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, 2016			Year Ended Dec 31, 2015			Year Ended Dec 31, 2014		Year Ended Dec 31, 2013		Year Ended Dec 31, 2012
in € millions, except ratios
Earnings:
1. Income (loss) before income tax expense		(810	)		(6,097	)		3,116		1,456		814
2. Add: Fixed charges excluding capitalized interest (Line 10)		11,206			10,368			11,001		11,045		15,901
3. Less: Net income (loss) from equity method investments		455			164			619		369		163
4. Earnings including interest on deposits		9,941			4,107			13,498		12,132		16,552
5. Less: Interest on deposits		2,583			2,764			3,210		3,360		4,946
6. Earnings excluding interest on deposits		7,358			1,342			10,288		8,773		11,606
Fixed Charges:
7. Interest Expense		10,929			10,086			10,729		10,768		15,619
8. Estimated interest component of net rental expense		277			283			272		277		283
9. Amortization of debt issuance expense		0			0			0		0		0
10. Total fixed charges including interest on deposits and excluding capitalized interest		11,206			10,368			11,001		11,045		15,901
11. Add: Capitalized interest		0			0			0		0		0
12. Total fixed charges		11,206			10,368			11,001		11,045		15,901
13. Less: Interest on deposits (Line 5)		2,583			2,764			3,210		3,360		4,946
14. Fixed charges excluding interest on deposits		8,623			7,604			7,791		7,685		10,954
15. Total fixed charges (Line 12)		11,206			10,368			11,001		11,045		15,901
16. Add : Preference Securities Dividends (1)		333			269			0		0		0
17. Total fixed charges plus preference securities dividends		11,539			10,637			11,001		11,045		15,901
18. Less: Interest on deposits (Line 5)		2,583			2,764			3,210		3,360		4,946
19. Fixed charges excluding interest on deposits plus preference securities dividends		8,956			7,873			7,791		7,685		10,954
Ratios of Earnings to Fixed Charges
Including interest on deposits (Line 4/Line 12)		0.89	(2)		0.40	(6)		1.23		1.10		1.04
Excluding interest on deposits (Line 6/Line 14)		0.85	(3)		0.17	(7)		1.32		1.14		1.06
Combined Ratios of Earnings to Fixed Charges plus Preference Securities Dividends
Including interest on deposits (Line 4/Line 17)		0.86	(4)		0.39	(8)		N/A		N/A		N/A
Excluding interest on deposits (Line 6/Line 19)		0.82	(5)		0.17	(9)		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 preceding interest paying period.

Q4 2016 Amount of the deficiency

(2) The amount of the deficiency is 1,265.

(3) The amount of the deficiency is 1,265.

(4) The amount of the deficiency is 1,598.

(5) The amount of the deficiency is 1,598

Q4 2015 Amount of the deficiency

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

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

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

(9) 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.

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.