends
Including interest on deposits (Line 4/Line 17)		0.39	(4)		N/A		N/A		N/A		N/A
Excluding interest on deposits (Line 6/Line 19)		0.17	(5)		N/A		N/A		N/A		N/A

(1) Preference securities dividends include coupon payments (gross of tax credits) on the Additional Tier 1 notes issued in 2014 and accounted for as Additional Equity components. Coupon payments are, however discretionary and subject to certain restrictions and are paid on April 30 for the preceeding interest paying period.

(2) The amount of the deficiency is 6,261.

(3) The amount of the deficiency is 6,262.

(4) The amount of the deficiency is 6,530.

(5) The amount of the deficiency is 6,531.

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.